October 9, 2021
NEW YORK– Mayor Bill de Blasio today announced that 90 loan restructuring agreements have been approved under the city’s $ 65 million Medallion Relief Program (MRP), offering $ 14 million debt relief to individual medallion owners. The program continues to accelerate: in the last week alone, 33 drivers received $ 3.6 million in assistance.
Over 1,000 locket owners have completed intake appointments to begin the restructuring process. In total, the program is expected to achieve up to $ 500 million in total debt cancellation.
“As the Medallion Relief Program continues to grow, more and more medallion owners are finally getting the fair deal and the fresh start they deserve,” said Mayor Bill de Blasio. “This program offers economic justice to hardworking New Yorkers who need it most, and I look forward to celebrating even more success in the weeks and months to come.”
“With nearly 100 agreements approved, the MRP strives to provide immediate debt relief to our patients and deserving medallion owners,” said TLC Commissioner and President, Aloysee Heredia Jarmoszuk. “We strongly encourage anyone in need to make an appointment with the Owner / Driver Resource Center. Our goal is to work in unison with industry, elected officials and lawyers to secure and advance a prosperous future for New York’s yellow cabs.
“Hundreds of taxi medallion owners have already benefited from free legal assistance and financial advice to help them reduce and even eliminate their debt,” said DCWP Commissioner Peter A. Hatch. “We urge all drivers / owners struggling with medallion related debts to use these financial resources and make an appointment at the Driver Resource Center. We look forward to helping many others manage their debt and improve their financial health. ”
“It has been gratifying for NYLAG to represent so many owners of yellow cab medallions and provide legal services on a multitude of their legal issues,” said Rose Marie Cantanno, Associate Director of the Consumer Protection Unit, New York Legal Assistance Group. “Now, with even more lenders participating in the Medallion Relief program, we are confident that we will be able to help even more homeowners lose the medallions they worked so hard to acquire and maintain. “
About the Medallion Relief program
New York City will provide $ 65 million in grants to economically struggling individual locket owners. This includes $ 20,000 as a down payment to restructure the loan principal and set lower monthly payments, as well as up to $ 9,000 for monthly debt relief payments.
Many locket owners will have over $ 200,000 in debt forgiven and loan repayments will be reduced to around $ 1,500 or less per month. Some homeowners will achieve total debt forgiveness through settlements.
TLC’s Owner / Driver Resource Center, which offers a range of free financial advice and legal assistance to TLC licensees, as well as links to government benefits and health and wellness resources, has already served over 1,000 licensees. TLC licensees requiring these services can call 311 or visit nyc.gov/taxi to make an appointment.
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