Taxi Medallion Relief Program Surpasses $20 Million in Debt Forgiveness

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NEW YORK— Mayor Bill de Blasio today announced the City’s Taxi Medallion Relief Program (MRP) has now achieved $21.4 million in debt forgiveness for 173 individual medallion owners.

More than 1,100 medallion owners have already completed appointments with the Taxi and Limousine Commission’s (TLC) Owner/Driver Resource Center, and will progress through the restructuring process in the coming weeks and months.

“The Medallion Relief Program is delivering justice for workers who have served our city tirelessly,” said Mayor Bill de Blasio. “This program has achieved extraordinary results so far – and with nearly 1,000 more drivers in the pipeline, we look froward to celebrating even more debt relief in the weeks to come. The yellow taxi sector is a part of this City’s essential fabric, and our investment in their present and future will help ensure they remain strong and whole for years to come.”

“The TLC is grateful for all its Licensees and that the MRP has yielded success for the first 173 Medallion Owners. We are ensuring all possible resources to complete restructured loans and/or settlements for the remaining MRP applicant pool,” said TLC Commissioner and Chair Aloysee Heredia Jarmoszuk. “Each case requires individual attention and multiple meetings, therefore, we strongly encourage all Medallion Owners in need to come forth and schedule an appointment with the TLC Driver/Owner Resource Center. We very much look forward to bringing financial relief to our deserving individual Medallion Owners in partnership with Industry stakeholders, advocates and elected officials.”

“What makes New York City so familiar and unique is our iconic cabs that run across our busy streets every day. These driver/owners are truly the heart of our city,” said Department of Consumer and Worker Protection Peter A. Hatch. “We are determined, along with our partners TLC and NYLAG, to connect these driver/owners with the right tools to reach financial stability. New York City isn’t the same without their resilience, tenacity, and spirit.”

“NYLAG is pleased to continue in these efforts to aid medallion owners/drivers in restructuring their loans and saving their medallions,” said Rose Marie Cantanno, Associate Director of Consumer Protection Unit, New York Legal Assistance Group. “We will continue the critical work of aiding yellow taxicab medallion owner/drivers as they work to save their livelihoods.”

About the Medallion Relief Program
The City of New York will provide $65 million in grants to economically distressed individual medallion owners. This includes $20,000 as a down payment to restructure loan principals and set lower monthly payments, as well as up to $9,000 for monthly debt relief payments.

Many medallion owners will have over $200,000 in debt forgiven, and loan payments reduced to about $1,500 or less per month. Some owners will achieve total debt erasure through settlements.

TLC’s Owner/Driver Resource Center, which offers a range of free financial counseling and legal assistance for TLC Licensees, as well as connecting them with government benefits and health and wellness resources, has already served over 1,000 licensees. TLC Licensees in need of these services can call 311 or visit nyc.gov/taxi to make an appointment.

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