Mayor Bill de Blasio shared an update on the City’s $65 million Medallion Relief Program (MRP) in October, announcing that 57 loan restructuring deals had been approved, delivering $10.4 million in debt cancellation to financially distressed Owners thus far. In total, the mayor says the program could bring $500 million of debt forgiveness to thousands of Individual Medallion Owners.
As of the first week of October, 1,000 medallion owners had reached out and completed appointments with the TLC’s Owner/Driver Resource Center, beginning the potentially life-altering process of analyzing and renegotiating loans on an individual basis for maximum relief. The TLC anticipates that a significant portion of the renegotiations would take place by the end of the calendar year.
“The MRP is having a stabilizing effect on the market and is preserving an institution that has given as much to our city as the women and men who are its backbone,” Mayor Bill de Blasio stated.
“The TLC is fully committed to the success of the Taxi sector and its Medallion Owners/Drivers,” added TLC Commissioner and Chair Aloysee Heredia Jarmoszuk. “We encourage individual Taxi Owners with high medallion-related debt to reach out to the TLC Owner/Driver Resource Center to schedule an appointment.”
The city’s MRP seeks to 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 are expected to have over $200,000 in debt forgiven, and loan payments reduced to about $1,500 or less per month. Some owners could achieve total debt erasure through settlements.
For more information, contact the 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 by calling 311 or visiting nyc.gov/taxi to make an appointment.
Source: Harlem World