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Friday, January 27, 2023

New York City secures $350 million in debt relief for medal-wearing taxi drivers

NEW YORK – New York City Mayor Eric Adams, Taxi and Limousine Commission (TLC) Chairman David Doe and U.S. Senator Charles Schumer announced Tuesday that the Taxi Medallion Relief Program (MRP+) will result in more than $350 million in debt relief for medallion owners. Got relief.

Since the program launched in September 2022, approximately 1,800 loans have been restructured for distressed medallion owners.

As of January 17, 2023, $356 million in debt has been forgiven across 1,789 medals.

These milestones represent significant progress as Mayor Adams and his administration reached agreement with key partners on the Advanced Program in August 2022 and launched it on September 19.

The group initially reached out to $225 million in debt relief for nearly 1,000 medallion owners in about 10 days.

The program proved so popular that TLC and its partners closed loans every three minutes for the first few weeks.

“With $350 million in debt relief for nearly 1,800 medallion cab owners, our administration is finally ending the medallion cab crisis and taking the pressure off hard-working cab drivers who provide New Yorkers and visitors with the essential experience and provide the essential York experience. ,” said Mayor Adams. “We have put the paddle to the metal with this program to reach as many medal owners as possible, and our team continues to bring in more participants and offer much needed financial support . New York City should be working for working people, and with the incredible success of this program, we’re one step closer.”

Since the initial agreement with Marblegate Asset Management, TLC has entered into agreements with additional partners, including Pentagon Federal Credit Union (PenFed), to provide debt relief to medallion owners in its portfolio.

Under MRP+, the original loan balance is reduced from a high balance of $750,000 to $170,000.

Monthly payments, in turn, capped at $1,234, down from an average monthly payment of $2,200.

“Having received this vital support giving hard working drivers hope and a sustainable income has been a truly rewarding and emotional experience,” said TLC President David Doe. “I want to thank everyone on the TLC team and our lending partners who worked hard on this initiative to provide the financial relief to city drivers who have always been there for the city. This time, we can be there for them.”

Taxi drivers have until January 31 to enroll in the program. Owners of six or fewer medallions are eligible and can schedule an appointment online through TLC’s Owner/Driver Resource Center, by emailing ductivesupport@tlc.nyc.gov or by calling 718-391-5511.

“There is no New York City without the taxi drivers who take residents and visitors from families and workers to our five boroughs and beyond,” said Brooklyn Borough President Antonio Reynoso. “I am very pleased that we have been able to provide some relief to taxi drivers facing debts and loans, and I look forward to continuing to expand our city’s support system for the people who drive it. Thank you Mayor Adams for focusing on easing the financial pressure on us.” More Interesting News

World Nation News Desk
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