NEW YORK – The program that will provide hundreds of millions of dollars in debt relief to more than 3,000 Medallion taxi owners began Monday, September 19.
As of this date, medal lenders and homeowners can enter into renegotiated loan agreements that include a city-funded loan guarantee and provide essential debt relief and lower monthly payments to medallion homeowners in a fraction of the time critical moment in the history of the industry.
The program is in an improved version of the Medallion Rescue Program announced last year. This allows lenders and medallion owners to proceed with renegotiated loan agreements that include a city-funded loan guarantee
The New York City Agreement it was announced in late August by Mayor Eric Adams and the chairman and commissioner of the Taxi and Limousine Commission. This was finished with Marblegate Asset Managementthe largest taxi medal lender in the city, and the New York Taxi Workers Alliance (NYTWA) on the operating terms of a program that will provide hundreds of millions of dollars in debt relief.