NEW YORK — New York City Mayor Eric Adams, Taxi and Limousine Commission (TLC) Chairman David Do and U.S. Senator Charles Schumer announced Tuesday that the Taxi Medallion Relief Program (MRP+) resulted in more than $350 million in debt relief for medallion owners.
Since the program launched in September 2022, nearly 1,800 loans for distressed medallion owners have been restructured.
As of January 17, 2023, $356 million of debt has been forgiven in 1,789 medallions.
These milestones represent significant progress since Mayor Adams and his administration, along with key partners, reached agreement on the enhanced program in August 2022 and launched it on September 19.
The group initially reached $225 million in debt relief for approximately 1,000 medallion owners in approximately 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 turning the tide on hard-working cab drivers who provide New Yorkers and visitors with an essential experience and essential New York of New York,” said Mayor Adams. “We put the pedal to the metal with this program to reach as many medallion owners as possible, and our team has continued to bring more participants and offer relief much-needed financial support. New York City must work for working people, and with the incredible success of this program, we are one step closer to that.”
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+, principal loan balances have been reduced to $170,000 from balances as high as $750,000.
Monthly payments, in turn, are capped at $1,234, down from an average monthly payment of $2,200.
“It has been a truly rewarding and emotional experience to see hard-working drivers regain hope and a sustainable income after receiving this critical support,” said TLC President David Do. “I want to thank everyone on the TLC team and our lending partners who worked hard on this initiative to provide financial relief to city drivers who have always been there for the city. This time, we could 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 the TLC Owner/Driver Resource Center, by emailing [email protected], or by calling 718-391-5511 .
“There is no New York City without the taxi drivers who transport everyone from families and workers to residents and visitors in our five boroughs and beyond,” said Brooklyn Borough President Antonio Reynoso. “I am very pleased that we are able to provide some relief to taxi drivers facing debt and loans, and I look forward to continuing to expand our city’s support system for the people who keep it running. Thank you Mayor Adams for focusing on easing the financial pressures on our taxi drivers.”
