$ 700,000 in debt relief delivered to first taxi drivers with medallions thanks to program in NYC – Telemundo New York (47)

NEW YORK – New York City provided $ 700,000 in debt relief to the first three taxi driver-owners with medallions to fully restore their loans, Mayor Bill de Blasio announced Saturday.

The relief is provided by New York City’s $ 65 million Medallion Relief Program (MRP) seeking a $ 500 million debt forgiveness for thousands of taxi drivers.

The Taxi and Limousine Commission (TLC) said it is prepared to close deals with 13 more owners by the end of September, which would result in relief of up to $ 2.6 million. Almost 800 medallion owners are in the stages of renegotiations, a significant portion of which will be completed by the end of 2021.

“Medallion owners have worked tirelessly to keep New York City moving and deserve financial justice to make manageable payments and retire with dignity,” said Mayor Bill de Blasio. “This program is an innovative and powerful tool for connecting debt forgiveness with New Yorkers in need, and I am excited to celebrate even more successes in the weeks and months to come.”

What is the program about

The Medallion Relief program will provide $ 65 million in grants to financially distressed individual medallion owners.

This includes:

• $ 20,000 down payment to restructure loan principals and lower monthly payments.
• As well as up to $ 9,000 for monthly debt relief payments.
• Many medallion owners have debt of more than $ 200,000 forgiven and loan payments reduced to approximately $ 1,500 or less per month.
• Some homeowners will achieve total debt elimination through agreements.

Offering a variety of free financial advice and legal assistance to TLC licensees, as well as connecting them to government benefits and health and wellness resources, the TLC Driver and Owner Resource Center has already provided services to more than 1,000 licensees.

TLC licensees in need of these services can call 3-1-1 or visit nyc.gov/taxi to schedule an appointment.

“The Medallion Relief Program is providing real debt forgiveness to financially distressed medallion owners,” said TLC Commissioner and President Aloysee Heredia Jarmoszuk. “Taxis provide essential transportation for both New Yorkers and the tens of millions of people who visit each year. The money provided by the MRP is essential to help medallion owners achieve significant debt reduction and ensure a thriving taxi industry. “

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