NEW YORK – A program that will provide hundreds of millions of dollars in debt relief for more than 3,000 medalist taxi owners began Monday, September 19.
As of this date, medal lenders and homeowners can close renegotiated loan agreements that include a city-funded loan guarantee and provide basic debt relief and lower monthly payments to medal homeowners in a fraction of the time. A defining moment in the sector’s history.
The program is subject to an improved version of Medallion Relief Program announced last year. This allows lenders and medalists to move forward with renegotiated loan agreements that include a city-funded loan guarantee.
New York City Convention It was announced in late August by Mayor Eric Adams and the chair and commissioner of the Taxi and Limousine Commission. This is finished Marblegate Asset Managementthe city’s largest Medal taxi lender, and the New York Taxi Workers Alliance (NYTWA) on the terms of a program that will provide hundreds of millions of dollars in debt relief.
City, TLC, Marblegate and NYTWA have reached an agreement to implement MRP+ and restructure loans outstanding to a maximum of $200,000 despite recent economic uncertainty, hyperinflation and high interest rates.
“Our taxi drivers are the lifeblood that keeps the heart of New York City beating. They were promised a path to a better life with these taxi medallions, but soon found themselves in a pit of financial desperation. The improved version of the Medallion Relief we are announcing,” Mayor Adams said. It will provide life-changing debt relief to over 3,000 drivers who deserve economic justice.” Cab drivers and owners have always kept New York City moving, and it’s finally time to pay off debts with real debt relief for owners in need. We probably put tens of thousands of dollars into the pockets of these owner drivers and show them what the real relief looks like. I am proud that this administration has once again been able to “get things done” for an industry that has done so much for New Yorkers.”
Rapidly changing economic conditions, including inflation and rising interest rates, have required adjustments of the proposed original agreement. Under the final agreement, Marblegate will restructure loans owed to taxi owners from eligible medalists up to a maximum of $170,000, after providing a grant of $30,000 to be used as a down payment on the restructured loans. The restructured loans will also be secured by a bad loan reserve fund. Borrowers with lower loan balances are also eligible to participate in the program. The final terms of the restructured Marblegate loans will include an interest rate of 7.3 percent or less, fully amortized over no more than 25 years, with a maximum monthly repayment of $1,234. TLC Publication of rules that will legalize these terms.
Medallion holders are encouraged to sign up for free legal representation and financial advice through the Medallion Resource Center. TLC owners/drivers. Other lenders who want more information should visit the Resource Center.
“Beeraholic. Friend of animals everywhere. Evil web scholar. Zombie maven.”