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Medallion Relief Program

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Rule status: Adopted

Agency: TLC

Effective date: October 14, 2021

Proposed Rule Full Text

Adopted Rule Full Text

Adopted rule summary:

Under the MRP, eligible medallion owners may apply for grants of up to $20,000 to be provided to their lenders as a down payment in restructuring their medallion-related loans. Additionally, medallion owners who demonstrate additional and specific hardship after restructuring their loans may be eligible for additional grants of up to $9,000 to help support initial loan payments. Relief payments will be distributed by a Community Development Financial Institution selected by the TLC and are intended to help individual medallion owners afford their medallion debt, so more owners can continue operating yellow taxis and more yellow taxis are available to serve the public.

Comments are now closed.

Online comments: 3

  • haany elgindy

    Should be a maximum principal amount because if somebody 0700 K and reduced by 40% his loan will be 480 K that mean he gonna work for the rest of his life to pay it off if he live 25 years
    It’s impossible to make a monthly payment $2000 plus car payment average of thousand dollars a month, tax stamp, medallion renewal ,gas ,car maintenance etc……. Do you think any money will be left to survive on for food rent medical expense sending kids to school . I would have to work 18 hours a day and still not gonna be enough to survive what’s next please if you’re trying to find a solution do it the right way the city and the taxidermist in commission destroyed the whole industry and now you given us a sleeping pills for the next year or two then the same situation will happen again because the business is keep going down and I believe Will never go up again when you approved Uber and the other company you wrote our death certificate for everyone on a taxi medallion or depend on driving taxi to make a living to feed his family
    Please look at us with Mercy has to be fixed somehow fix for good not Kimberly we didn’t want to go back to the same situation later on
    Thank you very much either way you help or not because God help everyone

    Comment added August 27, 2021 10:38pm
  • Samra D.

    I truly believe if the city cares to help and make a difference , why not reduce the sale price to what it currently is, for example many have bought medallions for 800K+ and now they are valued for $250, 000 and less , why doesn’t the city start forgive the 600k it lost in sale value . Most medallion owners , like my father , have lost everything. It is impossible to even survive trying to pay these loans while all the cars are parked and not being driven, no income from the taxis , yet thousands of dollars are demanded by the banks to pay loans. The big corporations received bailouts, banks got bailouots- how about saving the middle and low class for a change? It is unrealistic at this point to pay what is owed. Please please please consider a forgiveness for all the medallion owners who are drowning in debt

    Comment added September 10, 2021 3:45pm

    Very sad to know that Tlc has decided to put their own standard so that many medallion owners would not qualify.
    Field point offer to reduce my principal by $27k from 300k loan. Which represent a 9% reduction, which put me outside the bracket Tlc set for eligibility( at least 10% to qualify). What’s the point of letting me go thru all this when ultimately you refuse to honor the offer of the lender. You should revise your parameters and act in the interest of the hustling driver. Thank you 😟😟😟

    Comment added September 24, 2021 10:38pm