Taxi Medallion Owner Relief Program
TLC recently announced the $65 million dollar Taxi Medallion Owner Relief Program to provide debt relief for financially distressed medallion owners. This Program will give small medallion owners a critical tool to work with lenders and take charge of their debt by restructuring loans, reducing principal, and lowering monthly payments.
The Program provides the following support to participants:
- Financial Support:
- $20,000 down payment to help restructure medallion-related loans
- $9,000 in monthly debt payment assistance
- Legal Support and Guidance for Medallion Owners:
- Legal and financial guidance from professionals at the TLC Owner/Driver Resource Center to reach new terms with lenders.
Who Should Apply: The Program is targeted to small medallion owners who are struggling with medallion-related debt. You are not required to be an active driver to participate.
This $20,000 can mean hundreds of thousands of dollars off your loan principal. We have already seen it work for medallion owners – over $200 million dollars in relief thus far in recent loan restructurings with low down payments. This Program provides direct relief – lenders and banks must reduce debt and payments to participate.
How to Participate: Schedule a legal services appointment with TLC’s Owner/Driver Resource Center to speak with a free legal services professional from the New York Legal Assistance Group. These experts are available to help you negotiate new loan terms with your lender. Email MRP@tlc.nyc.gov with your name, medallion number(s), and phone number if you need help scheduling or have any questions about the Taxi Medallion Owner Relief Program. Apply today!
Frequently Asked Questions
Click a topic, or press the enter key on a topic, to reveal its answer.
Are all medallion owners eligible, or just owner-drivers?
- Medallion owners with five medallions or fewer and outstanding medallion loan debt are eligible for the program. Medallion owners are not required to be drivers to participate.
- Legal counselors can help assess your individual circumstances. Please sign up for an appointment for legal services with the TLC Owner/Driver Resource Center by visiting https://portal.driverresourcecenter.tlc.nyc.gov/eligibility/
Is the program available for each medallion owner or each medallion?
- The funding is available per unique medallion for owners who have a significant challenge with their debt. Legal counselors can help assess your individual circumstances. Please sign up for an appointment for legal services with the TLC Owner/Driver Resource Center by visiting https://portal.driverresourcecenter.tlc.nyc.gov/eligibility/
I have already paid off my medallion loan. Am I still eligible?
- Owners who have paid off their debt are not eligible. The program is designed to assist owners who are having trouble with their medallion loan debt.
How does $20,000 substantially reduce my debt?
- These funds can be used as a down payment to restructure loan with your lender. They create a multiplier effect: $20,000 can mean hundreds of thousands of dollars off your loan principal. We have already seen it work for many medallion owners.
What can the $20,000 from this program be used for?
- We want every owner who needs relief to have the resources to work with lenders on restructuring their debt. The $20,000 is a tool for medallion owners to help them negotiate with lenders.
- The $20,000 is intended to serve as a down payment for restructuring so that an owner’s monthly payments are more manageable. This could include:
- Lowering the loan principal
- Adjusting interest rates
- Extending amortization periods
- Settling a loan
Will TLC require proof that a lender has agreed to refinance prior to issuing the money?
- To access these funds, TLC will require a commitment from your lender to bring your debt to a more manageable level.
- The TLC Owner/Driver Resource Center can help you negotiate with your lender and provide additional guidance on restructuring loans to fit your needs. You can make an appointment with the Resource Center by visiting https://portal.driverresourcecenter.tlc.nyc.gov/eligibility/
I need help signing up for the program on behalf of my parent, spouse, or deceased relative.
I have questions about my specific financial situation and loan terms. Who can I talk to?
What services does the TLC Owner/Driver Resource Center provide?
- The TLC Owner/Driver Resource Center offers professional financial and legal guidance to TLC licensees. Legal counselors will talk to you about your debt situation, reviewing brokerage, loan financing agreements and legal documents relating to the purchase or refinance of your medallion and other debts. They will also advocate with your bank or lender to try to modify your medallion loan, negotiating directly with your creditor to reduce or settle your total debt.
- Counselors can help prepare your application for the Taxi Medallion Debt Relief Program, assist you with medallion-related debt and legal issues, address your non-medallion-related debt to improve your financial outlook, and assist you with solutions for financial hardship, such as credit harassment, public benefit applications, and PPP loans.
- To schedule an appointment with TLC’s Owner/Driver Resource Center visit https://portal.driverresourcecenter.tlc.nyc.gov/eligibility/
Who benefits from this program?
- This program is specifically designed to help distressed medallion owners get relief. It is not a bailout for banks. They must reduce your debt and monthly payments to participate.
- This program will also help medallion taxis are able to get back on the road and operate, ensuring the public has access to rides throughout the city.
I have heard better deals are coming to forgive my debt. Why should I apply for this program?
- This is the only program that currently exists and is funded. Participation does not mean you cannot apply for other programs in the future. This program is not permanent – you must apply now to participate.