Q&A
Overview and impact of the Taxi Medallion Owner Relief Program
0:31:56
ยท
7 min
Council Member Brooks-Powers inquires about the Taxi Medallion Owner Relief Program (MRP and MRP Plus), and Commissioner Do provides details on its impact, funding, and current status.
- The program has provided over $471 million in debt relief to 2,034 medallion owners
- $65.7 million in city grant funding was provided to incentivize participation
- 419 medallions are in default status, with 45 defaulted medallions sold
- The program sunset in April 2024, with most applicants joining around September 2022
Selvena N. Brooks-Powers
0:31:56
Thank you.
0:31:57
Going into the taxi medallion owner relief program, the TLC owner driver resource center assists in the administration of the taxi medallion owner relief program, also known as MRP, and the Loan Guarantee Program or MRP plus.
0:32:14
These programs both provide debt relief for eligible medallion owners.
0:32:20
Since its inception, how much money has been provided to owners in the MRP and MRP plus programs?
0:32:28
And can you give us a breakdown of the funding for each program?
David Do
0:32:32
So we are incredibly proud of the MRP and MRP plus program.
0:32:37
It has, done wonders to change many, driver and owners' lives.
0:32:44
Over the last, two and a half years, the program in total has provided over $471,000,000 of debt relief for our drivers and our owners of medallions who own six or less medallions.
0:32:59
That broken down is about three 2,367 medallions, that were support supported through this program and over 2,034, medallion owners.
0:33:14
There was about $65,700,000 of city grant funding that were provided to incentivize participation in this program.
0:33:26
And then, there is a $50,000,000 reserve fund to support, the overall ongoing costs of the program.
Selvena N. Brooks-Powers
0:33:40
How much money has been provided to yellow car owners in 2024, and how does that compare to previous years?
David Do
0:33:50
Yellow car owners for, which program council member?
Selvena N. Brooks-Powers
0:33:55
For the the the same taxi medallion on relief program.
David Do
0:33:59
Okay.
0:34:00
So for MRP, it was 71,000,000.
0:34:02
For MRP plus, it was 400,000,000.
Selvena N. Brooks-Powers
0:34:05
I'm sorry.
0:34:05
Can you repeat that?
David Do
0:34:07
Sure.
0:34:08
MRP, 71,000,000.
0:34:11
MRP plus is 400,000,000.
0:34:14
And the average amount of debt relief was about $200,000
Selvena N. Brooks-Powers
0:34:40
How much staffing has TLC dedicated to assisting yellow car owners through the MRP and MRP plus programs?
David Do
0:34:50
So we have a owner driver resource center that, works with a variety of different nonprofits, including, NILAG, which is a legal provider, to support, the ODRC.
0:35:02
There are four, staff members that are dedicated to the ODRC, plus, an assistant commissioner.
0:35:10
And within that, program, we also provide, partnerships with well-being organizations including New York City health and hospitals.
0:35:23
We provide financial literacy help and then also legal help as part of the program.
0:35:29
And so, within the program, there's three to four actually four plus the assistant commissioner, including the assistant commissioner, and then, a variety of different, organizations that provide direct support and referrals for our drivers.
Selvena N. Brooks-Powers
0:35:46
And commissioner, since it's in since the program's inception, how many owners have applied for the debt relief?
David Do
0:35:53
Through the program, there were over 4,000 drivers that have gone through the ODRC, two for a variety of different things to see if they qualify for the program, or, for other assistance that we provide at the ODRC.
0:36:08
But within the program itself, we provided assistance to 2,034, owners.
Selvena N. Brooks-Powers
0:36:15
And in terms of those owners who have applied for assistance through these programs in 2024, how does it compare to previous years?
David Do
0:36:25
Well, so the program has sunsetted as of April 2024, but, a majority of applicants came in around September of twenty twenty two.
0:36:36
Then we provided continued support, to assist, different individuals who, may have had their lender not participate initially.
0:36:46
And then we assisted them through that process and then closed it in April, of twenty twenty four, for, some people who were still, behind, we, had a closing date of twelvethirty one of last year.
0:37:01
And so we helped everyone, who was able to get their lender on board, by that time.
0:37:09
And that was the promise that I made to the industry.
Selvena N. Brooks-Powers
0:37:12
And when the program was up and running, what were some of the common reasons for denial, if any?
David Do
0:37:19
The the biggest one was that their lender did not wanna participate.
0:37:22
So we provided an incentive of $30,000, and a Citi backed guarantee to support, the industry, and, the loans, and we backed it.
0:37:33
And so for many of this for many of our medallion owners, they no longer had a personal guarantee on their mortgage, their assets, or other things.
0:37:42
Right?
0:37:43
The city took that on.
0:37:45
Unfortunately, some, lenders were a little greedy.
0:37:50
Like, they they wanted more, and they did not wanna participate in this program.
0:37:53
They wanted to go after, the assets of some of our owners.
Selvena N. Brooks-Powers
0:38:01
How many taxi medallions were foreclosed on in 2024?
David Do
0:38:06
So the over in the MRP plus program, there was about 419 that are in default status, and about 20, excuse me, about 45 defaulted medallions have been sold.
0:38:20
And so that is in the MRP plus program.
Selvena N. Brooks-Powers
0:38:22
You said forty five?
David Do
0:38:23
Forty five, in the MRP plus program.
0:38:27
419 that are defaulted ninety days or more.
Sherryl Eluto
0:38:30
Mhmm.
David Do
0:38:31
And so that's just in the MRP plus, picture.
0:38:34
And we always anticipated that people, who participated in the MRP program would walk away from the medallions once the city, took on that guarantee.
0:38:44
In the overall market, I'll have Cheryl, discuss, medallion foreclosures.
Sherryl Eluto
0:38:50
Sure.
0:38:51
Transfers that, were based on foreclosure for fiscal year twenty twenty four, three hundred.
0:38:57
If you go by calendar year, 2024 is April.
0:39:01
And this information is provided online, and the latest data will be reflected in our newest Office of Financial Stability Report.