REMARKS
Taxi Medallion Owner Relief Program and additional debt relief measures
0:03:38
ยท
45 sec
Council Member Brooks-Powers discusses the Taxi Medallion Owner Relief Program and subsequent measures implemented to assist struggling medallion owners with their debt.
- The program helps small medallion owners restructure loans and reduce principal owed
- Many drivers and owners feel the program is insufficient to address mounting debt
- An additional agreement provided hundreds of millions in debt relief for over 3,000 medallion owners
Selvena N. Brooks-Powers
0:03:38
The creation of the taxi medallion owner relief program and the subsequent taxi medallion owner relief program plus provides assistance to small medallion owners struggling with debt.
0:03:51
It helps them work with lenders in order to restructure their loans, reduce principal owed, and lower their monthly payments.
0:04:00
As I have talked with drivers and owners, many have stated that the programs are simply not enough to address the mounting debt faced by medallion owners.
0:04:10
To supplement these programs, the administration and the TLC commissioner implemented an agreement that provided hundreds of millions of dollars in debt relief for more than 3,000 medallion owners.