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The Medallion Relief Program (MRP) was New York City's debt relief program for small taxi medallion owners. In one sentence: the City paid a grant of $20,000 or $30,000 toward an owner's medallion loan, and free lawyers negotiated with the lender to cut what was owed and lower the monthly payment (TLC relief program page). It was announced in March 2021 and took no grant applications after April 30, 2024.
Key figures
- Over $476 million in debt relief for the owners of over 2,300 medallions since March 2021 (TLC 2025 Annual Report, published January 2026).
- Eligible: owners with an interest in six or fewer medallions, acquired by March 9, 2021. Owners did not have to be drivers.
- Deadline: April 30, 2024, for loan closings and complete grant applications to NYLAG (New York Legal Assistance Group), the legal group that received the grant applications.
The two options
Source: TLC's program page and rule 58-51. For a grant, the new loan had to meet one of these minimums: principal cut by at least 40% with a monthly payment under $2,000; at least 30% and under $1,750; or at least 20% and under $1,500. A cut of at least 10% could pass if the deal had other good terms, such as no confession of judgment.
Where you'll see the term
- On an owner's loan papers, as a restructured loan with an MRP grant or MRP+ guaranty. The guaranty does not transfer to a buyer if the medallion is sold.
- In TLC rules: an owner who defaults on an MRP restructure can't acquire an interest in a medallion for five years (58-04(j)).
- In TLC reports: the Office of Financial Stability tracks the program's results each year.
- As a lease driver, mostly in the background: some medallions on the road carry loans restructured under MRP, but the program never paid drivers directly.
Related: still open? See is the Medallion Relief Program still open. Full story: Medallion Relief Program explained and history of the NYC taxi medallion. Accessible-taxi financing today is a different program: ATLAS. Lease terms: medallion-only lease, DOV lease. More on the medallions hub.
Frequently asked questions
What was the Medallion Relief Program?
A City program, announced in March 2021, that gave small medallion owners a grant and free lawyers to get their medallion loans cut. Option 1 (MRP) paid a $20,000 grant; MRP+ paid a $30,000 grant plus a City-backed loan guaranty. TLC rule 58-51 sets the terms.
Is MRP still running?
No. TLC considered no grant applications after April 30, 2024. Free legal services for owners of six or fewer medallions continue through the Owner/Driver Resource Center.
What does MRP+ stand for?
It is TLC's short name for the Supplemental Loan Deficiency Guaranty option: a guaranty on the restructured loan's principal, given to the lender, for loans of $170,000 or less.
How much relief did it give?
TLC's 2025 Annual Report says the City provided over $476 million in debt relief for the owners of over 2,300 medallions since March 2021.
Sources
Last reviewed against the official sources on .
- TLC: Taxi Medallion Owner Relief Program nyc.gov
- TLC Rule Book, Chapter 58 (58-51 Medallion Relief Program) nyc.gov
- TLC 2025 Annual Report (Jan 2026) nyc.gov
Spotted something out of date? Tell us and we'll check it against the official source.
TLC Help is not a law firm and is not affiliated with the NYC Taxi & Limousine Commission or OATH. Explanations on this site are general information, not legal advice. Legal representation is provided by independent attorneys and OATH-registered representatives in our network.