Taxi medallion owners could soon have tens of thousands of dollars back into their pockets as a part of the Taxi Medallion Debt Relief Program. 

The deal would work to renegotiate loans that include a city-funded loan guarantee for loans up to $200,000. It also includes a $30,000 grant that can be used for a down payment, and will also lower interest rates.  

“It’s relieving a ton of debt and is getting our drives our from under a pile of debt,” said David Do, commissioner of the Taxi and Limousine Commission. “It’s an important day for drivers and for the whole yellow [cab] community as a whole.” 

Do also tells News 12 that he expects this to bring debt down by as much as $100 million this week, with potential to support over 1,000 drivers right away.