The Open Finance NYC group is making an effort to bring transparency to the financing and sale of real estate. Open Finance NYC aims to bring transparency to the financing and sale of real estate, making it easier and more affordable to finance and sell real estate in New York City. Open Finance NYC is currently working directly with a number of real estate investors and local investors to help make this happen.
Open finance is a relatively new project, but the group is already doing some good works. For instance, they recently partnered with a local real estate developer to bring transparency to the process of selling and buying rental properties. The group has also just completed a $1.5 million grant for the University of New York at Stony Brook and is currently in the process of seeking $1.6 million in grants for other real estate projects.
Although my area is not home to the Open Finance Network, the group has gotten a lot of press in the last few weeks due to its role in helping local real estate investors buy, renovate, and sell vacant buildings.
Open Finance Network is a group of real estate developers in the Greater New York area that recently won a $500,000 grant from the U.S. Department of Housing and Urban Development to support their effort in bringing transparency to the real estate process. The group has also just completed a 1.5 million grant for the University of New York at Stony Brook and is currently in the process of seeking 1.6 million in grants for other real estate projects.
Most of this is an attempt to promote the idea that property owners should be able to sell their vacant buildings to developers who are willing to pay for renovations and repairs. The idea is to use the grants to pay for developers who are willing to put in an effort to make sure vacant structures aren’t left empty for long periods. The developers would also get a percentage of the sale.
While the grants would likely only be available to real estate developers, the idea behind the effort is to encourage property owners to make their vacant properties more attractive to potential buyers by improving the buildings or adding to them. This could also help property owners who are in poor financial situations. This is in addition to a number of other efforts to create incentives for owners to sell or rent their vacant buildings.
The New York City Department of Buildings has been developing a series of pilot incentive programs aimed at increasing the property value of vacant buildings. Last spring the department received a grant of $25,000 to begin the pilot. The department is also working with the real-estate owners of these vacant buildings in order to make their buildings more appealing to potential buyers. The department has also been working to have property owners apply to be a part of the pilot program.
According to the department, the pilot program has only been open for a few months, but it has already proven quite successful. In 2012 the department closed on a total of 7,865 buildings, with a total value of $20,531,100.
After the pilot program, the department plans to continue to improve the city’s housing stock, with a goal of closing on 60,000 new homes, with an average cost of $275,000 over the next three years.
This is interesting given that the other day the state of New York was contemplating a new tax on high-end real estate. This is a great example of how government can work to support a good cause and the government can be a good influence on a community.
