The grant will be used to provide more sustainable housing for the people of New York state. Credit: Isaac Burke on Unsplash.

New York’s governor Kathy Hochul has announced the award of $875m in funding to increase the affordable housing supply across the US state.

The financing will be used to build or preserve 3,100 affordable homes in 27 developments in the state including Central New York, Finger Lakes, Long Island and New York City itself.

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Some of the developments are Mosaic Apartments in the City of Schenectady, Pines of Perinton in the Village of Fairport, Carman Place in the Village of Hempstead, Utica Renaissance in the City of Utica, Clarkson Estates in Brooklyn, and Sutphin Senior Housing, in Queens.

It is part of a $25bn comprehensive ‘Housing Plan’ to construct or preserve 100,000 homes in New York.

The grants have been awarded via bonds, tax credits, and subsidies. About $684m in subsidies and tax-exempt housing bonds have been awarded for seven projects.

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The remaining $191m of financing has been awarded via New York State Homes and Community Renewal’s Multifamily Finance RFP for 20 developments.

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All the developments will meet HCR’s new sustainability standards.

Governor Hochul said: “My administration is committed to ensuring that every New Yorker has access to housing that is affordable, sustainable, and offers critical services that improve lives.

“This funding will ultimately create more places for seniors and vulnerable residents to live independently, apartments that young people can afford, and revitalised communities where businesses can succeed and grow their workforce. These innovative developments are central to our strategic efforts to increase the supply of housing and create a more affordable, more livable New York for all.”