Kathy Hochul, the governor of New York State, has announced that $991m will be made available in the forms of bonds and subsidies to create or preserve 3,242 affordable and sustainable homes.

The fund is intended to draw in an additional $380m in private funding, giving a total $1.4bn investment in the sector.

Hochul has planned further housing spending of $25bn across the next five years, yielding 100,000 affordable homes, 10,000 of which will have support services.