Nearly $1 billion in state housing funding is ready to be approved this week in the final days of the legislative session aimed to help the homeless, low-income to working families and Native Hawaiians, House leaders announced today.

The funding package includes $600 million to the state Department of Hawaiian Home Lands to help clear the backlog of 28,000 homelands beneficiaries waiting for DHHL housing — including mortgage down payments and rental assistance for the first time.

Troy Hashimoto, vice chair of the House Housing Committee, said in a statement, “Affordable housing continues to be the top challenge facing working families. The Legislature took bold steps to invest in many critical programs that will help alleviate the sharp rise in our cost of living and continuing to build housing inventory for those who need it the most.”

House Finance Chair Sylvia Luke called the funding package “unprecedented.”

“The affordable housing bills passed this year will help struggling families in Hawaii (and) … will result in new rental and for-sale affordable housing throughout our state,” Luke said.

Developers will compete for funding to develop affordable housing.

House Housing Committee Chair Nadine Nakamura said in a statement, “The State Legislature heard loud and clear that we must do more to address the need for affordable housing. By working together in partnership with the Senate and stakeholders, we passed a range of bills to address our needs.”

After the funding cleared conference committees, the House and Senate are expected to give final approval.