Congress is on track to pass a bipartisan housing package that would mark the most significant federal effort in decades to address housing shortages and rising housing costs.

The legislation, known as the 21st Century ROAD to Housing Act, is expected to clear the Senate and move to the House later this week after months of negotiations between Republicans and Democrats.

The bill combines a series of regulatory reforms aimed at increasing housing supply, reducing barriers to construction and limiting purchases of single-family homes by large investors.

The bill contains more than 45 provisions intended to encourage new housing construction and redevelopment.

Among its key provisions, the legislation would create incentives for local governments to approve additional housing by linking certain federal grants to construction efforts. It also would streamline environmental reviews that supporters say can delay affordable housing projects.

The package would provide grants and loans to rehabilitate aging housing stock, encourage the conversion of vacant and abandoned buildings into residential units and expand the definition of manufactured housing to facilitate additional development.

Another provision would place restrictions on large investors purchasing newly built single-family homes, a measure that attracted support from some Republicans who argue institutional buyers have contributed to rising housing costs.

“There’s some regulatory relief in there, but second, stopping the big private equity guys from buying homes — which is driving prices up and taking away some of the supply — is another benefit for homeowners across the country, including Montana,” Sen. Steve Daines (R-MT) said.

However, the bill does not provide substantial new federal funding for affordable housing programs, a priority that many Democrats have sought in previous housing proposals.

Sen. Chris Murphy (D-CT) called the legislation an important beginning but cautioned against overstating its impact.

“I hope that this means we can do more impactful housing policy together,” Murphy said. “I just don’t want to overhype the significance of the bill.”

“It will be marginally helpful in my state, but it’s no new real dollars. It doesn’t unlock a lot of our permitting and zoning problems,” he added.

The legislation also faced opposition from a small group of Republicans who argued it does not go far enough in addressing the regulatory and economic factors driving housing costs.

The Senate is scheduled to hold a final vote on the legislation Monday evening, with the House expected to consider the measure later in the week. If approved by both chambers, the bill would be sent to President Donald Trump for his signature.