Senate Majority Leader John Thune, R-S.D., is preparing to bring an updated bipartisan housing affordability package to the Senate floor this week, marking a significant step in Congress' monthslong effort to address rising housing costs and boost homeownership opportunities, Politico reported on Monday.

According to people familiar with the negotiations and aides to Senate Democrats, the revised version of the 21st Century ROAD to Housing Act incorporates much of the legislation approved by the House in May while restoring several Senate-backed housing initiatives that were removed during House consideration.

The legislation emerged from negotiations among Thune, Senate Banking Committee Chairman Tim Scott, R-S.C., and the committee's top Democrat, Sen. Elizabeth Warren, D-Mass.

Congressional aides said the proposal was also discussed with House lawmakers and the White House as leaders sought to forge a bipartisan compromise capable of clearing both chambers, according to Politico.

A key provision retained from the House-passed bill would limit large institutional investors' ability to purchase single-family homes, an issue that has drawn increasing attention from lawmakers concerned about Wall Street's role in driving up housing prices.

The measure has been a priority for President Donald Trump, who has repeatedly criticized private equity firms and large investment funds for their growing presence in residential real estate markets.

Despite progress toward a compromise, questions remain about whether House Republican leaders will support the Senate's revised package.

"We have not received text from the Senate," Dan Schneider, a spokesman for House Financial Services Committee Chairman French Hill, said in a statement. "We became aware of the contours of the revised text through press reports."

Schneider added, "If reports are accurate, this proposal still includes redlines for members of the House. This approach does not reflect an agreement with the Financial Services Committee. We urge the Senate to work with the House and not waste valuable floor time in the Senate, so we can get a bicameral bill to President Trump's desk,"

A White House official, however, said the Trump administration supports the Senate compromise and views the legislation as a vehicle to advance the president's housing affordability agenda.

The housing package represents one of the few major bipartisan efforts advancing on Capitol Hill during a midterm election cycle dominated by concerns over inflation, affordability, and the cost of living.

Both chambers have already demonstrated broad support for housing legislation. The Senate approved its version of the bill by an 89-10 vote in March, while the House passed its measure by a 396-13 margin in May.

The revised Senate package would make several notable changes to the House bill. According to people familiar with the legislation, lawmakers removed two community banking deregulation provisions included in the House version because of budget-scoring concerns.

The provisions would have amended portions of the Federal Deposit Insurance Act related to failed insured depository institutions.

The Senate measure would also restore a seven-year authorization for the Community Development Block Grant Disaster Recovery program, replacing the permanent authorization included in the Senate's earlier legislation.

In addition, negotiators reinstated several Senate priorities aimed at increasing housing supply and improving access to affordable housing, Politico reported. Among them is the BUILD NOW Act, which would encourage local governments to increase housing construction through incentives tied to Community Development Block Grants.

The package would also revive legislation expanding the Rental Assistance Demonstration program, allowing additional public housing agencies to convert traditional federal housing assistance into long-term voucher-based contracts.

Other restored provisions include the Moving to Work initiative — which would add a new group of public housing agencies to a federal housing innovation program — and the VALID Act, requiring Federal Housing Administration mortgage disclosures to provide veterans with cost-comparison information when evaluating home loan options.

Supporters of the compromise say the legislation preserves major priorities from both the Senate Banking Committee and the House Financial Services Committee while reflecting input from leaders of both panels.