A new federal housing bill is gaining momentum in Washington as lawmakers focus on affordability for families.

Sen. Richard Blumenthal (D) says the Senate is close to passing what he calls a historic housing bill. He said the measure would make homes more affordable and more accessible.

Blumenthal said the bill would lower costs tied to financing, location and construction materials. He said it would also end major federal tax deductions and other benefits for institutional investors, including private equity firms and hedge funds.