Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced that they have struck a deal on housing legislation that could hit the floor late today.

“Senior Senate Democrats and Republicans have reached an agreement in principle to strengthen the economy by addressing the nationwide foreclosure crisis,” the leaders said in a statement.

They added: “Getting to this point has required compromise by all sides.”

“This is a solid, bipartisan start to keeping families facing foreclosure in their homes, helping other families avoid foreclosures in the future, and helping communities already harmed by foreclosure to recover.”

According to Reid and McConnell, the bill will include foreclosure “mitigation,” modernization of the Federal Housing Authority, homeowner tax credits and mortgage counseling.

“We hope to quickly come to a consensus to move this bill to the floor, consider amendments to it, and pass strong legislation that helps struggling homeowners and our economy as a whole,” Reid and McConnell said.