Senators Tim Johnson, D-S.D., and Mike Crapo, R-ID, reached a bipartisan agreement on legislation that aims to ensure the solvency of the Federal Housing Administration.

The pair is in the process of finalizing the text of the bipartisan bill and plans to release the details publicly next week.

"Earlier this year, we agreed that the Committee would first address the issues facing the solvency of FHA before turning to comprehensive housing finance reform legislation," the Senators explained. 

They added, "After months of hard work we have reached bipartisan agreement on a path forward to give the FHA the tools it needs to get back on stable footing. We believe we have found solid common ground and are optimistic that we will be able to move this bipartisan legislation forward expeditiously."