The Massachusetts Senate passed a $1.4 billion housing bond bill to fund the production and preservation of affordable housing.

The funding will "spur economic development, create jobs and help our communities meet their housing needs," said Senate President Therese Murray, D-Plymouth.

Both the Senate and the House bills are awaiting a conference committee to produce a compromise bill for final passage and consideration by Gov. Deval Patrick.

According to Sen. Jamie Eldridge, D-Acton, the demand for affordable housing in Massachusetts has been recently exceeding supply.

The majority of the bill's funds are dedicated to housing production and stabilization, while $45 million will assist the Early Education and Out of School Time Capital Fund to provide grants to nonprofit childcare organizations for capital improvements to their facilities.

The bill will also fund projects for housing residents with disabilities, elderly persons and projects within a half-mile of a mass transit hub.

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