A bill granting the consent of Congress to States to enter into the Interstate Compact on Industrialized/Modular Buildings.

Interstate Compact - Grants the consent of the Congress to the Interstate Compact on Industrialized/Modular Buildings.

Requires the President, when three States enact such Compact, to appoint a nonvoting member to the Interstate Industrialized/Modular Buildings Commission.

Directs the Commission to submit annual reports to the President and to the Congress. Requires the General Accounting Office to audit the financial transactions of the Commission at least every four years and to report the results to the Congress.

Requires the Congress, if, after two years, fewer than three States have enacted such Compact, to consider adopting and implementing a preemptive Federal regulatory system for modular construction. Provides that if at least three States enter into the Compact within two years after enactment of this Act, noncompacting States that have not entered into an interim reciprocal agreement with the Commission shall not be eligible for: (1) Federal guarantees under the veterans' home loan program; (2) the farm housing program under the Housing Act of 1949; and (3) the national housing partnership program under the Housing and Urban Development Act of 1968.