A bill to amend the Housing and Urban Development Act of 1970 to provide a more effective approach to the problem of developing and maintaining a rational relationship between building codes and related regulatory requirements and building technology in the United States, and to facilitate urgently needed cost-saving innovations in the building industry, through the establishment of an appropriate nongovernmental instrument which can make definitive technical findings, insure that the findings are made available to all sectors of the economy, public and private, and provide an effective method for encouraging and facilitating Federal, State, and local acceptance and use of such findings.

Establishes a nonprofit, nongovernmental National Institute of Building Sciences to make findings and to advise the public and private sectors concerning the use of building science and technology in achieving nationally acceptable standards and provisions for use in Federal, State, and local housing and building regulations.

Creates a National Academy of Sciences-National Academy of Engineering-National Research Council: (1) to assist in establishing the Institute; (2) to develop an organizational framework to provide for the maximum feasible participation of scientific, technical, and financial organizations in promulgating building codes and regulations; and (3) to publish appropriate organizational rules and procedures for the Institute.

Sets forth provisions for the membership, organization, and administration of the Institute.

Authorizes the Institute to accept contracts and grants from Federal, State, and local governmental agencies, and from private organizations. Provides for cooperation with the Institute by Federal, State, and local agencies in carrying out any building or construction related programs.

Authorizes $10,000,000 annually for the first two years of the Institute's operation, $6,000,000 annually for the next two years, and $4,000,000 for the fifth year of operation. Provides for an annual report to the Congress on the operations of the Institute.