Establishes the Charles L. Reason fellowship

This bill establishes the Charles L. Reason fellowship to increase faculty diversity in New York's higher education system. It provides grants to New York colleges and universities (or partnerships between them) to support underrepresented minority students pursuing undergraduate degrees with the goal of becoming future faculty. The program covers academic expenses like tutoring and mentorship for eligible students, and offers loan forgiveness of up to $40,000 lifetime for those who complete the fellowship, earn a bachelor's degree, and enroll in a PhD or similar terminal degree program. Eligibility requires being a New York resident or meeting specific residency/immigration criteria, with priority for students demonstrating potential to teach at the college level.