BUILD Act

The BUILD Act creates a federal grant program to fund economic development projects led by universities located in economically distressed communities. It targets institutions in areas where median household income is at least 25% below state or national averages, as defined by specific income thresholds. Universities receive planning grants (up to $100,000 annually for 2 years) to develop projects, followed by implementation grants (minimum $25 million, maximum $50 million over 5 years) for approved initiatives like renovating community-accessible buildings, establishing small business support programs, building broadband infrastructure, or creating health clinics. These projects must directly benefit the surrounding distressed community and are restricted to eligible institutions meeting the bill's criteria.