This bill creates a new federal grant program to help children's hospitals and pediatric health care facilities across the country build, renovate, and upgrade their facilities. Eligible organizations include children's hospitals, certain federally funded health centers, and nonprofit medical facilities primarily serving patients under age 21. The grants can be used for a variety of improvements including expanding emergency care capacity, training more pediatric doctors and nurses, upgrading digital systems and cybersecurity, and other infrastructure enhancements. The bill prioritizes funding for hospitals serving low-income children covered by Medicaid and those serving racial and ethnic minorities. The legislation authorizes $600 million annually for ten years, from 2024 through 2033, though organizations receiving grants must provide matching funds equal to at least 50 percent of the grant amount.