The BUILD Act establishes a federal grant program to help colleges and universities in economically distressed communities fund economic development projects. Eligible universities are those located in areas where median family income falls significantly below state or national averages, with priority given to mid-tier institutions rather than major research universities or military academies. The program provides two stages of funding: planning grants of up to $100,000 per year for up to two years to develop implementation plans, followed by implementation grants of $25 million to $50 million over five years to carry out projects like building housing, establishing small business programs, developing apprenticeships, improving broadband access, or creating health clinics accessible to the public. Projects funded through implementation grants must directly benefit the distressed communities where the universities are located and could include campus renovations, workforce training partnerships with local schools, and research relevant to community economic needs. The bill is administered by the Department of Commerce's Assistant Secretary for Economic Development.