The Boosting University Investments in Low-Income Districts Act establishes a federal grant program to help colleges and universities in economically distressed communities plan and carry out economic development projects. Eligible institutions must be located in areas where median family income is at least 25 percent below state or national benchmarks, and they cannot be military academies or highly-ranked research universities. Universities selected for the program would first receive planning grants of up to $100,000 per year (for up to 2 years) to develop implementation plans, then move on to larger implementation grants of $25 million to $50 million over 5 years to execute projects like building affordable housing, establishing small business programs, creating apprenticeships, expanding broadband access, or supporting K-12 schools. The program is administered by the Commerce Department's Economic Development Administration and requires participating universities to submit annual reports on how they're using the funds. The bill was referred to the House Transportation and Infrastructure Committee and the House Financial Services Committee, though the legislation does not specify a total funding amount.
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