Us Congress House Bill HB8451

Us Congress 2023-2024 Regular Session

• Introduced: 5/17/24
• Refer: 5/17/24
• Refer: 5/20/24

Caption

BUILD Act Boosting University Investments in Low-Income Districts Act

Impact

The proposed bill will have a substantial impact on state laws regarding funding and support for higher education institutions operating within economically distressed regions. By identifying eligible institutions based on specific criteria tied to income levels in their communities, the legislation establishes a structured approach to grant allocation. The Secretary of Commerce is tasked with overseeing this initiative, which will facilitate grant amounts ranging from $25 million to $50 million to successful applicants for eligible projects. The program also encourages schools to collaborate with local governments and businesses, thereby strengthening community ties and boosting local economies.

Summary

House Bill 8451, also known as the Boosting University Investments in Low-Income Districts Act (BUILD Act), aims to establish a grant program specifically for institutions of higher education. The focus of this legislation is to enable eligible academic institutions to plan and implement projects that foster economic and community development in economically distressed areas. With an emphasis on revitalizing these communities, the bill seeks to provide financial support for initiatives that can significantly improve local infrastructures and opportunities.

Contention

Notable points of contention surrounding HB 8451 may emanate from various stakeholders regarding the distribution and criteria for funding. There could be concerns about which institutions are deemed eligible and the potential for inequity if certain areas are overlooked. Furthermore, discussions may arise regarding the effectiveness of such grants in truly revitalizing distressed communities versus simply providing financial support without tangible outcomes. Stakeholders may advocate for more clear metrics or accountability measures to ensure that the funding results in measurable improvements in these areas.