REO Act of 2021 This bill establishes the Reentry Employment Opportunities Program to make grants for the purpose of providing job training opportunities to formerly incarcerated adults, youths, and young adults who have dropped out of school. Grants are awarded to entities such as nonprofit organizations, organizations serving women or a minority population, and state and local governments to carry out projects related to apprenticeship programs, occupational skills education, on-the-job training, work experience, job referrals, basic skills remediation, educational services, and work readiness activities for such individuals.