The BUILD Act establishes a federal grant program for certain institutions of higher education to foster economic and community development in economically distressed areas. Administered by the Secretary of Commerce, this program targets institutions located in communities defined by specific median family income thresholds at the ZIP code or county level. The program involves a two-stage grant process. Eligible institutions first receive planning grants of up to $100,000 annually for up to two years to develop comprehensive implementation plans. Upon approval of these plans, institutions can then secure substantial implementation grants ranging from $25 million to $50 million over a five-year term to execute their development initiatives. Eligible projects are diverse, including the renovation or construction of community-benefiting buildings, providing seed money for early-stage companies, and developing apprenticeships. The grants also support municipal broadband networks, health clinics, healthcare professional training, partnerships with local school districts, and research relevant to local economic needs. Importantly, the bill excludes institutions with very high research activity, Morrill Act of 1862 institutions, and service academies from eligibility.