This bill mandates the Secretary of Commerce, in consultation with the Secretaries of Housing and Urban Development and Health and Human Services, to establish a pilot program. This program will award grants to eligible entities for the renovation and development of third spaces , which are public environments distinct from home and work that support social, cultural, and economic life. The initiative aims to strengthen local economies, reduce social isolation, and foster community engagement by revitalizing these essential communal areas. Grant priorities include projects that bolster local economies and address the decline of communal life. Applicants must document community history, including historical inequities, and detail how their projects will engage community members, ensure local benefit, and preserve local culture and identity. A significant provision requires that not less than 60 percent of awarded funds go to eligible entities serving low-income and underserved communities , and all funded third spaces must remain free or low-cost to the public. The pilot program is set to expire three years after enactment, with an option for a two-year extension. Grantees will report on attendance, programs, and social, cultural, and economic impacts, while the Secretary will submit a comprehensive report to Congress assessing outcomes and recommending program expansion. The bill authorizes an appropriation of $200,000,000 to carry out this program, with a 5% cap on administrative expenses.