To establish a grant program to support broadband-based economic development efforts.

Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to make grants supporting the advancement of high-speed telecommunications in regions with low per capita income, high unemployment, or economic adjustment problems that have populations of no more than one million.

Limits the maximum assistance for any one region to $1 million.

Sets Federal cost sharing for projects carried out using funds authorized by this Act at 50 percent. Authorizes in-kind contributions for the non-Federal share of project costs.