(1) The Office of Community Colleges and Workforce Development and the Higher Education Coordinating Commission shall jointly establish a grant program for the purpose of distributing moneys to community colleges, or any foundations of community colleges, to increase the number of underserved, low-income and first-generation college-bound students who enroll in community college and make progress toward a degree or a certificate.
(2) Moneys distributed under subsection (1) of this section may be used by a community college, or a foundation of a community college, for services that are designed to increase student enrollment, retention and degree and certificate completion, including counseling programs, college initiatives, advising services and assistance in obtaining financial aid.
(3) The Higher Education Coordinating Commission may adopt rules necessary for the administration of this section, including rules that set standards for awarding grants. The standards shall give priority to community colleges, or foundations of community colleges, that have student enrollment, retention and degree and certificate completion programs with demonstrated support from the private sector, the community and local government.