The bill establishes a program for Rural Partnership Program Grants, authorizing the Secretary of Agriculture to award multiyear grants, lasting between two and five years, to coordinate Federal, nonprofit, and for-profit investments in rural areas. These grants are designed to support comprehensive, asset-based rural development through collaborative efforts. The program aims to foster rural prosperity by leveraging diverse resources.

Funding for these grants will be allocated to States based on a formula considering nonmetropolitan poverty and population levels, with a minimum of five percent reserved for Indian Tribes, prioritizing those with higher poverty and lower populations. Eligible applicants must be partnerships of at least two entities, such as local governments, nonprofits, cooperatives, for-profit businesses, higher education institutions, or Indian Tribes, all proposing to serve a rural area. These partnerships must demonstrate cooperation necessary for successful development.

Grant funds can be used for various activities, including coordinating initiatives, leveraging non-Federal resources, predevelopment planning, creating public-private partnerships, and providing capital for projects, with a limit of 50% for capital. Priority for these grants will be given to rural areas experiencing significant population or workforce changes, those deemed economically distressed, areas historically receiving minimal Federal funding, or those needing job retention and economic stabilization. A 25% non-Federal matching fund is generally required, though it can be waived for demonstrated need.

The legislation also establishes Rural Partnership Technical Assistance Grants, awarded competitively for up to five years, to help rural community organizations. These grants will advise and assist with Federal grant management, financial system development, housing or community economic development projects, and the creation of placemaking plans. Eligible applicants are qualified private or nonprofit intermediary organizations with proven experience in providing community development and planning technical assistance in rural areas.

Activities supported by technical assistance grants include training local staff, identifying consultants for infrastructure, facilitating Federal-local coordination, and providing expertise on public-private partnerships and grant writing. A 30% non-Federal match is required, with a waiver option for demonstrated need. Finally, the bill renames the existing "Council on Rural Community Innovation and Economic Development" to the Rural Partners Network, expanding its membership and enhancing its role in streamlining Federal assistance, reducing administrative burdens, and improving interagency coordination for rural communities.