Gives priority to LEAs that have: (1) the highest number of disadvantaged students; (2) the highest number of schools identified for school improvement, corrective action, or restructuring; and (3) the lowest number of teachers certified by the National Board for Professional Teaching Standards.

Requires LEAs to use such grants to: (1) partner with institutions of higher education or other appropriate entities in conducting grant activities; (2) provide teachers participating in the Targeted High Need Initiative program with training, mentoring, and technological resources; (3) cover the assessment fee for teachers who apply for certification by such Board and agree to teach at the participating school for at least three years after their certification; (4) provide specified monetary awards to teachers and their sponsoring schools after completion of the Targeted High Need Initiative program; and (5) conduct an independent evaluation of such program's affect on teaching quality and student performance.