Rural Education Initiative Act

[AI summary unavailable — showing source text] Rural Education Initiative Act - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to establish a new part J, Rural Education Initiative (REI), under title X Programs of National Significance. (Replaces the current part J, Urban and Rural Education Assistance and its provisions for demonstration grants for, and White House Conferences on, urban and rural education.) Makes an local educational agency (LEA) eligible for REI alternative use formula grants and competitive grants if: (1) the total number of students in average daily attendance at all of the schools served by the LEA is less than 600; and (2) all of the schools served by the LEA are located in a community with a Rural-Urban Continuum Code of 6, 7, 8, or 9, as determined by the Secretary of Agriculture. Authorizes the Secretary of Education (the Secretary) to waive such eligibility requirements for competitive grants. Provides, under the alternative use formula grant program, that an eligible LEA may use applicable funding that it is eligible to receive from the State educational agency (SEA) for a fiscal year, to support local or statewide education reform efforts intended to improve the achievement of ele…