Career and Technical Education Facilities Modernization Act - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to direct the Secretary of Education to support local educational agencies (LEAs), community colleges, and other appropriate entities in modernizing, renovating, or repairing facilities used to provide science, technology, engineering, mathematics, or career and technical education to public elementary, secondary school, or community college students.
Requires the Secretary to furnish such support by providing eligible entities with grants or loan guarantees or by making payments of interest on the financial instruments they use to fund the modernization, renovation, or repair of those facilities.
Prohibits the use of that support for new construction or the payment of routine maintenance costs.
Requires the Secretary to direct at least 25% of the funds made available under this Act to: (1) LEAs that are eligible to receive assistance under the ESEA's Rural Education Initiative program, or (2) community colleges that serve a substantial number of rural students.