A financial and professional development grant funding program, administered by the Chancellor of the California Community Colleges, is hereby established. The chancellor shall distribute multiyear grants, upon appropriation by the Legislature, to the governing boards of community college districts pursuant to applications that satisfy the requirements of this part. Moneys allocated pursuant to this program shall be expended for community colleges within a district that receives a grant to adopt or expand the use of evidence-based models of academic assessment and placement, remediation, and student support that accelerate the progress of underprepared students toward achieving postsecondary educational and career goals.