Investment in Quality School Leadership Act

Investment in Quality School Leadership Act - Establishes a program of grants to consortia for professional development of superintendents, principals, and prospective superintendents and principals.

Directs the Secretary of Education to award such competitive grants to consortia to establish programs that serve a State or region and provide superintendents, principals, and prospective superintendents and principals, particularly those serving, or intending to serve, in high-poverty, low-performing school districts and schools, with ongoing, intensive professional development opportunities to improve their capacity to serve as effective leaders and successfully implement standards-based reforms.

Requires a consortium, to be eligible to apply for such a grant, to include at least: (1) one local educational agency (LEA) serving a high concentration of children living in poverty; (2) one institution of higher education; and (3) one organization that does not usually provide educational services, but has the necessary expertise to provide professional development to school administrators. Allows such consortia also to include: (1) one or more additional LEAs; (2) State educational agencies; (3) for-profit organizations with expertise; and (4) public or private nonprofit organizations with expertise.

Gives priority for awards to those consortia in which the participating LEA serves the highest concentration of children living in poverty.

Sets forth required program activities and additional uses of grant funds. Requires grantees to provide 50 percent of the project's annual costs, in cash or in kind. Authorizes the Secretary to: (1) waive such matching requirement for applicants that serve low-income areas; and (2) reserve certain funds for technical assistance, evaluation, dissemination of information on effective programs, activities to encourage the spread and adoption of successful leadership development centers, and other national activities that support the programs.