NASHVILLE, Tenn. -- Historically black colleges and universities in Tennessee are hoping to hit the jackpot, winning a grant worth millions of dollars to help preserve historic campus buildings.

The $15 million available is part of President Barack Obama's Recovery and Reinvestment Act.

For decades, the 1937 John Wesley Work Home has sat empty near Fisk University being eaten by termites and weathered by storms. But a federal recovery grant is offering hope that in the near future, the splintered wood and peeling paint back can be transformed

"Of course, the university was excited," said Marie Williams of Fisk University.

The thought of once again using the home of the one-time director of the famous Fisk Jubilee Singers is music to the university's ears.

"It will also be a place in which we will certainly promote our music programs, our arts, and also offer fairly intimate recitals," said Williams.

Two other building on Fisk's campus will also get some much-needed upgrades or, in the case of the Tally House, an entire overhaul.

But across town, Tennessee State University is also fighting for the case.

"We are planning on taking out the old windows, which are mostly single pane, and put energy-efficient, double paned in there," said Dan Wooten of TSU.

Not only is TSU planning to use the president's money to go green, but it's also hoping to fix water damage that has become an eyesore. It hopes to win $2.2 million and update four different historic buildings on campus built back in the 1920s and 1930s.

TSU is finding the tough economy does have an upside: Contractors need work, and that bodes well in terms of bang for the universities' buck.

"From what we've seen so far, prices are coming in half of what they normally would be," said Ron Brooks of TSU.

Gov. Phil Bredesen is encouraging all historically black colleges and universities in the state to apply for this grant. Many of these renovations would not be possible in these tough economic times without federal funding.

"All we are doing now is keeping our head above water," said Brooks.

Fisk was told between 20 and 50 grants will be awarded nationwide. When the money is handed out, 50 percent of the construction must be completed in 18 months, meaning some of the updates could begin by the end of the year.