According to this article from bowl.com, Kutztown (Pa.) University will add women's bowling to increase opportunities for female athletes and retain its compliance status under prong 2.
Yes, the NCAA sponsors women's bowling.
Bowling (like ice hockey and rowing) is an alumna of the NCAA's list of emerging sports for women -- a list that now includes archery, badminton, equestrian, team handball, rugby, squash, and water polo. The NCAA recognizes these designated emerging sports and encourages their development by letting universities count participation opportunities toward sport sponsorship and financial aid minimums. Once the sport is developed enough for a national tournament, it graduates from the emerging sport list.
Bowling has had a national tournament for 3 years. Nearly fifty schools sponsor a women's bowling team. They may each award five equivalency scholarships. Bowling is the smallest sport to have "emerged" from the list, but if the others-- hockey (about 80 teams) and rowing (about 150 teams)--are any indication, Kutztown's competition will continue to expand.