On Monday, Aug. 18, NJ Gov. Phil Murphy and Secretary of Higher Education Dr. Brian Bridges announced the availability of $250 million in capital facilities grant funding through a joint solicitation of two state-backed, revolving bond programs for higher education. The additional funding will help both private and public institutions in the state of New Jersey promote the success and safety of students. The increase in funding allows institutions of higher education to pursue projects that will lead to these improvements.
“We are committed to leaving New Jersey’s higher education sector better than we found it: more accessible, more collaborative, and more resilient for the future,” said Governor Murphy. “By leveraging the State’s bonding capacity, we’re helping institutions address critical repairs and improvement projects and reinforcing their role as engines of opportunity and economic growth across our communities.”
$110 million comes from the Capital Improvement Fund (CIF), which works to approve grants for the cost, or a portion of the cost, of the improvement of facilities and technology infrastructure. Four-year public and private institutions of higher education eligible to receive State Aid are eligible to apply.
The other $140 million comes from the Higher Education Facilities Trust Fund (HEFT), which provides grants towards research facilities. Any public or private institutions that can receive State Aid are able to apply, which includes County colleges.
“Deferred maintenance needs are growing across the higher education sector nationally, and New Jersey is no exception,” said Sheryl Stitt, Executive Director of the New Jersey Educational Facilities Authority (NJEFA). “The funds provided by these grants will help the state’s colleges and universities address emergent maintenance and repairs at their physical plants at a time when resources are limited. The Authority is thrilled to once again be partnering with the Secretary and his office to facilitate these programs.”
The grants look to build upon Gov. Murphy’s efforts to improve funding for higher education capital needs. The additional money will help improve programs that will work towards making Gov. Murphy’s dream a reality.