Gov. Phil Murphy announced Tuesday that the state will release a total of $400 million in capital facilities grant funding in a joint solicitation of four revolving bond programs to support the growing needs of New Jersey’s institutions of higher education and students.
“We want our high-achieving young people and out-of-state students to find the right college match in New Jersey,” Murphy said. “Whether it is a top-notch science lab or a state-of-the-art technology center, we need to ensure our campuses include these critical resources to compete and win these young hearts and minds to seek their educational futures here. With this investment, we are committed to meeting the infrastructure needs of our higher education institutions while creating good-paying union jobs and achieving our goals of college affordability and competitiveness.”
The Request for Proposals associated with this joint solicitation is anticipated in the first quarter of 2022 and will offer funding opportunities to both public and private institutions. Applications will be available upon the issuance of the RFP. The Office of the Secretary of Higher Education anticipates offering awards in late 2022, pending legislative approval. The issuance will consist of funding from each of the following capital facilities bond programs:
- Higher Education Capital Improvement Fund, or CIF: provides grants for the cost of renewal, renovation, improvement, expansion, construction and reconstruction of facilities and technology infrastructure;
- Higher Education Facilities Trust, or HEFT, Fund: provides grants for the construction, reconstruction, development, extension and improvement of instructional, laboratory, communication and research facilities;
- Higher Education Equipment Leasing Fund, or ELF: provides grants to finance the purchase of equipment for lease to institutions;
- Higher Education Technology Infrastructure, or HETI, Fund: provides grants for the acquisition and installation of technology infrastructure within and among New Jersey’s institutions of higher education.
“These revolving bonds will assist the state’s institutions of higher education to repair and enhance their physical locations, build for the future, and remain competitive in tomorrow’s higher education landscape,” said Dr. Brian Bridges, secretary of higher education.
“As more students return to traditional in-person learning on campuses across New Jersey, now is the time to ensure higher education institutions have the resources they need to make necessary — and, in some cases, long overdue — capital improvements,” said state Treasurer Elizabeth Maher Muoio. “Treasury’s Division of Public Finance is pleased to lend their expertise to help ensure the most efficient funding for projects of crucial importance to our institutions of higher education.”
“Gov. Murphy’s continued commitment to partnerships that invest in higher education and the opportunity that it affords is essential to creating the equity and innovation that 21st century New Jersey demands and expects. This is welcome news for all of us in the higher education community,” Rutgers University President Jonathan Holloway said.
