Gov. Phil Murphy announced today that New Jersey will release a total of $400 million in capital facilities grant funding in a joint solicitation of four revolving bond programs. These bond programs include: the Higher Education Capital Improvement Fund, Higher Education Facilities Trust Fund, Higher Education Technology Infrastructure Fund, and the Higher Education Equipment Leasing Fund.
Murphy described the investment in these funds as an investment in college affordability and competitiveness, and said the influx of cash will assist the state’s colleges and universities in remaining strong and viable, while simultaneously insulating students and families from having to pay more.
“Topping up these funds now is the right thing to do,” he said. “Interest rates today remain at near historic lows, yet the needs of our institutions remain at near historic highs.”
The money marks the first addition of new funding into the Higher Education Capital Improvement Fund since 2015, and the first new investment in the other three funds in eight years.
Murphy added that the funds are being put in with the necessary safeguards to ensure that they are properly dispersed to meet the true long term infrastructure needs of the state’s colleges and universities.
“Through this proposed infusion of new dollars and critical safeguards, we anticipate being able to open the grant application window for our colleges and universities in the spring of 2022,” Murphy said.
“Our economic success goes hand-in-hand with educational opportunity,” Assembly Speaker Craig J. Coughlin added. “Helping students stay close to home and strengthening our competitiveness to attract others to come study in New Jersey, this $400 million will work to keep talent here over the long haul.”
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