New Jersey Gov. Phil Murphy announced 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 New Jersey’s higher education system and students.
“We want our high-achieving young people and out-of-state students to find the right college match in New Jersey,” said Gov. Murphy. “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.”
Gov. Murphy’s office said the requests for proposals associated with this joint solicitation are anticipated in the first quarter of 2022, and will offer funding opportunities to both public and private institutions.
“Our economic success goes hand-in-hand with educational opportunity. 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,” said New Jersey Assembly Speaker Craig J. Coughlin. “Leveraging financial support from colleges, we maximize the impact of our state dollars in meeting the new infrastructure and technology needs to advance learning and innovation on our campuses and to position our economy for growth that will elevate the standard of living for every resident.”
The RFPs will encompass funding from four separate capital facilities bond programs:
- Higher Education Capital Improvement Fund, which provides grants for the cost of renewal, renovation, improvement, expansion, construction, and reconstruction of facilities and technology infrastructure.
- Higher Education Facilities Trust Fund, which provides grants for the construction, reconstruction, development, extension, and improvement of instructional, laboratory, communication, and research facilities.
- Higher Education Equipment Leasing Fund, which provides grants to finance the purchase of equipment for lease to institutions.
- Higher Education Technology Infrastructure Fund, which provides grants for the acquisition and installation of technology infrastructure within and among New Jersey’s institutions of higher education.
“This funding will provide New Jersey’s higher education institutions with the resources they need to stay competitive and appeal to current and prospective students,” said Assemblywoman Mila Jasey, Chair of the Assembly Higher Education Committee. “Thanks to this investment, we can deliver on our commitment to provide quality higher education in New Jersey by giving countless students access to new facilities and the equipment they need to succeed.”
