NJ S4508

Establishes the "Higher Education Deferred Maintenance Fund" within the Department of the Treasury as a nonlapsing, revolving fund to support deferred maintenance projects at public institutions of higher education

Requires all public colleges and universities to submit a deferred maintenance plan to the Secretary of Higher Education within 90 days of enactment, detailing outstanding maintenance needs and estimated costs, with updates required every five years

Funds may cover up to 50% of deferred maintenance project costs at four-year public institutions and up to 100% of costs at county colleges, with remaining costs to be paid from non-State sources

The Secretary of Higher Education, in consultation with the New Jersey Educational Facilities Authority and institutional representatives, must develop an allocation formula for distributing fund appropriations

The fund may receive state appropriations as well as federal and private funds available for addressing deferred maintenance at public higher education institutions