NJ S1503

Creates the "Higher Education Deferred Maintenance Fund" within the Department of the Treasury as a nonlapsing, revolving fund to address overdue maintenance at New Jersey public colleges and universities

Requires all public higher education institutions to submit a deferred maintenance plan to the Secretary of Higher Education within 90 days of enactment, detailing outstanding maintenance needs and estimated costs

Mandates deferred maintenance plans be revised and resubmitted every five years, or in conjunction with existing long-range facilities plan updates

Allocates fund money to cover up to 50% of deferred maintenance project costs at four-year public institutions and up to 100% at county colleges, with remaining costs covered by non-State funds

Directs the Secretary of Higher Education to develop an allocation formula in consultation with the New Jersey Educational Facilities Authority and representatives from public institutions