Higher Education Facilities Capital Matching Grants Program
skip breadcrumbs| All amounts are in dollars |
| Category | Available 2007-08 |
Appropriations Recommended 2008-09 |
Change From 2007-08 |
Reappropriations Recommended 2008-09 |
|---|---|---|---|---|
| Capital Projects | 0 | 0 | 0 | 150,000,000 |
| Total | 0 | 0 | 0 | 150,000,000 |
Note: Most recent estimates as of 01/22/08.
Budget Highlights
The 2005-06 Budget included a new $150 million higher education facilities capital matching grant program for private colleges in New York. Under this program, $150 million will be awarded to private colleges based on enrollment and relative student financial need as measured by total awards provided through the Tuition Assistance Program. This program requires a three to one (non-State to State) match by institutions.
Under this program, grants are awarded by the Higher Education Capital Matching Grant Board consisting of three members (one appointed directly by the Governor with the remaining members appointed upon the recommendation of the President of the Senate and the Speaker of the Assembly) serving one year terms. Grants may be used for the design, construction or acquisition of new facilities, rehabilitation and repair of existing facilities or for any projects for targeted priorities including economic development/high technology (including wet labs), critical academic facilities, and urban renewal/historic preservation.
The 2008-09 Executive Budget continues $150 million in reappropriation authority for grants to be determined by the Board in 2008-09. For 2008-09, commitments are projected to be $50 million and disbursements are projected to be $50 million reflecting the continuation of this program.
When fully implemented, this program will leverage over $450 million in external funds to match the State's $150 million investment, thereby providing for a combined capital program totaling $600 million. The State's share of the program will be financed through the issuance of bonds.
2008-09 Executive Budget — Agency Presentation
Miscellaneous Agencies (PDF)