A Working Partnership
NJEFA works with the Secretary of Higher Education and the Department of Treasury to administer the New Jersey Higher Education Capital Facilities Grant Programs. Through the issuance of state-backed bonds and General Obligation bonds, New Jersey’s institutions of higher education are able to increase capacity, update facilities and increase the quality and sophistication of the education available to New Jersey’s students.
From assisting in the development and distribution of the soliciation to the review of applications for conformity to developing grant and lease agreements in accordance with the regulations and reviewing financing documents, Authority staff is highly involved in every aspect of the grant process.
Post-closing the Authority’s finance and compliance staff remain actively involved in the grant process. Finance staff reviews requisitions to assure grant proceeds are expended only for costs of an approved project, that any obligation to match grant funding has been satisfied, and that reimbursement is permissible. Compliance staff assists the Secretary in fulfilling obligations under the post-issuance compliance tax procedures and in addressing any tax issues that may arise.
Grant Program Overview:
5 Grant Programs
211 Projects Approved
$1.4 Billion in Grant Funds Awarded