The bill establishes the Higher Education Deferred Maintenance Fund, aimed at addressing the deferred maintenance needs of public institutions of higher education in New Jersey. It mandates that within 90 days of the bill's enactment, each institution must submit a detailed deferred maintenance plan to the Secretary of Higher Education, outlining their outstanding maintenance needs and estimated costs. This plan is to be updated every five years, with provisions for institutions that already maintain a long-range facilities plan to submit their updates concurrently.

Additionally, the bill allows the Legislature to appropriate funds from the newly created Higher Education Deferred Maintenance Fund, which will receive both state and potentially federal or private funds. The Secretary of Higher Education, in collaboration with the New Jersey Educational Facilities Authority and representatives from the institutions, will develop a formula for allocating these funds. The bill specifies that allocated funds can cover up to 50% of the costs for deferred maintenance projects at four-year institutions and up to 100% for county colleges, with any remaining costs to be covered by non-state sources.