The bill establishes the "Higher Education Deferred Maintenance Fund" to address 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. These plans are 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 state, federal, and private funds. The Secretary of Higher Education, in collaboration with the New Jersey Educational Facilities Authority and institutional representatives, will develop a formula for allocating these funds. The bill specifies that the fund 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 funds.