Higher Education Facilities Capital Matching Grants Program

Agency Web Site: https://www.dasny.org/about/what-we-do/grants-administration/hecap-board

Mission

The 2006 Budget authorized the creation of the $150 million Higher Education Capital (HECap) Matching Grant Program to support capital projects at the State's various independent colleges. Under this program, $150 million is available to be awarded to private colleges based on a number of factors, including enrollment and relative student financial need as measured by total awards provided through the Tuition Assistance Program. This program generally requires a three-to-one (non-State-to-State) match by institutions.

Budget Highlights

The 2013-14 Executive Budget includes a $45 million reappropriation for HECap, which when combined with amounts already expended, provides for the $150 million initial appropriation for the program to be fully expended. To date, 151 capital projects have been approved, generating $142.3 million in capital matching grants from the State. This program, once fully implemented, 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 is financed through the issuance of bonds.

Note: Most recent estimates as of 01/22/2013

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