Higher Education Facilities Capital Matching Grants Program

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

Mission

The FY 2006 Enacted Budget authorized the creation of the $150 million Higher Education Facilities Capital Matching Grant Program (HECap) to support capital projects at the State's various independent colleges and universities. Projects were selected through a formula-driven process and were required to have a three to one (non-State to State) dollar match by eligible academic institutions. Legislation enacted in 2013 extended the HECap program and included a competitive process to reallocate unused funds.

Budget Highlights

The 2014-15 Executive Budget includes a $22 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. 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 01/20/2014

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