Establishes "Minority-Serving Institution of Higher Education Fund" to support certain initiatives at public institutions of higher education designated as minority serving institutions.

This bill creates a permanent "Minority-Serving Institution of Higher Education Fund" to support public colleges and universities in New Jersey that are federally designated as minority-serving institutions (like HBCUs or Hispanic-serving institutions). The fund, financed by state appropriations and eligible federal/private funds, provides money for four specific initiatives: increasing minority student enrollment and graduation rates, expanding college access, closing equity gaps in education, and supporting student success programs. The state's Higher Education Secretary will manage the fund and distribute money to qualifying schools based on a set method, requiring institutions to report how they use the funds. This directly affects public higher education institutions serving minority students across New Jersey.