Establishes "Higher Education Deferred Maintenance Fund" to provide funding for deferred maintenance needs at public institutions of higher education.

This bill creates the "Higher Education Deferred Maintenance Fund" to help New Jersey's public colleges and universities address needed repairs that were delayed (like fixing roofs, HVAC, or aging infrastructure). It requires each public higher education institution to submit a maintenance plan detailing their repair needs within 90 days of the bill's enactment, updating it every five years. The fund, financed by state appropriations and other eligible funds, will cover up to 50% of deferred maintenance costs for four-year universities and up to 100% for county colleges (two-year institutions), with institutions responsible for covering the remaining costs using non-state funds. The Secretary of Higher Education will develop a formula to fairly distribute the fund's resources based on each institution's submitted plan.