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

This bill creates a "Higher Education Deferred Maintenance Fund" to help New Jersey public colleges and universities cover delayed facility repairs. It requires each public institution to submit a detailed maintenance plan within 90 days of the bill's enactment, outlining needed repairs and costs. The fund, financed by state appropriations and other eligible funds, will cover up to 50% of deferred maintenance costs at four-year institutions or 100% at two-year county colleges, with remaining costs to be covered by non-state funds. The Secretary of Higher Education must develop a funding formula in consultation with relevant authorities to distribute these resources.