Bill > HB449

This bill creates the Higher Education Major Projects Fund, a new non-reverting fund in the state treasury designed to support significant capital improvement projects at educational institutions in New Mexico. The fund can be used for major capital projects costing $50 million or more at four-year institutions for instructional and research purposes, as well as student housing and student life projects at four-year, two-year, and tribal colleges. To receive funding, institutions must typically provide matching funds: at least 25% for design phase and 10% for construction phase for four-year institutions, with higher match requirements for student housing projects. The bill allows the legislature to waive match requirements if an institution cannot reasonably afford them, and requires institutions to provide documentation about student populations and facility needs. The higher education department must adopt space and design standards, and any project costs exceeding these standards will not be state-funded. Importantly, construction phase funding cannot be appropriated until at least 50% of the design phase is complete, and the department must submit design documents to both the department and legislative finance committee. The bill aims to ensure responsible and strategic investment in higher education infrastructure across New Mexico.

Budget and Finance, Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=449&year=25