The New York State Higher Education Capital Matching Grant Program ("HECap Program") provides matching capital grants ("HECap Grants") to private colleges and universities in the State to finance capital projects and equipment purchases. Specifically, the HECap Program awards matching capital grants to colleges and universities for the design, acquisition, construction, reconstruction, rehabilitation, or equipping of a facility on or near a college campus, including academic facilities, economic development and/or high technology projects, and urban renewal and/or historic preservation projects that would enhance programmatic offerings or student life, or provide economic development benefits to the area surrounding the college or university campus. Please note that the HECap Program requires a $3 institutional match for each $1 of State investment. The Program is administered through the Dormitory Authority of the State of New York ("DASNY").
On November 15, 2017, the HECap Program Board met to discuss the 2017 Request for Grant Applications ("RGA") for the HECap Program, which will allow colleges and universities to compete for grant awards available from a current pool of $86.5 million. At the meeting held on November 15th, among other things, the HECap Board decreased the minimum threshold for awards (to $50,000) and raised the maximum threshold for awards (to $5 million). The HECap Program Board stated that construction projects funded through the HECap Program must adhere to prevailing wage standards, and confirmed that environmental and financial reviews must be completed prior to any awards being paid.
On November 21, 2017, the HECap Program Board posted the RGA on DASNY's website. A link to the RGA can be found here. The key dates are:
- Deadline for RGA Questions: December 8, 2017
- Responses to RGA Questions Posted: January 11, 2018
- Deadline for Applications: 4:00 p.m. on February 9, 2018
- Awards Expected to be Made: April 27, 2018
Should you have any questions regarding the information provided in this Alert, please contact Amanda Mirabito at amirabito@barclaydamon.com or Jean Everett at jeverett@barclaydamon.com, members of the Firm's Public Finance and Higher Education Practice Areas.