In 2005 the Legislature and Governor finalized a $150 million capital matching program for independent colleges and universities. Under this program, New York State will contribute a dollar of support for every three dollars spent by Independent Sector campuses. College and universities are natural partners in state efforts to generate economic development, foster urban renewal, and provide academic support. We are grateful to the Governor and Legislature in working with us to provide funding for this program. HECap allocations continue to spur economic development, create thousands of jobs across the state, and leverage the state's higher education institutions to sustain recent economic growth and expansion.
In 2014, cIcu worked with Governor Cuomo and the Legislature to secure $30 million in new funding for the Higher Education Capital (HECap) Matching Grants Program. Since then, cIcu has been able to secure a new $30 million allocation in each successive state budget. The Independent Sector has demonstrated its ability to be a strong partner with state government in creating jobs and stimulating economic activity. Although the program required a $3 institutional match for each $1 of state investment, on average our campuses invested $9. In total, the state's investment generated more than $1.1 billion in total economic activity associated with 10,000 jobs in communities throughout New York State. For more information, click here.
2014-15: $30 million
2015-16: $30 million
2016-17: $30 million