Gov. Rick Scott has signed a bill to allow Florida A&M University to seek federal funding to finance construction of a 700-bed residence hall and other improvements, Tallahassee Democrat has reported.

Scott signed SB 1712, which gives trustees the option to seek construction financing through the U.S. Department of Education’s Historically Black College and University Capital Financing Program.

Earlier this month, FAMU’s board of trustees approved a pre-development agreement with Construct Two to plan and design a new residence hall. Phase 1 of the project would include the construction of a 700-bed residence hall at South Martin Luther King Boulevard and Osceola St. It also calls for the demolition of closed residence halls, Wheatley, Cropper, Diamond and McGuinn.

The university is looking to complete the residence hall by 2020.