The Institutional Grants for New Infrastructure, Technology, and Education for HBCU Excellence Act establishes a competitive grant program administered by the Secretary of Education. This program aims to provide long-term improvements to the facilities and infrastructure of eligible Historically Black Colleges and Universities (HBCUs). Institutions can apply for multiple grants to support projects that advance their long-term goals and reduce health, welfare, and safety risks for their campus communities. In awarding these grants, the Secretary must prioritize institutions demonstrating the greatest need for facility improvements, such as those near toxic sites, vulnerable to natural disasters, or with significant deferred maintenance. Priority is also given to institutions with the most limited capacity to raise funds , those enrolling high percentages of Pell Grant eligible students, and public institutions facing declining state support. The bill encourages efforts to seek support from both public and private entities for grant-funded projects. Permitted uses for grant funds are broad, including constructing, modernizing, or renovating campus facilities like instructional laboratories, research facilities, dormitories, and security systems. Funds can also be used to acquire and install advanced research equipment, purchase land for new facilities, and install or extend the life of basic systems such as high-speed broadband internet infrastructure and HVAC systems. Strengthening institutional planning and governance to support long-term infrastructure goals, including developing master plans and aligning them with academic priorities, is also a key allowed activity. However, grant funds cannot be used for routine maintenance, facilities primarily for athletic events with admission, or certain communications equipment posing national security risks. Grantees must use these funds to supplement, not supplant , existing federal, state, and local funding. The bill also mandates that eligible entities seek to procure contracts from veteran-owned and HUBZone small business concerns for grant-funded projects. A significant provision of the bill requires the Secretary to repay the outstanding balance of principal, interest, fees, and costs on certain "covered closed loan agreements" under the HBCU Capital Financing Program, specifically those executed before the Consolidated Appropriations Act, 2021, with undisbursed amounts, aiming to alleviate financial burdens on HBCUs. To ensure accountability and effectiveness, the Department of Education must submit annual reports on grant projects, while the Comptroller General will conduct studies within two and four years of enactment to assess necessary appropriations, evaluate deferred maintenance costs, and examine program implementation challenges.