This bill, known as the IGNITE HBCU Excellence Act, establishes a competitive grant program administered by the Secretary of Education to facilitate the long-term improvement of Historically Black Colleges and Universities (HBCUs). Eligible institutions can apply for these grants to undertake significant projects aimed at enhancing their campus facilities and infrastructure, with multiple awards possible. Applicants must detail how proposed projects will advance long-term goals and improve health, welfare, and safety. In awarding grants, the Secretary must prioritize institutions demonstrating the greatest need for facility improvement, considering factors like proximity to toxic sites, vulnerability to natural disasters, and the median age of facilities. Priority is also given to HBCUs with limited capacity to raise funds , those enrolling high percentages of Pell Grant-eligible students, and public institutions facing declining state support. The bill also allows for additional priority considerations, such as improving access to high-speed broadband or aligning with regional infrastructure priorities. Grant funds can be used for a wide array of activities, including constructing, modernizing, or renovating campus facilities like instructional laboratories, research facilities, dormitories, and roads. Permitted uses also extend to acquiring and installing advanced research equipment, improving campus safety and security, and upgrading essential infrastructure such as high-speed broadband and HVAC systems. Furthermore, funds can support institutional planning, governance, and the development of facilities that foster job creation and entrepreneurship. However, grant funds are explicitly prohibited from being used for routine maintenance, minor repairs, utility bills, or facilities primarily used for athletic events where admission is charged. The bill mandates that grants must supplement, not supplant , existing Federal, State, and local funds, and encourages partnerships between eligible entities and public or private organizations. A significant provision of the bill directs the Secretary to repay the outstanding balance, 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. Finally, the bill requires the Department of Education to submit annual reports on grant projects and mandates studies by the Comptroller General on necessary appropriations and program implementation challenges.