Innovate HBCU Tech Fund is sponsored by Florida Department of Education. A state program designed to foster innovation and technological advancement in computer science at Florida's HBCUs.

Loans - HBCU Capital Financing Program | U.S. Department of Education Loans - HBCU Capital Financing Program The Department has statutory authority to guarantee bonds for up to $1. 1 billion (no more than $733,333,333 must be used for private HBCUs and no more than $366,666,667 will be used for public HBCUs). Currently, the HBCU Capital Financing Program's outstanding balance is about $1.

74 billion ($808 million attributed to public HBCUs and $935 million attributed to private HBCUs). The outstanding interest and principal cannot exceed $1. 1 billion.

Congress has provided authority, in an appropriations bill, to exceed the statutory limit and to make loans to public and private HBCUs without considering if an HBCU is public or private. The remaining amount of funds available to lend in any year is determined by annual Congressional appropriations and that amount can vary. For Fiscal Year 2024, Congress provided $20,150 million in subsidy to make $377 million in new loans.

To date, the Historically Black College and University (HBCU) Capital Financing Loan Program has originated 141 loans to 52 HBCUs, including 16 public HBCUs and 36 private HBCUs. These colleges and universities have used their loan proceeds to refinance previous capital project loans, to renovate existing facilities, to build new facilities, or to achieve any combination of the three.

On December 27, 2020, the President signed into law the “Consolidated Appropriations Act, 2021 (Pub. L. 116-260) provides that the Secretary of Education repay, for each institution of higher education that is a participant in the HBCU Capital Financing Program, the institution’s outstanding balance of principal, interest, and fees on the disbursed loan amounts on closed loan agreements as of December 27, 2020.

Through this Act, there were 75 loans discharged and 11 loans which remained. Through repayments and refunding, there are currently 35 loans outstanding to 20 colleges and universities with loan amounts ranging from $6 million to $226. 5 million.

These institutions have received loans totaling approximately $1. 74 billion. Public HBCUs have received about $808 million in loan proceeds and private HBCUs have received about $935 million in loan proceeds.

There are 12 active construction projects.

South Carolina State University November 2025 - $72,000,000 Construct new stuent housing facility Renovate existing student housing 20-year fixed rate financing ◦ Finance the demolition of an existing student housing facility ◦ Construct new dining facility, safety bridge, and multi-level parking structure ◦ Finance various campus-wide deferred maintenance ◦ 30-year fixed rate financing Xavier University of Louisiana ◦ Construct new student housing facility ◦ 25-year fixed rate financing ◦ Construct new student housing facility ◦ 30-year fixed rate financing Alabama Agricultural and Mechanical University September 2024 - $157,000,000 Construct new STEM building Construct new student amenities building 30-year fixed rate financing Finance various capital improvements 30-year fixed rate financing Construct new student housing facility 30-year fixed rate financing Florida Agricultural and Mechanical University February 2024 - $97,500,000 Construct new student housing facility 30-year fixed rate financing November 2023 - $10,000,000 Campus wide energy performance upgrades 30-year fixed rate financing November 2023 - $35,000,000 Renovate existing student housing facilities 30-year fixed rate financing The University of the Virgin Islands August 2023 - $29,000,000 Construct new medical academic facility Reconstruct existing research and performing arts facilities Purchase furniture, fixture, and equ ipment 30-year fixed rate financing February 2023 - $58,500,000 Construct new student housing facility Various capital improvements 30-year fixed rate financing January 2023 - $226,500,000 Construct new STEM building 30-year fixed rate and variable rate financing Virginia Union University January 2023 - $19,500,000 Renovate existing student housing and academic facilities Various capital improvements Finance a portion of acquisition cost 30-year fixed rate and variable rate financing December 2022 - $65,000,000 Renovate campus buildings and deferred maintenance 30-year fixed rate financing October 2022 - $41,000,000 Construct new student housing facility 30-year fixed rate financing August 2022 - $34,250,000 Construct new Health Services and Training Center Construct new student housing facility 30-year fixed rate financing Construct new living learning center and parking facility 30-year fixed rate financing October 2021 - $15,000,000 20-year fixed rate financing Southern University at Baton Rouge September 2021 - $69,000,000 Construct new student center Construct new student housing facility 30-year fixed rate financing Bethune-Cookman University Bring student housing on the institution's Balance Sheet Renovate existing student housing and academic facilities 30-year fixed rate financing West Virginia State University Bring student housing on the institution's Balance Sheet 30-year fixed rate financing Morehouse School of Medicine December 2020 - $12,500,000 Finance a portion to construct new Health & Wellness Center 25-year fixed rate financing October 2020 - $69,750,000 Construct new public safety facility and dining facility Renovate existing student housing and academic facilities Finance a portion to construct new 670-bed student housing facility 30-year fixed rate financing August 2020 - $48,500,000 Deferred campus maintenance Construct new living learning center and parking facility 20-year fixed rate for the deferred maintenance; 30-year fixed rate financing for the living Learning center Xavier University of Louisiana Construct a 500-bed dormitory and a mechanical substation Deferred maintenance related to building systems (HVAC, electrical and plumbing) and buildings that house such facilities 25-year fixed rate financing for the housing facility; 20-year fixed rate for the deferred maintenance Johnson C.

Smith University December 2019 - $18,000,000 15-year fixed rate financing The University of the Virgin Islands November 2019 - $47,000,000 Finance the cost of acquisition and create a Research and Technology Business Innovation Center Finance a portion to construct a new Research Center building and Medical Simulation Center building 30-year fixed rate financing Florida Memorial University October 2019 - $44,000,000 30-year fixed rate financing Alabama Agricultural and Mechanical University September 2019 - $70,000,000 Construct new student center 30-year fixed rate financing Florida Agricultural and Mechanical University March 2019 - $125,700,000 Construct new student housing facility 30-year fixed rate financing Southern University at Baton Rouge December 2018 - $27,000,000 21-year fixed rate financing November 2018 - $25,000,000 Construct new public safety facility 30-year fixed rate financing Renovate existing student housing and academic facilities 20-year fixed rate financing March 2018 - $152,000,000 24-year fixed rate financing Southern University at Baton Rouge December 2017 - $27,000,000 21-year fixed rate financing Morehouse School of Medicine October 2017 - $27,500,000 Renovate and expand medical academic facility 30-year fixed rate financing Southern University at Baton Rouge December 2017 - $27,000,000 Southern University at Shreveport September 2017 - $12,500,000 22-year fixed rate financing August 2017 - $28,000,000 10-year fixed rate financing Grambling State University November 2016 - $100,000,000 30-year fixed rate financing South Carolina State University September 2016 - $36,600,000 19-year fixed rate financing Construct new student housing facility Renovate existing student housing facilities 30-year fixed rate financing Campus Center and other academic facilities 25-year average fixed rate financing New student housing and renovations 25-year average fixed rate financing 25-year fixed rate financing January 2013 - $14,025,000 8-year fixed rate financing September 2012 - $40,000,000 25-year fixed rate financing Texas Southern University September 2012 - $60,000,000 Construct new student housing 22-year fixed rate financing August 2012 - $60,000,000 Construct a student center Build new student housing Renovate campus buildings and deferred maintenance 30-year fixed rate financing Finance the constructing of a new 336 bed suite-style living learning center 30-year fixed rate financing Florida Memorial University Construction of a new wellness education center Construction of a new science annex building 30-year fixed rate financing Virginia Union University Construction of a Living Learning Center 30-year fixed and variable rate financing Huston Tillotson University February 2012 - $17,850,000 Renovation of two dormitories, Other campus capital improvements, and Refinance of current debt.

30-year fixed rate financing Texas Southern University September 2011 - $64,180,000 Refinanced of outstanding indebtedness 25-year fixed rate financing University of the Virgin Islands Refinanced of outstanding indebtedness Financed new student housing facility Financed new laboratories, classrooms, and faculty offices Financed renovation campus facilities 30-year fixed rate financing Refinanced of outstanding indebtedness Financed new student housing facility Financed new science building Financed renovation student union and campus facilities 30-year fixed rate financing September 2010 - $24,552,000 Refinancing of outstanding indebtedness 25-year fixed rate financing Financed new student housing facility Financed new science building Financed renovation academic buildings and student housing facilities 30-year fixed rate financing Bennett College for Women Refinancing of outstanding indebtedness 20-year fixed rate and variable rate financing Harris Stowe State University Financed new student housing facility 30-year fixed rate financing Refinancing of outstanding indebtedness 20-year fixed rate and variable rate financing February 2010 - $30,100,000 Refinancing of outstanding indebtedness 20-year fixed rate financing Florida Memorial University September 2009 - $28,000,000 Program financed new student housing facility Refinancing of outstanding indebtedness 30-year fixed rate financing Bennett College for Women September 2009 - $21,000,000 financed new student housing, academic buildings, and renovations 30-year fixed rate and variable rate financing September 2009 - $12,000,000 Renovation of existing facilities Program financed new student housing facility Refinancing of outstanding indebtedness 30-year fixed rate financing Southern University at New Orleans Program financed new student housing facility A pledge of net revenues of the Southern University of New Orleans Student Housing System 30-year variable rate financing capped at 1 percent Refinancing of outstanding indebtedness Renovation of existing facilities Modernization of campus facilities General obligation of the university, secured by mortgages, lien on all revenue 30-year variable rate financing capped at 1 percent Refinancing of outstanding indebtedness Renovation of existing facilities Reimbursement to borrower for eligible remediation and rehabilitation outlays General obligation of the university, secured by mortgages, lien on all revenue, portion of endowment 30-year variable rate financing capped at 1 percent Refinancing of outstanding indebtedness Renovation of existing facilities Construction of science and professional schools building Reimbursement to borrower for eligible remediation and rehabilitation outlays General obligation of the university, secured by mortgages, lien on all revenue, portion of endowment 30-year variable rate financing capped at 1 percent Program financed new student housing facility and residence hall improvements Secured by general obligation of the university on parity with existing creditors, net revenue pledge of entire student housing and a first mortgage on 5 buildings 30-year variable rate financing with a cap Renovation of existing facilities Modernization of campus facilities Revenue of mortgaged facilities General obligation of the university, secured by mortgages, lien on all revenue 30-year fixed rate financing Renovation of existing facilities Modernization of campus facilities Secured by general obligation of the university, pledge of all revenue and mortgages 30-year fixed rate financing Harris Stowe State University Program financed new student housing facility Secured all student housing revenue 30-year fixed rate financing South Carolina State University Program financed new 780 bed student housing facility Also refinanced existing student housing revenue bonds Secured by net revenue pledge of entire student housing revenue system 30-year fixed rate financing Program financed new men's dormitory Financing structured in conjunction with bank loan on other college projects, requiring management of inter-creditor issues, including security and parity debt Secured by general obligation of the college, lien on revenues of the student housing facility and mortgage 30-year fixed rate financing February 2004 - $12,056,000 Refinanced taxable bond issue used to finance the university's Kellogg Conference Center Provided substantial debt service savings which created ability to finance an additional $1.

2 million of renovation projects Secured by general obligation of the university and a mortgage on the conference center Structured as 23-year financing with $2 million deferred principal variable rate financing January 2004 - $10,015,000 First loan structured on a 100 percent variable rate basis Refinanced bond issue which had a balloon provision Refinanced a note on a satellite campus Refinanced an existing Department of Education mortgage Provided small amount of new money Secured by general obligation of the university, pledge of all revenues and mortgages 20-year variable rate financing November 2003 - $23,905,000 First financing to include a variable rate component Financing structured primarily to offer substantial debt service savings Secured by general obligation of the university, pledge of all revenue and mortgages Fixed rate loan portion structured consistent with term of refinanced bonds through 2015; variable rate loan portion amortizes through 2020 November 2003 - $12,000,000 and November 2001 - $1,000,000 Refinancing ($7.

00 million) Student housing renovation Administrative/classroom renovation General obligation of the college, secured by mortgage and lien on all revenues 17-year fixed rate on financing; 30 year fixed rate on new projects financing Virginia Union University Loan secured by general obligation of the university, a first lien on revenues and a mortgage 30-year fixed rate financing Campus infrastructure projects Residence hall improvements Loan secured by general obligation of the university, a first lien on certain student housing revenues and mortgages 30-year fixed rate financing First financing completed by Commerce Capital Access Program Corporation Network/telephone upgrades General obligation of the college, secured by mortgage and lien on all revenue 30-year fixed rate financing December 2000 - $7,000,000 Last financing completed by Eddie Mac Financed renovation of Faith Hall, a 23,000 square foot student housing facility General obligation of the college, secured by a mortgage and lien on all revenue 30-year fixed rate financing October 1999 - $13,850,000 Loan retired through a refinancing by Aaa/AAinsured tax-exempt bond issue in 2004 Refinancing and renovation of the university's Urban Center in Philadelphia Deferred campus maintenance and computer software and hardware upgrades General obligation of the university, secured by a mortgage on the Urban Center 25-year fixed rate financing for the Urban Center; 15-year fixed rate for the deferred maintenance Mass communications building Loan secured by general obligation of the college, lien on all revenues and a mortgage 30-year fixed rate financing Four new student housing facilities Refinancing of lease for HVAC system Loan secured by general obligation of the college, pledge of net revenues of the financed dormitories and a mortgage 10-year fixed rate refinancing 30-year fixed rate new project financing Provided financing for a new 200 bed student housing facility Loan secured by general obligation of the college, pledge of net revenues and covenant to maintain minimum level of unrestricted net assets equal to 150% of debt 30-year fixed rate financing West Virginia State College September 1996 - $3,500,000 Program financed renovation of student housing Loan secured by pledge of net revenues and negative pledge on the student housing system 30-year fixed rate financing Office of Postsecondary Education (OPE) Page Last Reviewed: February 4, 2026