Historically Black Colleges and Universities Innovation Fund Act of 2014 - Amends the Higher Education Act of 1965 to direct the Secretary of Education to award competitive one-year planning grants and five-year implementation grants to historically black colleges or universities to plan, develop, and implement educational innovations.

Allows an historically black college or university to apply for such grants by itself or in a consortium with one or more other institutions of higher education, private nonprofit organizations, or local educational agencies (LEAs).

Requires implementation grant recipients to use the grant to further develop, pilot, field-test, implement, document, validate, and, as applicable, scale up and replicate educational innovations, including those designed to:

• improve student achievement, such as through activities designed to increase the number or percentage of students who successfully complete developmental or remedial coursework and successfully pursue postsecondary studies;
• improve and expand institutional recruitment, postsecondary school awareness, and postsecondary school preparation efforts targeting students from low-income families, such as through activities undertaken in partnership with LEAs and nonprofit organizations;
• increase the number or percentage of students who enroll in science, technology, engineering, and mathematics (STEM) courses, graduate with STEM degrees, and pursue advanced STEM studies;
• increase the number or percentage of students who graduate from postsecondary school on time;
• implement evidence-based improvements to courses to improve student outcomes and reduce students' costs;
• enhance the quality of teacher preparation programs at historically black colleges or universities; and
• expand the effective use of technology in higher education.

Makes the five-year duration of each implementation grant conditional after the third year of such grant on the Secretary determining that the grantee is achieving satisfactory progress in carrying out its educational innovations.

Limits the federal share to not more than 85% of the total cost of carrying out a project funded by an implementation grant.