HBCU Capital Financing Improvement Act This bill amends title III (Institutional Aid) of the Higher Education Act of 1965 to modify the HBCU Capital Financing Program. (The program guarantees low-cost private loans to historically black colleges and universities [HBCUs] to finance infrastructure repairs, maintenance, and construction.) It replaces statutory references to "escrow account" with "bond insurance fund." The bill authorizes the Department of Education to provide financial counseling that prepares an eligible HBCU to qualify for, apply for, and maintain a capital improvement loan. It revises and expands reporting requirements for the HBCU Capital Financing Advisory Board.