Despite Hispanic-serving institutions' (HSIs) growing number and ongoing institutional diversification, appropriations to Title V, capacity-building grants, has plateaued. Considering these trends, we constructed a unique dataset of Title V non-applicants, applicants, and recipients from 2009-2017 to examine how equitably these federal funds were allocated across HSIs. Through our analytic modeling, we examined HSIs' pursuit and receipt of these grants, finding that HSIs with large, Latinx enrollments are much more likely to secure funding. Although the distribution of these grants is more uniform across institutional characteristics than suggested in previous studies, we identify several opportunities to improve the equitable allocation of this public resource.