Concerned by competitive grantmaking's role in the racialized (re)production of inequality, we applied a Bourdieusan lens and postsecondary racial neoliberalism to examine Title V--a competitive, federal grant program for Hispanic-serving institutions (HSIs) poised to mitigate racially patterned funding inequality. Specifically, employing a critical qualitative methodological approach, we interviewed 29 institutional actors across 17 HSIs and showed that even an equity-aspiring program like Title V could (re)produce inequality among HSIs and magnify the racialized stratification of resources across the field, particularly given the institutional and resource diversity among HSIs. Precisely, seemingly at odds with Title V's goals and the possibilities of Hispanic-servingness, this neoliberal program is set to privilege places with better grant-related infrastructure, more money, and other less tangible resources (e.g., grantisan knowledge). To better realize this federal investment's transformative potential, we emphasize implications for public policy and offer possibilities for HSI scholars and practitioners, particularly in grant development and administration.