Brownfield Redevelopment and Economic Development Innovative Financing Act of 2014 - Directs the Secretary of Housing and Urban Development (HUD) to establish the Brownfield Redevelopment and Economic Development Innovative Financing Program, under which the Secretary may guarantee the repayment of loans made by lenders to local governments, local redevelopment agencies, or Base Realignment and Closure Commission (BRAC) redevelopment projects to carry out projects for redeveloping brownfields and promoting urban renewal.

Requires such an entity, in order to receive such a loan guarantee, to submit: (1) a master plan that describes the proposed brownfield redevelopment project, demonstrates that such project will result in major redevelopment, provides evidence of investment commitments from non-federal entities, and includes a remediation action plan approved by the Environmental Protection Agency (EPA); and (2) a certification from EPA that the brownfield to be redeveloped requires environmental remediation. Prohibits an entity from: (1) receiving a loan guarantee if it was responsible for contaminating the brownfield to be redeveloped, or (2) having more than one outstanding loan that is guaranteed under the Program.

Sets forth requirements regarding an eligible loan's principal amount, interest rate, duration, and repayment terms. Directs the Secretary to establish criteria for selecting entities to receive loan guarantees.