FEDERAL AND LOCAL CONTRIBUTIONS.

SEC. 116. FEDERAL AND LOCAL CONTRIBUTIONS. (a) Federal Share.— (1) In general.— The Federal share of a grant or contract for a project under this subtitle may not exceed— (A) 90 percent of the total cost of a project for the first year for which the project receives assistance under this subtitle; (B) 80 percent of the total cost of a project for the second year for which the project receives assistance under this subtitle; and (C) 70 percent of the total cost of a project for the third year for which the project receives assistance under this subtitle. (2) Calculation.—The State and local share of the costs of a project may be in cash or in kind fairly evaluated, including facilities, equipment, or services. (b) Waiver.—The Secretary may waive the requirements of subsection (a) with respect to any project in any fiscal year if the Secretary determines that such a waiver would be equitable due to a lack of available financial resources at the local level.