WAIVER AUTHORITY.

SEC. 318. WAIVER AUTHORITY. Section 392 (20 U.S.C. 1068a) is amended by adding at the end the following:“(c) Waiver Authority With Respect to Institutions Located in an Area Affected by a Gulf Hurricane Disaster.—“(1) Waiver authority.—Notwithstanding any other provision of law, unless enacted with specific reference to this section, for any affected institution that was receiving assistance under this title at the time of a Gulf hurricane disaster, the Secretary shall, for each of the fiscal years 2009 through 2011 (and may, for each of the fiscal years 2012 and 2013)—“(A) waive—“(i) the eligibility data requirements set forth in section 391(d);“(ii) the wait-out period set forth in section 313(d);“(iii) the allotment requirements under section 324; and122 STAT. 3186“(iv) the use of the funding formula developed pursuant to section 326(f)(3);“(B) waive or modify any statutory or regulatory provision to ensure that affected institutions that were receiving assistance under this title at the time of a Gulf hurricane disaster are not adversely affected by any formula calculation for fiscal year 2009 or for any of the four succeeding fiscal years, as necessary; and“(C) make available to each affected institution an amount that is not less than the amount made available to such institution under this title for fiscal year 2006, except that for any fiscal year for which the funds appropriated for payments under this title are less than the appropriated level for fiscal year 2006, the amount made available to such institutions shall be ratably reduced among the institutions receiving funds under this title.“(2) Definitions.—In this subsection:“(A) Affected institution.—The term ‘affected institution’ means an institution of higher education that—“(i) is—“(I) a part A institution (which term shall have the meaning given the term ‘eligible institution’ under section 312(b)); or“(II) a part B institution, as such term is defined in section 322(2), or as identified in section 326(e);“(ii) is located in an area affected by a Gulf hurricane disaster; and“(iii) is able to demonstrate that, as a result of the impact of a Gulf hurricane disaster, the institution—“(I) incurred physical damage;“(II) has pursued collateral source compensation from insurance, the Federal Emergency Management Agency, and the Small Business Administration, as appropriate; and“(III) was not able to fully reopen in existing facilities or to fully reopen to the pre-hurricane enrollment levels during the 30-day period beginning on August 29, 2005.“(B) Area affected by a gulf hurricane disaster; gulf hurricane disaster.—The terms ‘area affected by a Gulf hurricane disaster’ and ‘Gulf hurricane disaster’ have the meanings given such terms in section 209 of the Higher Education Hurricane Relief Act of 2005 (Public Law 109–148, 119 Stat. 2809).”.