Section 918. Financial assistance

1.  The  secretary  may  enter  into a
  contract or contracts for grants to be made, within the  limits  of  any
  appropriations therefor, for the following:
    a.  To any local governments, or to two or more local governments, for
  projects approved by the  secretary  which  lead  to  preparation  of  a
  waterfront  revitalization  program; provided, however, that such grants
  shall not exceed fifty percent of the approved cost of such projects;
    b. To any local government or local government  agency  for  research,
  design,  and  other  activities  which  serve to facilitate construction
  projects provided for in an approved waterfront revitalization  program;
  provided,  however, that such grants shall not exceed ten percent of the
  estimated cost of such construction project.
    2. Funds available for the purposes of this section shall be allocated
  in a fair and  equitable  manner;  such  allocation  shall  reflect  the
  initiative   shown   by   local   governments  in  preparing  waterfront
  revitalization programs and in carrying them out.