(a) (1) Each eligible neighborhood corporation may apply for a grant in an amount up to $50,000 that does not exceed one-third of its annual operating budget.
(2) Each umbrella corporation may apply for a grant for each program under its supervision in an amount up to $50,000 that does not exceed one- third of the annual operating budget of the program.
(b) If the amount requested by eligible applicants in a fiscal year exceeds the amount of the Fund, the Secretary shall reduce each grant pro rata so that the Fund amount appropriated for that fiscal year is not exceeded.