The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act or contrary to the provisions of any applicable indenture if: Adherence to the requirements of any federal, State, or local program used in connection with a project necessitates waiver or variance of a regulation; or In the determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.