In any fiscal year, the Secretary may allocate up to 20 percent of the total moneys available in the Fund to be held in reserve for emergency project grants for projects that qualify as eligible activities under Regulation .05A and B of this chapter and have arisen generally because of one or more of the following circumstances: An unpredictable or unforeseen situation has occurred which may necessitate an immediate need for historic preservation activities; or The project is one which provides a special opportunity to engage in historic preservation activities within a narrow time frame. Applicants for emergency project grants shall file an application in accordance with Regulation .06A(3) of this chapter; however, the remaining procedures set forth in Regulation .06 of this chapter, are not applicable.