Subject to §C of this regulation, and except as provided in §B of this regulation, the Trust may provide a grant from the Grant Fund to any eligible grantee for completion of an African American Heritage Preservation Project. A grant from the Grant Fund may not be used to assist a project that includes restoration, rehabilitation, or other construction or improvement to a historic property if: The project does not meet the Secretary of the Interior’s Standards for Treatment of Historic Properties; or Any acquisition, rehabilitation, restoration, or other construction or improvement of the property for which grant funds are sought is already under way or completed at the time a grant application is submitted. To be eligible for a grant, a project must have as the applicant an eligible grantee who: Owns the property where the project is located; or Has a leasehold interest, contract, option, or other written agreement or instrument, acceptable to the Trust, that gives the applicant the legal right to carry out the project on the property.