((a)) ** Duration; number of awards; payments**

((1)) ** Duration** A grant awarded under this part shall be awarded for a period of five years.

((2)) ** Number of awards** An eligible partnership may not receive more than one grant during a five-year period. Nothing in this subchapter shall be construed to prohibit an individual member, that can demonstrate need, of an eligible partnership that receives a grant under this subchapter from entering into another eligible partnership consisting of new members and receiving a grant with such other eligible partnership before the five-year period described in the preceding sentence applicable to the eligible partnership with which the individual member has first partnered has expired.

((b)) ** Peer review**

((1)) ** Panel** The Secretary shall provide the applications submitted under this part to a peer review panel for evaluation. With respect to each application, the peer review panel shall initially recommend the application for funding or for disapproval.

((2)) ** Priority** The Secretary, in funding applications under this part, shall give priority—

((A)) to eligible partnerships that include an institution of higher education whose teacher preparation program has a rigorous selection process to ensure the highest quality of students entering such program; and

((B))

((i)) to applications from broad-based eligible partnerships that involve businesses and community organizations; or

((ii)) to eligible partnerships so that the awards promote an equitable geographic distribution of grants among rural and urban areas.

((3)) ** Secretarial selection** The Secretary shall determine, based on the peer review process, which applications shall receive funding and the amounts of the grants. In determining grant amounts, the Secretary shall take into account the total amount of funds available for all grants under this part and the types of activities proposed to be carried out by the eligible partnership.

((c)) ** Matching requirements**

((1)) ** In general** Each eligible partnership receiving a grant under this part shall provide, from non-Federal sources, an amount equal to 100 percent of the amount of the grant, which may be provided in cash or in-kind, to carry out the activities supported by the grant.

((2)) ** Waiver** The Secretary may waive all or part of the matching requirement described in paragraph (1) for any fiscal year for an eligible partnership if the Secretary determines that applying the matching requirement to the eligible partnership would result in serious hardship or an inability to carry out the authorized activities described in this part.

((d)) ** Limitation on administrative expenses** An eligible partnership that receives a grant under this part may use not more than two percent of the funds provided to administer the grant.