; or (B) an assessed value of real property per student that may be taxed for school purposes that is less than the average of the assessed value of real property per student that may be taxed for school purposes in the State in which the local educational agency is located. (b) Eligibility for modernization grants (1) In general For purposes of receiving a modernization grant under section 2(d)(2) of this Act, in addition to a local educational agency that meets the eligibility requirements for the award of such a grant under any of subparagraphs (B), (C), or (D) of section 7007(b)(3) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7707(b)(3) ), a local educational agency that meets the requirements described in paragraph (2) of this subsection (without regard to whether the agency meets the requirements of such subparagraphs (B), (C), or (D)), shall be eligible for such a grant. (2) Requirements A local educational agency meets the requirements of this paragraph, if such agency has— (A) a total taxable assessed value of real property that may be taxed for school purposes of less than $100,000,000; or (B) an assessed value of real property per student that may be taxed for school purposes that is less than the average of the assessed value of real property per student that may be taxed for school purposes in the State in which the local educational agency is located. (c) Local educational agency defined In this section, the term local educational agency has the meaning given the term in section 7013 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7713 ). 4. Inapplicability of certain provisions Clauses (i) and (vi) of paragraph (5)(A) of section 7007(b) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7707(b) ) shall not apply to grants made under section 2(d).