; and (2) will improve the safety of an intersection or interchange that is— (A) on the National Highway System; (B) used by an average of 50,000 vehicles a day; and (C) in immediate need of improvement with respect to safety. (d) Applications To be eligible for a grant under the Program, a covered entity shall submit to the Secretary an application in such form, at such time, and containing such information as the Secretary determines is appropriate. (e) Limitation The aggregate amount provided to a covered entity in a fiscal year through grants under the Program may not exceed 5 percent of the amount made available for all grants under the Program in that fiscal year. (f) Congressional review At least 90 days before establishing the Program under subsection (a), the Secretary shall submit to Congress a report detailing the selection process the Secretary shall use in making grants under the Program. (g) Covered entity defined In this section, the term covered entity means each of the following: (1) A State government entity. (2) A local government entity. (3) A territory of the United States. (4) A tribal government. (5) A metropolitan planning organization. (6) Any entity composed of 2 or more entities described in paragraphs (1) through (5). (h) Authorization of appropriations (1) In general There is authorized to be appropriated out of the Highway Trust Fund (other than the Mass Transit Account) to carry out the Program $250,000,000 each fiscal year. (2) Applicability of title 23, United States Code Funds authorized to be appropriated by paragraph (1) shall— (A) be available for obligation in the same manner as if those funds were apportioned under chapter 1 of title 23, United States Code, except that the Federal share of the cost of a project or activity carried out using those funds shall be 80 percent; and (B) remain available until expended and not be transferable.