to the total amount of Federal Pell Grant funds awarded at all institutions participating under this part for the preceding fiscal year. (B) An amount equal to 50 percent of the amount that bears the same proportion to the available appropriated amount for such fiscal year as the total amount of the undergraduate student need at the institution for the preceding fiscal year bears to the total amount of undergraduate student need at all institutions participating under this part for the preceding fiscal year. (3) Eligibility for fair share amount The Secretary may not allocate funds under this part to any institution that, for 2 or more fiscal years during any 3 fiscal year period beginning not earlier than the first day of the first fiscal year that is 2 years after the date of the enactment of this paragraph, has a student population with less than 7 percent of undergraduate students who are recipients of Federal Pell Grants. . 4029. Emergency Grant Aid Demonstration Program Subpart 3 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070b et seq.) is amended by adding at the end the following: 413F. Emergency grant aid demonstration program (a) Demonstration projects authorized The Secretary shall select, in accordance with subsection (d), eligible entities to voluntarily carry out emergency grant aid demonstration projects designed to aid in the completion of their program of study. (b) Non-Federal share requirement