Requires the Secretary, through the National Trust for Historic Preservation, to: (1) assess all such buildings and structures; (2) obtain an independent estimate of the complete cost of restoring them; and (3) determine the fiscal capacity of each institution to complete the restoration.
Instructs the Secretary: (1) to award up to 15 grants each fiscal year to pay the Federal share of the cost of restoring such buildings and structures; and (2) in awarding such grants, to consider the relative severity of the threat to such a building's or structure's historic value and status.
Requires grant recipients to agree to provide the non-Federal share and, for a period specified by the Secretary, to: (1) make no alteration to the building or structure without the Secretary's approval; (2) allow public access to the restored building or structure for interpretive and educational purposes; and (3) not receive other funds under the National Historic Preservation Act.
Requires the non-Federal share of a project's cost to be 30 percent. Waives such non-Federal share for an institution that does not have an endowment or that has an endowment of under $50 million. Applies such waiver to any grant provided to an institution after November 12, 1996.