The Administrator may make limited exceptions to the requirements or provisions of this subpart. Such exceptions must be in the best financial interest of the Federal government and may not conflict with applicable law. No exceptions may be made regarding applicant eligibility, project eligibility, or the rural area definition. In addition, exceptions may not be made:
(a) To accept an applicant into the program that would not normally be accepted under the eligibility criteria; or
(b) To fund an interested party or applicant that has not successfully competed for funding in accordance with this subpart.