reductions in the operating budgets of institutions of higher education that are participating in the grant. (iv) A reduction of business activity in the local area (e.g., large employers have left the local area). (v) Other data that reflect a significant decrease in resources available to the grantee in the local geographical area served by the grantee. (C) Renewal of waiver A Partnership applicant that receives a tentative approval of a waiver under subparagraph (A)(ii)(II) of paragraph (2) for more than two years under this paragraph must submit to the Secretary every two years by such time as the Secretary may direct documentation that demonstrates that— (i) the significant economic hardship upon which the waiver was granted still exists