; (bb) may be waived in cases of hardship or market depreciation; and (cc) provide that, in the case of a resale, the partnership may maintain preemptive purchase options in order to sell the property to another income qualified purchaser. If a property converts between rental and homeownership or shared equity homeownership, the affordability terms of the new tenure type shall be utilized upon occupancy. (c) Applications (1) In general To apply to receive a grant under this section, an eligible local partnership shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (2) Grant recipient priority selection criteria The Secretary shall prioritize awarding grants based on the following criteria: (A) The severity of the locality’s indicators of distress under subsection (b)(2). (B) The extent to which the activities proposed will— (i) in the case of rental housing, benefit households having incomes not exceeding 30 percent of the median income for the area