; and (ii) 20 percent shall be allocated for grants to continua of care according to a competition pursuant to paragraph (3). (2) Formula (A) In general The Secretary shall, by regulation, establish a formula for use to allocate amounts in the Fund for grants for a fiscal year, in accordance with paragraph (1), for continua of care whose applications for such year for such assistance have been approved pursuant to subsection (e). (B) Factors The formula required by subparagraph (A) shall be designed to take into consideration, for the area served by a continuum of care— (i) the extent of the population that are extremely low-income families, including the homeless population that is unsheltered, who are severely cost-burdened by housing-related costs, including obligations described in subsection (d); (ii) the extent of the population that are very low-income families; and (iii) such other factors as the Secretary may provide. The Secretary shall determine data to be used for the factors considered under the formula based on the most recently conducted Point-In-Time Homeless Count administered by the Secretary. (3) Competition The Secretary shall, by regulation, establish a competition for use to allocate amounts in the Fund for grants for a fiscal year for continua of care pursuant to paragraph (1)(B)(ii), which shall be based on measurable criteria that— (A) to the greatest extent possible, are required to be collected and reported to the Department of Housing and Urban Development or any other Federal agency under other provisions of law already in effect or otherwise do not impose new burdens on continua of care; (B) provide for targeting of assistance made available under an emergency housing assistance program to households having the lowest incomes; (C) encourage the leveraging of other non-Federal funds for providing assistance under an emergency housing assistance program