If at any time the aggregate amount represented by pending applications from qualified applicants for loans for the rehabilitation of residential property exceeds the amount available in the fund, the governing body shall give preference to:
1. Applicants who are members of households having a gross income that is 50 percent or less of the median gross income for households of the same size within the same geographic area; and
2. Applicants that are organizations which serve natural persons described in subsection 1.