The Secretary shall at least annually prepare a list of projects, ranked in priority order, that are eligible for financial assistance under this subchapter. In establishing such priorities, the Secretary shall at a minimum consider the following:
(1) the quality and quantity of water supplied by the existing system;
(2) any declared health hazard to be abated by the proposed project;
(3) the population to be served;
(4) the readiness of the project to proceed to the next planning or construction step; and
(5) the consolidation of smaller water systems into new larger water systems.