(i) first, to applicants who have received payment of an award pursuant to this section in a prior year and remain in good academic standing; and

(ii) second, to applicants in descending order based on financial need as determined by the corporation and; provided that awards made shall be proportionate to the total applications received for students accepted for undergraduate study at SUNY and CUNY respectively. Provided, however, in the program's first year, first priority shall be in accordance with this subparagraph. b. In the event that there are more applicants who have the same priority than there are remaining scholarships, the president shall distribute the remaining number of such scholarships by means of a lottery or other form of random selection. 4. Within amounts appropriated therefor, the president shall grant awards to eligible applicants to cover the cost of six credit hours per semester at a SUNY or CUNY community college, provided however, that no such award shall exceed fifteen hundred dollars per semester. 5. PTS awards shall be granted pursuant to this section for no more than four consecutive academic semesters pursuant to future appropriations for the continuation of this program. 6. The corporation is authorized to promulgate rules and regulations, and may promulgate emergency regulations, necessary for the implementation of the provisions of this section.