Outage performance of the M-block fading with additive white Gaussian noise (BF-AWGN) is investigated at low-power regime. We consider delay-constrained constant-rate communications with perfect channel state information (CSI) at both the transmitter and the receiver (CSI-TR), under a short- term power constraint. We show that selection diversity that allocates all the power to the strongest block is asymptotically optimal. Then, we provide a simple characterization of the outage probability in the regime of interest. We quantify the reward due to CSI-TR over the constant-rate constant-power scheme and show that this reward increases with the delay constraint. For instance, for Rayleigh fading, we find that a power gain up to 4.3 dB is achievable.