; and (B) not less than one-third of such funds to award grants to carry out the activities described in section 727(c); and (2) may use the amount of funds remaining after the reservation required under paragraph (1) to award grants to carry out the activities described in subsections (b) and (c) of section 727. (c) Duration Grants under this subpart shall be awarded for a period not to exceed five years. (d) Limitation on number of awards The Secretary may not award more than one grant under this subpart in any fiscal year to any Asian American and Native American Pacific Islander-serving institutions. (e) Application Any eligible institution may apply for a grant under this subpart by submitting an application to the Secretary at such time and in such manner as the Secretary may require. Such application shall demonstrate how the grant funds will be used to improve postbaccalaureate education opportunities for Asian American and Native American Pacific Islander and low-income students. (f) Interaction with other grant programs No institution that is eligible for and receives an award under section 326, 512, 723, or 724, or subpart 6 of this part for a fiscal year shall be eligible to apply for a grant, or receive grant funds, under this subpart for the same fiscal year. (g) Eligible institution defined For the purposes of this subpart, an eligible institution means an institution of higher education that— (1) is an Asian-American and Native American Pacific Islander-serving institution (as defined in section 320); and (2) offers a postbaccalaureate certificate or postbaccalaureate degree granting program. 727. Use of funds (a) In general (1) Activities An eligible institution that receives a grant under this subpart shall use such funds to carry out— (A) one or more of the activities described in subsection (b)