; or (3) the demolition, removal, and replacement of dilapidated homes from a manufactured housing community. (d) Preservation; affordability; ownership A grant under this section may be made only if the Secretary determines that the grantee will enter into such binding agreements as the Secretary considers sufficient to ensure that— (1) the manufactured housing community acquired using such grant amounts— (A) will be maintained as a manufactured housing community for a period that begins upon the making of such grant and has a duration not shorter than 20 years; (B) will be managed in a manner that benefits the residents and maintains their quality of life for a period not shorter than 20 years; (C) will, for a period not shorter than 20 years, be subject to limitations on annual increases in rents for lots for manufactured homes in such community either through resident control over increases or, if owned by a party other than the residents, as the Secretary considers appropriate to ensure continued affordability and maintenance of the property, but not in any case annually to exceed the percentage that is equal to the percentage increase for the immediately preceding year in the Consumer Price Index for All Urban Consumers (CPI–U) plus 7 percent, and such rents will comply with any applicable State laws; (D) will be owned by an entity described in subsection (b) for a period not shorter than 20 years; and (E) has not been the primary beneficiary of a grant under this section during the preceding 5 years; and (2) if in the determination of the Secretary the provisions of the agreement have not been met, the grant shall be repaid. (e) Amount The amount of any grant under this section may not exceed the lesser of— (1) $1,000,000