agency applying on behalf of such a school, shall be sufficient to cover 1/3 of the cost of carrying out a project described in subsection (b)(1). (C) Loans (i) In general An eligible entity described in clause (ii) or (iii) of subparagraph (B) may submit to the Secretary an application for a no-interest or low-interest loan to cover any remaining costs of carrying out a project described in subsection (b)(1). (ii) Limitation The total amount of loans provided by the Secretary under clause (i) shall be not more than $446,000,000,000. (3) Funding formula (A) In general Subject to subparagraph (B), the Secretary shall establish a formula for purposes of paragraph (2), based on the results of the initial audit conducted under subsection (h)(1)(A). (B) Revisions After each subsequent audit is conducted under subsection (h)(1)(B), the Secretary shall revise the formula established under subparagraph (A), based on the results of that audit. (f) Use of grant funds (1) In general A recipient of a grant under this section shall use the grant— (A) to conduct healthy green retrofits to convert 1 or more facilities to a healthy zero-carbon school as soon as practicable after receiving the grant funds