(a) An individual grant of a secured loan for home ownership shall not exceed twenty-five thousand dollars ($25,000) per applicant, and lifetime cumulative grants of secured loans for home ownership shall not exceed twenty-five thousand dollars ($25,000) per applicant.
(b) The total amount of grants of secured loans provided in any fiscal year shall not exceed the sum lawfully appropriated for such purpose by the Loudoun County Board of Supervisors. In no event shall grants of secured loans under this chapter be made with State funds. Grants of secured loans shall be subject to funding availability and shall be provided to applicants based on criteria established by the County Administrator or his/her designee and made available to the public.
(Ord. 09-13. Passed 7-21-09.)