(a) The county council is hereby empowered and authorized by resolution to establish and thereafter to maintain a special fund to be known as the "rehabilitation loan fund" for the purpose of making loans to:
(1) Homeowners of low income to finance rehabilitation required to make their homes or mobile homes conform to applicable County Code requirements, provided such loans are not available on reasonable terms and conditions from other sources; and
(2) Any organization, if the loan is recommended by the Montgomery County Historic Preservation Commission, to rehabilitate or refurbish any historic structure and property that is:
(i) Located in this county; and
(ii) Owned or operated by the organization.
(b) The county executive shall prescribe from time to time such regulations, adopted under method (2) of section 2A-15 of this Code, deemed appropriate for the making of such loans and the administration of the fund, including the right to contract with private organizations for the administration of such fund. (1969 L.M.C., ch. 1, § 1; 1974 L.M.C., ch. 54, § 1; 1979 L.M.C., ch. 9, § 1; 1984 L.M.C., ch. 24, § 54; 1985 L.M.C., ch. 2, § 1.)