The county council is hereby empowered and authorized by resolution to establish and thereafter to maintain a special fund to be known as the "homeowners’ replacement loan fund" for the purpose of making direct loans to homeowners of low income, whose present homes cannot be rehabilitated to conform with applicable county code requirements, to finance new homes, including prefabricated and mobile homes and to finance the purchase of land upon which a home is situated; provided, that such loans are not available on reasonable terms and conditions from other sources. The county executive shall adopt under method (2) of section 2A-15 of this Code, from time to time such regulations as he or she shall deem 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; provided, that the loans available under this fund shall be limited to those individuals whose income and net worth preclude home financing through normal banking or other financial channels. In determining the availability to the property owner of adequate commercial financing, the following shall be taken into consideration:
(a) The present condition and value of the property.
(b) Real estate owned by the borrower that would be a source of funds either by sale or a commercial loan.
(c) Total net income of the borrower and members of his or her family. No loan shall be made to any owner-occupied home where the resources of (a) and (b) above are adequate for obtaining financing of the home from other sources. (1979 L.M.C., ch. 10, § 1; 1984 L.M.C., ch. 24, § 54.)