To be eligible for assistance under the homeowners' replacement loan fund, properties shall comply with the following eligibility requirements:
(a) Properties or homes shall be single-family, owner-occupied homes which are found to be in violation of one or more of the provisions of the state and county statutes, codes and ordinances relating to the use, maintenance, facilities and occupancy of existing property.
(b) Properties or homes shall be situated in locations where they will not be in conflict with the following types of governmental projects:
1. Federally assisted urban renewal and concentrated code enforcement projects.
2. Projects for the construction or development of public schools, parks, streets, highways, utilities and other public works.
This requirement is not to preclude loans on properties located within urban renewal and code enforcement projects which are not federally assisted.
(c) Properties or homes shall be in locations where safe, sanitary and adequate water supply and sewage disposal are available or will be provided as a result of application of the loan proceeds.
(d) Properties or homes must not be feasibly capable of being brought into compliance with the applicable county codes and ordinances by use of the rehabilitation loan fund for the county or any other type of rehabilitation loan made available by any other governmental agency because the expense required to achieve rehabilitation would be excessive in relation to the resulting benefit to the property. (1979 L.M.C., ch. 10, § 1.)