We report the discovery of a giant radio halo in the galaxy cluster RXC J1514.9-1523 at z=0.22 with a relatively low X-ray luminosity, $L_{X , [0.1-2.4 rm , kev]} sim 7 times 10^{44}$ erg s$^{-1}$. This faint, diffuse radio source is detected with the Giant Metrewave Radio Telescope at 327 MHz. The source is barely detected at 1.4 GHz in a NVSS pointing that we have reanalyzed. The integrated radio spectrum of the halo is quite steep, with a slope alpha = 1.6 between 327 MHz and 1.4 GHz. While giant radio halos are common in more X-ray luminous cluster mergers, there is a less than 10% probability to detect a halo in systems with $L_X ltsim 8 times 10^{44}$ erg s$^{-1}$. The detection of a new giant halo in this borderline luminosity regime can be particularly useful for discriminating between the competing theories for the origin of ultrarelativistic electrons in clusters. Furthermore, if our steep radio spectral index is confirmed by future deeper radio observations, this cluster would provide another example of the recently discovered population of ultra-steep spectrum radio halos, predicted by the model in which the cluster cosmic ray electrons are produced by turbulent reacceleration.