The assistance provided to each homebuyer, at the time of closing, will be in the form of a second mortgage. The second mortgage will be recorded in the Public Records of Brevard County. It is a Deferred Payment Loan (DPL) at zero percent (0%) interest and is forgiven in accordance with the following schedule: If assistance amounts fall between: Lien Period – Forgiven annually/Repayment Under $15,000.00: 5 years – 0 $15,001-$40,000.00: 10 years – First 5 yrs at 0%; then 20% per year thereafter* Over $40,000.00: 15 years – First 5 yrs at 0%; then 10% per year thereafter* New Construction: 20 years – First 5 yrs at 0%; then 5% per year thereafter* *PLUS a % of the pro-rate share of the difference between the sales price and the original purchase price; net closing costs, improvements