"Deferred interest loan" means a non-amortized debt instrument carried by a low-income owner-occupant which requires payment of interest of both principal and interest only upon the sale of the subject property or default of the loan agreement.

This definition applies only to "Priority permit processing" regulations in chapter 30.76 SCC. (Added by Amended Ord. 02-064, Dec. 9, 2002, Eff date Feb. 1, 2003).