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The borrower will receive a letter on the anniversary of the settlement indicating the forgiveness of the loan; this loan is not prorated.  (Example:  If your anniversary falls on October 5th and you are selling your property September 15th, you will have to pay the entire year of forgiveness due).  The loan is forgiven over a five-year period according to the following schedule:

  • After 1 Year: $6,000 Owed
  • After 2 Years: $4,500 Owed
  • After 3 Years: $3,000 Owed
  • After 4 Years: $1,500 Owed
  • After 5 Years: $0 Owed