Interest shall accrue at the same rate applicable to installment payments of special assessments under the Bancroft Bonding Act (ORS Chapter 223.205 through 223.300) and BC 3.02.095. The interest shall accrue on the unpaid balance of any assessment for which payment has been deferred under BC 3.04.010 through 3.04.055. The interest shall be paid semi-annually during the deferment period; except that a property owner who has been granted a deferment and whose income does not exceed the income level specified in may defer BC 3.04.010, subsection B3, payment of interest in the same manner as the assessment principal.