The Council, in the case of any person residing in and owning a single-family residence who, in the judgement of Council, is by reason of poverty unable presently to pay an assessment levied against such property for the benefit received from a public improvement, may provide that payment of such assessment plus accrued interest at the rate of 6% per annum be deferred until such time as the property passes out of the hands of such owner or until such time as the inability to pay is absolved. The Council shall establish the procedure for making this section effective, which shall include a provision for execution by the owner of an instrument creating a lien to protect the city's interest, and a review of poverty status on an annual basis.