Extracted standards
1 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Density bonus
- Condominium conversion density bonusDensity bonusExtra units allowed above the base cap in exchange for something — usually affordable homes.
When an applicant for approval to convert apartments to a condominium project agrees to provide at least thirty-three percent (33%) of the total units of the proposed condominium project to persons and families of low or moderate income ... or fifteen percent (15%) ... the City Council ... shall either (a) grant a density bonus or (b) provide other incentives of equivalent financial value. 'Density Bonus' means an increase in units of twenty-five percent (25%) over the number of apartments to be provided within the existing structure or structures proposed for conversion.
From the ordinance
See Section 32.19(A); provided, however, that the provisions of this section pertain to housing developments consisting of condominium conversions relating to five (5) or more dwelling units.