(a) The Department shall not, under this Article, approve applications for conversions of more than the Maximum Allowable Allocation each year, beginning on June 1. The Department shall carry over any unused allocation from year to year. Units or member shares located in City-owned buildings shall not be counted as part of the Maximum Allowable Allocation and may convert under this Article 11 regardless of the number of units.
(b) The Department shall keep a list of complete applications in the order that the Department deems the application complete until the cumulative number of units reaches or would exceed the Maximum Allowable Allocation. If a project is within the Maximum Allowable Allocation then the Department shall accept the application for processing. In the event that the number of units represented by completed applications exceeds the Maximum Allowable Allocation, those buildings not accepted for processing by the Department shall be placed on a waiting list and, unless otherwise withdrawn by the Subdivider, shall be given priority in the order that the applications were deemed complete for the following year's Maximum Allowable Allocation.
(Added by Ord. 319-08, File No. 081513, App. 12/19/2008)