A. The maximum number of units which may be approved for conversion to condominiums in any fiscal year, commencing July 1st and ending June 30th of each year, shall not exceed the number of new two-family or multiple-family rental dwelling units for which building permits were issued by the city during the previous fiscal year. In the event that fewer than the maximum number of units permissible are converted in a given fiscal year, the surplus will be carried over to the following fiscal year. In the event that any application for condominium conversion would cause or result in the number of units in the city converted to condominiums during that fiscal year to exceed the number of new two-family or multiple-family rental dwelling units for which building permits were issued by the city during the previous fiscal year, then that application shall be denied but, upon the request of the applicant at the time of denial, shall be reconsidered for approval or disapproval by the city during the next fiscal year ahead of other condominium conversion applications which were subsequently filed with the city.
B. Exceptions. This section shall not be applicable to any project having a total of four units or less, provided that the number of units in said project shall be considered as approved for conversion for purposes of calculating the maximum number of units which may be approved for conversion to condominiums in any fiscal year, in accordance with subsection A of this section.
C. Notwithstanding the provisions of this section, the planning commission or city council may approve a condominium conversion use permit where such approval causes the number of units converted to condominiums to exceed the number of new two-family or multiple-family rental dwelling units for which building permits were issued by the city during the previous fiscal year, if all of the following findings are made:
1. The proposed conversion will not displace a significant percentage of low- and moderate-income tenants, senior citizen tenants, or tenants with children, or delete a significant number of low- and moderate-income rental units from the city's housing stock, at a time when sufficient equivalent housing is not readily available in the area;
2. The community benefits which are derived from the provisions of affordable home ownership opportunities are increased by the conversion of the proposed project;
3. If the existing apartment complex contains fifty percent or more low- and moderate-income households, as defined by Section 50093 of the California Health and Safety Code, the applicant agrees to enter into and record a development agreement with the city, approved as to form and content by the city attorney, which guarantees at least one of the following:
a. Retention of an adequate supply of affordable dwelling units for low- and moderate-income households, as determined by the planning commission or city council, as part of the conversion project;
b. Provision of an adequate supply of affordable dwelling units, prior to issuance of a certificate of occupancy for the conversion project, for low- or moderate-income households on alternative sites in the city.
The number of dwelling units to be afforded to low- and moderate-income households pursuant to this subsection shall be determined by the planning commission or city council, based on the number and characteristics of existing tenant households in the proposed conversion project, including income, family size, length of residence, age of tenants, and similar criteria. In order to meet the requirements of this subsection, the applicant shall submit as part of his condominium conversion application a report and supporting data concerning the above criteria.
4. Tenants of twenty-five percent or more of the units proposed for conversion have consented to the proposed conversion.
(Ord. 83-03-904 § 5 (part))