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The conversion of five (5) or more existing residential rental units to condominium ownership. Target area means that area designated by the city from time to time, on an as -needed basis, as a priority area for rehabilitation due to health and safety concerns. Total housing costs the total monthly or annual recurring expenses required of a household to obtain shelter. For a rental unit, total housing costs shall include the monthly rent payment and utilities paid by the tenant (excluding telephone and television). For an ownership unit, total housing costs shall include the mortgage payment (principal and interest), insurance, homeowners' association dues (if applicable), private mortgage insurance (if applicable), taxes, utilities, an allowance for maintenance and any other related assessments. Sec. 41-1902. Applicability and inclusionary unit requirements. (a) Applicability. The requirements of this article shall apply to any new project comprised of five (5) or more residential lots or residential units, including new construction and condominium conversions, which meets one or all of the following applicability thresholds: (1) A change in use to allow for residential or that exceeds the general plan or zoning prescribed densities or percentage of residential development of the subject property at the time of application. (2) Implementation of the permitted residential density or percentage of residential development allowed as a result of city initiated zone changes or city initiated general plan amendments after November 28, 2011. (3) Increase of the permitted percentage of residential development allowed for a mixed -use development above the percentage permitted under the zoning classification at the time of application. (4) Development of new residential uses or increase of the permitted residential density or percentage of residential development within an overlay zone approved pursuant to Division 28 of Article I of this Chapter. (5) Conversion of rental units to condominium ownership. (b) Applications. The inclusionary requirements shall only apply to the incremental units beyond that which is allowed as prescribed in Subsection (a) above. (c) Units for sale. If the new residential project consists of units for sale, then a minimum of five (5) percent of the total number of units in the project shall be sold to moderate -income households. (d) Rental units. If the new residential project consists of rental units, the inclusionary units shall be constructed as follows: City Council 10 — 5 04MV2022-xxx Page 5 of 17