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The conversion of five (5) or more existing residential rental units to condominium <br /> ownership. <br /> Target area means that area designated by the city from time to time, on an as-needed <br /> basis, as a priority area for rehabilitation due to health and safety concerns. <br /> Total housing costs the total monthly or annual recurring expenses required of a <br /> household to obtain shelter. For a rental unit, total housing costs shall include the monthly <br /> rent payment and utilities paid by the tenant (excluding telephone and television). For an <br /> ownership unit, total housing costs shall include the mortgage payment (principal and <br /> interest), insurance, homeowners' association dues (if applicable), private mortgage <br /> insurance (if applicable), taxes, utilities, an allowance for maintenance and any other <br /> related assessments. <br /> Sec. 41-1902. Applicability and inclusionary unit requirements. <br /> (a) Applicability. The requirements of this article shall apply to any new project <br /> comprised of five (5) or more residential lots or residential units, including new <br /> construction and condominium conversions, which meets one or all of the following <br /> applicability thresholds: <br /> (1) A change in use to allow for residential or that exceeds the general plan or <br /> zoning prescribed densities or percentage of residential development of the subject <br /> property at the time of application. <br /> (2) Implementation of the permitted residential density or percentage of residential <br /> development allowed as a result of city initiated zone changes or city initiated general <br /> plan amendments after November 28, 2011. <br /> (3) Increase of the permitted percentage of residential development allowed for a <br /> mixed-use development above the percentage permitted under the zoning classification <br /> at the time of application. <br /> (4) Development of new residential uses or increase of the permitted residential <br /> density or percentage of residential development within an overlay zone approved <br /> pursuant to Division 28 of Article I of this Chapter. <br /> (5) Conversion of rental units to condominium ownership. <br /> (b) Applications. The inclusionary requirements shall only apply to the incremental <br /> units beyond that which is allowed as prescribed in Subsection (a) above. <br /> (c) Units for sale. If the new residential project consists of units for sale, then a <br /> minimum of five (5) percent of the total number of units in the project shall be sold to <br /> moderate-income households. <br /> (d) Rental units. If the new residential project consists of rental units, the inclusionary <br /> units shall be constructed as follows: <br /> City Council 8 — 25 ordja✓ & 022-xxx <br /> Page 5 of 17 <br />