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<br />Ordinance No. NS-XXX <br />Page 6 of 18 <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 /> <br /> (5) Conversion of rental units to condominium ownership. <br />(b) Applications. The inclusionary requirements shall only apply to the incremental <br />increase in the number of units beyond that which is allowed by the density permitted by <br />the general plan. as prescribed in Subsection (a) above. <br /> <br />(c) Units for sale. If the new residential project consists of units for sale, then a <br />minimum of ten (10) percent of the total number of units in the project shall be sold to <br />moderate -income households. <br /> <br />(d) Rental units. If the new residential project consists of rental units, then athe <br />inclusionary units shall be constructed as follows: <br /> <br />(1) A minimum of fifteen (15) percent of the units shall be rented to low-income <br />households, or <br /> <br />(2) A minimum of ten (10) percent shall be rented to very low-income <br />households., or <br /> <br />(3) A minimum of five (5) percent shall be rented to extremely low-income <br />households, or <br /> <br />(4) A minimum of ten (10) percent shall be available at an affordable housing <br />cost of which five (5) percent rented to low-income households, three (3) percent rented <br />to very low-income households, and two (2) percent rented to extremely low-income <br />households. <br /> <br />(e) Rounding of quantities in calculations. In calculating the required number of <br />inclusionary units, fractional units shall be rounded-up to the next whole unit. The <br />developer may choose to pay an in-lieu fee set forth in section 41-1904(c) for the fractional <br />units, which shall be calculated based on the number of habitable square feet applicable <br />in each case. <br /> <br />(f) Displacement of existing inclusionary units. Notwithstanding any other provision of <br />this article, any residential project subject to this article that results in the displacement of <br />extremely low, very low and/or low -income household(s) shall be required to provide on- <br />site inclusionary units as required by this article. <br /> <br />(g) Compliance with article. All inclusionary units required by this article shall be sold <br />or rented in compliance with this article. <br /> <br />Sec. 41-1903. Exempt projects. <br />The following are exempt from the requirements of this article: