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has been filed prior to the effective date of this <br />article. In such event the application shall be deemed an <br />application for a waiver, and, if approved, any <br />provisions of this article which are inconsistent with <br />the conditions of approval shall be deemed waived. <br /> <br /> (e) This article does not apply to investment <br />apartments. <br /> <br />SECTION 3: That Chapter 34 of the Santa Ana Municipal Code is <br />hereby amended by adding thereto an article, to be numbered X, and <br />consisting of sections to be numbered 34-360 through 34-365, which <br />said article reads as follows: <br /> <br />ARTICLE X. INVESTMENT APARTMENTS. <br /> <br />Sec. 34-360. Application and purpose. <br /> <br /> This article applies to investment apartments. It <br />is the purpose of this article to allow a form of <br />ownership of rental multiple family housing combining <br />separate ownership of rental dwelling units with common <br />ownership by the associated unit owners of the land and <br />buildings where such units are located, in the <br />expectation that such form of ownership will promote a <br />higher degree of ownership concern for property <br />maintenance than is commonly associated with multifamily <br />rental housing. It is further the purpose of this <br />article to assure that, prior to their conversion to <br />investment apartments, rental multifamily developments <br />are, to the extent feasible, upgraded to zoning and <br />building code standards applicable to new construction, <br />in order to promote future maintenance of such <br />developments. <br /> <br />Sec. 34-361. Application of the general plan. <br /> <br /> Because the conversion of apartments to investment <br />apartments does not result in a reduction in the city's <br />supply of rental housing, any provision in the general <br />plan of the city which is designed to restrict the <br />conversion of apartments to condominiums or other form of <br />common ownership project shall be deemed not to apply to <br />investment apartments. <br /> <br />Sec. 34-362. Tentative map requirements. <br /> <br /> (a) Any application for approval of a tentative map <br />for investment apartments shall be accompanied by a <br />declaration of covenants, conditions, and restrictions <br />approved in accordance with section 34-363 and an <br />improvement plan approved in accordance with section 34- <br /> <br />2 <br /> <br /> <br />