19.90.060 Condominium conversions.
A. Income Requirements. The decision-making body shall grant either: a density/FAR bonus or in-lieu incentives of equivalent financial value, as set forth in CVMC 19.90.050, to a developer proposing to convert apartments to condominiums in compliance with Chapter 15.56 CVMC, and who agrees to provide the following:
1. Low or Moderate Income. A minimum of 33 percent of the total units of the proposed condominium project as restricted and affordable to low or moderate income persons or families; or
2. Low Income. A minimum of 15 percent of the total units of the proposed condominium project as restricted and affordable to low income households.
B. Density/FAR Bonus. For housing development projects meeting the criteria of subsection (A) of this section, the density/FAR bonus shall be 25 percent over the number of apartments, to be provided within the existing structure or structures proposed for conversion.
C. Calculating the Target Units. In determining the number of target units to be provided pursuant to the standards of this section, the number of apartment units within the existing structure or structures proposed for conversion shall be multiplied by the percentage of units to be offered exclusively to the designated income group, as required by subsection (A) of this section. The density/FAR bonus units shall not be included when determining the total number of target units required to qualify for a density bonus.
D. Fractional Units. When calculating the density/FAR bonus, or the required number of target units, any calculations resulting in fractional units shall be rounded up to the next whole number.
E. Granting a Lower Density/FAR Bonus. In cases where a density/FAR increase of less than 25 percent is requested, no reduction will be allowed in the number of target units required.
F. Other Incentives. For purposes of this section, “other incentives of equivalent financial value” shall not be construed to require the City to provide monetary compensation, but may include the waiver or reduction of requirements that might otherwise apply to the proposed condominium conversion project at the sole discretion of the decision-making body.
G. Ineligibility. A developer proposing to convert apartments to condominiums shall be ineligible for a density/FAR bonus or in-lieu incentives under this section if the apartments proposed for conversion constitute a housing development for which a density/FAR bonus or in-lieu incentives were previously provided under this chapter.
H. Affordable Housing Agreement as a Condition of Development. An affordable housing agreement for all condominium conversion proposals that request a density/FAR bonus or in-lieu incentives shall be processed concurrently with any other required project development application (i.e., tentative maps, parcel maps, design review, conditional use permits, etc.), and shall be made a condition of the discretionary permits, and execution of such agreement shall be required prior to the issuance by the City of a building permit for the development. The affordable housing agreement shall be consistent with CVMC 19.90.110.
I. No Requirement to Approve Conversion. Nothing in this section shall be construed to require that the City approve a proposal to convert apartments to condominiums. (Ord. 3250 § 1, 2013).