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•-- Irv. iou r. Ib Adopted 7/16/2001 -Effective 8/15/x001 (with amendments as of January 2006) City of yen L6andro Zoning Code -Article 24 B. The role the apartment structure plays in the existing housing rental market. Particular emphasis wilt be placed on the evaluation of rental structures to determine if the existing apartment complex is serving low- and moderate- income households; C, The .need and demand ~or•~lower-cost home ownership opportunities, which are increased by the conversion of apartments to condominiums. 5-2418 Density Bonus for Including Low- and Moderate-Income Housing Consistent with the requirements of Section 65915.5 of the California Government Code, the City shall offer a density bonus to condominium conversions including low- or moderate-income housing- units or lower-income household units. When an applicant for approval to convert apartments to a condominium project agrees to provide at least thirty three percent (33%) of the #otal units of the proposed condominium project to persons of low ormoderate-income as defined in Section 50093 of the California Health and Safety Code or fifteen percent (15%) of the total units to lower-income households as defined in Section 50079.5 of the California Health and Safety Code, the City shall either (1) grant a twenty five percent (25%) density bonus or 2 financial value. Any density bonus provided undep th s~ Sectionr shall be a ovemequivalent requirements of Section 2-566. 9 d by the A. For purposes of this Section, "density bonus" means an increase in units of twenty-five percent (25%) over the number of apartments to be provided within the existing structure or structures proposed for conversion. "Other incentives of equivalent financial value" shall not be construed to require the City to make any cash transfer payments or other monetary compensation to the sub-divider, but may include the reduction or waiver of any required fees or the condominium conversion standards prescribed in Section -5- 2412. B• An applignt shall be ineligible for a density bonus or other incentives under this Section if the apartments proposed for conversion constitute a housing development for which a density bonus or equivalent financial incentive was provided under the provisions of Part VI, Article 31. 5 2420 Required Findings The Planning Commission shall conduct a public hearing on the application for a use pzrmst~or ~a-condo; ~aini~um ~cenve,;,;o,i; ;;~,icE:®f-trre hearing shall be given in the manner specified in Section 5-2208, Additionally, such notice shall be mailed to each tenant of the proposed project including a statement therein of the tenants right to appear and be heard. The Planning Commission shalt approve, or conditionally approve, the use permit if it determines that in addition to the findings required by Section 5-2212 the following requirements are met: AR.24 Page 15 of 17