§ 26-88-193. Condominium conversion.

(a)

Applicability: This section is applicable to the subdivision of any multi-family property with five (5) or more units.

(b)

Findings for Map Approval: In order to approve a subdivision map to allow the conversion of a multi-family rental property to condominiums, the following findings shall be made by the decision making body:

(1)

The surplus of vacant multifamily residential units offered for rent or lease is in excess of five percent (5%) of the available multifamily rental stock as reported in the most recent general plan annual implementation progress report.

(2)

At least thirty percent (30%) of the units included in the proposed condominium conversion are reserved for sale to low and very low income households and subject to an affordable housing agreement that ensures the units remain affordable to very low and low income households for at least thirty (30) years, or a longer period if otherwise required by state or local law.

(3)

The subdivider has provided an adequate relocation assistance plan to assist in relocating tenants displaced by the conversion to comparable rental housing. Tenants existing at the date of conversion shall be granted the right of first refusal concerning the purchase of the units. Tenants who are sixty (60) years or older shall be offered lifetime leases. Tenants not qualifying for lifetime leases shall be offered a ten-year lease.

(Ord. No. 6247 , § II(Exh. H), 10-23, 2018)