When, in its judgment, the public welfare and convenience will be substantially served and where the status of the neighborhood will be improved, the Zoning Board of Appeal (permit granting authority) may, after a public hearing and subject to such terms and conditions as it may impose, vary the application of this chapter as follows: Allow variance from the applicable provisions of this chapter if the permit granting authority finds that a literal enforcement of the provisions of this chapter would involve substantial hardship to the petitioner, financial or otherwise, owing to site-specific soil conditions, shape or topography of land or structures which do not generally affect the zoning district in which it is located and that desirable relief may be granted without substantial detriment to the public good and without nullifying or substantially derogating from the intent or purpose of this chapter.