Lot Area Per Family. Every dwelling hereafter erected, moved, or altered shall provide a lot area of not less than seven thousand five hundred (7,500) square feet per family, provided that where a lot has less area than herein required in separate ownership at the time of the passage of this Chapter pursuant to Ordinance No. 88-5-5 adopted May 16, 1998, this regulation shall not prohibit the erection of a single-family dwelling. In order to carry out this provision for use of lots having less than seven thousand five hundred (7,500) square feet, corresponding reductions in yards, floor area or parking may be required, and are hereby authorized, only to the minimum extent necessary.