The City shall grant either a density bonus or other incentives of equivalent financial value if the applicant for a conversion of existing rental apartments to condominiums agrees to provide thirty-three (33%) percent of the total units of the proposed condominium project as target units affordable to low or moderate income households, or to provide fifteen (15%) percent of the total units in the condominium conversion project as target units affordable to low income households. All such target units shall remain affordable for the period specified in § 36-18.20.7.

For purposes of this section, a "density bonus" means an increase in units of twenty-five (25%) percent over the number of apartments to be provided within the existing structure or structures proposed for conversion.

No condominium conversion shall be eligible for a density bonus if the apartments proposed for conversion constitute a housing development for which a density bonus or other incentives were previously provided pursuant to this article or the applicable sections of State Planning Law.