The Board shall use the following factors in setting conditions to the granting of a license:
(a)
The protection of the public interest of the Town of Lexington;
(b)
The hardships imposed on the tenants residing in the accommodations proposed to be converted;
(c)
The aggravation of the shortage of rental housing accommodations in the Town, especially accommodations suitable for families of low and moderate income persons, for single parent households, for elderly, for handicapped or for people on fixed incomes, which may result from the conversion;
(d)
The hardship on the owner of the real estate to be converted or to the purchaser of the unit;
(e)
Reasonable arrangements, made by the owner or third parties, to alleviate the hardship on the tenants affected by the proposed condominium conversion.
(2)
Scope of conditions. The conditions imposed may include (but are not limited to) a time schedule for the sale of the individual accommodations, a requirement that a reasonable percentage (not less than 10% and not more than 20%) of the accommodations be offered to the Lexington Housing Authority, Lexington Housing Assistance Board, or a limited profit or non-profit legal entity on such terms and conditions as will make the offeree eligible for state or federal subsidies and as will make it economically feasible for the unit to be purchased for rental to persons of low or moderate income. Such units shall be permanently kept as rental accommodations for low and moderate income persons.