The conversion of non-residential floor area to residences or community facilities with sleeping accommodations, including the conversion of floor area on a zoning lot that exceeds the maximum floor area permitted by the applicable district regulations, shall be permitted in accordance with the provisions of this Section.

For the conversion of non-residential floor area to residences or community facilities with sleeping accommodations, the applicable density requirements shall be modified in accordance with the provisions of Section 15-111 (Number of permitted dwelling units), and the regulations governing open space ratio, yards, the minimum distance between two or more buildings on a single zoning lot and the minimum distance between windows and walls or lot lines are hereby superseded and replaced by the requirements of Sections 15-112 (Light and air provisions) and 15-12 (Required Recreation Space).