(1) The duly authorized administrative official or committee of the city or county may approve the application if it finds that:
(a) A minimum of four new units are being constructed or in the case of occupied rehabilitation or conversion a minimum of four additional multifamily units are being developed;
(b) If applicable, the proposed multiunit housing project meets the affordable housing requirements as described in this chapter;
(c) The proposed project is or will be, at the time of completion, in conformance with all local plans and regulations that apply at the time the application is approved;
(d) The owner has complied with all standards and guidelines adopted by the city or county under this chapter and, if applicable, RCW 36.70A.840; and
(e) The site is located in a residential targeted area of an urban center or urban growth area that has been designated by the governing authority in accordance with procedures and guidelines indicated in RCW 84.14.040, or is located fully or partially within a station area if applying under RCW 84.14.020(1)(a)(ii)(D).
(2) An application may not be approved after July 1, 2007, if any part of the proposed project site is within a campus facilities master plan, except as provided in RCW 84.14.040(1)(d).