Affordability Periods

Affordability Periods

Beginning March 1, 2024, the affordability periods for affordable housing approved through rezonings have increased to 30 years for affordable rental units, and 40 years for affordable units for sale.

Affordability periods are 10 years for Affordable Dwelling Unit rentals created by denisty bonuses.

See Sec. 2.4.5 – Affordable housing bonus factors.

Deed Restrictions
There are no deed restricted homeownership policies codified. Housing Albemarle does reference the potential to utilize this mechanism in Strategies 2e and 3e