Development News for Centennial, Colorado

Centennial Discusses Housing Initiatives and State Legislation

City staff presented an update on the city's housing initiatives, focusing on Senate Bill 24-174 and Proposition 123. For SB 24-174, the city is working on updating the comprehensive plan with a water supply element and a strategic growth element. The water supply element will involve consultation with water providers, discussion of conservation policies, and estimation of water supply needs. The strategic growth element will analyze land near transit and job centers for infill development and assess undeveloped land for infrastructure and fiscal impacts, leveraging existing plans like the Midtown Centennial sub-area plan. For Proposition 123, the city is considering opting in for the 2027-2029 funding cycle, which requires a commitment to increasing affordable housing by a certain percentage annually. The city has identified potential units that could count towards this goal and is considering fast-tracking reviews for developments with over 50% affordable units, which would be a limited application in Centennial. Staff also noted the upcoming HOME Act (SB 24-1001) which allows certain organizations to build housing on smaller parcels of land without an initial affordability requirement, though the city can impose its own obligations.