Castle Rock launches ambitious plan for affordable housing expansion

During a recent government meeting, officials discussed the town's Capital Improvement Plan (CIP) and a balanced financial plan aimed at addressing infrastructure and public safety needs over the next five years. The CIP is designed to strategically schedule capital projects to minimize disruptions, such as avoiding simultaneous street repairs for different utilities. The plan outlines anticipated revenues and expenditures, including staffing for public safety departments, which remains a priority.

Key highlights from the meeting included the acknowledgment of significant omissions in the transportation CIP, such as the lack of funding for critical road widenings and extensions. Officials noted that these gaps reflect current funding limitations, despite plans for 400 new single-family homes over the next five years.

The council also approved resolutions related to the intergovernmental agreement (IGA) for Proposition 123, a statewide initiative aimed at increasing affordable housing. The IGA formalizes collaboration among Castle Rock and neighboring jurisdictions to manage funding and credits for affordable housing projects. The goal is to add 277 new affordable units by the end of 2026, with 42 units already permitted through a conversion project.

The meeting concluded with unanimous approvals of both the CIP and the IGA, emphasizing the importance of these initiatives in shaping the town's future development and addressing housing needs. Council members expressed gratitude to the budget team for their efforts in preparing these critical documents.