In 2022, Colorado voters approved Proposition 123, creating a statewide affordable housing fund. In October 2023, the city filed a commitment with the Department of Local Affairs (DOLA) to increase the supply of affordable housing by 3% annually or 218 units within 3 years. To maintain eligibility in the second cycle (2027-2029) for Proposition 123 funding, local governments must establish an expedited review process for qualifying affordable housing projects. This memo provides updates on the city’s unit commitments and awarded grant funds during the first cycle, as well as progress toward meeting the expedited review requirement. Staff are seeking council direction on implementing an expedited review process for affordable housing developments to maintain eligibility for Proposition 123 and to secure grant funding of $50,000 from DOLA to assist with allowable planning activities under the Local Planning Capacity grant guidelines.