The senate is working to solidify recommendations for a formal policy by February.
The program is set to begin next fall.
The University Senate is set to vote on the proposal next month.
About 45 people attended the forum in Stamp Student Union.
The competition would reward dorms that lower their water consumption below last year's average.
The measure passed 32-4 with no abstentions.
Resident Life's updated housing plan also outlines future dorm updates and renovations.
Dining facilities and one of the new dorms will be on the Varsity Practice Fields.
Both the president and vice president positions were uncontested in the last three elections.