It can be done. How well, and at what cost, are the big questions. Runoff's the major way that contaminants get into streams and into the lake. Also contributing are things in the air and direct discharges - dumping from boats and other activities, but this article will deal with stormwater runoff. Lawns have even better retention and infiltration, with little runoff until a lot of rain has fallen and saturated the shallow soil.
People dump junk into streams and along creek banks.
You build the pond, you pay for it, and you maintain it - at a low capital cost and moderate continuing time investment for upkeep. The water moves slowly through the subsoil layers, and eventually comes out at a spring or a lake or riverbed. If it silts up and quits working, dig another one far enough away to find a porous spot. They could be voluntarily chosen by the developer whether required by law or not. You, the group of residents, maintain it - with some continuing investment for upkeep in time or money.