SANDWICH — The Sandwich Housing Authority hopes to increase rental apartments in town by 40 percent with a $6.75 million proposal to build 24 new apartments.

At 7 tonight at the Human Services Building, the housing authority will ask the board of selectmen for its support in pursuing grants through the Community Preservation Committee and Massachusetts Department of Housing and Community Development.

The apartments, a combination of one-, two- and three-bedroom units, are proposed for 10 acres across from existing apartments on George Fernandez Way, housing authority chairman Robert Simmons said.

The 24 apartments would add to 60 already managed by the authority and would be the first significant development in recent years, he said.

"It's been a long time coming," Simmons said. "The (Community Preservation Act) has been a huge help to us. We couldn't have done it — and can't do this — without it."

The Community Preservation Act is a 3-percent surcharge on property tax bills. The town receives matching funds from the state, and affordable housing is one of three things the money can be spent on.

In its proposal, the housing authority seeks $1.85 million in community preservation funds.

Nearly $3 million in additional money is being sought through low income housing tax credits. The federal government awards the credits through the Massachusetts Department of Housing and Community Development, said Marc Slotnick, a consultant working with the housing authority on the proposal. An investment syndicator then sells the tax credits to large profitable corporations to use against their tax liabilities.

The tax credits can pay up 90 percent of the project over 10 years and ultimately reduce the amount paid through community preservation funds, Slotnick said.

The apartments will be available to people at or below 60 percent of the median income, which is currently $70,400.

More than 300 people are on a waiting list for apartments through the Sandwich Housing Authority. With tough economic times and a spate of home foreclosures, experts expect the number to rise.

"The economy will certainly increase demand," Slotnick said, "but there's always been such a shortage of labor force housing and affordable housing on Cape Cod."

The housing authority hopes to get support from local boards by the end of this year and submit a formal application to the state by February, Slotnick said.

If the funding is awarded, the project could be completed by February of 2010.