WINDSOR, Colo. -- The town of Windsor is looking for ways to attract new residents and create new jobs, and $5,000 just might do it.

Right now, Windsor has about 20 new homes waiting for owners and even more vacant lots.

"It's just a real difficult time, and I think history is going to judge this as a big, big, deep, deep, wide, wide recession," said Martin Lind, of Water Valley Land Development.

Main Street Windsor and the housing market in the community have been hit hard.

"Here in Windsor, we have something special," said Mayor John Vazquez.

So Vazquez said an economic development team brainstormed on how to become more competitive. Their idea: Buy a new home in Windsor and get a $5,000 check.

"Really we're trying to create some activity in the construction world, trying to get some hammers flying and get some people back to work -- carpenters, electricians, roofers," Vazquez said.

He said he’s also hoping to help create an identity for the growing community outside Fort Collins.

But critics in the residential community call it a “builder’s bailout,” and said the money could be better spent elsewhere -- such as for attracting new retail. They question whether the incentive is really needed.

Vazquez remains convinced.

"In my mind, in this economy, yes," he said

The city’s largest commercial developer, The Broe Group, which helped bring in Vestas, said interested employers always want to know about the availability of places for employees to live.

“Having a community where you can build your facility… and then be in a community that you can live two minutes from where you work in a beautiful home, it's great,” said Rich Montgomery, of The Broe Group.

If the rebate is approved by the city council, it would last for six months or 60 new homes, at a total cost of $300,000. Officials said the money would come out of the town's water, sewer and general funds.

The rebate would pay for itself through new property taxes within five years, Vazquez said.

The city council will hear from the public and vote on the issue in April.

Developers, like Lind, said the $5,000 rebate may just be the jump start they need to keep their men at work.

"By this little kick-off of this incentive, it brings what federal government was trying to do to a local tangible touchable deal, and I think its going to be exciting," Lind said.