Nearly two years after the project received the necessary permits to go ahead with construction, Trammell Crow Residential could be weeks away from breaking ground.

“The financing world has loosened up a little bit,’’ said Robb Hewitt, vice president of development at Trammell Crow, a Texas-based real estate and development company. “We don’t have final documents signed, but it’s a 90 percent probability.’’

The project, proposed under the state’s Chapter 40B affordable-housing law, is slated for a 30-acre parcel in Concord’s southwest corner that borders Maynard, Acton, and Sudbury. Access to the property would be from Old Powder Mill Road in Acton.

Concord officials support the project because it would help the town meet Chapter 40B’s threshold for affordable housing, and give the community more control over its growth.

“It gives us a stronger position for any projects that do come down the pike,’’ said Marcia Rasmussen, the town’s planning director.

But Acton and Sudbury officials are less enthusiastic about the project. Along with its access road in Acton, the development would include several apartment buildings bordering a residential neighborhood in Sudbury.

Acton Selectwoman Lauren Rosenzweig said officials are most concerned about traffic, but Trammell Crow has agreed to help with roadway and sidewalk improvements. The Acton board’s chairwoman, Rosenzweig also said the developer is contributing to the town’s affordable-housing trust fund.

Since none of the residential units will be in Acton, the town will not be able to count any toward its affordable-housing stock.

“We were happy with the final negotiations and fully expect that the project will proceed,’’ Rosenzweig said. “Our main concern is for Acton pedestrians to be safe.’’

Under Chapter 40B, developers including a percentage of affordable-housing units in their plans can bypass most local zoning regulations in a community with less than 10 percent of its housing stock considered to be affordable. That means communities below the threshold have little say over the size or location of developments filed under 40B’s comprehensive permit system.

As a result, communities often frown upon 40B developments, but Concord officials have been eager to see this one move forward, with the town just 300 units shy of the 10 percent mark. Concord approved Trammell Crow’s comprehensive permit in the spring of 2008. Acton approved its permit in November 2008.

The comprehensive permits issued by the towns expire three years after they are issued unless the towns decide to extend them.

Concord was allowed to count the unbuilt units toward its affordable-housing stock as long as the developer obtained a building permit within a year. However, the year passed with Trammell Crow unable to obtain financing.

Rasmussen said the town had to take those units off its affordable-housing inventory, which meant that it was vulnerable to other 40B projects. But so far nothing has come forward, she said.

Rasmussen hopes once Trammell Crow starts construction, the town will once again be able to count the units as a part of its stock. However, because the project has stalled out once before, she’s not certain whether the state will require the construction to be completed first.

“I’d make the attempt and then it’s up to the state as to whether they can apply them,’’ Rasmussen said. “The state looks at the projects to proceed in a timely fashion. Where there was a break in that process, the state may not think they’d be able to produce.’’

According to Phil Hailer, a spokesman for the state’s Department of Housing and Community Development, the units would be eligible to go back on Concord’s inventory list as soon as the building permits are taken out by Trammell Crow. This means the town would not have to wait until the project is completed.

Hewitt said construction documents are being designed and he hopes the project will be underway at the end of next month. Trammell Crow, which does not yet own the property, would close on the land a few weeks before then, he said.

Hewitt said construction is expected to take about two years. Of the 350 apartments, most of which will have one or two bedrooms, 25 percent would be set aside for lower-income renters. Under the state’s formula, apartments are considered affordable housing, and so Concord would get credit for all of the units.

Hewitt said the two-year construction period will give the housing market more time to bounce back.

“We hope the rental market has improved in that time and all indications are that it will.’’

Jennifer Fenn Lefferts can be reached at jflefferts@yahoo.com.