The former doctor’s surgery in Pwllcrochan Avenue has been converted and extended by Cartrefi Conwy to create 14 apartments, eight with two bedrooms and six with one bedroom.
The property, previously called Rhoslan, has now been renamed as Tŷ Llwyfen which means Elm House in English.
The flats are available to people who are in work and earning between £16,000 and £45,000, either individually or as a couple.
They are let at an “intermediate rent” which means the rent is typically around 20 per cent lower than the local market rate.
The aim is to enable people, including key local workers to save for a deposit so they can in time buy their own home.
The scheme is part of Cartrefi Conwy’s £40 million strategy to create 250 new homes by 2020.
It was officially opened by Cllr Liz Roberts, Conwy County Borough Council’s lead member for adult social care, community wellbeing and housing.
The flats will be marketed by the HAWS lettings agency which is a partnership between Cartrefi Conwy and Conwy Council.
Cartrefi Conwy Chief Executive Andrew Bowden said: “This is an important development that was only made possible thanks to Conwy Country Borough Council and Welsh Government support of £450,000 Social Housing Grant.
“It’s fitting in Cartrefi Conwy’s 10th anniversary year we have so far made 47 new homes available for rent with a further 20 anticipated to be ready very soon and up to 200 in the pipeline for the future.
“Colwyn Bay’s glory days were fading into history thanks perhaps to the A55 which means fewer people visit the town but we are contributing to the town’s rebirth by providing important affordable housing.