The Windows Azure Accelerator will work with 10 companies chosen from the pool of applicants. Those who are accepted into the intensive 3-month program will receive a $20,000 investment from TechStars, as well as mentorship and technology from Microsoft employees and executives. Also, as part of the new program, Microsoft will offer startups $60,000 in Windows Azure credits. The application deadline is June 29th. More detail here.
You can find and download Window Azure developer tools here.