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More than 200 residents were displaced due to concerns of immediate danger in the electrical system in the District at West Market.
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City officials evacuated the complex in December due to major building and fire code violations.
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The decision paves the way for a new, mixed-income complex and possible grocery store in South Greensboro.
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Grants for rental properties total just over $57 million.
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The shift comes as the Trump administration looks to move away from a housing-first model for tackling homelessness.
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The deadline to apply for Renew NC recovery assistance is December 31.
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The survey also asks about housing challenges like affordability and neighborhood safety.
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The money will be used to make homes damaged by Hurricane Helene ready for the winter weather as they continue to be repaired.
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City council amended some of the board's abilities despite residents speaking out against the move.
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An amendment would remove the board's ability to study rental rates and inspect homes under investigation.
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A finalized assessment estimates it would cost $40 million to fully renovate the affordable housing complex.
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The initiative has helped more than 3,000 households across the city since it was started in 2021.