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The historic downtown building had been left vacant for over a decade.
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A nonprofit has submitted a proposal to purchase Crystal Towers for $1. A committee that includes current residents is set to review the plan next week.
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The development will bring more than 100 new, mixed-income housing units to the Northeast Ward in the city.
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A study by the National Low Income Housing Coalition shows that all 50 states are experiencing this challenge.
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The shift comes as the city moves away from its Doorway Project to sharpen its focus on addressing the challenge.
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A virtual event led by Leadership Winston-Salem will explore the hurdles and opportunities shaping housing today.
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According to the report, more than half the homes in the Piedmont Triad are cost-burdened.
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The proposal would consolidate funds from the county and cities of High Point and Greensboro to address priorities like shelters.
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The project will bring new workforce housing for individuals like teachers, firefighters and police officers to Gibson Road.
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Residents of the downtown, affordable housing complex have voiced concerns that a redevelopment could force them out of their homes.
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The council reviewed the city's growth and infrastructure needs in a recent meeting.
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Religious leaders, city officials, and developers joined a virtual panel to discuss ways to build more housing.