The Christchurch City Council has agreed to contribute $900,000 to the repair and upgrade of a historic 1930s apartment block.
The Victoria Mansions Building on the corner of Victoria and Montreal Streets was severely damaged in the earthquakes and its owners now face a $10 million repair bill.
A council report said 25 of the 140 heritage buildings remaining in the city were at risk of full or partial demolition.
The council has set aside $28 million over 10 years for repairs to heritage buildings.
An application from the Anglican Church's Church Property Trust for an $855,000 grant to repair a 100-year old part of St Michael's School has yet to be approved.
The council wants more information on the church's wider plans for its heritage buildings.
The council has publicly opposed the church's plans to demolish the ChristChurch Cathedral, which it contributed money towards in the past.