Ten residents were told to temporarily relocate due to the incident.
The university plans to readjust its current budget that will result in no added cost to students living on campus.
Transfer students say the university should do more to help them find housing.
The six-story building houses 450 residents and includes central air conditioning and private bathrooms.
Around 400 dorm residents will be staying on campus.
The board is having hearings throughout the week.
At some apartment buildings, rent can be more than $1,200.
Students must make their decision by 7 p.m. Friday, according to an email sent to residents.