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I like the idea at first glance, but I'm skeptical. There are towns across America that are in similar decline because the reason for their existence is an industry that has moved on or evaporated with time. Coal mining towns come to mind too. Crumbling infrastructure is really expensive to rebuild. Possibly more so than new "clean slate" builds. Further, even if the money (which would be massive) is spent once, it needs a tax base to sustain it or it will fall into disrepair again. If we're revitalizing homes in small towns and rural communities, is that the best use of limited resources to create more sustainable housing?
I'm a big proponent of Remote Work myself and I believe "return to office" is a waste of time and energy. I'm more on the path of taking those now empty office spaces and turning them into residences as a path forward. The infrastructure is already built, usually including well established light rail and public transportation, as well as a decent number of support businesses (shops and restaurants) already existing in former business districts where these office buildings would be. The transition of the office space itself won't be without challenges, but the existing high quality construction of the buildings and high density of resulting residences means a faster turn around and better potential in my mind for a sustainable solution.