"It's great to love your job but being paid more is good too," Mr Biss said. "If this makes it easier for a great person to apply then I think it's a great thing for Kamo."
Principal Gavin Greenfield resigned last month after taking a position in Australia in order to be closer to family.
"He's been there about three years and I think he's added a lot to the school," Mr Biss said.
The grant is initially $50,000 per year for a three-year period, but can be extended for another four years.
Ministry of Education spokeswoman Katrina Casey said it provided an incentive to principals to take on new challenges.
"The Principal Recruitment Allowance will help schools and kura with some of our most disadvantaged kids attract highly effective principals who can provide the leadership needed to lift student achievement."
The ministry appointed a limited statutory manager to Kamo High School in March 2011 after the Education Review Office produced a report critical of the school's leadership and management.
A limited statutory manager takes on particular functions of the board but is a last resort when schools cannot resolve issues without outside help.
Former principal Bernie Taffs unexpectedly resigned before the school year in 2012 and Mr Greenfield was appointed in September of that year. The manager stayed on until June 2013.
Kamo High School board applied for the grant to sustain the progress made in the past couple of years, Mr Biss said. "I don't think we're in any form of crisis," he added.
Applications for the position closed on June 2 with the new principal due to start before the end of the year.
The vacancy for Mangamuka School recently closed while Opononi Area School had yet to advertise.
A number of unions and opposition parties have spoken out about Investing in Educational Success, particularly this grant as many feel the extra money should be going to the students.
