The bill amends the My Safe Florida Condominium Pilot Program by establishing new criteria for participation and grant approval. It limits participation to condominium structures that are three or more stories high and contain two or more single-family dwellings. The approval process for receiving mitigation grants is revised, requiring a majority vote from the board and at least 75 percent approval from residents, replacing the previous requirement of a unanimous vote. Additionally, the bill specifies that grant funds can only be awarded for improvements that will result in a mitigation credit, discount, or other rate differential, and mandates that these improvements must be verified during the final hurricane mitigation inspection.

Furthermore, the bill removes specific funding amounts previously designated for certain projects and instead requires that grants be matched on a $1 to $2 basis for the actual cost of the project. It also expands the types of improvements eligible for funding, including various opening protection and roof-related enhancements. The Department of Financial Services is tasked with ensuring that improvements meet current building codes and provide enhanced hurricane protection. The act is set to take effect on July 1, 2025.