The bill amends the My Safe Florida Condominium Pilot Program by establishing new eligibility criteria for participation, specifically limiting it to structures or buildings that are three or more stories high and contain two or more single-family dwellings. It revises the approval requirements for associations seeking mitigation grants, changing the necessary approval from a unanimous vote to at least 75 percent of voting interests. Additionally, the bill removes specific funding amounts previously designated for certain projects and introduces new requirements for grant applications, including the necessity for improvements to be verified during a final hurricane mitigation inspection to qualify for funding.

Furthermore, the bill stipulates that mitigation grants can only be awarded for improvements that will yield a mitigation credit, discount, or other rate differential. It mandates that the Department of Financial Services ensure that certain improvements are made under specific circumstances to qualify for these grants. The act is set to take effect on July 1, 2025, and emphasizes the importance of compliance with applicable building codes and the completion of mitigation projects to receive final grant awards.