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 a 75 percent approval from voting residents. Additionally, the bill removes specific funding amounts previously designated for certain projects and instead emphasizes that grants may only be awarded for improvements that will yield a mitigation credit, discount, or other rate differential.

Furthermore, the bill mandates that all improvements funded by the grants must be verified during a final hurricane mitigation inspection to qualify for the funds. It also specifies that the Department of Financial Services must ensure that certain improvements are made under specific circumstances. The act is set to take effect on July 1, 2025, and aims to enhance the hurricane resilience of condominium properties through targeted financial assistance and improved oversight.