The bill amends section 553.899 of the Florida Statutes to introduce the concept of a "structural integrity reserve study," which is defined as a study aimed at estimating future maintenance, repair, and replacement costs for condominium buildings. Condominium associations governing buildings that are six stories or more in height are mandated to conduct this study, while those governing buildings five stories or less are not required to do so. However, the latter can opt to waive or reduce reserve contributions through a majority vote of their members. The bill also specifies that the structural integrity reserve study must comply with standards established under section 718.112(2)(g).

Additionally, the bill revises certain provisions related to milestone inspections for condominium and cooperative buildings. It allows local enforcement agencies to accept inspection reports from licensed engineers or architects for inspections conducted before July 1, 2022, provided they meet the necessary requirements. The timeline for completing phase one of the milestone inspection is set at 180 days after the building owners receive written notice, and the bill outlines the procedures for both phase one and phase two inspections, including the conditions under which each phase is required. The act is set to take effect on July 1, 2025.