This 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 managing buildings of five stories or less are not required to do so. However, the latter group may opt to waive or reduce reserve contributions through a majority vote of their members. The bill also specifies that any structural integrity reserve study must comply with established standards.

Additionally, the bill revises certain procedural aspects related to milestone inspections for condominium and cooperative buildings. It allows local enforcement agencies to accept inspection reports from licensed engineers or architects conducted before July 1, 2022, under specific conditions. The timeline for completing phase one of the milestone inspection is set at 180 days following the receipt of written notice, and the bill outlines the requirements for both phases of the inspection process. The act is set to take effect on July 1, 2025.