This bill amends section 420.507 of the Florida Statutes to establish a grant program specifically for low-income senior citizens who own condominium units that serve as their homestead. The Florida Housing Finance Corporation is tasked with creating rules to define the requirements for these grants, which will assist eligible individuals with the payment of special assessments levied by their condominium associations. The maximum grant amount available for each qualifying condominium unit is set at $2,500.

Additionally, the bill includes definitions for key terms such as "low-income persons" and "senior citizen," which reference existing definitions in other sections of the Florida Statutes. The act is set to take effect on July 1, 2025.