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 are intended to assist with the payment of special assessments levied by condominium associations for funding reserve accounts. The maximum grant amount available for each eligible 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 statutes for clarity. The act is set to take effect on July 1, 2025, providing a structured financial support mechanism for qualifying senior citizens facing financial burdens related to their condominium ownership.