The bill proposes to amend 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 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 used in the context of the grant program. "Low income" is defined as per section 420.602, while "senior citizen" is defined according to section 501.2077(1). The act is set to take effect on July 1, 2025.