The bill establishes a new grant program for low-income senior citizens who own condominium units that serve as their homestead. It amends section 420.507 of the Florida Statutes by adding a new subsection that empowers the Florida Housing Finance Corporation to create rules for a one-time grant aimed at assisting these individuals with special assessments levied by their condominium associations. The maximum grant amount is set at $2,500 per homesteaded condominium unit.

Additionally, the bill provides definitions for "low income" and "senior citizen," aligning them with existing statutes. The effective date for this act is July 1, 2025.