The bill proposes the establishment of a 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 the payment of 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 key terms used in the new subsection, specifically defining "low income" and "senior citizen" in accordance with existing statutes. The act is set to take effect on July 1, 2025.