This bill amends section 553.899 of the Florida Statutes to introduce the requirement for condominium associations governing buildings that are six stories or more to conduct a "structural integrity reserve study." This study aims to estimate future maintenance, repair, and replacement costs of common elements and ensure adequate funding for reserves based on its findings. Conversely, associations managing buildings that are five stories or less are not mandated to conduct such studies and may opt to waive or reduce reserve contributions through a majority vote of their members. The bill also clarifies that the term "structural integrity reserve study" aligns with the definition provided in section 718.103.

Additionally, the bill outlines the procedures for milestone inspections, which include a two-phase process conducted by licensed architects or engineers. Phase one involves a visual examination of the building's structural components, while phase two is triggered if any substantial deterioration is identified. The bill mandates that local enforcement agencies report specific data regarding milestone inspections to the department by December 31 each year, starting in 2025. The act is set to take effect on July 1, 2026.