The bill establishes two new trust funds within the Florida Housing Finance Corporation: the Vacancy Relief Trust Fund and the Risk Mitigation Trust Fund. These funds are created to support the implementation of the Homes for Veterans Property Management Incentive Pilot Program. The bill stipulates that any unexpended balance in either trust fund at the end of the fiscal year will revert and be reappropriated for the following fiscal year to continue funding the program. Additionally, the trust funds are set to be reviewed before their scheduled termination on July 1, 2030, unless they are terminated sooner.

The bill also includes a contingent effective date, stating that it will take effect on July 1, 2026, provided that SB 1602 or similar legislation is adopted in the same legislative session or an extension thereof. This legislative framework aims to ensure ongoing support for veterans through housing initiatives while allowing for future evaluations of the trust funds' effectiveness.