The bill amends the My Safe Florida Condominium Pilot Program by introducing new definitions and eligibility requirements for participation. It defines "area median income" and removes the definition of "service area." The eligibility criteria now specify that condominium associations constructed before January 1, 2008, with at least 80% of occupied units owned by families whose income is at or below 80% of the area median income, can participate. The Department of Financial Services is tasked with adopting rules for verifying household income and may require periodic recertification. Additionally, properties with mixed-income occupancies can qualify if they meet the income threshold.

The bill also outlines the process for applying for mitigation grants, which can be used for improvements that enhance hurricane resistance. It requires associations to submit documentation verifying household income and to complete a certain percentage of opening protection improvements. Grant applications must include a signed statement from the board president and documentation from contractors. The funding structure mandates a matching grant system, and the maximum grant amount is set at $175,000 per association. The bill emphasizes that grant funds can only be used for specific improvements and establishes conditions for compliance with building codes and inspection requirements. The act is set to take effect on July 1, 2026.