The bill amends the My Safe Florida Condominium Pilot Program by introducing a definition for "area median income" and removing the definition of "service area." It revises eligibility requirements for participation in the program, allowing condominium associations constructed before January 1, 2008, and those with at least 80% of occupied units owned or occupied by individuals or families earning at or below 80% of the area median income to apply. The Department of Financial Services is tasked with adopting rules to verify household income, and condominiums with mixed-income occupancies can participate if they meet the income threshold.

Additionally, the bill outlines the application process for mitigation grants, requiring associations to provide documentation to verify household income and complete a specified percentage of opening protection improvements. It mandates that grant funds be used for improvements addressing the common elements of the condominium property, and establishes conditions for receiving grants, including the completion of recommended mitigation improvements. The act is set to take effect on July 1, 2026.