The bill establishes a Tax-Stressed Cities Demolition Grant Program aimed at providing financial assistance for the demolition of qualifying properties in cities identified as tax-stressed. The program will grant up to 50 percent of the demolition costs for properties that have been vacant for at least one year and pose a threat to public safety due to their condition. The bill defines key terms, including "qualifying property" and "tax-stressed city," and outlines the application process, which requires approval from the municipality's governing body and includes specific information to demonstrate financial need and the property's eligibility.

Additionally, the bill creates a dedicated account within the special revenue fund to manage the grant program's finances, with an appropriation of $2,246,000 for both fiscal years 2026 and 2027. The commissioner of employment and economic development is tasked with administering the program and must report annually to the legislature on the use of grant funds. The bill emphasizes the importance of prioritizing applications based on financial need and the public safety risks associated with the vacant structures.