The bill modifies the existing high-rise sprinkler system grant program by amending the definitions and funding mechanisms associated with it. Notably, it expands the definition of "eligible building" to include those that are seven or more stories tall, in addition to those that are at least 75 feet above the lowest level of fire department vehicle access. The income threshold for affordability has also been adjusted from 50% to 60% of the Department of Housing and Urban Development's adjusted income levels. Furthermore, the term "grant program" has been replaced with "use of funds," indicating a broader scope that includes both grants and loans for the installation of sprinkler systems and potential relocation of residents during installation.

Additionally, the bill includes a financial component, transferring $10 million from the general fund to the housing development fund and appropriating the same amount to the commissioner of the Housing Finance Agency specifically for the high-rise sprinkler system program. This funding is designated as a one-time transfer and appropriation for fiscal year 2026, with a maximum grant of $2 million per eligible building and specific matching requirements for nonprofit and for-profit organizations.