The bill amends Chapter 34-36.1, known as "Condominium Law," to enhance governance and financial transparency within condominium associations. Key insertions include definitions for "annual budget," "capital expense," "condominium fees," and "special assessment," which clarify the financial responsibilities of unit owners. The bill also refines existing definitions and introduces the term "deed-restricted unit" to identify low- and moderate-income housing. Notably, it mandates that the declaration must allocate interests in common elements and expenses fairly among units, with specific provisions for associations with deed-restricted units, including caps on expense increases and options for payment plans for special assessments.

Additionally, the bill outlines the powers and responsibilities of the executive board, emphasizing fiduciary duties and establishing a timeline for budget proposals. It requires that any executive board formed after June 30, 2026, reflects the proportion of deed-restricted to market-rate units. The bill also mandates that all associations register with the Department of Housing and submit financial documents, enhancing oversight and accountability. The Department of Housing is granted expanded powers to maintain a central information repository and investigate complaints. The act is set to take effect on July 1, 2026, aiming to improve the governance and financial management of condominiums while ensuring that unit owners have a voice in their associations.