Florida Senate - 2025 SB By Senator Osgood 32-01258-25 2025696__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled

An act relating to grants for low-income senior citizen condominium unit owners; amending s. 420.507, 3 F.S.; requiring the Florida Housing Finance Corporation to establish by rule requirements for a specified grant; providing the maximum amount for such grant; defining terms; providing an effective date. 7

Be It Enacted by the Legislature of the State of Florida: 9

Section 1. Subsection (51) is added to

section 420.507, 11 Florida Statutes, to read: 12 420.507 Powers of the corporation.—The corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this part, including the following powers which are in addition to all other powers granted by other provisions of this part: 17 (51)(

a) To establish by rule requirements for low-income persons who are senior citizens and who own a condominium unit that is their homestead to apply to the corporation for a one-20 time grant to assist with the payment of special assessments levied by the condominium association to fund the condominium’s reserve accounts in accordance with s. 718.112(2)(f). The maximum grant allowed for each homesteaded condominium unit is 24 $2,500. 25

(

b) As used in this subsection, the term: 26 1. “Low-income persons” has the same meaning as in s. 27 420.602. 28 2. “Senior citizen” has the same meaning as in s. 29 Florida Senate - 2025 SB 696 32-01258-25 2025696__ CODING: Words stricken are deletions; words underlined are additions. 501.2077(1). 30

Section 2. This act shall take effect July 1, 2025. 31