Florida Senate - 2025                                     SB 696
       
       
        
       By Senator Osgood
       
       
       
       
       
       32-01258-25                                            2025696__
    1                        A bill to be entitled                      
    2         An act relating to grants for low-income senior
    3         citizen condominium unit owners; amending s. 420.507,
    4         F.S.; requiring the Florida Housing Finance
    5         Corporation to establish by rule requirements for a
    6         specified grant; providing the maximum amount for such
    7         grant; defining terms; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (51) is added to section 420.507,
   12  Florida Statutes, to read:
   13         420.507 Powers of the corporation.—The corporation shall
   14  have all the powers necessary or convenient to carry out and
   15  effectuate the purposes and provisions of this part, including
   16  the following powers which are in addition to all other powers
   17  granted by other provisions of this part:
   18         (51)(a) To establish by rule requirements for low-income
   19  persons who are senior citizens and who own a condominium unit
   20  that is their homestead to apply to the corporation for a one
   21  time grant to assist with the payment of special assessments
   22  levied by the condominium association to fund the condominium’s
   23  reserve accounts in accordance with s. 718.112(2)(f). The
   24  maximum grant allowed for each homesteaded condominium unit is
   25  $2,500.
   26         (b) As used in this subsection, the term:
   27         1. “Low-income persons” has the same meaning as in s.
   28  420.602.
   29         2. “Senior citizen” has the same meaning as in s.
   30  501.2077(1).
   31         Section 2. This act shall take effect July 1, 2025.