$30M 'My Safe Florida Condo' program runs out of money

News Channel 8's Leni Suphol joins us from Tampa with the story. Leni. Good evening Stacey and Josh. This year state lawmakers decided to pour 30 million dollars into the program but even those who will see the benefits say it still won't be enough. The state offering a solution to help condo associations battle sky-high insurance rates and protect themselves from the next hurricane. Rolling out the new MySafe Florida condo program. MySafe Florida condo pilot program. What is it and will it be helpful? It's certainly a win-win for the association. Eric Glazer is a board certified condo attorney shedding light on the new initiative. Condo associations can apply for a free inspection then receive up to $175,000 in grant funding based on needed repairs. But the money dried up within one week and right now no one can apply. Condo fees are going up and insurance is going up. The goal is to lower insurance premiums especially after some condo boards saw a steep spike in recent years. We did have a huge insurance premium increase like $300,000 increase that we hadn't budgeted for. But we know condos are getting crushed with expenses of all kind whether it be for inspections to actually make the repairs and now of course they have mandatory reserves. Will this program help with the climate of the condo market right now? The reality is in a larger condominium in a taller condominium that $175,000 may mean a drop in the bucket. So this project is very similar to the MySafe Florida home program that we saw roll out over the summer but even then the funding ran out within just a few days. House state lawmakers say that conversations will continue when they meet again in March and we'll have much more at 11. Reporting live in Tampa, Lenny Supal 8 on your side.