FL S0158

Adds flood mitigation projects as an eligible activity for the Florida Communities Trust to undertake, coordinate, or fund alongside existing projects like redevelopment and resource enhancement.

Establishes a $5 million maximum annual grant award for flood mitigation projects, with exceptions requiring Department of Environmental Protection approval and Legislative Budget Commission authorization for higher amounts.

Specifies that flood mitigation project funds must be identified separately from other trust funds and requires grant recipients to limit administrative costs to 8 percent of awarded funds.

Requires the Department of Environmental Protection to establish application processes and rank flood mitigation grant applications by priority, including projects with greatest Community Rating System scoring improvement and protection of structures from frequent flooding.

Mandates the Department of Environmental Protection to develop reporting requirements for grant recipients and make all reports publicly available, with recipients required to report improvements to flood insurance classifications resulting from funded projects.