Requiring a political subdivision to require inspections of specified multifamily dwellings with balconies at least every 5 years to ensure that each balcony meets requirements of the local housing code or the Minimum Livability Code; authorizing a political subdivision to conduct inspections, authorize a third party to conduct inspections, or require a professional inspector to conduct and certify inspections in a specified manner; authorizing a political subdivision to charge a fee for a periodic inspection; defining terms; etc.