HB305: HB305 Protect the Dream Act; enact

25 LC 62 0088 House Bill 305 By: Representatives Olaleye of the 59th, Prince of the 132nd, Neal of the 79th, Westbrook of the 163rd, Gullett of the 19th, and others A BILL TO BE ENTITLED AN ACT To amend Article 2 of Chapter 5 of Title 44 of the Official Cod e of Georgia Annotated,1 relating to conveyances, so as to prohibit certain entities fro m acquiring an interest in a2 single-family dwelling; to provide for definitions; to provide for a short title; to provide for3 an effective date and applicability; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 This Act shall be known and may be cited as the "Protect the Dream Act."7 SECTION 2.8 Article 2 of Chapter 5 of Title 44 of the Official Code of Geor gia Annotated, relating to9 conveyances, is amended by adding a new Code section to read as follows:10 "44-5-49.11 (a) As used in this Code section, the term:12 (1) 'Homebuilder' means an entity engaged solely in the construction or rehabilitation of13 single-family dwellings that does not have an affiliation with or conduct business with,14 by, or on behalf of a prohibited business.15 H. B. 305 - 1 - 25 LC 62 0088 (2) 'Interest' means any right, title, or interest in and to a single-family dwelling or a16 manufactured home community or mobile home park in Georgia.17 (3) 'Prohibited business' means any partnership, corporation, or real estate investment18 trust that manages funds pooled from investors, is a fiduciary to such investors, has a net19 value or assets under management on any day during a taxable year, and holds a total net20 value in all assets of $6,250,000.00 or holds interests in at l east 25 single-family21 dwellings in a single county. Such term shall not include a not for profit organization as22 defined in Section 501(c)(3) of the Internal Revenue Code or a homebuilder.23 (4)(A) 'Single-family dwelling' means real property or real es tate where the only24 substantial improvement to such real property or real estate in Georgia is a residential25 single-family dwelling. Such term includes manufactured home communities or mobile26 home parks and single-family dwellings split into two or more dwellings.27 (B) Such term shall not include condominiums; townhouses; multifamily communities;28 any unoccupied single-family dwelling acquired through foreclos ure; or any29 single-family dwelling that is not rented or leased and is used as the primary residence30 of any person with an ownership interest in a prohibited business.31 (b) A prohibited business shall not acquire an interest in any single-family dwelling in32 Georgia."33 SECTION 3.34 This Act shall become effective on July 1, 2025, and shall appl y to any conveyance of an35 interest in a single-family dwelling made on or after such date.36 SECTION 4.37 All laws and parts of laws in conflict with this Act are repealed.38 H. B. 305 - 2 -