House Bill 1252
By: Representatives Olaleye of the 59th, Oliver of the 84th, Frye of the 122nd, Hagan of the
156th, McCollum of the 30th, and others
A BILL TO BE ENTITLED
AN ACT
To amend Article 2 of Chapter 5 of Title 44 of the Official Code of Georgia Annotated,
relating to conveyances, so as to prohibit certain entities from acquiring an interest in a
single-family residence in certain circumstances; to provide for definitions; to provide for a
short title; to provide for related matters; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
This Act shall be known and may be cited as the "Homes for Georgians First Act."
SECTION 2.
Article 2 of Chapter 5 of Title 44 of the Official Code of Georgia Annotated, relating to
conveyances, is amended by adding a new Code section to read as follows:
<ins>"44-5-49.
(a) As used in this Code section, the term:
(1) 'Institutional real estate investor' means an entity or combined group that, directly or
indirectly:
(A) Owns 100 or more single-family residences, or two-family residences;
</ins>
<ins>(B) Manages or receives funds pooled from investors;
(C) Acts as a fiduciary with respect to one or more investors; and
(D) Has $375 million or more in net value or assets under management on any day
during the taxable year.
(2) 'Single-family resident home buyer' means a purchaser of a dwelling for the purpose
of a primary residence and not as a vacation or investment property.
(b) An institutional real estate investor shall not acquire an interest in any single-family
residence unless:
(1) A period of 30 days has passed since such property was offered for sale; and
(2) A single-family resident home buyer failed to acquire such property by matching an
offer from an institutional real estate investor or other third party."
</ins> SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.