Georgia CommonsHB 305: Protect the Dream Act; enact
Introduced version, the latest LegiScan holds · Last action February 10, 2025 · Introduced
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
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 Code of Georgia Annotated, relating to conveyances, so as to prohibit certain entities from acquiring an interest in a single-family dwelling; to provide for definitions; to provide for a short title; to provide for an effective date and applicability; 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 "Protect the Dream 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:
"44-5-49.
(a) As used in this Code section, the term:
(1) 'Homebuilder' means an entity engaged solely in the construction or rehabilitation of single-family dwellings that does not have an affiliation with or conduct business with, by, or on behalf of a prohibited business.
(2) 'Interest' means any right, title, or interest in and to a single-family dwelling or a manufactured home community or mobile home park in Georgia.
(3) 'Prohibited business' means any partnership, corporation, or real estate investment trust that manages funds pooled from investors, is a fiduciary to such investors, has a net value or assets under management on any day during a taxable year, and holds a total net value in all assets of $6,250,000.00 or holds interests in at least 25 single-family dwellings in a single county. Such term shall not include a not for profit organization as defined in Section 501(c)(3) of the Internal Revenue Code or a homebuilder. (4)(A) 'Single-family dwelling' means real property or real estate where the only substantial improvement to such real property or real estate in Georgia is a residential single-family dwelling. Such term includes manufactured home communities or mobile home parks and single-family dwellings split into two or more dwellings.
(B) Such term shall not include condominiums; townhouses; multifamily communities; any unoccupied single-family dwelling acquired through foreclosure; or any single-family dwelling that is not rented or leased and is used as the primary residence of any person with an ownership interest in a prohibited business.
(b) A prohibited business shall not acquire an interest in any single-family dwelling in Georgia."
SECTION 3.
This Act shall become effective on July 1, 2025, and shall apply to any conveyance of an interest in a single-family dwelling made on or after such date.
SECTION 4.
All laws and parts of laws in conflict with this Act are repealed.