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:
<ins>"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.
</ins>
<ins>(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."
</ins> 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.