HB 1252: Homes for Georgians First Act; enact

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:

"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;

(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."

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.