| 1 | 1 | | 25 LC 62 0088 |
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| 2 | 2 | | House Bill 305 |
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| 3 | 3 | | By: Representatives Olaleye of the 59 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Prince of the 132 |
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| 6 | 6 | | nd |
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| 7 | 7 | | , Neal of the 79 |
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| 8 | 8 | | th |
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| 9 | 9 | | , Westbrook of |
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| 10 | 10 | | the 163 |
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| 11 | 11 | | rd |
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| 12 | 12 | | , Gullett of the 19 |
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| 13 | 13 | | th |
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| 14 | 14 | | , and others |
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| 15 | 15 | | A BILL TO BE ENTITLED |
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| 16 | 16 | | AN ACT |
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| 17 | 17 | | To amend Article 2 of Chapter 5 of Title 44 of the Official Code of Georgia Annotated, |
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| 18 | 18 | | 1 |
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| 19 | 19 | | relating to conveyances, so as to prohibit certain entities from acquiring an interest in a2 |
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| 20 | 20 | | single-family dwelling; to provide for definitions; to provide for a short title; to provide for3 |
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| 21 | 21 | | an effective date and applicability; to repeal conflicting laws; and for other purposes.4 |
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| 22 | 22 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 |
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| 23 | 23 | | SECTION 1.6 |
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| 24 | 24 | | This Act shall be known and may be cited as the "Protect the Dream Act."7 |
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| 25 | 25 | | SECTION 2.8 |
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| 26 | 26 | | Article 2 of Chapter 5 of Title 44 of the Official Code of Georgia Annotated, relating to9 |
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| 27 | 27 | | conveyances, is amended by adding a new Code section to read as follows:10 |
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| 28 | 28 | | "44-5-49. |
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| 29 | 29 | | 11 |
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| 30 | 30 | | (a) As used in this Code section, the term:12 |
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| 31 | 31 | | (1) 'Homebuilder' means an entity engaged solely in the construction or rehabilitation of13 |
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| 32 | 32 | | single-family dwellings that does not have an affiliation with or conduct business with,14 |
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| 33 | 33 | | by, or on behalf of a prohibited business.15 |
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| 34 | 34 | | H. B. 305 |
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| 35 | 35 | | - 1 - 25 LC 62 0088 |
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| 36 | 36 | | (2) 'Interest' means any right, title, or interest in and to a single-family dwelling or a16 |
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| 37 | 37 | | manufactured home community or mobile home park in Georgia.17 |
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| 38 | 38 | | (3) 'Prohibited business' means any partnership, corporation, or real estate investment18 |
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| 39 | 39 | | trust that manages funds pooled from investors, is a fiduciary to such investors, has a net19 |
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| 40 | 40 | | value or assets under management on any day during a taxable year, and holds a total net20 |
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| 41 | 41 | | value in all assets of $6,250,000.00 or holds interests in at least 25 single-family21 |
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| 42 | 42 | | dwellings in a single county. Such term shall not include a not for profit organization as22 |
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| 43 | 43 | | defined in Section 501(c)(3) of the Internal Revenue Code or a homebuilder.23 |
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| 44 | 44 | | (4)(A) 'Single-family dwelling' means real property or real estate where the only24 |
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| 45 | 45 | | substantial improvement to such real property or real estate in Georgia is a residential25 |
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| 46 | 46 | | single-family dwelling. Such term includes manufactured home communities or mobile26 |
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| 47 | 47 | | home parks and single-family dwellings split into two or more dwellings.27 |
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| 48 | 48 | | (B) Such term shall not include condominiums; townhouses; multifamily communities;28 |
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| 49 | 49 | | any unoccupied single-family dwelling acquired through foreclosure; or any29 |
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| 50 | 50 | | single-family dwelling that is not rented or leased and is used as the primary residence30 |
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| 51 | 51 | | of any person with an ownership interest in a prohibited business.31 |
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| 52 | 52 | | (b) A prohibited business shall not acquire an interest in any single-family dwelling in32 |
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| 53 | 53 | | Georgia."33 |
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| 54 | 54 | | SECTION 3.34 |
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| 55 | 55 | | This Act shall become effective on July 1, 2025, and shall apply to any conveyance of an35 |
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| 56 | 56 | | interest in a single-family dwelling made on or after such date.36 |
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| 57 | 57 | | SECTION 4.37 |
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| 58 | 58 | | All laws and parts of laws in conflict with this Act are repealed.38 |
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| 59 | 59 | | H. B. 305 |
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| 60 | 60 | | - 2 - |
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