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GA HB305
Bill
Status
2/5/2025
Primary Sponsor
Phil Olaleye
Click for details
AI Summary
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Prohibits "prohibited businesses" from acquiring any interest in single-family dwellings in Georgia, effective July 1, 2025
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Defines "prohibited business" as partnerships, corporations, or real estate investment trusts that manage pooled investor funds and either hold $6,250,000 or more in total assets or own interests in at least 25 single-family dwellings in a single county
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Exempts 501(c)(3) nonprofit organizations and homebuilders engaged solely in construction or rehabilitation of single-family dwellings
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Single-family dwelling definition includes manufactured home communities and mobile home parks, but excludes condominiums, townhouses, multifamily communities, and properties acquired through foreclosure
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Applies only to conveyances made on or after July 1, 2025, not retroactively to existing ownership
Legislative Description
Protect the Dream Act; enact
Last Action
House Second Readers
2/10/2025