Final answer:
The correct legislation for establishing a homeowners association in Georgia is the Georgia Property Owners Association Act of 1994. This act provides guidelines for the creation and management of homeowners associations, differing from acts related to fair housing or mortgage refinancing.
Step-by-step explanation:
The legislation in Georgia that provides the framework for creating a homeowners association is the Georgia Property Owners Association Act of 1994. This law allows for the establishment and management of homeowners associations within the state, setting guidelines for governance, membership, and property management.
Unlike the Georgia Fair Housing Act of 1990, which is focused on prohibiting discrimination in housing, the Property Owners Association Act deals specifically with the legal framework for homeowners associations. It does not relate to the Home Owners' Loan Corporation Act that helped refinance home mortgages during the Great Depression, nor does it deal with zoning regulations mentioned in Property Matters which control land use in urban areas.