Las Vegas, NV, January 19, 2004 — In its fourth year, Genesis Homes, a division of Champion Enterprises, Inc (NYSE:CHB), continues to provide innovative and cost-effective solutions to some of the nation’s greatest housing needs. Genesis, the only nationwide builder of off-site constructed homes sold to builders and developers, is able to leverage its design efficiencies and building expertise to help builders and developers address the specific housing needs of many markets, including reasonably priced homes in urban areas.
"We are proud to offer our builder and developer customers homes for use in communities all over America," said Kevin Flaherty, Vice President, Sales and Marketing for Genesis Homes. "Our off-site construction process, teamed with our experience working with local and state governments, make us a great fit for builders and developers wishing to build better, smarter and faster."
Genesis has been involved in a number of high-profile projects, including urban infill, brownfield and tax credit developments. Details of a few of these projects are below.
Genesis Meeting Several Building Needs - 2
Genesis, working in cooperation with Atlanta’s Historic District Development Corporation (HDDC), Bank of America, the Enterprise Foundation and Freddie Mac, has produced homes for the Edwards Commons development, located in the Martin Luther King, Jr. Historic District in Atlanta.
The goal of the development is to encourage minority homeownership by building 20 affordable Genesis modular homes in the Edwards Commons area. The new development combines community outreach initiatives, borrower counseling and low down payment mortgage options to assist area residents in achieving homeownership.
Genesis is helping the coalition accomplish its mission by providing one- and two-story homes that fit the character of the historic neighborhood. The homes range in size from 1,400 to 2,350 square feet and sell to consumers for $150,000 to $250,000. Each home features an open floor plan and a large porch. The two-story models also feature an open ceiling above the kitchen and spectacular views of downtown Atlanta.
Genesis recently partnered with developer Potterhill Homes to build homes for Cincinnati’s latest urban residential neighborhood, the Mills of Carthage. Built on a former industrial site, the new community consists entirely of homes built off-site, providing a much-needed boost for an urban area facing the challenges of keeping people, jobs and affordable homeownership in the city core.
The Genesis homes -- bungalows and two-stories -- feature traditional Cincinnati architecture that is aesthetically fitting for the surrounding neighborhood. These homes range in size from 1,400 to 2,400 square feet and include spacious front porches and detached garages with private rear drive access. The homes range in price for consumers from $136,000 to $188,000.
Genesis Meeting Several Building Needs - 3
The State of Ohio encourages the reuse of existing urban properties through the Low Income Housing Tax Credit (LIHTC) program and, with the help of local developers, the program is quickly rejuvenating neighborhoods all over the state.
Genesis Homes teamed with the Matt Wick Group, a local developer, to provide Toledo, Ohio, with affordable homes under the LIHTC program. The homes range in size from 1,200 to 1,626 square feet and cost the developer between $42,000 and $56,910 — averaging an astounding $35 per square foot, including set and finish. The low cost of construction allowed the developer to meet the federally-specified resident income guidelines, ensuring the receipt of federal tax credits.
These projects reflect only a portion of Genesis’ capabilities. Genesis also is actively engaged with builders and developers in the production of commercial buildings, fire houses and several other projects where the benefits of building off-site allow for quicker build times and increased profits.
Built indoors in a quality- and climate-controlled environment, Genesis homes are known for their precision engineering and reduced costs as a result of bulk material purchases, a year-long construction season and elimination of labor delays. Modular homes are built in accordance with all local building codes and can be ready for occupancy in 90 days or less. With the building taking place in a secure factory, developers also avoid on-site security costs that often arise from construction in urban areas. These cost savings can be passed on to consumers, who are able to purchase affordably-priced and quality-built homes that are consistent in style to the surrounding neighborhood.
# # #
About Genesis Homes:
Genesis Homes, a member of the Champion Enterprises, Inc. family of homebuilders, is headquartered in Auburn Hills, Mich. Genesis operates nine modular homebuilding facilities strategically located to serve builders and developers nationwide. To learn more, visit www.genesishomes.com .
Press kit contents and photography are available digitally from www.genesishomes.com.
Tim Hanson or Paul Kesman
Identity Investor Relations