Edwards Commons Development to Encourage Minority Homeownership
AUBURN HILLS, Mich., May 8 /PRNewswire-FirstCall/ -- Genesis Homes, a division of Champion Enterprises (NYSE: CHB), the World's Largest Homebuilder(R) and the only nationwide builder of modular homes, recently announced it is working in cooperation with Atlanta's Historic District Development Corporation (HDDC), Bank Of America, the Enterprise Foundation and Freddie Mac to produce modular homes for the Edwards Commons development, located in the Martin Luther King, Jr. Historic District in Atlanta, Ga.
The goal of the development is to encourage minority homeownership through the development and sale of 20 affordable Genesis modular homes. The new development will combine community outreach initiatives, borrower counseling and low down payment mortgage options to assist area residents in achieving home ownership.
Genesis is actively involved in helping the coalition accomplish its mission by providing one- and two-story homes that fit the character of the historic neighborhood. Built off-site in Genesis' Pembroke, NC, facility, the homes range in size from 1,400 to 2,350 square feet and sell for $150,000 - $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.
The homes displayed at the Edwards Commons development led to the creation of Genesis' Americana Series, an entire line of homes addressing what a recent Harvard University study calls "the country's greatest housing need" -- new, reasonably priced housing for urban environments. The homes in the Americana Series are designed to fit seamlessly with existing urban architecture while meeting the need for small lot development, like that often found in heavily populated urban areas.
"We are honored that Atlanta's HDDC has chosen to work with Genesis," said Kevin Flaherty, vice president of marketing for Genesis Homes. "This type of housing situation is ideal for Genesis' off-site homebuilding construction process which boasts both speed and quality. What's more, the homes we are providing for this project cost significantly less than new site-built homes in the same area."
Built indoors in a quality- and climate-controlled environment, Genesis' modular homes are known for their precision engineering and reduced costs -- the benefit of bulk material purchases, a longer construction season and elimination of weather and labor delays. Modular homes are built in accordance with all required local building standards 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.
"It has been a real pleasure working with Genesis Homes on this development," said Donna Tyler, vice president of the HDDC. "Genesis' modular building process has allowed us to work quickly on this project, while providing our development with affordable, quality homes that maintain the look and feel of the area's existing local architecture."
The first two Genesis Homes built in the Martin Luther King Historic District will be on display during a May 8 open house event.
There are 10 Genesis homebuilding facilities strategically located throughout the United States. Each has the capability and home designs to work with urban leaders across the country in designing modular housing solutions.
About Genesis Homes
Genesis Homes, a member of the Champion Enterprises, Inc.'s family of homebuilders, is headquartered in Auburn Hills, Mich. Genesis operates 10 modular homebuilding facilities strategically located to serve builders and developers nationwide. To learn more, visit www.genesishomes.com .
Tim Hanson or Paul Kesman
Identity Investor Relations