| Ho-Chunk, Inc.: Press release |
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Dynamic Homes Awarded Large Tribal Housing Contract
Dynamic Homes was recently awarded contracts to construct at least 326 new housing units for the Three Affiliated Tribes (Mandan, Hidatsa, Arikara) of the Fort Berthold Reservation in North Dakota over the next two years. The housing units will be 12 Plex Apartments and/or Duplexes (Townhouses or Condos) and will be located in four areas or segments on the reservation, including: Four Bears, New Town/Little Shell, Parshall/Lucky Mound, White Shield, Twin Buttes, and Mandaree.
The total project has two parts which total 426 units, with the first 210 housing units being funded by the Three Affiliated Tribes Housing Project, and the second part being 216 units being paid for by a combination of private revenue bonds and the balance leveraged with United States Department of Agriculture (USDA) funds. Both projects will be built simultaneously. Preliminary estimates place the cost of the 216 unit’s portion of the project including construction, infrastructure and development expense at approximately $17.8 million.
Dynamic Homes made their original presentation on the Three Affiliated Tribes housing project in November of 2008. They were in competition against about a dozen other companies for the opportunity to be the builder for the tribal housing projects.
Construction has already begun on the first 30 units for the project at the Dynamic Homes facility in Detroit Lakes, Minnesota. The down payments have also been received for another 55 units. The timetable for construction of the remainder of the units in the projects is dependent on when the revenue bonding for funding of the project comes together. Infrastructure construction for all of the units may make the actual project completion take longer.
The homes will be owned by individual tribal members who will make monthly payments on their homes. The Tribe will develop three pools based on member’s incomes and will subsidize the homes based on those pools.
Representatives from Dynamic Homes have been traveling to the Fort Berthold Reservation every other week as work on the project continues, and have met with 75 homeowners in the last 3 weeks.
“Being a tribally-owned company was a very great advantage to Dynamic Homes in being selected for this tribal housing project,” said Paul Okeson, President of Dynamic Homes. Dynamic Homes also has a well-established relationship with the Three Affiliated Tribes, developed over the last 25 years while working on various projects.
The projects are important from a financial standpoint for Dynamic Homes. “Obviously in a perfect world, this project would be all gravy for us,” Okeson said. “The economy and housing market being what it is though, this project will help keep Dynamic Homes status quo. It will get us through the tough times until the single family housing market bounces back. In the meantime this project lets us keep marketing, recruiting and keep everyone employed. Right now, we are the only manufacturer in the Midwest that is ‘business as usual’. Most of the other manufacturers, many of which are much larger than us, are shut down right now. These projects let us keep producing and working when others aren’t,” Okeson concluded.
The Fort Berthold Reservation is located northwest of Bismarck, North Dakota and has a reservation population of approximately 3,776.
Dynamic Homes was founded in Detroit Lakes, Minnesota in 1970 by a group of local craftsmen who believed they could build higher quality homes, more efficiently and affordably through system-built construction. Over the years that mission has evolved to incorporate state-of-the-art engineering techniques, the latest technologies and the highest quality materials.
Having built more than 10,000 homes and buildings since their start up, Dynamic Homes is considered one of the most experienced and largest system-builders in the upper Midwest. Dynamic Homes are marketed through a network of authorized independent builders across Minnesota, North and South Dakota, Wisconsin, Iowa and Nebraska. Dynamic Homes’ reputation for excellence has been achieved through the dedication, skill and experience of their employees, many of whom have been with them since the company was founded.
Dynamic Homes was acquired by Ho-Chunk, Inc. in 2000.
