It looks like dhcpd is broken due to a compiler bug:

https://bugzilla.redhat.com/bugzilla/show_bug.cgi?id=144250

From what the bug report says, a recompile with gcc-3.4.3-2
or newer should do the trick, but I tied with the
current version gcc-3.4.3-9.EL4 it did not work.
I looked at CENTOS4 and it looks like they have recompiled it under
CENTOS3 to make it work.

Gerald