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<SEC-DOCUMENT>0000950123-09-048150.txt : 20091005
<SEC-HEADER>0000950123-09-048150.hdr.sgml : 20091005
<ACCEPTANCE-DATETIME>20091005080722
ACCESSION NUMBER:		0000950123-09-048150
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20091005
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091005
DATE AS OF CHANGE:		20091005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		091104119

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y79505e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported): October&nbsp;5, 2009</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or Other <BR>
Jurisdiction <BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8551</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1851059</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>110 West Front Street<BR>

P.O. Box 500<BR>

Red Bank, New Jersey 07701</B><BR>

(Address of Principal Executive Offices) (Zip Code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>(732)&nbsp;747-7800</B><BR>

(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>Not Applicable</B><BR>

(Former Name or Former Address, if Changed Since<BR>

Last Report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;8.01. Other Events</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y79505exv99w1.htm">EX-99.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="y79505exv99w2.htm">EX-99.2</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "Item&nbsp;8.01. Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;8.01.</TD>
    <TD>&nbsp;</TD>
    <TD><U>Other Events.</U></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;5, 2009, Hovnanian Enterprises, Inc. (&#147;Hovnanian&#148;) issued a press release
announcing that in connection with the previously announced tender offers and consent solicitations
(&#147;Tender Offers&#148;) by K. Hovnanian Enterprises, Inc., its wholly owned subsidiary (&#147;K. Hovnanian&#148;),
the early tender period in respect of each of the Tender Offers expired at 5:00 p.m., New York City
time, on October&nbsp;2, 2009, and K. Hovnanian received the requisite consents (coupled with tenders)
from a majority of each of its outstanding 11<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Secured Notes due 2013 and 18% Senior
Secured Notes due 2017 to adopt the proposed amendments to the indentures under which such notes
were issued. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;5, 2009, Hovnanian also issued a press release announcing that K. Hovnanian plans
to issue an aggregate principal amount of up to $775&nbsp;million of senior secured notes due 2016
(&#147;Notes&#148;) in a private placement (the &#147;Notes Offering&#148;). The Notes are to be guaranteed by
Hovnanian and certain of its subsidiaries and to be secured on a first-priority lien basis on
substantially all the assets owned by K. Hovnanian and the guarantors, subject to permitted liens
and certain exceptions. A copy of the press release is attached hereto as Exhibit&nbsp;99.2 and is
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes Offering is being made within the United States only to &#147;qualified
institutional buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), and outside the United States to non-U.S. investors. The Notes to be offered
have not been and will not be registered under the Securities Act and may not be offered or sold in
the United States absent registration or an applicable exemption from registration requirements.
The information contained in this report does not constitute an offer to sell or the solicitation
of an offer to buy Notes in any jurisdiction in which such an offer or sale would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian currently expects its consolidated cash balances to increase by approximately $80
million during its fourth quarter ending October&nbsp;31, 2009 before being reduced by $34&nbsp;million that
has been spent on debt repurchases during the fourth quarter to date, and before the reduction of
approximately $38&nbsp;million that Hovnanian expects to spend to fund accrued interest on the Tender
Offers (which interest would otherwise have been due and payable in the following quarter).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements in this current report on Form 8-K that are not historical facts
should be considered as &#147;forward-looking statements&#148;. Such statements involve known and unknown
risks, uncertainties and other factors that may cause actual results, performance or achievements
of Hovnanian to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors
include, but are not limited to, (1)&nbsp;changes in general and local economic and industry and
business conditions, (2)&nbsp;adverse weather conditions and natural disasters, (3)&nbsp;changes in market
conditions and seasonality of Hovnanian&#146;s business, (4)&nbsp;changes in home prices and sales activity
in the markets where Hovnanian builds homes, (5)&nbsp;government regulation, including regulations
concerning development of land, the home building, sales and customer financing processes, and the
environment, (6)&nbsp;fluctuations in interest rates and the availability of mortgage financing, (7)
shortages in, and price fluctuations of, raw materials and labor, (8)&nbsp;the availability and cost of
suitable land and improved lots, (9)&nbsp;levels of competition, (10)&nbsp;availability of financing to
Hovnanian in order to satisfy the financing condition for the Tender Offers, (11)&nbsp;utility shortages
and outages or rate fluctuations, (12)&nbsp;levels of indebtedness and restrictions on Hovnanian&#146;s
operations and activities imposed by the agreements governing Hovnanian&#146;s outstanding indebtedness,
(13)&nbsp;operations through joint ventures with third parties, (14)&nbsp;product liability litigation and
warranty claims, (15)&nbsp;successful identification and integration of acquisitions, (16)&nbsp;significant
influence of Hovnanian&#146;s controlling stockholders, (17)&nbsp;geopolitical risks, terrorist acts and
other acts of war and (18)&nbsp;other factors described in detail in Hovnanian&#146;s Annual Report on Form
10-K for the year ended October&nbsp;31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended
January&nbsp;31, 2009, April&nbsp;30, 2009 and July&nbsp;31, 2009. In particular, Hovnanian typically records a
substantial number of home closing in the final month of its fourth quarter, so any significant
delays or cancellations in anticipated closings, due to changes in economic conditions, increased
difficulty in obtaining mortgage financing, inclement weather or other factors, could cause
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian&#146;s expectations as to cash balances to be materially incorrect. Except as otherwise
required by applicable securities laws, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events, changed
circumstances or any other reason.</DIV>

<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;9.01.</TD>
    <TD>&nbsp;</TD>
    <TD><U>Financial Statements and Exhibits</U>.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d) <I>Exhibits.</I></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued October&nbsp;5, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued October&nbsp;5, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOVNANIAN ENTERPRISES, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">            /s/              J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, Chief
Financial Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: October&nbsp;5, 2009</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX TO EXHIBITS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B>    </TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued October&nbsp;5, 2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued October&nbsp;5, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y79505exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="RIGHT" style="font-size: 10pt"><B>Exhibit 99.1</b></div>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">HOVNANIAN ENTERPRISES, INC<B>.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>For Immediate Release</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Larry Sorsby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey T. O&#146;Keefe</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President &#038; CFO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Investor Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>HOVNANIAN ANNOUNCES COMPLETION OF EARLY TENDER PERIOD, RECEIPT OF REQUISITE<BR>
CONSENTS IN ITS TENDER OFFERS AND AMENDMENT TO THE TENDER OFFER IN RESPECT OF<BR>
UNSECURED NOTES </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RED BANK, NJ, October&nbsp;5, 2009 &#150; Hovnanian Enterprises,&nbsp;Inc. (NYSE: HOV) (the &#147;Company&#148;) announced
today that in connection with the previously announced tender offers and consent solicitations (the
&#147;Tender Offers&#148; and &#147;Consent Solicitations&#148;) by its wholly owned subsidiary, K. Hovnanian
Enterprises, Inc. (&#147;K. Hovnanian&#148;), the early tender period in respect of each of the Tender Offers
expired at 5:00 p.m., New York City time, on October&nbsp;2, 2009 (the &#147;Early Tender Date&#148;). Holders of
notes listed below (&#147;Notes&#148;) who validly tendered and did not validly withdraw their Notes on or
prior to the Early Tender Date, will, if their Notes are accepted for purchase, be entitled to
receive the applicable total consideration, which includes an early tender consideration of $50 for
each $1,000 principal amount of Notes validly tendered on or before the Early Tender Date and
accepted in the applicable Tender Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the amount of Notes validly tendered and not validly withdrawn, by
series, at the Early Tender Date:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal Amount Tendered as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acceptance Priority</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title of Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Early Tender Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tendered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Level</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Secured Notes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Secured Notes due 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">600,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">589,227,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">98.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">18% Senior Secured Notes due 2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,299,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,597,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Unsecured Notes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes due 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">43,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,826,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Notes due 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">144,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,206,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% Senior Notes due 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">114,300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,054,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">4</FONT>% Senior Notes due 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,632,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">172,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,523,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">4</FONT>% Senior Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">173,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75,129,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As of July&nbsp;31, 2009.</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, K. Hovnanian will, subject to satisfaction of the Tender Offer conditions,
purchase for cash (i)&nbsp;any and all of its outstanding 2013 Secured Notes (the &#147;2013 Secured Notes&#148;)
(the &#147;2013 Secured Notes Tender Offer&#148;) and (ii)&nbsp;any and all of its outstanding 2017 Secured Notes
(the &#147;2017 Secured Notes&#148; and, together with the 2013 Secured Notes, the &#147;Secured Notes&#148;) (the
&#147;2017 Secured Notes Tender Offer&#148; and, together with the 2013 Secured Notes Tender Offer, the
&#147;Secured Notes Tender Offers&#148;), and will purchase 8% Senior Notes due 2012, 6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Notes due
2014,
6<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% Senior Notes due 2014, 6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">4</FONT>% Senior Notes due 2015, 7<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Notes due 2016 and 6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">4</FONT>%
Senior Notes due 2016 (collectively, the &#147;Unsecured Notes&#148;), based on the acceptance priority
levels shown in the table above, up to an amount that will require K. Hovnanian to spend the
maximum aggregate payment amount (the &#147;Maximum Payment Amount&#148;) of $100.0&nbsp;million (the &#147;Unsecured
Notes Tender Offer,&#148; as amended by the Supplement described below).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;Hovnanian also announced that it has received consents (coupled with tenders) from holders of a
majority in principal amount of each series of its Secured Notes to adopt the proposed amendments
to the respective series of Secured Notes. It is expected that supplemental indentures effecting
the proposed amendments will be executed shortly but such proposed amendments will only become
operative simultaneously upon the acceptance for payment of all Secured Notes of such series that
are validly tendered (and not previously withdrawn). K.&nbsp;Hovnanian further announced that withdrawal rights in
the Secured Notes Tender Offers expired on the Early Tender Date.</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, K. Hovnanian announced that it is amending its Offer to Purchase and Consent
Solicitation Statement, dated September&nbsp;21, 2009 (as previously amended and as it may be further
amended from time to time, the &#147;Statement&#148;) with respect to the Unsecured Notes Tender Offer only.
Pursuant to this amendment, K. Hovnanian is (i)&nbsp;decreasing the Maximum Payment Amount to $100.0
million from the previous amount of $130.0&nbsp;million, which means that K. Hovnanian is offering to
purchase the maximum aggregate principal amount of properly tendered and accepted outstanding
Unsecured Notes that it may purchase for an aggregate consideration that is less than or equal to
the Maximum Payment Amount of $100.0&nbsp;million and (ii)&nbsp;amending the time period for withdrawal
rights of holders of Unsecured Notes to three business days from the date of this amendment, which
will be 12:00 midnight, New York City time, on October&nbsp;7, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Tender Offer will expire at 12:00 midnight, New York
City time, on October&nbsp;19, 2009, unless extended or earlier terminated (with respect to each Tender
Offer, the &#147;Expiration Date&#148;). Holders of Notes who have not already tendered their Notes may do so
at any time on or prior to 12:00 midnight, New York City time, on October&nbsp;19, 2009, but such
holders will only be eligible to receive the applicable tender offer consideration, which is an
amount, paid in cash, equal to the applicable total consideration less the applicable early tender
consideration, for their Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;Hovnanian has prepared a supplement (the &#147;Supplement&#148;) to the Statement with respect to the
amendments described above. The Tender Offers and Consent Solicitations relating to the Notes are
being made upon the terms and conditions set forth in the Statement and the related Consent and
Letter of Transmittal (as amended and supplemented, the &#147;Letter of Transmittal,&#148; and together with
the Statement, the &#147;Offer Documents&#148;). The terms and conditions of the Tender Offers and Consent
Solicitations, except as otherwise modified pursuant to the Supplement, remain the same. Further
details about the terms and conditions of the Tender Offers and Consent Solicitations are set forth
in the Offer Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;Hovnanian reserves the right, in its sole discretion, to further modify the terms of any of the
Tender Offers, or to waive or modify any one or more of the conditions thereto, in whole or in
part, at any time on or before the Expiration Date of such Tender Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;Hovnanian has retained Credit Suisse Securities (USA)&nbsp;LLC (&#147;Credit Suisse&#148;) to serve as dealer
manager for the Tender Offers and as solicitation agent for the Consent Solicitations, and
Bondholder Communications Group (&#147;BCG&#148;) to serve as the information and tender agent. Copies of
the Offer Documents, including the Supplement, may be obtained from BCG at (888)&nbsp;385-2663 (toll
free). Questions regarding the Tender Offers and Consent Solicitations may be directed to Credit
Suisse at (800)&nbsp;820-1653 (toll free) or (212)&nbsp;538-1862 (collect).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release does not constitute an offer to purchase or a solicitation of any offer to sell
the Notes or any other securities. The Tender Offers and Consent Solicitations are being made
solely by the Offer Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Hovnanian Enterprises</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank,
New Jersey. The Company is one of the nation&#146;s largest homebuilders with operations in Arizona,
California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New
York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The
Company&#146;s homes are marketed and sold under the trade names K. Hovnanian<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
Homes<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, Matzel &#038; Mumford, Brighton Homes, Parkwood Builders, Town &#038; Country Homes, Oster
Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K.
Hovnanian&#146;s<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Four Seasons communities, the Company is also one of the nation&#146;s largest
builders of active adult homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward-Looking Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All statements in this press release that are not historical facts should be considered as
&#147;forward-looking statements&#148;. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, performance or achievements of the Company to be
materially different from any future results, performance or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and
other factors include, but are not limited to, (1)&nbsp;changes in general and local economic and
industry and business conditions, (2)&nbsp;adverse weather conditions and natural disasters, (3)&nbsp;changes
in market conditions and seasonality of the Company&#146;s business, (4)&nbsp;changes in home prices and
sales activity in the markets where the Company builds homes, (5)&nbsp;government regulation, including
regulations concerning development of land, the home building, sales and customer financing
processes, and the environment, (6)&nbsp;fluctuations in interest rates and the availability of mortgage
financing, (7)&nbsp;shortages in, and price fluctuations of, raw materials and labor, (8)&nbsp;the
availability and cost of suitable land and improved lots, (9)&nbsp;levels of competition, (10)
availability of financing to the Company in order to satisfy the financing condition for the Tender
Offers, (11)&nbsp;utility shortages and outages or rate fluctuations, (12)&nbsp;levels of indebtedness and
restrictions on&nbsp;the Company&#146;s&nbsp;operations and activities imposed by&nbsp;the agreements governing the
Company&#146;s outstanding indebtedness, (13)&nbsp;operations through joint ventures with third parties, (14)
product liability litigation and warranty claims, (15)&nbsp;successful identification and integration of
acquisitions, (16)&nbsp;significant influence of the Company&#146;s controlling stockholders, (17)
geopolitical risks, terrorist acts and other acts of war and (18)&nbsp;other factors described in detail
in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended October&nbsp;31, 2008 and Quarterly
Reports on Form 10-Q for the quarters ended January&nbsp;31, 2009, April&nbsp;30, 2009 and July&nbsp;31, 2009.
Except as otherwise required by applicable securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future
events, changed circumstances or any other reason.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>y79505exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="RIGHT" style="font-size: 10pt"><B>Exhibit 99.2</b></div>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px">HOVNANIAN ENTERPRISES, INC<B>.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>For Immediate Release</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Larry Sorsby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey T. O&#146;Keefe</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President &#038; CFO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Investor Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>K. HOVNANIAN ENTERPRISES, INC. ANNOUNCES NEW SENIOR SECURED NOTES OFFERING</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RED BANK, NJ, October&nbsp;5, 2009 &#150; Hovnanian Enterprises,&nbsp;Inc. (NYSE: HOV) (the &#147;Company&#148;) announced
today that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. (&#147;K. Hovnanian&#148;), plans to
issue an aggregate principal amount of up to $775&nbsp;million of senior secured notes due 2016 (the
&#147;Notes&#148;) in a private placement. In conjunction with the closing of the Notes offering, K.
Hovnanian expects to consummate its previously announced tender offers and consent solicitations
(the &#147;Tender Offers&#148;) for its outstanding senior secured notes and certain series of senior
unsecured notes and terminate its existing revolving credit facility and enter into certain letter
of credit agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Notes and the guarantees thereof by the Company and certain of its subsidiaries will be secured
on a first-priority lien basis on substantially all the assets owned by K. Hovnanian and the
guarantors, subject to permitted liens and certain exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;Hovnanian intends to use the net proceeds from the offering of the Notes together with cash on
hand to fund the Tender Offers commenced pursuant to the Offer to Purchase and Consent Solicitation
Statement dated September&nbsp;21, 2009, as amended, and to pay related fees and expenses. Any excess
proceeds will be used for additional debt repurchases from time to time and/or for general
corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Notes have not been registered under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;). The Notes may not be offered or sold within the United States or to U.S. persons, except to
&#147;qualified institutional buyers&#148; in reliance on the exemption from registration provided by Rule
144A and to certain persons in offshore transactions in reliance on Regulation&nbsp;S. You are hereby
notified that sellers of the Notes may be relying on the exemption from the provisions of Section&nbsp;5
of the Securities Act provided by Rule&nbsp;144A. This announcement does not constitute an offer to sell
or the solicitation of an offer to buy Notes in any jurisdiction in which such an offer or sale
would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Hovnanian Enterprises</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank,
New Jersey. The Company is one of the nation&#146;s largest homebuilders with operations in Arizona,
California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New
York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The
Company&#146;s homes are marketed and sold under the trade names K. Hovnanian<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
Homes<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, Matzel &#038; Mumford, Brighton Homes, Parkwood Builders, Town &#038; Country Homes, Oster
Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K.
Hovnanian&#146;s<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Four Seasons communities, the Company is also one of the nation&#146;s largest
builders of active adult homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward-Looking Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All statements in this press release that are not historical facts should be considered as
&#147;forward-looking statements&#148;. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by
the forward-looking statements. Such risks, uncertainties and other factors include, but are not
limited to, (1)&nbsp;changes in general and local economic and industry and business conditions, (2)
adverse weather conditions and natural disasters, (3)&nbsp;changes in market conditions and seasonality
of the Company&#146;s business, (4)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">changes in home prices and sales activity in the markets where the Company builds homes, (5)
government regulation, including regulations concerning development of land, the home building,
sales and customer financing processes, and the environment, (6)&nbsp;fluctuations in interest rates and
the availability of mortgage financing, (7)&nbsp;shortages in, and price fluctuations of, raw materials
and labor, (8)&nbsp;the availability and cost of suitable land and improved lots, (9)&nbsp;levels of
competition, (10)&nbsp;availability of financing to the Company in order to satisfy the financing
condition for the Tender Offers, (11)&nbsp;utility shortages and outages or rate fluctuations, (12)
levels of indebtedness and restrictions on&nbsp;the Company&#146;s&nbsp;operations and activities imposed by&nbsp;the
agreements governing the Company&#146;s outstanding indebtedness, (13)&nbsp;operations through joint ventures
with third parties, (14)&nbsp;product liability litigation and warranty claims, (15)&nbsp;successful
identification and integration of acquisitions, (16)&nbsp;significant influence of the Company&#146;s
controlling stockholders, (17)&nbsp;geopolitical risks, terrorist acts and other acts of war and (18)
other factors described in detail in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended
October&nbsp;31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended January&nbsp;31, 2009, April
30, 2009 and July&nbsp;31, 2009. Except as otherwise required by applicable securities laws, we
undertake no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events, changed circumstances or any other reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SOURCE Hovnanian Enterprises, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;5, 2009
</DIV>



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