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<SEC-DOCUMENT>0000950123-11-009053.txt : 20110204
<SEC-HEADER>0000950123-11-009053.hdr.sgml : 20110204
<ACCEPTANCE-DATETIME>20110204092901
ACCESSION NUMBER:		0000950123-11-009053
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110204
DATE AS OF CHANGE:		20110204
GROUP MEMBERS:		K. HOVNANIAN ENTERPRISES, INC.

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-171349
		FILM NUMBER:		11572696

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>y89323f2fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
<TITLE>fwp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Pricing Term Sheet
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Filed pursuant to Rule&nbsp;433</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Dated February&nbsp;3, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Issuer Free Writing Prospectus supplementing the</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Preliminary Prospectus Supplement</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">dated January&nbsp;31, 2011 and the</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Prospectus dated January&nbsp;28, 2011</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration Statement File No.&nbsp;333-171349</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y89323f2y8932301.gif" alt="(KHOVNANIAN COMPANIES LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">K. Hovnanian Enterprises, Inc.<BR>
Offering of<BR>
$155,000,000 11.875% Senior Notes due 2015<BR>
guaranteed by<BR>
Hovnanian Enterprises, Inc.<BR>
(the &#147;Senior Notes Offering&#148;)
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The information in this pricing term sheet relates only to the Senior Notes Offering and should be
read together with (i)&nbsp;the preliminary prospectus supplement, dated January&nbsp;31, 2011, relating to
the Senior Notes Offering (the &#147;Preliminary Prospectus Supplement&#148;), as filed with the Securities
and Exchange Commission (the &#147;SEC&#148;) pursuant to Rule 424(b) under the Securities Act of 1933, as
amended, and (ii)&nbsp;the related prospectus dated January&nbsp;28, 2011, included in the Registration
Statement (File No.&nbsp;333-171349), in each case, including the documents incorporated by reference
therein. Terms used but not defined herein have the meanings assigned to such terms in the
Preliminary Prospectus Supplement.
</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="40%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>K. Hovnanian Enterprises, Inc. (&#147;K. Hovnanian&#148;)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Security Description:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Notes</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Distribution:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEC Registered</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Face:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$155,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Gross Proceeds:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$151,052,150&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Net Proceeds to Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$147,919,650&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Coupon:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.875%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;15, 2015</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Offering Price:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">97.453% The Senior Notes will be issued with original
issue discount. See &#147;Certain United States Federal
Income and Estate Tax Consequences&#148; in the Preliminary
Prospectus Supplement&#148;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Yield to Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.625%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Spread to Treasury:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1056 basis points</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benchmark:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.250% UST due 10/31/2015</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ratings:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caa2 / CCC- (1)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Payment Dates:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;15 and October 15</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Payment Record Dates:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April 1 and October 1</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Commencing:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4/15/2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Optional Redemption:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Makewhole call at T&#043;50 bps</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Equity Clawback:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redeem until 4/15/2014 at 111.875%
for up to 35.0%</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Change of Control:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Put at 101% of principal plus accrued and unpaid interest</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pricing Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2/3/2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Settlement Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2/14/2011 (T&#043;7)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CUSIP:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">442488 BK7&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<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="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Pricing Term Sheet
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Filed pursuant to Rule&nbsp;433</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Dated February&nbsp;3, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Issuer Free Writing Prospectus supplementing the</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Preliminary Prospectus Supplement</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">dated January&nbsp;31, 2011 and the</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Prospectus dated January&nbsp;28, 2011</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration Statement File No.&nbsp;333-171349</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" style="line-height: 1px">
    <TD width="40%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ISIN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US442488BK75</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Minimum Allocation:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Increments:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Book-Runners:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse Securities (USA)&nbsp;LLC</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities LLC</TD>
</TR>
<TR valign="bottom">
    <TD align="right" 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 style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 7pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These securities ratings have been provided by Moody&#146;s and S&#038;P. Neither of these
ratings is a recommendation to buy, sell or hold these securities. Each rating may be subject
to revision or withdrawal at any time, and should be evaluated independently of any other
rating.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Changes from Preliminary Prospectus Supplement</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian has increased the offering of the Senior Notes from $150.0&nbsp;million aggregate
principal amount to $155.0&nbsp;million aggregate principal amount. Other information (including
financial information) presented in the Preliminary Prospectus Supplement is deemed to have
changed to the extent affected by the changes described in this Pricing Term Sheet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Use of Proceeds:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in the Preliminary Prospectus Supplement, concurrently with the Senior Notes
Offering, Hovnanian Enterprises Inc. (&#147;Hovnanian&#148;) is offering shares of its Class&nbsp;A common
stock for a total price to public of approximately $50.0&nbsp;million (or approximately $57.5
million if the underwriters exercise their over-allotment option in full) (the &#147;Common Stock
Offering&#148;) and Hovnanian and K. Hovnanian are offering 3,000,000 tangible equity units (or
3,450,000 tangible equity units if the underwriters exercise their overallotment option in
full), each with a stated amount of $25 (the &#147;Units Offering&#148;). The net proceeds of the
Senior Notes Offering, the Common Stock Offering and the Units Offering will be used to fund
the purchase of an aggregate principal amount of approximately $156.0&nbsp;million of certain of K.
Hovnanian&#146;s unsecured senior and senior subordinated notes and for general corporate purposes
as described in the Preliminary Prospectus Supplement. The Senior Notes Offering is
conditioned upon the completion of the Common Stock Offering and the Units Offering and each
offering is subject to customary closing conditions.
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Hovnanian and K. Hovnanian have filed a registration statement (including a prospectus and
related preliminary prospectus supplement) with the SEC for the Senior Notes Offering. Before
you invest, you should read the prospectus in that registration statement, the prospectus
supplement and other documents Hovnanian has filed with the SEC for more complete information
about Hovnanian and K. Hovnanian and the Senior Notes Offering. You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the
Preliminary Prospectus Supplement and the accompanying prospectus may be obtained from Credit
Suisse Securities (USA)&nbsp;LLC Prospectus Department, One Madison Avenue, New York, NY 10010 or
by calling 1-800-221-1037.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This communication should be read in conjunction with the Preliminary Prospectus Supplement
and the accompanying prospectus. The information in this communication supersedes the
information in the Preliminary Prospectus Supplement and the accompanying prospectus to the
extent inconsistent with the information in such Preliminary Prospectus Supplement and the
accompanying prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS
COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY
GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B>
</DIV>



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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
