<SEC-DOCUMENT>0001437749-18-001311.txt : 20180130
<SEC-HEADER>0001437749-18-001311.hdr.sgml : 20180130
<ACCEPTANCE-DATETIME>20180130073918
ACCESSION NUMBER:		0001437749-18-001311
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180130
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180130
DATE AS OF CHANGE:		20180130

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:	000-32447
		FILM NUMBER:		18557479

	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>hov20180129_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>UNITED STATES</b></font></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported): <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>January 30, 2018</b></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of Registrant as Specified in Charter)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align:top;width:42.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1-8551</b></p>
			</td>
			<td style="vertical-align:top;width:29.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>22-1851059</b></p>
			</td>
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			<td style="vertical-align:top;width:29.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or Other<br>
			<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Jurisdiction<br>
			of Incorporation)</font></p>
			</td>
			<td style="vertical-align:top;width:42.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>
			</td>
			<td style="vertical-align:top;width:29.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Employer<br>
			Identification No.)</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>110 West Front Street<br>
<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">P.O. Box 500<br>
Red Bank, New Jersey 07701</font></b><br>
<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(Address of Principal Executive Offices) (Zip Code)</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(732) 747-7800</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s telephone number, including area code)</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Not Applicable</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former Name or Former <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Address, if Changed Since</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Last Report)</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:justify;">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):</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company &#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp; &nbsp; &nbsp; &nbsp; &#9744;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item 8.01.&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>Other Events. </u></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">On January 30, 2018, Hovnanian Enterprises, Inc. (&ldquo;Hovnanian&rdquo;) issued a press release relating to the previously announced exchange offer (the &ldquo;Exchange Offer&rdquo;) by its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. (&ldquo;K. Hovnanian&rdquo;), to exchange up to $185,000,000 aggregate principal amount of its outstanding 8.000% Senior Notes due 2019 (the &ldquo;Existing Notes&rdquo;) for (1) cash, (2) its newly issued 13.5% Senior Notes due 2026 (the &ldquo;New 2026 Notes&rdquo;) and (3) its newly issued 5.0% Senior Notes due 2040 (the &ldquo;New 2040 Notes&rdquo; and, together with the New 2026 Notes, the &ldquo;New Notes&rdquo;) on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, dated December 28, 2017 (as was amended or supplemented from time to time, the &ldquo;Offering Memorandum&rdquo;), and in the related Letter of Transmittal (as was amended or supplemented from time to time, the &ldquo;Letter of Transmittal&rdquo; and, collectively with the Offering Memorandum, the &ldquo;Exchange Offer Documents&rdquo;). In the press release, Hovnanian announced the results of the Exchange Offer, including that as of the expiration time for the Exchange Offer on January 29, 2018, K. Hovnanian had received tenders from holders of $170,226,000<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;of the total outstanding principal amount of Existing Notes, which amount exceeded the minimum exchange condition of $140,000,000 aggregate principal amount of the Existing Notes. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Exchange Offer was made within the United States only to &ldquo;qualified institutional buyers&rdquo; pursuant to Rule 144A under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and outside the United States to non-U.S. investors pursuant to Regulation S. The New Notes 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 the New Notes, the Existing Notes or any other securities of Hovnanian or K. Hovnanian in any jurisdiction in which such an offer or sale would be unlawful.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item 9.01. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>Financial Statements and Exhibits</u></font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(d) <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><i>Exhibits.</i></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following exhibits are attached to this Current Report on Form 8-K:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>&nbsp;</i></p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Exhibit No.</b></p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:88.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Description</b></p>
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			<td style="vertical-align:top;width:9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:88.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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		<tr>
			<td style="vertical-align:top;width:9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">99.1</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:88.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_103882.htm" style="-sec-extract:exhibit;">Press release, dated January 30, 2018, announcing the expiration of the Exchange Offer</a></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>SIGNATURES</u></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:justify;text-indent:32.4pt;">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 <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">authorized.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:60.8%;margin-right:0pt;margin-top:0pt;text-align:left;">HOVNANIAN ENTERPRISES, INC.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:60.8%;margin-right:0pt;margin-top:0pt;text-align:left;">(Registrant)</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:60.8%;margin-right:0pt;margin-top:0pt;text-align:left;">By:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<u>/s/ Michael Discafani</u></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:65.4%;margin-right:0pt;margin-top:0pt;text-align:left;">Name: Michael Discafani</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:65.4%;margin-right:0pt;margin-top:0pt;text-align:left;">Title: Vice President, Corporate Counsel and Secretary</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:65.4%;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:65.4%;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">January 30, 2018</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex_103882.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif"><b>Exhibit 99.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

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			<td colspan="2" rowspan="1" style="vertical-align: middle; border-bottom: 1px rgb(0, 0, 0); width: 7.8%; font-size: 12pt;">HOVNANIAN ENTERPRISES, INC<b>.</b></td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 34.6%; font-size: 12pt;"><b>For Immediate Release</b></td>
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			<td style="vertical-align: middle; width: 7.8%; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: middle; width: 34.6%; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: top; width: 34.6%; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Contact:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></b></p>
			</td>
			<td style="vertical-align:middle;border-bottom: 1px #000000;;width:34.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Jeffrey T. O<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;Keefe</font></p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:34.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Ethan Lyle</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align:middle;border-bottom: 1px #000000;;width:34.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Vice President of Investor Relations</p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:34.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Teneo Strategy</p>
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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 34.6%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">732-747-7800</p>
			</td>
			<td style="vertical-align: top; width: 34.6%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">212-886-9376</p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>K. HOVNANIAN ENTERPRISES, INC. ANNOUNCES EXPIRATION OF EXCHANGE OFFER FOR ITS 8.000% SENIOR NOTES DUE 2019</b></u></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">RED BANK, NJ, January 30, 2018 <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&mdash; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &ldquo;Company&rdquo;) announced today that in connection with the previously announced exchange offer (the &ldquo;Exchange Offer&rdquo;) by its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. (&ldquo;K. Hovnanian&rdquo;), to exchange up to $185,000,000 aggregate principal amount of its outstanding 8.000% Senior Notes due 2019 (the &ldquo;Existing Notes&rdquo;) for (1) cash, (2) its newly issued 13.5% Senior Notes due 2026 (the &ldquo;New 2026 Notes&rdquo;) and (3) its newly issued 5.0% Senior Notes due 2040 (the &ldquo;New 2040 Notes&rdquo; and, together with the New 2026 Notes, the &ldquo;New Notes&rdquo;) on the terms and subject to the conditions set forth in a Confidential Offering Memorandum, dated December 28, 2017 (as was amended or supplemented from time to time, the &ldquo;Offering Memorandum&rdquo;), and in the related Letter of Transmittal (as was amended or supplemented from time to time, the &ldquo;Letter of Transmittal&rdquo; and, collectively with the Offering Memorandum, the &ldquo;Exchange Offer Documents&rdquo;): </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1) the Exchange Offer expired at 11:59 p.m., New York City time, on January 29, 2018 (the &ldquo;Expiration Time&rdquo;);</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(2) as of the Expiration Time, K. Hovnanian had received tenders from the holders of $170,226,000, or 72.14%<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, of the total outstanding principal amount of the Existing Notes; and</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(3) all other conditions of the Exchange Offer (including the financing condition discussed below) have been satisfied or waived, as applicable, and K. Hovnanian intends to accept&nbsp;all of the Existing Notes validly tendered and not validly withdrawn in the Exchange Offer.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Registered holders of the Existing Notes (the &ldquo;Holders&rdquo;) who validly tendered and did not validly withdraw their Existing Notes on or prior to the withdrawal deadline will receive on February 1, 2018 the following per $1,000 principal amount of Existing Notes that are accepted for exchange: (1) an amount of cash (the &ldquo;Cash Amount&rdquo;) equal to the product of (a) $1,000 multiplied by (b) the quotient of (i) $26,000,000 divided by (ii) the total principal amount of the Existing Notes validly tendered in connection with the Exchange Offer, (2) an additional amount in cash equal to the product of (a) the Cash Amount multiplied by (b) 0.02000, (3) the principal amount of New 2026 Notes equal to the product of (a) the sum of (i) $1,000 minus (ii) the Cash Amount multiplied by (b) 0.62827 and (4) the principal amount of New 2040 Notes equal to the product of (a) the sum of (i) $1,000 minus (ii) the Cash Amount multiplied by (b) 0.62500 (the &ldquo;Exchange Consideration&rdquo;). The aggregate amount of each series of New Notes forming part of the Exchange Consideration in respect of each participating Holder<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s Existing Notes validly tendered (and not validly withdrawn prior to the withdrawal deadline) and accepted in the Exchange Offer will be rounded down, if necessary, to $2,000 or the nearest whole multiple of $1,000 in excess thereof, and no additional cash will be paid in lieu of any principal amount of the New Notes not received as a result of such rounding down.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The table below sets forth the Exchange Consideration for the Exchange Offer.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr>
			<td style="vertical-align: bottom; width: 29.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 16.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Total</b></p>
			</td>
			<td colspan="3" style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:53.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exchange Consideration(1)</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 29.5%; text-align: center;"><b>Title of</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>&nbsp;</b><b>Security</b></font></td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:16.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Principal</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Tendered</b></p>
			</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:14.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Cash</b></p>
			</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:19.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>New 2026 Notes(2)</b></p>
			</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:19.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>New 2040 Notes(2)</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:29.5%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>8.000% Senior Notes due 2019</b></p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:16.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">$170,226,000</p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:14.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">$155.7928871</p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:19.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">$532.3092185</p>
			</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:19.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">$529.5386721</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0">
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:13.5pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-13.5pt;">(1)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Per $1,000 principal amount of Existing Notes that are accepted for exchange.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:13.5pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-13.5pt;">(2) The aggregate amount of each series of New Notes forming part of the Exchange Consideration to be received by each participating Holder will be rounded down, if necessary, to $2,000 or the nearest whole multiple of $1,000 in excess thereof.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:13.5pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-13.5pt;">&nbsp;</p>

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<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company also announced that (in accordance with the financing condition described in the Offering Memorandum), on January 29, 2018, it entered into agreements providing for the previously announced financing arrangements with affiliates of GSO Capital Partners LP, which include: (i) a senior unsecured term loan credit facility of $132.5 million of initial term loans and up to $80.0 million of delayed draw term loans and (ii) a senior secured first lien revolving credit facility of up to $125.0 million of senior secured first priority revolving loans (collectively, the &ldquo;Financing Arrangements&rdquo;). Borrowings under the Financing Arrangements will be available on the dates and subject to the terms and conditions set forth therein.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>This announcement does not constitute an offer to sell or the solicitation of an offer to buy the New Notes, the Existing Notes or any other securities of the Company or K. Hovnanian in any jurisdiction in which such an offer or sale would be unlawful. The Exchange Offer was made solely on the terms and subject to the conditions set forth in the Exchange Offer Documents and the information in this press release is qualified by reference to such Exchange Offer Documents.</i></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>About Hovnanian Enterprises </b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company&rsquo;s homes are marketed and sold under the trade names K. Hovnanian&reg; Homes, Brighton Homes&reg; and Parkwood Builders. As the developer of K. Hovnanian&rsquo;s&reg; Four Seasons communities, the Company is also one of the nation&rsquo;s largest builders of active lifestyle communities. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Forward-Looking Statements </b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">All statements in this press release that are not historical facts should be considered as &ldquo;Forward-Looking Statements&rdquo;. 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. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a sustained homebuilding downturn; (2) adverse weather and other environmental conditions and natural disasters; (3) levels of indebtedness and restrictions on the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s operations and activities imposed by the agreements governing the Company&rsquo;s outstanding indebtedness; (4) the Company&rsquo;s sources of liquidity; (5) changes in credit ratings; (6) changes in market conditions and seasonality of the Company&rsquo;s business; (7) the availability and cost of suitable land and improved lots; (8) shortages in, and price fluctuations of, raw materials and labor; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) operations through joint ventures with third parties; (13) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (14) product liability litigation, warranty claims and claims made by mortgage investors; (15) levels of competition; (16) availability and terms of financing to the Company; (17) successful identification and integration of acquisitions; (18) significant influence of the Company&rsquo;s controlling stockholders; (19) availability of net operating loss carryforwards; (20) utility shortages and outages or rate fluctuations; (21) geopolitical risks, terrorist acts and other acts of war; (22) increases in cancellations of agreements of sale; (23) loss of key management personnel or failure to attract qualified personnel; (24) information technology failures and data security breaches; (25) legal claims brought against us and not resolved in our favor; and (26) other factors described in detail in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended October 31, 2017, and in the Offering Memorandum. 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.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">2</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
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