<SEC-DOCUMENT>0001437749-19-021502.txt : 20191105
<SEC-HEADER>0001437749-19-021502.hdr.sgml : 20191105
<ACCEPTANCE-DATETIME>20191105060606
ACCESSION NUMBER:		0001437749-19-021502
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191101
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191105
DATE AS OF CHANGE:		20191105

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:		191191626

	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>hov20191101_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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	<title>hov20191101_8k.htm</title>

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<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:18pt;margin:0pt;text-align:center;"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></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:0pt;text-align:left;">&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:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</b></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:center;">Date of Report (Date of earliest event reported): <b>November 1, 2019</b></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:18pt;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 its Charter)</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:0pt;text-align:center;"><b>Delaware</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or Other</p>

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

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">of Incorporation)</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1-8551</b></p>

			<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:33%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>22-1851059</b></p>

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

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Identification No.)</p>
			</td>
		</tr>

</table>

<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:center;"><b>90 Matawan Road, Fifth Floor</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Matawan, New Jersey 07747</b><br>
(Address of Principal Executive Offices) (Zip Code)</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:center;"><b>(732) 747-7800</b><br>
(Registrant&#8217;s telephone number, including area code)</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:center;"><b>Not Applicable</b><br>
(Former Name or Former Address, if Changed Since<br>
Last Report)</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;">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:</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:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
		</tr>

</table>

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			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
		</tr>

</table>

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		<tr>
			<td style="vertical-align:top;width:3.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:96.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">Securities registered pursuant to Section 12(b) of the Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

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		<tr>
			<td style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 34%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title of each class</p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 33%; border-top: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Trading symbol(s)</p>
			</td>
			<td style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 33%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Name of each exchange on which registered</p>
			</td>
		</tr>
		<tr>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Class A Common Stock $0.01 par value per share</p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:33%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">HOV</p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 33%; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">New York Stock Exchange</p>
			</td>
		</tr>
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			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 34%; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Preferred Stock Purchase Rights <sup>(1)</sup></p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:33%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">N/A</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">New York Stock Exchange</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 34%; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock</p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:33%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">HOVNP</p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 33%; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Nasdaq Global Market</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="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.</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;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</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&nbsp; &#9744;&nbsp;</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;">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. &#9744;&nbsp;</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Item 8.01</u>. <u>Other Events</u>.</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>Exchange Offers</b></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:justify;text-indent:36pt;">On November 4, 2019, Hovnanian Enterprises, Inc. (the &#8220;Company&#8221;) issued a press release announcing that K. Hovnanian Enterprises, Inc., the Company&#8217;s wholly-owned subsidiary (&#8220;K. Hovnanian&#8221;), has commenced (i)&nbsp;a private offer to exchange (the &#8220;Old 2022 Notes Exchange Offer&#8221;) K. Hovnanian&#8217;s 10.000% Senior Secured Notes due 2022 (the &#8220;Old 2022 Notes&#8221;) and (ii)&nbsp;a private offer to exchange (the &#8220;Old 2024 Notes Exchange Offer&#8221; and, together with the Old 2022 Notes Exchange Offer, the &#8220;Exchange Offers&#8221;) K. Hovnanian&#8217;s 10.500% Senior Secured Notes due 2024 (the &#8220;Old 2024 Notes&#8221; and, together with the Old 2022 Notes, the &#8220;Old Notes&#8221;) for up to $240.0 million aggregate principal amount of K. Hovnanian&#8217;s newly issued 10.000% 1.75 Lien Notes due 2025 (the &#8220;New 2025 Notes&#8221;). In conjunction with the Exchange Offers, K. Hovnanian is soliciting (i)&nbsp;consents to proposed amendments from the holders of the Old 2022 Notes (the &#8220;Old 2022 Notes Consent Solicitation&#8221;) to the indenture, dated as of July 27, 2017 (as amended and supplemented prior to the proposed amendments, the &#8220;Old Notes Indenture&#8221;), among K. Hovnanian, the Company and the other guarantors parties thereto and Wilmington Trust, National Association, as trustee and collateral agent, providing for, among other matters, the elimination of most of the restrictive covenants, certain of the affirmative covenants and certain of the events of default contained in the Old Notes Indenture applicable to the Old 2022 Notes and (ii)&nbsp;consents to proposed amendments from the holders of the Old 2024 Notes (the &#8220;Old 2024 Notes Consent Solicitation&#8221; and, together with the Old 2022 Notes Consent Solicitation, the &#8220;Consent Solicitations&#8221;) to the Old Notes Indenture providing for, among other matters, the elimination of most of the restrictive covenants, certain of the affirmative covenants and certain of the events of default contained in the Old Notes Indenture applicable to the Old 2024 Notes. The Exchange Offers and the Consent Solicitations are being made on the terms and subject to the conditions set forth in a Confidential Offering Memorandum and Consent Solicitation Statement, dated November 4, 2019 (as it may be amended or supplemented from time to time, the &#8220;Offering Memorandum&#8221;). If, in connection with the Exchange Offers, New 2025 Notes are issued in an amount less than $240.0 million (such amount, as may be modified by K. Hovnanian, the &#8220;New Notes Cap&#8221;), then, following the completion of the Exchange Offers, K. Hovnanian will offer to exchange K. Hovnanian&#8217;s senior unsecured term loans due 2027 for debt that is secured on a <i>pari passu</i> basis with the New 2025 Notes (the &#8220;New Pari Passu Debt&#8221;) to be issued or borrowed by the Issuer and guaranteed by the Company and certain subsidiaries of the Company in an aggregate principal amount equal to the New Notes Cap less the amount of New 2025 Notes issued in connection with the Exchange Offers. The terms of the New Pari Passu Debt, if any, are to be determined and may differ from the New 2025 Notes. A copy of the press release announcing the Exchange Offers and the Consent Solicitations is attached to this Current Report as Exhibit 99.1 and is incorporated herein by reference.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The New 2025 Notes have not been and will not be registered under the Securities Act or any state securities laws. The New 2025 Notes may not be offered or sold within the United States or to U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This current report is neither an offer to purchase or sell nor a solicitation of an offer to sell or buy the Old Notes, the New 2025 Notes or any other securities of the Company or K. Hovnanian. This current report also is not a solicitation of consents to the proposed amendments to the Old Notes Indenture. The Exchange Offers and the Consent Solicitations are being made solely on the terms and subject to the conditions set forth in the Offering Memorandum and the information in this current report is qualified by reference to such Offering Memorandum.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">All statements in this current report that are not historical facts should be considered as &#8220;Forward-Looking Statements&#8221; within the meaning of the &#8220;Safe Harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. 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 forward-looking statements include but are not limited to statements related to the Company&#8217;s goals and expectations with respect to its financial results for future financial periods. Although the Company believes that its plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, the Company 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 significant homebuilding downturn; (2) adverse weather and other environmental conditions and natural disasters; (3) high leverage and restrictions on the Company&#8217;s operations and activities imposed by the agreements governing the Company&#8217;s outstanding indebtedness; (4) availability and terms of financing to the Company; (5) the Company&#8217;s sources of liquidity; (6) changes in credit ratings; (7) the seasonality of the Company&#8217;s business; (8) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (9) shortages in, and price fluctuations of, raw materials and labor; (10) reliance on, and the performance of, subcontractors; (11) 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; (12) fluctuations in interest rates and the availability of mortgage financing; (13) increases in cancellations of agreements of sale; (14) changes in tax laws affecting the after-tax costs of owning a home; (15) operations through unconsolidated joint ventures with third parties; (16) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (17) legal claims brought against us and not resolved in the Company&#8217;s favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (18) levels of competition; (19) successful identification and integration of acquisitions; (20) significant influence of the Company&#8217;s controlling stockholders; (21) availability of net operating loss carryforwards; (22) utility shortages and outages or rate fluctuations; (23) changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; (24)&nbsp;geopolitical risks, terrorist acts and other acts of war; (25) loss of key management personnel or failure to attract qualified personnel; (26) information technology failures and data security breaches; (27) negative publicity; and (28)&nbsp;certain risks, uncertainties and other factors described in detail in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended October 31, 2018 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, the Company undertakes 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.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>8.000% Senior Notes</b></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:justify;text-indent:36pt;">As previously disclosed, the Company continues to actively analyze and evaluate its capital structure and to take steps to strengthen it's balance sheet. On November 1, 2019, K. Hovnanian at Sunrise Trail III, LLC, as the sole holder thereof, extended the maturity of the $26.0 million principal amount of K. Hovnanian&#8217;s 8.000% Senior Notes from November 1, 2019 to November 1, 2027, which enables K. Hovnanian to preserve certain debt refinancing capability under its outstanding indentures. A copy of the Twentieth Supplemental Indenture among K. Hovnanian, the Company, the other guarantors party thereto and Wilmington Trust, National Association, as trustee, is attached as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</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:left;"><u>Item 9.01&nbsp;Financial Statements and Exhibits</u>.</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;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</p>

<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:top;width:7.7%;">&nbsp;</td>
			<td style="vertical-align:top;width:92.3%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;4.1</p>
			</td>
			<td style="vertical-align:top;width:92.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_162592.htm" style="-sec-extract:exhibit;">Twentieth Supplemental Indenture, dated as of November 1, 2019, among K. Hovnanian, the Company, the other guarantors party thereto and Wilmington Trust, National Association, as trustee.</a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;99.1</p>
			</td>
			<td style="vertical-align:top;width:92.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_162895.htm" style="-sec-extract:exhibit;">Press Release, dated November 4, 2019.</a></p>
			</td>
		</tr>

</table>

<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: 0pt; text-align: left">&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:0pt;text-align:center;">&nbsp;</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;text-indent:36pt;">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.</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:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align:bottom;width:38.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN ENTERPRISES, INC.</p>
			</td>
			<td style="vertical-align:bottom;width:11.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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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 colspan="2" style="vertical-align:bottom;width:38.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Registrant)</p>
			</td>
			<td style="vertical-align:bottom;width:11.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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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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			<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:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align:bottom;width:11.8%;">
			<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:0pt;text-align:left;">&nbsp;</p>
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			<td style="vertical-align:bottom;width:3.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:&nbsp;</p>
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			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:34.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Michael Discafani</p>
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			<td style="vertical-align:bottom;width:11.8%;">
			<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:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:3.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
			</td>
			<td style="vertical-align:top;width:34.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name: Michael Discafani</p>
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			<td style="vertical-align:top;width:11.8%;">
			<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:0pt;text-align:left;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title: Vice President, Corporate</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Counsel and Secretary</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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<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;">Date: November 4, 2019</p>

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


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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex_162592.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 4.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><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 72pt;text-align:center;">TWENTIETH SUPPLEMENTAL INDENTURE</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;">dated as of November 1, 2019</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;">among</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;">K. HOVNANIAN ENTERPRISES, INC.</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;">HOVNANIAN ENTERPRISES, INC.</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;">The Other Guarantors Party Hereto</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;">and</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;text-transform:uppercase;">WILMINGTON TRUST, NATIONAL ASSOCIATION</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;">as Trustee</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">_________________________</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;">8.000% Senior Notes</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-top: 0pt; margin-bottom: 0pt;">&nbsp;</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-top: 0pt; margin-bottom: 0pt;">&nbsp;</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:left;text-indent:72pt;"><b>THIS TWENTIETH SUPPLEMENTAL INDENTURE</b>, dated as of November 1, 2019 (this &#8220;<u>Supplemental Indenture</u>&#8221;), to the Indenture dated as of November 5, 2014, among K.&nbsp;Hovnanian Enterprises, Inc., a California corporation (the &#8220;<u>Issuer</u>&#8221;), Hovnanian Enterprises, Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;), the other guarantors party thereto and Wilmington Trust, National Association, as trustee (in such capacity, the &#8220;<u>Trustee</u>&#8221;) (as amended and supplemented to the date hereof, the &#8220;<u>Indenture</u>&#8221;).</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>W I T N E S S E T H:</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;"><b>WHEREAS</b>, the Issuer&#8217;s 8.000% Senior Notes due 2019 (the &#8220;<u>Notes</u>&#8221;) were issued under the Indenture and are guaranteed by the Company, K. HOV IP, II, Inc., a California corporation (&#8220;<u>K. HOV IP</u>&#8221;), and each of the entities listed on <u>Schedule I</u> hereto (together with K. HOV IP, the &#8220;<u>Guarantors</u>&#8221;);</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;text-indent:72pt;"><b>WHEREAS</b>, the aggregate principal amount of the Notes outstanding as of the date hereof is $26.0 million, all of which are owned by K. Hovnanian at Sunrise Trail III, LLC, a wholly-owned subsidiary of the Company (the &#8220;<u>Holder</u>&#8221;) , and which are represented by Certificated Note No. C-1 (the &#8220;<u>Existing Certificated Note</u>&#8221;);</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;text-indent:72pt;"><b>WHEREAS</b>, Section 9.02 of the Indenture provides that the Issuer, the Company, the Guarantors and the Trustee may amend or supplement the Indenture with respect to the Notes and the Guarantees with the consent of the Holder (the &#8220;<u>Consent</u>&#8221;) to, among other matters, change the fixed maturity of any Note;</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;text-indent:72pt;"><b>WHEREAS</b>, in accordance with Section 9.03(b) of the Indenture, the Issuer desires to exchange the Existing Certificated Note for a new certificated Note reflecting the changes set forth in this Supplemental Indenture (the &#8220;<u>Replacement Certificated Note</u>&#8221;)<b>;</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:left;text-indent:72pt;"><b>WHEREAS</b>, the Issuer has received and delivered to the Trustee the Consent to effect the amendments set forth in this Supplemental Indenture and has requested that the Trustee authenticate the Replacement Certificated Note;</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;text-indent:72pt;"><b>WHEREAS</b>, the Issuer, the Company and the Guarantors have been authorized by a resolution of their respective Board of Directors, or the Board of Directors of their ultimate sole or managing member, as the case may be, to enter into this Supplemental Indenture and to issue the Replacement Certificated Note; and</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;text-indent:72pt;"><b>WHEREAS</b>, all other acts and proceedings required by law, by the Indenture and by the organizational documents of the Issuer, the Company and the Guarantors to make this Supplemental Indenture a valid and binding agreement for the purposes expressed herein, in accordance with its terms, have been duly done and performed.</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;text-indent:72pt;"><b>NOW, THEREFORE</b>, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Company, the Guarantors and the Trustee hereby agree as follows:</p>

<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="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 1.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 2.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to the Indenture</u>.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The references to &#8220;8.000% Senior Notes due 2019&#8221; on the Cover Page and in each and every place appearing in the Indenture are hereby amended and restated in their entirety by replacement with &#8220;8.000% Senior Notes due 2027&#8221;.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 (Optional Redemption) of the Indenture is hereby amended and restated in its entirety to read as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:left;">&#8220;Section 3.01. <i>Optional Redemption</i>. (a) The Issuer may, at its option, redeem the Notes, in whole, at any time, or in part, from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date.&#8221;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><u>Replacement Certificated Note</u>. The Replacement Certificated Note shall be in the form attached hereto as Exhibit&nbsp;A and executed and delivered by the Issuer to the Trustee for authentication and delivery to, or at the direction of, the Holder in accordance with the Indenture and thereafter, to cancel the Existing Certificated Note. The terms and provisions contained in the Replacement Certificated Note will constitute, and are hereby expressly made, a part of this Supplemental Indenture.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 4.</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture will become effective immediately, and the amendment set forth in Section 2 herein will become operative immediately, upon its execution and delivery by the parties hereto.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 5.</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 6.</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture may be signed in various counterparts, which together will constitute one and the same instrument.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 7.</b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture is an amendment supplemental to the Indenture with respect to the Notes, and the Indenture and this Supplemental Indenture will henceforth be read together.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>Except as expressly provided herein, all of the terms, provisions and conditions of the Indenture and the Notes shall remain in full force and effect.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><b>SECTION 9.</b> The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Issuer, the Company and each of the Guarantors.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;"><b>IN WITNESS WHEREOF</b>, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.</p>

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

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

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ J. Larry Sorsby&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u></p>

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title:&nbsp;Executive Vice President and Chief Financial Officer</p>

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

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

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ J. Larry Sorsby&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u></p>

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title:&nbsp;Executive Vice President and Chief Financial Officer</p>

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>K. HOV IP, II, INC.</b></p>

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

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

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title:&nbsp;Chief Executive Officer and Treasurer</p>

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-transform: uppercase;"><b>On behalf of each of the entities listed on Schedule I hereto</b></p>

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

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

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

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title:&nbsp;Vice President</p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">[K. Hovnanian &#8211; Signature Page to Twentieth Supplemental Indenture]</p>

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

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

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:&nbsp;&nbsp;<u>/s/ Nedine P. Sutton&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name: Nedine P. Sutton</p>

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

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">[K. Hovnanian &#8211; Signature Page to Twentieth Supplemental Indenture]</p>

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

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY ARIZONA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ARIZONA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ARIZONA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT 23 NORTH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT 240 MISSOURI, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ACACIA PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT AIRE ON MCDOWELL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CATANIA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EAGLE HEIGHTS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GALLERY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GALLOWAY RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LUKE LANDING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MARYLAND RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONTANA VISTA DOBBINS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONTANA VISTA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PALM VALLEY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PARK PASEO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT POINTE 16, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT QUAIL CREEK, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RANCHO CABRILLO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SCOTTSDALE HEIGHTS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SIENNA HILLS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SILVERSTONE G, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SILVERSTONE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SKYE ON MCDOWELL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SOLARE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SUNRISE TRAIL II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SUNRISE TRAIL III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE MEADOWS 9, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT UNION PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VENTANA LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VERRADO CASCINA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VERRADO MARKETSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES OF ARIZONA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN GREAT WESTERN HOMES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LEGACY AT VIA BELLA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PHOENIX DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PHOENIX GROUP, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT THE MANOR II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT THE MANOR, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CALIFORNIA OLD GC, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CALIFORNIA REGION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMMUNITIES, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES OF SOUTHERN CALIFORNIA, INC.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES NORTHERN CALIFORNIA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN JV HOLDINGS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN JV SERVICES COMPANY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MEADOW VIEW AT MOUNTAIN HOUSE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTHEAST DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTHERN CALIFORNIA DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OPERATIONS COMPANY, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S ASPIRE AT UNION VILLAGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BAKERSFIELD, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BEAUMONT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT LOS BANOS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT MORENO VALLEY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT PALM SPRINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S PARKSIDE AT TOWNGATE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S SONATA AT THE PRESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S VERANDA AT RIVERPARK II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S VERANDA AT RIVERPARK, LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">STONEBROOK HOMES, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PARKVIEW AT STERLING MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2700 EMPIRE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV POSITANO LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV RANCHO 79 LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTHERN CALIFORNIA DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ASPIRE AT BELLEVUE RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ASPIRE AT RIVER TERRACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ALISO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ANDALUSIA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BAKERSFIELD 463, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BEACON PARK AREA 129 II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BEACON PARK AREA 129, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BEACON PARK AREA 137, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BLACKSTONE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CADENCE PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CAPISTRANO, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CARLSBAD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CEDAR LANE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CIELO, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EL DORADO RANCH II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EL DORADO RANCH, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FIDDYMENT RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FRESNO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GASLAMP SQUARE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GILROY 60, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GILROY, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HIDDEN LAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT JAEGER RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LA LAGUNA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LUNA VISTA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MALAN PARK, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANTECA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MELANIE MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MERIDIAN HILLS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MUIRFIELD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PARKSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PAVILION PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PIAZZA SERENA, L.L.C</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT POSITANO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SANTA NELLA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SHELDON GROVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SIERRA VISTA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SKYE ISLE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT STANTON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SUNRIDGE PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THOMPSON RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TRAIL RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VALLE DEL SOL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VERONA ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VICTORVILLE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VILLAGE CENTER, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VINEYARD HEIGHTS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VISTA DEL SOL, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VISTA LAGO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WATERSTONE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WEST VIEW ESTATES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WESTSHORE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WHEELER RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WOODCREEK WEST, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CA LAND HOLDINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CALIFORNIA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV DULLES PARKWAY PARENT LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV GREENFIELD CROSSING PARENT LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV HOLDINGS LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOMEBUYERS FINANCIAL USA, LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE CHURCHILL CLUB LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE CIDER GROVE LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE GREENWOOD MANOR LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE IRISH PRAIRIE LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE LIBERTY LAKES LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE MONTEVERDE 1 &amp; 2 LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVSITE MONTEVERDE 3 &amp; 4 LLC</p>

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ASHBY PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRENFORD STATION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CEDAR LANE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HIDDEN BROOK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NOTTINGHAM MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OCEAN VIEW BEACH CLUB, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PLANTATION LAKES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RETREAT AT MILLSTONE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SEABROOK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CENTRAL ACQUISITIONS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DELAWARE DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DELAWARE NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DELAWARE OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HAMPTONS AT OAK CREEK II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT KNOLLAC ACRES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF DELAWARE I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF LONGACRE VILLAGE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NEW JERSEY OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTH CENTRAL ACQUISITIONS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTH JERSEY ACQUISITIONS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTH JERSEY ACQUISITIONS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BAYMONT FARMS L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BELLE TERRE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT SILVER MAPLE FARM, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">KHH SHELL HALL LOAN ACQUISITION, LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">WASHINGTON HOMES, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">WTC VENTURES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TOWER HILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT AUTUMN RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF D.C., INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT PARKSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF D.C., L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY FLORIDA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN DEVELOPMENTS OF FLORIDA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN LAND INVESTMENT GROUP OF FLORIDA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AMBER GLEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT AVENIR, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BOCA DUNES, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CORAL LAGO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HAMPTON COVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HILLTOP RESERVE II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HILLTOP RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LAKE BURDEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LAKE FLORENCE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LAKE LECLARE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MYSTIC DUNES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PICKETT RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT REDTAIL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SPRING ISLE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SUMMERLAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TERRA BELLA TWO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE HIGHLANDS AT SUMMERLAKE GROVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VALLETTA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WALKERS GROVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ASPIRE AT WATERSTONE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN BELMONT RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CAMBRIDGE HOMES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES OF FLORIDA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CYPRESS CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CYPRESS KEY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ESTATES AT WEKIVA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FIRST HOMES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FLORIDA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FLORIDA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FLORIDA REALTY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN GRAND CYPRESS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN GRANDEFIELD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF FLORIDA I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN IVY TRAIL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LAKE GRIFFIN RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LAKE PARKER, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MAGNOLIA AT WESTSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MONTCLAIRE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OCOEE LANDINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ORLANDO DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OSPREY RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PINEWOOD RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PRESERVE AT TURTLE CREEK LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN REYNOLDS RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN RIVERSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN RIVINGTON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SAN SEBASTIAN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SERENO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTH FORK, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTHEAST FLORIDA DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN STERLING RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN T&amp;C HOMES AT FLORIDA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN TERRALARGO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN UNION PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WINDING BAY PRESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WINDWARD HOMES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">KHOV WINDING BAY II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">LINKS AT CALUSA SPRINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE COMMONS AT RICHMOND HILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WESTBROOK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF GEORGIA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN GEORGIA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN GEORGIA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT CREEKSIDE, LLC</p>

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY ILLINOIS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GLENRISE GROVE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT AMBERLEY WOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ASHLEY POINTE LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRADWELL ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CHRISTINA COURT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CHURCHILL FARMS LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT DEER RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ESTATES OF FOX CHASE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FAIRFIELD RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GRANDE PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HANOVER ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ISLAND LAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LINK CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MAPLE HILL LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MEADOWRIDGE VILLAS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH GROVE CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH POINTE ESTATES LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTHRIDGE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PRAIRIE POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RANDALL HIGHLANDS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RIVER HILLS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SAGEBROOK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SILVER LEAF, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SILVERWOOD GLEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SOMERSET, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TAMARACK SOUTH LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TANGLEWOOD OAKS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TRAFFORD PLACE, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VILLAS AT THE COMMONS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CHICAGO DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ESTATES AT REGENCY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ILLINOIS NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ILLINOIS OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN T&amp;C HOMES AT ILLINOIS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BRIARGATE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT NEW LENOX, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTON LAKE LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ORCHARD MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TRAMORE LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY MARYLAND, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV VILLAGES AT PEPPER MILL LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOMEBUYERS FINANCIAL SERVICES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN LAND INVESTMENT GROUP OF MARYLAND, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN LAND INVESTMENT GROUP, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRITTANY MANOR BORROWER, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRITTANY MANOR, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CATON'S RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RODERUCK, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WADE'S GRANT, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES OF MARYLAND, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN D.C. GROUP, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT GREENWAY FARM, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT JONES STATION 1, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT RUSSETT, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT THE HIGHLANDS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MARYLAND, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MARYLAND DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MARYLAND REGION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT KENT ISLAND II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT ST. MARGARETS LANDING, L.L.C.</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">RIDGEMORE UTILITY L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EDEN TERRACE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MARYLAND I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MARYLAND II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF MINNESOTA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT ARBOR CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT AUTUMN MEADOWS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT BRYNWOOD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT CEDAR HOLLOW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT FOUNDER'S RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT HARPERS STREET WOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT OAKS OF OXBOW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA AT REGENT'S POINT, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF MINNESOTA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LIBERTY ON BLUFF CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN TIMBRES AT ELM CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT RUSH CREEK II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT RUSH CREEK, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BURCH KOVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT INDIAN WELLS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LILY ORCHARD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MAIN STREET SQUARE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OAK POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE PROMENADE AT BEAVER CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WHEELER WOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF NORTH CAROLINA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT BROOK MANOR, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT REEDY CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF NORTH CAROLINA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SHERWOOD AT REGENCY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">BUILDER SERVICES NJ, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">F&amp;W MECHANICAL SERVICES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ACQUISITIONS, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ASPIRE AT MORRIS WOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ASBURY PARK URBAN RENEWAL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BALTIC &amp; AEGEAN ASBURY PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BARNEGAT II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRANCHBURG II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRANCHBURG, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRANCHBURG-VOLLERS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BRIDGEWATER I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CEDAR GROVE III, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CHESTERFIELD, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT DUNELLEN URBAN RENEWAL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EAST BRUNSWICK III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EAST WINDSOR, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EGG HARBOR TOWNSHIP II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FIFTH AVENUE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FLORENCE I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FLORENCE II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FRANKLIN II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FRANKLIN, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FREEHOLD TOWNSHIP III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT GREAT NOTCH, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HACKETTSTOWN II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HILLSBOROUGH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HOWELL FORT PLAINS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HOWELL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HUDSON POINTE, L.L.C.</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:0pt;text-align:left;">K. HOVNANIAN AT JACKSON I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT JACKSON, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LITTLE EGG HARBOR TOWNSHIP II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN III, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN IV, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN V, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MANALAPAN VI, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MAPLE AVENUE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MARLBORO TOWNSHIP IX, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MARLBORO TOWNSHIP V, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MARLBORO VI, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MENDHAM TOWNSHIP, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MIDDLE TOWNSHIP II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MIDDLETOWN III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MILLVILLE II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONROE IV, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONROE NJ II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONROE NJ III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONROE NJ, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONTGOMERY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONTVALE II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MONTVALE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MORRIS TWP II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MORRIS TWP, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH BERGEN. L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH CALDWELL II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH CALDWELL III, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH CALDWELL IV, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH WILDWOOD, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OAKLAND, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OCEANPORT, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OLD BRIDGE II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT OLD BRIDGE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PARSIPPANY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL III, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RIDGEMONT, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ROCK LEDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SHREWSBURY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SMITHVILLE, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SOUTH BRUNSWICK II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SOUTH BRUNSWICK III, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SOUTH BRUNSWICK IV, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT STATION SQUARE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE MONARCH, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VERONA URBAN RENEWAL, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VILLAGES AT COUNTRY VIEW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WALL DONATO, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WALL QUAIL RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WARREN TOWNSHIP II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WARREN TOWNSHIP, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WILDWOOD BAYSIDE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WOOLWICH I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CONSTRUCTION II, INC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN EDISON GROUP, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FINANCIAL SERVICES GROUP, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOLDINGS NJ, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MANALAPAN ACQUISITION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NEW JERSEY NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTHEAST SERVICES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTHERN NEW JERSEY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN VENTURE I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S COVE AT ASBURY PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT BELLA VISTA, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT COLTS FARM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S PROSPECT PLACE AT MORRISTOWN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S WOODLANDS AT FREEHOLD, LLC</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">M &amp; M AT MONROE WOODS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">M&amp;M AT CHESTERFIELD, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">M&amp;M AT CRESCENT COURT, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">M&amp;M AT WEST ORANGE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">MATZEL &amp; MUMFORD AT EGG HARBOR, L.L.C.</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">MM-BEACHFRONT NORTH I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">ROUTE 1 AND ROUTE 522, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">TERRAPIN REALTY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">THE MATZEL &amp; MUMFORD ORGANIZATION, INC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WALDWICK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CLASSICS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EAST BRUNSWICK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HOWELL II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PROPERTIES OF RED BANK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN COMPANIES OF NEW YORK, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC.</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ABERDEEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN ASBURY POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN BELDEN POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN BUILD ON YOUR LOT DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CORNERSTONE FARMS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FALLS POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FOREST LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FOREST VALLEY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN FOUR SEASONS AT CHESTNUT RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HIDDEN HOLLOW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HIGHLAND RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN INDIAN TRAILS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LADUE RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LAKES OF GREEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN LANDINGS 40S, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MEADOW LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN MONARCH GROVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTHERN OHIO DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTHPOINTE 40S, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN NORTON PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OHIO NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OHIO REALTY, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OHIO REGION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN REDFERN TRAILS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN RIVENDALE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN VILLAGE GLEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WATERBURY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WHITE ROAD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WOODLAND POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">MIDWEST BUILDING PRODUCTS &amp; CONTRACTOR SERVICES, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">NEW HOME REALTY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OHIO OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WOODRIDGE PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN EDGEBROOK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SCHADY RESERVE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">BUILDER SERVICES PA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL ABSTRACT, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV WARMINSTER LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ALLENTOWN, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CAMP HILL, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT DOYLESTOWN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HERSHEY'S MILL, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MIDDLETOWN, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTHAMPTON, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PHILADELPHIA I, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RAPHO, L.L.C</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SAWMILL, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SILVER SPRING, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT UPPER UWCHLAN II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT UPPER UWCHLAN, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WHITEMARSH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF PENNSYLVANIA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN EASTERN PENNSYLVANIA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF PENNSYLVANIA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PA REAL ESTATE, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PENNSYLVANIA BUILD ON YOUR LOT DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PENNSYLVANIA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN PENNSYLVANIA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">MIDWEST BUILDING PRODUCTS &amp; CONTRACTOR SERVICES OF PENNSYLVANIA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT UPPER PROVIDENCE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT COOSAW POINT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT FOX PATH AT HAMPTON LAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HAMMOCK BREEZE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LAKES AT NEW RIVERSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LIBERTY HILL FARM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MAGNOLIA PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PINCKNEY FARM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN CRAFTBUILT HOMES OF SOUTH CAROLINA, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT SALT CREEK LANDING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT SHELL HALL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT ST. JAMES PLACE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT THE ABBY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT THE PADDOCKS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTH CAROLINA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTH CAROLINA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SOUTHEAST COASTAL DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT CAROLINA OAKS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT MALIND BLUFF, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHELL HALL CLUB AMENITY ACQUISITION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HAMPTON LAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHELL HALL LAND ACQUISITION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW AUBURN FARMS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW BAYSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW BELMONT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW BERKSHIRE II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW BERKSHIRE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW BLUFF CREEK, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW CALLOWAY TRAILS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW CANYON FALLS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW CARILLON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW COMMODORE AT PRESTON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW COURTS AT BONNIE BRAE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW CREEKSIDE ESTATES II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW DIAMOND CREEK ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW ENCORE OF LAS COLINAS II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW ENCORE OF LAS COLINAS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW HARMON FARMS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW HERITAGE CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW HERON POND, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW HIGH POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW HOMESTEAD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW INSPIRATION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LEXINGTON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LIBERTY CROSSING II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LIBERTY CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LIBERTY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LIGHT FARMS II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW LIGHT FARMS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW MAXWELL CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW MIDTOWN PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW MILRANY RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW MUSTANG LAKES II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW MUSTANG LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW OAKMONT PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW PALISADES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW PARKSIDE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW PARKVIEW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW RICHWOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW RIDGEVIEW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW SANFORD PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW SEVENTEEN LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW THE PARKS AT ROSEHILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW TRAILWOOD II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW TRAILWOOD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW VILLAS AT MUSTANG PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW VILLAS AT THE STATION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW WATSON CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW WELLINGTON VILLAS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW WELLINGTON, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW WILDRIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES - DFW II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES - DFW, L.L.C.</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON BAYOU OAKS AT WEST OREM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON CAMBRIDGE HEIGHTS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON CITY HEIGHTS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON CREEK BEND, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON DRY CREEK VILLAGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON ELDRIDGE PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON GREATWOOD LAKE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON KATY POINTE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON LAKES OF BELLA TERRA WEST, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON LAUREL GLEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON MAGNOLIA CREEK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON MIDTOWN PARK I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON PARK LAKES EAST, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON PARKWAY TRAILS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON PROPERTY I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON PROPERTY II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON RIVER FARMS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON SUNSET RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON TERRA DEL SOL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON THUNDER BAY SUBDIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON TRANQUILITY LAKE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOUSTON WOODSHORE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OF HOUSTON II, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN OF HOUSTON III, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN TEXAS OPERATIONS NEW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN TEXAS OPERATIONS OLD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">PARK TITLE COMPANY, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW CREEKSIDE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DFW ASCEND AT HIGHTOWER, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">EASTERN NATIONAL TITLE AGENCY VIRGINIA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV FESTIVAL LAKES LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV RESIDENCES AT DULLES PARKWAY LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GTIS-HOV RESIDENCES AT GREENFIELD CROSSING LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ALEXANDER LAKES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT BENSEN'S MILL ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT CANTER V, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT DOMINION CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EMBREY MILL VILLAGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT EMBREY MILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ESTATES AT WHEATLANDS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ESTATES OF CHANCELLORSVILLE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HIGHLAND PARK, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HOLLY RIDGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HUNTER'S POND, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT JACKS RUN, LLC</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: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LAKE RIDGE ESTATES, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LEE SQUARE, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT LENAH WOODS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MADISON SQUARE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT MELODY FARM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT NORTH HILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT PELHAM'S REACH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RAYMOND FARM, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RESERVES AT WHEATLANDS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT RESIDENCE AT DISCOVERY SQUARE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ROCKLAND VILLAGE GREEN, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT ROCKY RUN VILLAGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SEASONS LANDING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT SIGNAL HILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT THE BOULEVARDS AT WESTFIELDS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT TOWNES AT COUNTY CENTER, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT VILLAGE OF ROUND HILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WATERFORD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WELLSPRINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT WILLOWSFORD GREENS III, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT BURKE JUNCTION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT LEIGH MILL, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT THOMPSON'S GRANT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT WILLOWSFORD GRANGE, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT WILLOWSFORD GRANT II, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT WILLOWSFORD GRANT, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT WILLOWSFORD GREENS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT WILLOWSFORD NEW, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES OF VIRGINIA I, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN SUMMIT HOLDINGS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN VIRGINIA DIVISION, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN VIRGINIA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN VIRGINIA OLD GC, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT NEW KENT VINEYARDS, L.L.C.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN'S FOUR SEASONS AT VIRGINIA CROSSING, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN AT HUNTFIELD, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN DEVELOPMENTS OF WEST VIRGINIA, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN HOMES AT SHENANDOAH SPRINGS, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WEST VIRGINIA BUILD ON YOUR LOT DIVISION, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WEST VIRGINIA NEW GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">K. HOVNANIAN WEST VIRGINIA OLD GC, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">MIDWEST BUILDING PRODUCTS &amp; CONTRACTOR SERVICES OF WEST VIRGINIA, L.L.C.</p>

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


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex_162895.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 99.1</b></font></p>

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

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			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:left;"><b>HOVNANIAN ENTERPRISES, INC.</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:left;"><b>News Release</b></p>

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<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 style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 16.5%; border-top: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 41.4%; border-top: thin solid rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 42%; border-top: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:16.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Contact:</b></p>
			</td>
			<td style="vertical-align:middle;width:41.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">J. Larry Sorsby</p>
			</td>
			<td style="vertical-align:middle;width:42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Jeffrey T. O&#8217;Keefe</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:16.5%;">&nbsp;</td>
			<td style="vertical-align:middle;width:41.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Executive Vice President &amp; CFO</p>
			</td>
			<td style="vertical-align:middle;width:42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Vice President, Investor Relations</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:16.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:41.4%;">
			<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:bottom;width:42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">732-747-7800</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:16.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:41.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:42%;">&nbsp;</td>
		</tr>

</table>

<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:center;"><u><b>K. HOVNANIAN ENTERPRISES, INC. ANNOUNCES EXCHANGE OFFERS AND CONSENT SOLICITATIONS</b></u></p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></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-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">MATAWAN, N.J., November 5, 2019 &#8211; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &#8220;Company&#8221;) announced today that its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc. (the &#8220;Issuer&#8221;), has commenced (i) a private offer to exchange (the &#8220;Old 2022 Notes Exchange Offer&#8221;) the Issuer&#8217;s 10.000% Senior Secured Notes due 2022 (the &#8220;Old 2022 Notes&#8221;) and (ii) a private offer to exchange (the &#8220;Old 2024 Notes Exchange Offer&#8221; and, together with the &#8220;Old 2022 Notes Exchange Offer,&#8221; the &#8220;Exchange Offers&#8221;) the Issuer&#8217;s 10.500% Senior Secured Notes due 2024 (the &#8220;Old 2024 Notes&#8221; and, together with the Old 2022 Notes, the &#8220;Old Notes&#8221;) for up to $240.0 million aggregate principal amount of the Issuer&#8217;s newly issued 10.000% 1.75 Lien Notes due 2025 (the &#8220;New 2025 Notes&#8221;). In conjunction with the Exchange Offers, the Issuer is soliciting (i) consents (the &#8220;Old 2022 Notes Consents&#8221;) to proposed amendments from the holders of the Old 2022 Notes (the &#8220;Old 2022 Notes Consent Solicitation&#8221;) to the indenture, dated as of July 27, 2017 (as amended and supplemented prior to the proposed amendments, the &#8220;Old Notes Indenture&#8221;), among the Issuer, the Company and the other guarantors parties thereto and Wilmington Trust, National Association, as trustee and as collateral agent, providing for, among other matters, the elimination of most of the restrictive covenants, certain of the affirmative covenants and certain of the events of default contained in the Old Notes Indenture applicable to the Old 2022 Notes (the &#8220;Old 2022 Notes Proposed Amendments&#8221;) and (ii) consents (the &#8220;Old 2024 Notes Consents&#8221; and, together with the Old 2022 Notes Consents, the &#8220;Old Notes Consents&#8221;) to proposed amendments from the holders of the Old 2024 Notes (the &#8220;Old 2024 Notes Consent Solicitation&#8221; and, together with the Old 2022 Notes Consent Solicitation, the &#8220;Consent Solicitations&#8221;) to the Old Notes Indenture providing for, among other matters, the elimination of most of the restrictive covenants, certain of the affirmative covenants and certain of the events of default contained in the Old Notes Indenture applicable to the Old 2024 Notes (the &#8220;Old 2024 Notes Proposed Amendments&#8221; and, together with the Old 2022 Notes Proposed Amendments, the &#8220;Proposed Amendments&#8221;). Holders of Old Notes may not consent to the applicable Proposed Amendments without tendering their Old Notes in the applicable Exchange Offer, and holders of Old Notes may not tender their Old Notes in the applicable Exchange Offer without consenting to the applicable Proposed Amendments with respect to such Old Notes. The Exchange Offers and Consent Solicitations are being made on the terms and subject to the conditions set forth in a Confidential Offering Memorandum and Consent Solicitation Statement, dated November 4, 2019 (as it may be amended or supplemented from time to time, the &#8220;Offering Memorandum&#8221;).</p>

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">1</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The consideration offered in the Exchange Offers is set forth below :</p>

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

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:bottom;width:25%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:12.5%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:10.6%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:9.6%;">&nbsp;</td>
			<td colspan="2" style="vertical-align:bottom;width:42.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Consideration per $1,000 Principal<br>
			Amount of Old Notes Tendered</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:25%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title of Series</b></p>
			</td>
			<td style="vertical-align:bottom;width:12.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CUSIP/ISIN Numbers</b></p>
			</td>
			<td style="vertical-align:bottom;width:10.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Principal<br>
			Amount<br>
			Outstanding</b></p>
			</td>
			<td style="vertical-align:bottom;width:9.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Acceptance<br>
			Priority<br>
			Level</b></p>
			</td>
			<td style="vertical-align:bottom;width:21%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Early Participation<br>
			Consideration (if tendered<br>
			at or prior to the Early<br>
			Participation Deadline)</b><sup><b>(1)(2)</b></sup></p>
			</td>
			<td style="vertical-align:bottom;width:21.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exchange<br>
			Consideration</b><sup><b>(1)(2)</b></sup></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">10.000% Senior Secured Notes due 2022........</p>
			</td>
			<td style="vertical-align:top;width:12.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">442488 CD2 / US442488CD24;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">U48654 AV6 / USU48654AV61</p>
			</td>
			<td style="vertical-align:top;width:10.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$218,994,000</p>
			</td>
			<td style="vertical-align:top;width:9.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">1</p>
			</td>
			<td style="vertical-align:top;width:21%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$1,005 principal amount of New 2025 Notes</p>
			</td>
			<td style="vertical-align:top;width:21.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$1,000 principal amount of New 2025 Notes</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:top;width:25%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">10.500% Senior Secured Notes due 2024........</p>
			</td>
			<td style="vertical-align:top;width:12.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">442488 CE0 / US442488CE07;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">U48654 AW4 / USU48654AW45</p>
			</td>
			<td style="vertical-align:top;width:10.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$211,391,000</p>
			</td>
			<td style="vertical-align:top;width:9.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2</p>
			</td>
			<td style="vertical-align:top;width:21%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$955 principal amount of New 2025 Notes</p>
			</td>
			<td style="vertical-align:top;width:21.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$950 principal amount of New 2025 Notes</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:146.7%;margin-top:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-18pt;">(1)&nbsp;&nbsp; For each $1,000 principal amount of Old Notes, subject to any rounding as described herein.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-18pt;">(2)&nbsp;&nbsp; Plus accrued and unpaid interest on the Old Notes, if any, to, but excluding, the Settlement Date (as defined 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-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&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-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The Exchange Offers and the Consent Solicitations will expire at 11:59 p.m., New York City time, on December 5, 2019, unless extended or earlier terminated by the Issuer (such date and time, as the same may be extended or earlier terminated, the &#8220;Expiration Date&#8221;).</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Eligible holders who validly tender and do not validly withdraw their Old Notes (and deliver the related Old Notes Consents) prior to 5:00 p.m., New York City time, on November 18, 2019, unless extended by the Issuer (such date and time, as it may be extended, the &#8220;Early Participation Date&#8221;), and whose Old Notes are accepted by the Issuer pursuant to the terms of the applicable Exchange Offer, will receive consideration in the form of New 2025 Notes in an amount equal to the early participation consideration (the &#8220;Early Participation Consideration&#8221;) applicable to such Old Notes as shown in the table above.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Eligible holders who validly tender their Old Notes (and deliver the related Old Notes Consents) after the Early Participation Date, and at or prior to the Expiration Date, and whose Old Notes are accepted by the Issuer pursuant to the terms of the applicable Exchange Offer, will receive consideration in the form of New 2025 Notes in an amount equal to the exchange consideration (the &#8220;Exchange Consideration&#8221;) applicable to such Old Notes as shown in the table above.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">In addition, eligible holders whose Old Notes are accepted for exchange will receive a cash payment representing accrued and unpaid interest on such Old Notes to, but not including, the Settlement Date, and amounts due in lieu of fractional amounts of New 2025 Notes.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Tenders of Old Notes (and delivery of the related Old Notes Consents) made prior to 5:00 p.m., New York City time, on November 18, 2019, unless extended by the Issuer (such date and time, as it may be extended, the &#8220;Withdrawal Deadline&#8221;) may be validly withdrawn at any time at or prior to the Withdrawal Deadline. Tenders of Old Notes (and delivery of the Old Notes Consents) made after the Withdrawal Deadline and at or prior to the Expiration Date will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law. The Early Participation Date can be extended independently of the Withdrawal Deadline.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The aggregate principal amount of Old Notes that are accepted for exchange in the Exchange Offers will be based on the order of acceptance priority for such series set forth in the table above (the &#8220;Acceptance Priority Levels&#8221;), such that the aggregate principal amount of Old Notes accepted in the Exchange Offers results in the issuance of New 2025 Notes in an aggregate principal amount not to exceed $240,000,000 (the &#8220;New Notes Cap&#8221;). Any and all validly tendered Old 2022 Notes will be accepted for exchange into New 2025 Notes, and validly tendered Old 2024 Notes will be accepted for exchange at the Acceptance Priority Level set forth above into New 2025 Notes, unless and until the New Notes Cap is reached. If, in connection with the Exchange Offers, New 2025 Notes are issued in an amount less than the New Notes Cap, then, following the completion of the Exchange Offers, we will offer to exchange the Issuer&#8217;s senior unsecured term loans due 2027 (the &#8220;2027 Term Loans&#8221;) for debt that is secured on a pari passu basis with the New 2025 Notes (the &#8220;New Pari Passu Debt&#8221;) to be issued or borrowed by the Issuer and guaranteed by the Guarantors in an amount equal to the New Notes Cap less the amount of New 2025 Notes issued in the Exchange Offers. The terms of the New Pari Passu Debt, if any, are to be determined and may differ from the New 2025 Notes.</p>

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Subject to the terms and conditions of the Exchange Offers, the Issuer will accept for exchange the Old Notes of any series validly tendered in the Exchange Offers in accordance with the applicable Acceptance Priority Level (in numerical priority order) for such series, as set forth in the table above, with Acceptance Priority Level 1 being the highest priority level, such that the aggregate principal amount of Old Notes accepted in the Exchange Offers is an amount of Old Notes that results in the issuance of New 2025 Notes in an aggregate principal amount not to exceed the New Notes Cap. If acceptance of all validly tendered Old 2024 Notes (together with all validly tendered Old 2022 Notes) would cause the Issuer to accept a principal amount of Old Notes that would result in an issuance of New 2025 Notes greater than the New Notes Cap, then the Old 2024 Notes Exchange Offer will be oversubscribed, and the Issuer will accept for exchange tendered Old 2024 Notes on a prorated basis, with the aggregate principal amount of each holder&#8217;s validly tendered Old 2024 Notes accepted for exchange determined by multiplying the aggregate principal amount of Old 2024 Notes tendered by each holder by the applicable proration factor, and rounding the product down to the nearest $1,000 principal amount for such series. Depending on the amount tendered, and the proration factor applied, if the principal amount of Old Notes returned to a holder as a result of proration would result in less than the minimum denomination being returned to such holder, the Issuer will either accept or reject all of such holder&#8217;s validly tendered Old 2024 Notes. The settlement date for the Exchange Offers is expected to be on or about the third business day following of the Expiration Date or as soon as practicable thereafter, which is expected to be December 10, 2019 (the &#8220;Settlement Date&#8221;).</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Holders shall only be entitled to receive the Early Participation Consideration or the Exchange Consideration, as applicable, for all Old Notes validly tendered by such holder prior to the Expiration Date (and not validly withdrawn prior to the Withdrawal Deadline) and accepted by the Issuer. The aggregate Early Participation Consideration or Exchange Consideration in respect of each participating holder for all Old Notes validly tendered (and not validly withdrawn prior to the Withdrawal Deadline) and accepted by the Issuer will be rounded down, if necessary, to $2,000 or the nearest whole multiple of $1,000 in excess thereof. This rounded amount will be the principal amount of New 2025 Notes holders will receive as part of their Early Participation Consideration or Exchange Consideration, as applicable, and we will pay cash in lieu of any principal amount of New 2025 Notes not received as a result of such rounding down equal to the principal amount of such New 2025 Notes. Any such adjustment will apply to all Old Notes tendered and accepted in the Exchange Offers.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Subject to applicable law, we may (i) extend or otherwise amend the Early Participation Date and the Expiration Date with respect to an Exchange Offer and/or a Consent Solicitation or (ii) decrease the New Notes Cap, in each case without extending the Withdrawal Deadline for such Exchange Offer or otherwise reinstating withdrawal rights of holders of Old Notes. Each Exchange Offer and Consent Solicitation is a separate offer, and each Exchange Offer and Consent Solicitation may be individually amended, extended, terminated or withdrawn without amending, extending, terminating or withdrawing any other Exchange Offer or Consent Solicitation.</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:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The Issuer&#8217;s obligation to accept for exchange any Old Notes validly tendered and not validly withdrawn before the Withdrawal Deadline pursuant to the Exchange Offers is conditioned upon the satisfaction or, if applicable, waiver of certain conditions, which are more fully described in the Offering Memorandum. However, the consummation of the Exchange Offers is not conditioned upon the receipt of the Requisite Consents (as defined below) to approve the applicable Proposed Amendments or the execution and delivery of the Supplemental Indentures giving effect to the Proposed Amendments. Documents relating to the Exchange Offers will be distributed only to holders of Old Notes who complete a letter of eligibility confirming that they are within the category of holders that are eligible to participate in this private offer. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers or Consent Solicitations.</p>

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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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-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The valid consent (which has not been validly revoked) of the holders of at least a majority in aggregate principal amount of the outstanding Old Notes of each series (the &#8220;Old Notes Requisite Consent&#8221;) is required for the adoption of the applicable Proposed Amendments for such series and for the supplemental indentures giving effect to the Proposed Amendments for such series (each, a &#8220;Supplemental Indenture&#8221;) to be approved and binding on the holders of such Old Notes. In the event that the Old Notes Requisite Consents are received for a series of Old Notes, the Issuer, the Company and the other guarantors party to the Old Notes Indenture and the trustee and collateral agent under the Old Notes Indenture will execute the applicable Supplemental Indenture setting forth and giving effect to the applicable Proposed Amendments that will become effective upon execution. It is expected that the Supplemental Indenture giving effect to the applicable Proposed Amendments will be executed promptly following receipt of the applicable Requisite Consents, which may occur prior to the Expiration Date but in no event will occur prior to the later of the Early Participation Date and the Withdrawal Deadline. However, each Supplemental Indenture, by its terms, will provide that the applicable Proposed Amendments will not become operative unless and until the Early Participation Consideration or the Exchange Consideration, in each case applicable to the applicable series of Old Notes and as applicable, is paid to tendering holders of applicable Old Notes at the Settlement Date. If the Proposed Amendments become effective with respect to a series of Old Notes, all holders of such series of Old Notes, including non-tendering holders of such series of Old Notes, will be bound thereby. The Old Notes Indenture, without giving effect to the Proposed Amendments, will remain in effect until the Proposed Amendments become operative by their terms.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><b>Holders are advised to check with any bank, securities broker or other intermediary through which they hold any of the Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Exchange Offers or Consent Solicitations, before the deadlines specified herein and in the Offering Memorandum. The deadlines set by each clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The obligations under the New 2025 Notes will be fully and unconditionally guaranteed by the Company, and substantially all of its subsidiaries, other than the issuer of the New 2025 Notes, the Company&#8217;s home mortgage subsidiaries, certain of its title insurance subsidiaries, joint ventures and subsidiaries holding interests in joint ventures. The New 2025 Notes will bear interest at the rate of 10.000% per year, accruing from the date of issuance. Interest on the New 2025 Notes will be payable semi-annually, in arrears on May 15 and November 15 of each year, beginning on May 15, 2020. The New 2025 Notes will mature on November 15, 2025. We may redeem some or all of the New 2025 Notes on or after the times, and at the redemption prices, specified in the Offering Memorandum.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">If the Old 2024 Notes Exchange Offer is oversubscribed and we accept for exchange tendered Old 2024 Notes on a prorated basis, then the consents delivered with respect to such Old 2024 Notes will be null and void, but the validity of such Old 2024 Notes tendered shall be unaffected (even if the amount accepted by us is greater than 50%).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><b>None of us, the Dealer Manager (as defined below), the Exchange Agent, the Information Agent or any other person is making any recommendation as to whether or not holders should tender their Old Notes for exchange in the Exchange Offers, or provide Old Notes Consents in the Consent Solicitations. Holders must make their own decision whether to tender their Old Notes in the Exchange Offers and provide Old Notes Consents in the Consent Solicitations, and, if so, the amount of their Old Notes to tender.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Global Bondholder Services Corporation is serving as the exchange agent and information agent for the Exchange Offers. Any question regarding the Exchange Offers or the Consent Solicitations or the procedures for tendering Old Notes and requests for copies of the Offering Memorandum may be directed to Global Bondholder Services by phone at 866-470-3800 (toll free) or 212-430-3774.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><i>This press release is neither an offer to purchase or sell nor a solicitation of an offer to sell or buy the Old Notes, the New 2025 Notes or any other securities of the Issuer or the Company, including any securities that may be offered to the holders of the unsecured term loan, nor shall there be any such offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release also is not a solicitation of consents to the Proposed Amendments to the Old Notes Indenture. The Exchange Offers are being made solely on the terms and subject to the conditions set forth in the Offering Memorandum and the information in this press release is qualified by reference to such Offering Memorandum.</i></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><i>The New 2025 Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or with any securities regulatory authority of any State or other jurisdiction. The Exchange Offers will only be made, and the New 2025 Notes are only being offered and will only be issued, to holders of Old Notes either (a) in the United States, that are &#8220;qualified institutional buyers,&#8221; as that term is defined in Rule 144A under the Securities Act, in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act or (b) (i) outside the United States, that are persons other than &#8220;U.S. persons,&#8221; as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act, (ii) if located or resident in any Member State of the European Economic Area which has implemented Directive 2003/71/EC, as amended (the &#8220;Prospectus Directive&#8221;), who are &#8220;Qualified Investors&#8221; as defined under the Prospectus Directive and (iii) if located or resident in Canada, is an &#8220;accredited investor&#8221; as defined in National Instrument 45- 106 &#8211; Prospectus Exemptions (&#8220;NI 45-106&#8221;) or section 73.3(1) of the Securities Act (Ontario) and is a &#8220;permitted client&#8221; as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations (&#8220;NI 31-103&#8221;).</i></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><i>Documents relating to the Exchange Offers will be distributed only to holders of Old Notes who complete a letter of eligibility confirming that they are within the category of holders that are eligible to participate in this private offer. Additionally, holders of Old Notes that are resident in Canada are required to complete, sign and submit a Canadian eligibility form.&nbsp; To access these documents, click on the following link: </i><u><i>http://gbsc-usa.com/eligibility/khov</i></u><i>.</i></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-transform:uppercase;"><b>About Hovnanian Enterprises, Inc.:</b></p>
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<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;">&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;">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation&#8217;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&#8217;s homes are marketed and sold under the trade name K. Hovnanian<sup>&#174;</sup> Homes. Additionally, the Company&#8217;s subsidiaries, as developers of K. Hovnanian&#8217;s<sup>&#174;</sup> Four Seasons communities, make the Company one of the nation&#8217;s largest builders of active lifestyle communities.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>FORWARD-LOOKING STATEMENTS</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>All statements in this press release that are not historical facts should be considered as &#8220;Forward-Looking Statements&#8221; within the meaning of the &#8220;Safe Harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. 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 forward-looking statements include but are not limited to statements related to the Company&#8217;s goals and expectations with respect to its financial results for future financial periods. 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 significant homebuilding downturn; (2) adverse weather and other environmental conditions and natural disasters; (3) high leverage and restrictions on the Company&#8217;s operations and activities imposed by the agreements governing the Company&#8217;s outstanding indebtedness; (4) availability and terms of financing to the Company; (5) the Company&#8217;s sources of liquidity; (6) changes in credit ratings; (7) the seasonality of the Company&#8217;s business; (8) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (9) shortages in, and price fluctuations of, raw materials and labor; (10) reliance on, and the performance of, subcontractors; (11) 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; (12) fluctuations in interest rates and the availability of mortgage financing; (13) increases in cancellations of agreements of sale; (14) changes in tax laws affecting the after-tax costs of owning a home; (15) operations through unconsolidated joint ventures with third parties; (16) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (17) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (18) levels of competition; (19) successful identification and integration of acquisitions; (20) significant influence of the Company&#8217;s controlling stockholders; (21) availability of net operating loss carryforwards; (22) utility shortages and outages or rate fluctuations; (23) changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; (24) geopolitical risks, terrorist acts and other acts of war; (25) loss of key management personnel or failure to attract qualified personnel; (26) information technology failures and data security breaches; (27) negative publicity; and (28) certain risks, uncertainties and other factors described in detail in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended October 31, 2018 and subsequent filings with the Securities and Exchange Commission. 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.</b></p>

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