<SEC-DOCUMENT>0001437749-19-023963.txt : 20191206
<SEC-HEADER>0001437749-19-023963.hdr.sgml : 20191206
<ACCEPTANCE-DATETIME>20191206080728
ACCESSION NUMBER:		0001437749-19-023963
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191206
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191206
DATE AS OF CHANGE:		20191206

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:		191271740

	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>hov20191205_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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	<title>hov20191205_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>December 6, 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>
			<td style="vertical-align:top;width:34%;">
			<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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			<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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			<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>
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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>
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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>
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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>
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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;">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;">Item 1.01 <u>Entry into a Material Definitive Agreement</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:justify;text-indent:36pt;">On December 6, 2019, K. Hovnanian Enterprises, Inc. (&#8220;K. Hovnanian&#8221;), Hovnanian Enterprises, Inc. (the &#8220;Company&#8221;), as guarantor, the other guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent, entered into the Tenth Supplemental Indenture (the &#8220;Supplemental Indenture&#8221;), dated as of December 6, 2019, amending and supplementing the Indenture dated as of July 27, 2017 among K. Hovnanian, the Company, as guarantor, the other guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent (as previously amended, supplemented or otherwise modified, the &#8220;Existing Indenture&#8221;). The Supplemental Indenture was executed and delivered following the receipt by K. Hovnanian of consents from a majority of the holders of K. Hovnanian&#8217;s 10.500% Senior Secured Notes due 2024 (the &#8220;Old 2024 Notes&#8221;) to the amendments set forth therein in connection with the Exchange Offer and Consent Solicitation (each as defined in Item 8.01 below) with respect to the Old 2024 Notes. The Supplemental Indenture provides for the elimination of most of the restrictive covenants, certain of the affirmative covenants and certain of the events of default contained in the Existing Indenture applicable to the Old 2024 Notes. The Supplemental Indenture was effective immediately upon its execution and delivery, but the amendments to the Existing Indenture set forth therein will not become operative unless and until the payment of the applicable consideration in the Exchange Offer in respect of all Old 2024 Notes validly tendered and not validly withdrawn and that are accepted for purchase on the settlement date of the Exchange Offer.</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:justify;text-indent:36pt;">The foregoing summary of the Supplemental Indenture is not complete and is qualified in its entirety by reference to the text of the Supplemental Indenture filed as Exhibit 4.1 to this Current Report on Form 8-K and incorporated by reference herein.</p>

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

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

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

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">On December 6, 2019, the Company issued a press release relating to the previously announced offers by K. Hovnanian to exchange (each, an &#8220;Exchange Offer&#8221; and, together, the &#8220;Exchange Offers&#8221;) K. Hovnanian&#8217;s outstanding 10.000% Senior Secured Notes due 2022 (the &#8220;Old 2022 Notes&#8221; and, together with the Old 2024 Notes, the &#8220;Old Notes&#8221;) and the Old 2024 Notes for up to $240,000,000 aggregate principal amount (the &#8220;New Notes Cap&#8221;) of 10.000% 1.75 Lien Notes due 2025 (the &#8220;New 2025 Notes&#8221;) to be issued by K. Hovnanian and guaranteed by the Company and substantially all of its subsidiaries, other than K. Hovnanian, its home mortgage subsidiaries, certain of its title insurance subsidiaries, joint ventures and subsidiaries holding interests in joint ventures (collectively, the &#8220;Guarantors&#8221;) and solicitations of consents from each holder of Old Notes to certain proposed amendments to the Existing Indenture (each, a &#8220;Consent Solicitation&#8221; and, together, the &#8220;Consent Solicitations&#8221;). In the press release, the Company announced the results of the Exchange Offers, including that as of the expiration date of the Exchange Offers on December 5, 2019, K. Hovnanian had received tenders from holders of $23,152,000 in aggregate principal amount, or 10.6%, of the Old 2022 Notes and $141,708,000 in aggregate principal amount, or 67.0%, of the Old 2024 Notes and had received the requisite consents in connection with the Consent Solicitation for the Old 2024 Notes. K. Hovnanian did not receive the requisite consents in connection with the Consent Solicitation for the Old 2022 Notes and therefore the Old 2022 Notes will continue to be subject to the terms of the Existing Indenture without giving effect to the proposed amendments. The settlement date for the Exchange Offers is expected to be on or shortly following December 10, 2019.</p>

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

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated herein by reference.</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;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="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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 were made, and the New 2025 Notes were 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;). 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 indenture governing the Old Notes. 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 as supplemented and the information in this current report is qualified by reference to such Offering Memorandum as supplemented.</p>

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

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

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

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

		<tr>
			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">4.1</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><a href="ex_166724.htm" style="-sec-extract:exhibit;">Tenth Supplemental Indenture, dated as of December 6, 2019, relating to the 10.500% Senior Secured Notes due 2024, among K. Hovnanian Enterprises, Inc., Hovnanian Enterprises, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as Trustee and Collateral Agent.</a></p>
			</td>
		</tr>

</table>

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

		<tr>
			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">99.1</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><a href="ex_166722.htm" style="-sec-extract:exhibit;">Press Release, dated December 6, 2019.</a></p>
			</td>
		</tr>

</table>

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

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<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:0pt;text-align:center;"><u>SIGNATURES</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-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:justify;text-indent:32.4pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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

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			<td style="vertical-align:middle;width:54.7%;">
			<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:middle;width:45.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">HOVNANIAN ENTERPRISES, INC.</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Registrant)</p>
			</td>
			<td style="vertical-align:middle;width:0.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:54.7%;">
			<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:middle;width:45.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:0.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:54.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:5.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:39.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:0.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:54.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:5.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
			</td>
			<td style="vertical-align:middle;width:39.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>/s/ Michael Discafani</u></p>
			</td>
			<td style="vertical-align:middle;width:0.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:54.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:5.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:39.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Name: Michael Discafani</p>
			</td>
			<td style="vertical-align:middle;width:0.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:54.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:5.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:39.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title: Vice President, Corporate Counsel and Secretary</p>
			</td>
			<td>&nbsp;</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;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: December 6, 2019</p>

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


</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex_166724.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<html><head>
	<title>ex_166724.htm</title>

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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-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>TENTH SUPPLEMENTAL INDENTURE</b></p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">dated as of December 6, 2019<br>
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-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:0pt;text-align:center;"><br>
HOVNANIAN ENTERPRISES, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
The Other Guarantors Party Hereto</p>

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

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
as Trustee and Collateral Agent</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
_________________________</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:0pt;text-align:center;">10.500% Senior Secured Notes due 2024</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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<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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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 TENTH SUPPLEMENTAL INDENTURE</b>, dated as of December 6, 2019 (this &#8220;<u>Tenth Supplemental Indenture</u>&#8221;), to the Indenture dated as of July 27, 2017, among K. 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, a national banking association, as trustee and collateral agent (in both such capacities, 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>

<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&#8217;s 10.500% Senior Secured Notes due 2024 (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&nbsp;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 Issuer has offered to exchange (the &#8220;<u>Exchange Offer</u>&#8221;) its outstanding Notes for 10.000% 1.75 Lien Notes due 2025 to be issued by the Issuer and guaranteed by the Company and the Guarantors and has solicited consents (each a &#8220;<u>Consent</u>&#8221; and collectively the &#8220;<u>Consents</u>&#8221;) from holders of the Notes (&#8220;<u>Holders</u>&#8221;) to amendments to the Indenture with respect to the Notes and to the Notes set forth in <u>Section 2</u> of this Tenth Supplemental Indenture (the &#8220;<u>Amendments</u>&#8221;) upon the terms and subject to the conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement, dated November 4, 2019, as amended by the Confidential Supplement, dated November 21, 2019 (as so amended, the &#8220;<u>Offering Memorandum</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 9.2 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, the Notes and the guarantees of the Notes with the written consent of the Holders of a majority in aggregate principal amount of the outstanding 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:0pt;text-align:left;text-indent:72pt;"><b>WHEREAS</b>, the Issuer has received and delivered to the Trustee written evidence of the Consents from Holders of more than a majority of the aggregate principal amount of the outstanding Notes to effect the Amendments;</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 resolutions of their respective Boards of Directors or the Boards of Directors of their ultimate sole or managing member, as the case may be, to enter into this Tenth Supplemental Indenture; 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 Tenth 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>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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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:36pt;"><font style="text-transform:uppercase;"><b>Section 1.</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>.</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">Capitalized terms used herein and not otherwise defined herein are used as defined in the 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:left;text-indent:36pt;"><font style="text-transform:uppercase;"><b>Section 2.</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>.</p>

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

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following provisions of the Indenture shall no longer be applicable with respect to the Notes:</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="margin-left:0.1%;width:99.9%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 33.6%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.3 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Existence</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.4 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Payment of Taxes</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.6 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Indebtedness</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.7 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Restricted Payments</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.8 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Liens</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.9 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Restrictions Affecting Restricted Subsidiaries</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.13 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Transactions with Affiliates</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.14(b) and (c) of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Limitations on Mergers, Consolidations and Sales of Assets</i> (provisions requiring that immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing and the ability to meet certain financial requirements)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.15 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Reports to Holders of Notes</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 4.17 of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Notice of Other Defaults</i></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 5.1(d) and (e) of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Events of Default</i> (with respect to the failure to pay or acceleration of any Indebtedness in excess of $40.0 million)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 5.1(f) of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Events of Default</i> (with respect to final judgments in excess of $40.0 million)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 33.6%; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Section 5.1(g) and (h) of the Indenture</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 66.4%; border-right: 1px solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Events of Default</i> (bankruptcy, insolvency or similar events with respect to any Restricted Subsidiary that is a Significant Subsidiary (excluding the Issuer))</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">&nbsp;</p>

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

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<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:0pt;text-align:left;text-indent:36pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 of the Indenture with respect to the Notes is hereby amended and restated as follows:</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:36pt;">&#8220;Each Restricted Subsidiary (other than the Issuer (for so long as it remains the Issuer) and any Excluded Subsidiary) existing on the Operative Date will be a Guarantor. The Company is permitted to cause any Unrestricted Subsidiary to be a Guarantor.&#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:36pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections 4.18(b) and (c) with respect to the Notes are hereby amended and restated as follows:</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:left;">&#8220;(b) If any of the Effective Date Guarantors at any time grants, assumes, perfects or becomes subject to any Lien upon any of its property (other than Excluded Property of the type referred to in clause (a) of the definition thereof) then owned or thereafter acquired as security for any Senior-Priority Lien Obligation or other Pari Passu Lien Obligation that in each case is subject to the Intercreditor Agreement, such Effective Date Guarantor shall, as promptly as practical (subject to Section 4.18(d) 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;grant a Pari Passu Lien on such property to the Collateral Agent for the benefit of the Holders and, to the extent such grant would require the execution and delivery of a Security Document, such Effective Date Guarantor shall execute and deliver a Security Document on substantially the same terms as the agreement or instrument executed and delivered to secure such other Senior-Priority Lien Obligations or Pari Passu Lien Obligations (but, in the case of Senior-Priority Lien Obligations, subject to changes to make such new Security Document consistent with the Security Documents delivered on the Issue Date in respect of the Notes compared to those for the Senior-Priority Lien Obligations);</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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause the Lien granted in such Security Document to be duly perfected as a lien in any manner permitted by law to the same extent as the Liens granted for the benefit of such other Senior-Priority Lien Obligations or Pari Passu Lien Obligations are perfected; 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;instruct the Collateral Agent in writing to take all action necessary in connection with the foregoing provisions of this Section 4.18(b), including as necessary under the Security Documents and determining whether Collateral constitutes Mortgage Tax Collateral (as defined in the Intercreditor Agreement) for purposes of the Intercreditor Agreement.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By their acceptance of the Notes, Holders shall be deemed to have instructed and authorized the Collateral Agent to take such actions as instructed by any Effective Date Guarantor.</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:left;">(c) If any Effective Date Guarantor at any time after the Issue Date acquires any new property (other than Excluded Property) that is not automatically subject to a Lien under the Security Documents, such Effective Date Guarantor, subject to the requirements of the Security Documents, shall, as soon as practical after such property&#8217;s acquisition or it no longer being Excluded Property (subject to Section 4.18(d) 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;grant a Pari Passu Lien on such property to the Collateral Agent for the benefit of the Holders (and, to the extent such grant would require the execution and delivery of a Security Document, such Effective Date Guarantor shall execute and deliver a Security Document on substantially the same terms as the Security Documents executed and delivered on the Issue Date);</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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3</div>

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<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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause the Lien granted in such Security Document to be duly perfected in any manner permitted by law to the same extent as the Liens granted on the Issue Date are perfected; 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left; text-indent: 36pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;instruct the Collateral Agent in writing to take all action necessary in connection with the foregoing provisions of this Section 4.18(c) including as necessary under the Security Documents and determining whether Collateral constitutes Mortgage Tax Collateral (as defined in the Intercreditor Agreement) for purposes of the Intercreditor Agreement. By their acceptance of the Notes, Holders shall be deemed to have instructed and authorized the Collateral Agent to take such action as instructed by any Effective Date Guarantor.</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:left;">Such Effective Date Guarantor shall deliver an Opinion of Counsel to the Trustee with respect to real property, addressing customary matters (and containing customary exceptions) consistent with the Opinion of Counsel (if any) delivered on the Issue Date in respect of such matters; <i>provided</i>, that, an Opinion of Counsel shall not be required with respect to any mortgage or similar instrument for real property located in a jurisdiction for which an Opinion of Counsel has been previously delivered to the Trustee pursuant to this Indenture.&#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:36pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 of the Indenture with respect to the Notes is hereby amended to add the following as new definitions in appropriate alphabetical order:</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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left;">&#8220;<b>Effective Date Guarantor&#8221;</b> shall mean each Guarantor existing on the Operative Date.</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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: left;">&#8220;<b>Operative Date</b>&#8221; shall have the meaning set forth in the Tenth Supplemental Indenture to this Indenture dated as of December 6, 2019 among the Issuer, the Company, the other guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent.</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:36pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any and all references to any provisions of the Indenture or any of the Notes that are not applicable to the Notes, as applicable, by virtue of any provision of this Tenth Supplemental Indenture and any and all obligations thereunder related solely to such deleted or amended provision throughout the Indenture or any of the Notes are of no further force or effect with respect to the Notes, as applicable. Any and all terms defined in the Indenture or any of the Notes that are used in any provision of the Indenture or any of the Notes which are not applicable to the Notes, as applicable, by virtue of any provision of this Tenth Supplemental Indenture and which are not otherwise used in any other provision of the Indenture or any of the Notes not affected by this Tenth Supplemental Indenture are hereby deleted in full.</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:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>3.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Supplemental Indenture will become effective immediately upon its execution and delivery, but the Amendments set forth in Section 2 of this Tenth Supplemental Indenture will not become operative unless and until the payment of the applicable consideration (the &#8220;Consideration&#8221;) in the Exchange Offer in respect of all Notes validly tendered and not validly withdrawn and that are accepted for exchange on the settlement date of the Exchange Offer has occurred (such date of payment, the &#8220;Operative Date&#8221;).</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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">4</div>

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<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:0pt;text-align:left;text-indent:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>4.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties hereto hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Tenth Supplemental Indenture, the Notes and the Guarantees, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.</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:36pt;">EACH OF THE ISSUER, THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TENTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.</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:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>5.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Supplemental Indenture may be signed in various counterparts, which together will constitute one and the same instrument.</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:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>6.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and this Tenth Supplemental Indenture will henceforth be read together.</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:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>7.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<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:36pt;"><font style="text-transform:uppercase"><b>Section </b></font><b>8.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Tenth 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>

<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>IN WITNESS WHEREOF</b>, the parties hereto have caused this Tenth Supplemental Indenture to be duly executed as of the date first above written.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">&nbsp;</p>

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

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			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;"><b>K. HOVNANIAN ENTERPRISES</b><b>,</b><b> INC</b>.,<br>
			as Issuer</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
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			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>J. Larry Sorsby</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Name:&nbsp; J. Larry Sorsby<br>
			Title:&nbsp; Vice President and Chief Financial Officer</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" rowspan="1" valign="top" width="3%"><b>HOVNANIAN </b><b>ENTE</b><b>RPRISES</b><b>,</b><b> INC.</b></td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">By:</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0);" valign="top" width="35%">/s/&nbsp;J. Larry Sorsby</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">Name:&nbsp; J. Larry Sorsby<br>
			Title:&nbsp; Executive Vice President and Chief Financial Officer</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" rowspan="1" valign="top" width="3%"><b>K. HOV IP, II, INC.</b></td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">By:</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0);" valign="top" width="35%">/s/&nbsp;David Bachstetter</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">Name:&nbsp; David Bachstetter<br>
			Title:&nbsp; Chief Executive Officer and Treasurer</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" rowspan="1" valign="top" width="3%">
			<p style="margin: 0pt;"><b>ON BEHALF OF EACH OF THE ENTITIES </b></p>

			<p style="margin: 0pt;"><b>LISTED ON SCHEDULE I HERETO</b></p>
			</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">By:</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0);" valign="top" width="35%">/s/&nbsp;David Bachstetter</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td valign="top" width="3%">&nbsp;</td>
			<td valign="top" width="35%">Name: David Bachstetter<br>
			Title: Vice President</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>

</table>

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

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

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>[Signature Page to Tenth Supplemental Indenture]</i></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;">&nbsp;</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>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 35%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>WILMINGTON TRUST, NATIONAL<br>
			ASSOCIATION</b>,<br>
			as Trustee and Collateral Agent</td>
			<td style="width: 62%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 3%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 3%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 3%;">By:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%; border-bottom: 1px solid rgb(0, 0, 0);">/s/ Quinton M. DePompolo</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 3%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%;">Name:&nbsp;Quinton M. DePompolo</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 3%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 35%;">Title: Banking Officer</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;">&nbsp;</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-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>[Signature Page to Tenth Supplemental Indenture]</i></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;">&nbsp;</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:0pt;text-align:center;"><b>SCHEDULE I</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;">2700 EMPIRE, 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;">BUILDER SERVICES NJ, L.L.C.</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;">EASTERN NATIONAL TITLE AGENCY ARIZONA, LLC</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;">EASTERN NATIONAL TITLE AGENCY ILLINOIS, 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;">EASTERN NATIONAL TITLE AGENCY VIRGINIA, INC.</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;">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;">GLENRISE GROVE, L.L.C.</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 FESTIVAL LAKES 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;">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;">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;">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;">GTIS-HOV WARMINSTER 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;">HOMEBUYERS FINANCIAL USA, 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;">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;">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;">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 ABERDEEN, LLC</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 AMBER GLEN, 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 OPERATIONS, 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 ASPIRE AT BELLEVUE RANCH, LLC</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&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;">I-8</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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<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 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 ASPIRE AT WATERSTONE, 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 ALEXANDER LAKES, 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 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 AMBERLEY WOODS, 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 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 ASHBY PLACE, 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 AUTUMN RIDGE, 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 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 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 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 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 BLACKSTONE, 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;">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 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 BRENFORD STATION, 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 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 BURCH KOVE, 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 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 CANTER V, 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 CATANIA, 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 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 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 CEDAR LANE, LLC</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 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 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 COOSAW POINT, LLC</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;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-9</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: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 DOMINION CROSSING, LLC</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 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 EAGLE HEIGHTS, 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 BRUNSWICK, 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 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 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 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 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 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 FIDDYMENT RANCH, LLC</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 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 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 FRESNO, 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 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;">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 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 HAMMOCK BREEZE, 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 HAMPTON LAKE, 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 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 HIDDEN BROOK, LLC</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 HIGHLAND PARK, LLC</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 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 HOLLY RIDGE, 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 II, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-10</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: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 HUNTFIELD, 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 ISLAND LAKE, 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;">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 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 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 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 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 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 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 LILY ORCHARD, 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 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 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 LUKE LANDING, LLC</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 MADISON SQUARE, 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 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 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 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 MANTECA, 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 MAPLE HILL LLC</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 MARYLAND RIDGE, 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 MELANIE MEADOWS, 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 MERIDIAN HILLS, LLC</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 MIDDLETOWN, 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;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-11</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: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 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 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 MUIRFIELD, 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 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 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 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 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 HILL, 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 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 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 NORTHRIDGE ESTATES, 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 NOTTINGHAM MEADOWS, 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 OAKLAND, 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 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 ORCHARD MEADOWS, 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 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 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 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 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 PICKETT RESERVE, 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 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 POINTE 16, 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 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 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 AT POSITANO, 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 QUAIL CREEK, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-12</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: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 RANDALL HIGHLANDS, LLC</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 RAYMOND FARM, 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 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 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 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 RIVER HILLS, LLC</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 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 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 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 SAGEBROOK, LLC</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 SAWMILL, INC.</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 SEABROOK, 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 SHELDON GROVE, 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 SIENNA HILLS, 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 SIGNAL HILL, 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 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 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 SILVERWOOD GLEN, 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 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 SMITHVILLE, INC.</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 SOMERSET, LLC</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;">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 SPRING 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 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 SUMMERLAKE, 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 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 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 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 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 THE COMMONS AT RICHMOND HILL, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-13</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: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 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 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 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 THOMPSON RANCH, LLC</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 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 TRAFFORD PLACE, 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 TRAMORE 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 UPPER PROVIDENCE, LLC</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 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 VALLETTA, 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 VERONA ESTATES, LLC</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 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 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 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 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 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 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 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 AT WALDWICK, 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 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 WATERFORD, 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 WELLSPRINGS, 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 WESTBROOK, LLC</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 WHEELER WOODS, LLC</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 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 WILLOWSFORD GREENS III, 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 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 BELDEN POINTE, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-14</div>

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</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: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 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 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;">K. HOVNANIAN CALIFORNIA OPERATIONS, 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 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 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 CHICAGO DIVISION, INC.</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;">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 ARIZONA, LLC</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 COMPANIES OF MARYLAND, INC.</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 COMPANIES OF SOUTHERN CALIFORNIA, INC.</p>

<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 CONSTRUCTION II, INC</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 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 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 D.C. GROUP, LLC</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 OPERATIONS, 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 DEVELOPMENTS OF GEORGIA, INC.</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 DEVELOPMENTS 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 NORTH CAROLINA, INC.</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 DEVELOPMENTS OF TEXAS, INC.</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 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;">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 CREEKSIDE ESTATES, 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;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-15</div>

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</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: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 HIGHTOWER, 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 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 EDGEBROOK, LLC</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 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 ESTATES AT WEKIVA, 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 FINANCIAL SERVICES GROUP, 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 OPERATIONS, 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 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 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 OPERATIONS, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-16</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: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 GREAT WESTERN HOMES, 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 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 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 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;">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 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 CREEKSIDE, 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 KNOLLAC ACRES, 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 PARKSIDE, 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 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 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 SHENANDOAH SPRINGS, 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 HIGHLANDS, 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 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 NORTHERN CALIFORNIA, INC.</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;">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 FLORIDA 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 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 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 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;">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 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 HOMES OF PENNSYLVANIA, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-17</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: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 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 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 OPERATIONS, 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 IVY TRAIL, LLC</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 LADUE RESERVE, 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 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 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 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 MAGNOLIA AT WESTSIDE, LLC</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 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 MEADOW LAKES, LLC</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 MONARCH GROVE, 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 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 NEW JERSEY OPERATIONS, 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 NORTHEAST DIVISION, INC.</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;">&nbsp;</p>

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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-18</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: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 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 OCOEE LANDINGS, 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 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 OPERATIONS, 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 OPERATIONS COMPANY, INC.</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 PA REAL ESTATE, 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;">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 OPERATIONS, 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 PINEWOOD RESERVE, LLC</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 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 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 REDFERN TRAILS, 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 RIVENDALE, 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 SCHADY RESERVE, 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 SHERWOOD AT REGENCY, 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 OPERATIONS, 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;">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 SOUTHEAST COASTAL DIVISION, INC.</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 SOUTHERN CALIFORNIA DIVISION, LLC</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 STERLING RANCH, 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 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 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 TERRALARGO, LLC</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, 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 UNION PARK, 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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<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">I-19</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: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 VILLAGE GLEN, LLC</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 OPERATIONS, INC.</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 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 OPERATIONS, 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 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;">K. HOVNANIAN WOODLAND POINTE, 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'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 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 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 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 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 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 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 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 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 COLTS FARM, 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 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 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 MALIND BLUFF, 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 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 NEW LENOX, 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 PALM SPRINGS, 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'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;">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;">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'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'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 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 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;">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;">KHH SHELL HALL LOAN ACQUISITION, 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;">LANDARAMA, INC.</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;">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;">&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;">I-20</div>

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<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: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;">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;">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;">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;">MM-BEACHFRONT NORTH I, LLC</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;">PARK TITLE COMPANY, LLC</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;">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;">SEABROOK ACCUMULATION CORPORATION</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;">SHELL HALL LAND ACQUISITION, LLC</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;">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;">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;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">I-21</p>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex_166722.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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	<title>ex_166722.htm</title>

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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>
			</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:left;"><b>News Release</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:left;"><b>&nbsp;</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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<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;"><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>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">732-747-7800</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">732-747-7800</p>
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			<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>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>HOVNANIAN ENTERPRISES, INC. </b></u><u><b>ANNOUNCES RESULTS OF EXCHANGE OFFERS FOR CERTAIN OF ITS DEBT SECURITIES AND RECEIPT OF REQUISITE CONSENTS IN CONSENT</b></u><u> </u><u><b>SOLICITATION WITH RESPECT TO 10.500% SENIOR SECURED NOTES DUE 2024</b></u></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;">MATAWAN, N.J., December 6, 2019 &#8211; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &#8220;Company&#8221;) announced today the results of the offers to exchange (the &#8220;Exchange Offers&#8221;) by its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc. (the &#8220;Issuer&#8221;), the Issuer&#8217;s outstanding 10.000% senior secured notes due 2022 (the &#8220;Old 2022 Notes&#8221;) and outstanding 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 new 10.000% Senior Secured 1.75 Lien Notes due 2025 (the &#8220;New 2025 Notes&#8221;) to be issued by the Issuer, and to be guaranteed by the Company and substantially all of its subsidiaries, other than the Issuer, its home mortgage subsidiaries, certain of its title insurance subsidiaries, joint ventures and subsidiaries holding interests in joint ventures (collectively, the &#8220;Guarantors&#8221;) and related solicitations of consents from holders of the Old Notes to certain proposed amendments to the indenture governing the Old Notes (the &#8220;Consent Solicitations&#8221;).</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 Exchange Offers expired at 11:59 p.m., New York City time, on December 5, 2019 (the &#8220;Expiration Date&#8221;). As of the Expiration Date, $23,152,000&nbsp;aggregate principal amount, or 10.6%, of Old 2022 Notes and $141,708,000 aggregate principal amount, or 67.0%, of Old 2024 Notes had been properly tendered (and not validly withdrawn) and will be accepted (without proration) for exchange pursuant to the terms set forth in the Confidential Offering Memorandum and Consent Solicitation Statement, as amended on November 21, 2019 (the &#8220;Offering Memorandum&#8221;), for $158,502,000 aggregate principal amount of New 2025 Notes. The settlement date for the Exchange Offers is expected to be on or shortly following December 10, 2019 (the &#8220;Settlement Date&#8221;).</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;">Holders of Old Notes that properly tendered (and did not validly withdraw) their Old Notes at or prior to the Expiration Date, and whose Old Notes are accepted for exchange will receive the early participation consideration or the exchange consideration, as applicable, as set forth in the Offering Memorandum. In addition, accrued and unpaid interest to, but not including, the Settlement Date and, if applicable, amounts due in lieu of fractional amounts of New 2025 Notes will be paid in cash on properly tendered and accepted Old Notes.</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;">In addition, in connection with the Consent Solicitations, the Company announced that the Issuer has received the requisite consents from the holders of the Old 2024 Notes to adopt the proposed amendments (the &#8220;Proposed Amendments&#8221;) to the indenture (the &#8220;Existing Indenture&#8221;) governing the Old Notes to eliminate most of the restrictive covenants, certain affirmative covenants and certain of the events of default contained in the Existing Indenture with respect to the Old 2024 Notes. No additional consideration is being paid for the consents. The Issuer did not receive the requisite consents from the holders of the Old 2022 Notes to adopt the Proposed Amendments to the Existing Indenture with respect to the Old 2022 Notes and therefore the Old 2022 Notes will continue to be subject to the terms of the Existing Indenture without giving effect to the Proposed Amendments.</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 Exchange Offers and Consent Solicitations were made only by, and pursuant to, the terms set forth in the Offering Memorandum, and the information in this press release is qualified by reference to 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;">In addition, the Company and the Issuer announced that in connection with the completion of the Exchange Offers, the Issuer expects to exchange certain of its outstanding unsecured indebtedness for up to $81,498,000&nbsp;of 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. The terms of the New Pari Passu Debt may differ from the New 2025 Notes.</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 to be issued to the holders of the Issuer&#8217;s unsecured indebtedness, 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 Existing Indenture. The Exchange Offers were 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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;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 were made, and the New 2025 Notes were 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:'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: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 including due to changes in trade policies, such as the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; (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) increases in cancellations of agreements of sale; (13) fluctuations in interest rates and the availability of mortgage financing; (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) geopolitical risks, terrorist acts and other acts of war; (24) loss of key management personnel or failure to attract qualified personnel; (25) information technology failures and data security breaches; (26) negative publicity; and (27) 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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