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Note 17 - Transactions With Related Parties
 12 Months Ended
Oct. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

17. Transactions with Related Parties

 

During the years ended October 31, 2020, 2019 and 2018, an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman of the Board of Directors and our Chief Executive Officer, provided services to the Company totaling $0.7 million, $0.9 million and $0.7 million, respectively. Neither the Company nor Mr. Hovnanian has a financial interest in the relative’s company from whom the services were provided.

  

Mr. Carson Sorsby, the son of J. Larry Sorsby, one of our directors and Chief Financial Officer, was employed by the Company’s mortgage subsidiary. Mr. Carson Sorsby resigned in August 2020. His total commissions from the Company’s mortgage affiliate totaled approximately $265,000, $223,000 and $148,000 in fiscal 2020, 2019 and 2018, respectively.

 

Mr. Alexander Hovnanian, the son of Ara K. Hovnanian, our Chairman of the Board of Directors and our Chief Executive Officer, is employed by the Company. In fiscal 2020, Mr. Hovnanian was Division President of the Northeast Division and in March 2020 he became the Executive Vice President - National Homebuilding Operations. His total compensation was approximately $1,152,000, $609,000 and $514,000 in fiscal 2020, 2019 and 2018, respectively.