Hovnanian Enterprises Mourns the Loss of Kevork S. Hovnanian, Founder and Chairman of the Board

Sep 25, 2009, 13:11 ET from Hovnanian Enterprises, Inc.

RED BANK, N.J., Sept. 25 /PRNewswire/ -- It is with a profound sense of loss and regret that Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, announced today that Kevork S. Hovnanian, founder and Chairman of the Board, passed away on Thursday, September 24, 2009 at New York Presbyterian Hospital. Mr. Hovnanian founded the Company in 1959. He led the Company as President until 1988 and as Chief Executive Officer until 1997, when his son, Ara, succeeded him as President and Chief Executive Officer. Mr. Hovnanian continued to serve as Chairman of the Board. He was 86 years old.

"Mr. Hovnanian was the heart and soul of our Company and all of our associates mourn this tragic loss. Our deepest condolences and prayers are with Mr. Hovnanian's wife, Sirwart, and his entire family," stated J. Larry Sorsby, Executive Vice President and Chief Financial Officer. "Mr. Hovnanian was a visionary who brought tremendous leadership, energy and passion to his job. He made an indelible mark on this Company and on the community, where he felt a responsibility and a deep commitment to share his good fortunes. He was a great man and will be dearly missed by all who knew him."

Mr. Hovnanian's accomplishments have led to numerous honors and awards for both the man and the Company. More importantly, he cared about giving back and through his philanthropic efforts established a lasting legacy. Some of his more recent efforts include: the K. Hovnanian Children's Hospital at Jersey Shore University Medical Center in Neptune, NJ, the first Children's Hospital in the area; generous donations to the New York Presbyterian Hospital in New York City, who has named the Cardiology Practice area in honor of the K. Hovnanian Family and the K. Hovnanian Pavilion and the Alton A. Hovnanian Emergency Care Center at Riverview Medical Center in Red Bank, NJ.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2008 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

SOURCE Hovnanian Enterprises, Inc.



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