Hovnanian Enterprises Inc. - Conference Presentation Calls

Hovnanian Enterprises Inc. and GoldenTree InSite Partners announced that they have entered into a joint venture agreement to acquire a portfolio of homebuilding projects. The venture intends to design, sell, and deliver homes on the properties, which are located across 11 communities in the greater Chicago market and Palm Beach County, Florida. Since this venture is purchasing lots that were previously owned by an unconsolidated Hovnanian joint venture, there will be no change in the reported number of lots owned by unconsolidated joint ventures in Hovnanian's SEC filings. Hovnanian invested 20% of the equity capital in the new venture, with GoldenTree InSite providing the balance. Hovnanian will manage the day-to-day operations of the venture. If certain financial targets are met, Hovnanian will receive a promoted share of the cash returns from the venture. The venture was capitalized 100% with equity, but if in the future financing becomes available, the venture may obtain a modest amount of non-recourse debt on the properties.

Hovnanian Enterprises Inc. announced that its Board of Directors has appointed Ara K. Hovnanian as Chairman of its Board of Directors, in addition to his positions as President and Chief Executive Officer of the company. Mr. Ara K. Hovnanian will succeed Mr. Kevork S. Hovnanian, the founder of the company, who served as Chairman of the Board of Directors up until his death in September 2009.