Hovnanian Enterprises Announces New $75 Million Unsecured Revolving Credit Facility

Hovnanian Enterprises, Inc.

, a leading national homebuilder, announced that it has entered into a five-year $75 million unsecured revolving credit facility with Citicorp USA, Inc., as administrative agent and issuing bank, and Citibank, N.A., as a lender. The unsecured revolving credit facility is available for both letters of credit and general corporate purposes. "The addition of a revolving credit facility to the cash we currently have on hand provides additional liquidity and financial flexibility. The new facility enables us to capitalize on additional new land opportunities and grow our business even further," commented Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. About Hovnanian Enterprises® Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, 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, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian® Homes®, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster 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.