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K. Hovnanian Homes Marks 50th Anniversary

K. Hovnanian Homes, New Jersey's largest homebuilder, today kicks off a yearlong celebration of providing quality homes for 50 years.

The celebration actually began in March 1959 when Kevork S. Hovnanian and his three brothers each contributed $1,000 and started a company to build homes in Toms River, N.J. Today, Hovnanian is the chairman of Hovnanian Enterprises, a Fortune 500 corporation with operations in 18 states and revenues of $3.3 billion. It is the parent company of K. Hovnanian Homes, Matzel & Mumford Homes in New Jersey and Oster Homes in northeast Ohio. Hovnanian, now in his 80s, remains active in the business. His son, Ara, is now the president and chief executive officer.

"For 50 years, we have continued to stay true to my father's founding principle of building quality homes with lasting value," said the younger Hovnanian. "It is with this commitment that we look forward to another 50 years of providing Americans with the home they deserve, backed by a company they can trust."

The company is building about 30 communities around New Jersey, New York and Pennsylvania. In all, the company delivered 11,281 homes nationwide last fiscal year, and 1,412 homes in the three northeastern states.

"Our founder once said he wanted to build homes he could be proud of," said Joe Riggs, president of K. Hovnanian Homes in the Northeast and Midwest. "Today, we build homes that we and our homeowners are exceedingly proud of. We continue to listen to customers, use progressive building methods and offer a variety of home styles and prices."

Expanding beyond its New Jersey roots, the company acquired Ohio-based Summit Homes in April 2003. Ohio President Bruce Grosse said an example of keeping up with customer desires is the introduction of its new Traditions line, which offers a wide variety of home styles for the value-conscious customer.

K. Hovnanian also established a Twin Cities office in March 2005. A year later, it acquired Town & Country Homes, a builder that had been a part of the Twin Cities' market since 1994. Operations were consolidated a short time later. Minnesota President Art Plante said K. Hovnanian Homes has become a leading homebuilder in the Minneapolis-St. Paul area, bringing the first luxury active-adult community, Four Seasons at Rush Creek, to the area and winning recognition from the U.S. Environmental Protection Agency for its Energy Star compliant construction.

Riggs said the company's nationwide reputation for standing behind its homes and satisfying its customers has led to many awards and many customers who have selected K. Hovnanian Homes through the different stages of their lives. Many people have purchased two or three K. Hovnanian homes.

The company will celebrate its anniversary with a variety of events throughout the year. Celebrations are being held this weekend at K. Hovnanian sales centers and galleries across the country. More information about K. Hovnanian Homes' 50th anniversary is available at http://www.khov.com/50.

As the company enters its 50th year, it builds townhomes, single-family homes, and condominiums in mid-rise and high-rise buildings. The company is recognized for its expertise in active-adult living, community redevelopment and energy efficiency. It continues to study ways to build sustainability into its processes. In addition, K. Hovnanian American Mortgage LLC assists homebuyers through the mortgage process. The company also offers title services in some areas.

"We know that buying a home is one of the largest and most important purchases an individual or family can make," said Ara Hovnanian. "That's why we're devoted to building communities of excellence, made of homes where families can make a lifetime of memories of their own."

"We offer all the advantages of a local homebuilder, backed by 50 years of experience, good will and the financial strength of a national company," added Riggs.

K. Hovnanian Homes is the largest homebuilder in New Jersey and sixth largest homebuilder in the nation. The parent company, Hovnanian Enterprises, Inc., is headquartered in Red Bank, N.J. The company constructs homes in mid-rise, high-rise and mixed-use buildings. More information is available at http://www.khov.com/ or at 888-KHOV-HOME.