As filed with the Securities and Exchange Commission on July 2, 2003

Registration No.
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM S-3
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933

-------------

HOVNANIAN K. HOVNANIAN
ENTERPRISES, INC. ENTERPRISES, INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware California
(State or Other Jurisdiction of Incorporation or Organization)

22-1851059 22-2423583
(I.R.S. Employer Identification Number)

10 Highway 35 10 Highway 35
P.O. Box 500 P.O. Box 500
Red Bank, New Jersey 07701 Red Bank, New Jersey 07701
(732) 747-7800 (732) 747-7800
(Address, Including Zip Code, and Telephone Number, Including Area Code,
of Registrant's Principal Executive Offices)

SEE TABLE OF ADDITIONAL REGISTRANTS
-------------
J. Larry Sorsby
Hovnanian Enterprises, Inc.
10 Highway 35
P.O. Box 500
Red Bank, New Jersey 07701
(732) 747-7800

(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent For Service)

-----------------
Copies to:
Vincent Pagano, Jr., Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
(212) 455-2000

Approximate date of commencement of proposed sale to the public: From
time to time after the effective date of this registration statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the
following box. |_|
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. |X|
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. |_|____________
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. |_|_______________
If delivery of the prospectus is expected to be made pursuant to Rule
434, please check the following box. |_|

CALCULATION OF REGISTRATION FEE

<Table>
<Caption>
=================================================================================================================================
Proposed maximum
Title of each class of Amount to be Proposed maximum aggregate offering Amount of
securities to be registered registered offering price per unit price registration fee
- ---------------------------------------------------------------------------------------------------------------------------------

Debt Securities, Class A Common Stock,
Preferred Stock, Warrants, Stock Purchase
Contracts and Stock Purchase Units(1).... $1,000,000 100%(2) $1,000,000(2) $80.90

Guarantees of Hovnanian Enterprises,
Inc. of Debt Securities and
Warrants of K. Hovnanian Enterprises,
Inc. and Guarantees of Subsidiary
Guarantors of Debt Securities and
Warrants of Hovnanian Enterprises,
Inc. and K. Hovnanian Enterprises, Inc. (3) (3) (3) None
- ---------------------------------------------------------------------------------------------------------------------------------
Total.................................... $1,000,000(2) 100%(2) $1,000,000(2) $80.90
=================================================================================================================================
</Table>

(1) The Debt Securities registered hereby include such additional amount as may
be necessary so that, if Debt Securities are issued with an original issue
discount, the aggregate initial offering prices of all Debt Securities will
equal no more than $1,000,000. There are also being registered hereunder an
indeterminate number of shares of Class A Common Stock as shall be issuable
upon conversion or redemption of Preferred Stock or Debt Securities
registered hereby.

(2) Estimated solely for the purpose of calculating the registration fee.

(3) No separate consideration will be received for the Guarantees.
Any securities registered hereunder may be sold separately or as units with
other securities registered hereunder.

Pursuant to Rule 429 under the Securities Act of 1933, as amended, the
Prospectus herein also relates to the remaining $376,000,000 of Debt
Securities, Warrants to purchase Debt Securities, Preferred Stock, Class A
Common Stock, Stock Purchase Contracts and Stock Purchase Units registered on
Form S-3 (Registration No. 333-68528), Form S-3 (Registration No. 333-75939)
and Form S-3 (Registration No. 333-51991) of Hovnanian Enterprises, Inc. and
K. Hovnanian Enterprises, Inc. and 7,643,312 allocated shares of Class A
Common Stock of Hovnanian Enterprises, Inc. registered on Form S-3
(Registration No. 333-51991) of K. Hovnanian Enterprises, Inc. This
Registration Statement also constitutes Post-Effective Amendment No. 1 to
Registration Statement No. 333-68528, Post-Effective Amendment No. 2 to
Registration Statement No. 333-75939 and Post-Effective Amendment No. 3 to
Registration Statement No. 333-51991 and upon the effectiveness of such
Post-Effective Amendments, this Registration Statement and Registration
Statements No. 333-68528, No. 333-75939 and No. 333-51991 will relate to an
aggregate of $377,000,000 of Class A Common Stock, Preferred Stock, Debt
Securities, Warrants to purchase Debt Securities of Hovnanian Enterprises,
Inc., and Stock Purchase Contracts and Stock Purchase Units Securities, Debt
Securities guaranteed by Hovnanian Enterprises, Inc. of K. Hovnanian
Enterprises, Inc., Warrants guaranteed by Hovnanian Enterprises, Inc. to
purchase Debt Securities of K. Hovnanian Enterprises, Inc. (any or all of
which Debt and Warrants may be guaranteed by the registrant Subsidiary
Guarantors described herein) and 7,643,312 shares of Class A Common Stock of
Hovnanian Enterprises, Inc.

The Registrants hereby amend this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrants
shall file a further amendment which specifically states that this
Registration Statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until this Registration
Statement shall become effective on such date as the Commission, acting
pursuant to said Section 8(a), may determine.

<Table>
TABLE OF ADDITIONAL REGISTRANTS

- -----------------------------------------------------------------------------------------------------------
ADDRESS INCLUDING ZIP
CODE,
STATE OR OTHER AND TELEPHONE NUMBER
JURISDICTION OF IRS EMPLOYER INCLUDING AREA CODE,
EXACT NAME OF REGISTRANT INCORPORATION OR IDENTIFICATION OF REGISTRANT'S PRINCIPAL
AS SPECIFIED IN ITS CHARTER ORGANIZATION NUMBER EXECUTIVE OFFICES
- -----------------------------------------------------------------------------------------------------------

All Seasons, Inc. MD 52-0855385 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Arrow Properties, Inc. NJ 22-1945442 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Condominium Community (Bowie MD 52-2002262 10 Highway 35
New Town), Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Condominium Community (Largo Town), MD 52-2002261 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Condominium Community (Park Place), MD 52-2002264 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Condominium Community (Quail Run), MD 52-2002265 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Condominium Community (Truman Drive), MD 52-2002263 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Consultants Corporation MD 52-0856601 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Designed Contracts, Inc. MD 52-0854124 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
EXC, Inc. DE 22-3178077 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

1
<Page>

<Table>
- -----------------------------------------------------------------------------------------------------------
ADDRESS INCLUDING ZIP
CODE,
STATE OR OTHER AND TELEPHONE NUMBER
JURISDICTION OF IRS EMPLOYER INCLUDING AREA CODE,
EXACT NAME OF REGISTRANT INCORPORATION OR IDENTIFICATION OF REGISTRANT'S PRINCIPAL
AS SPECIFIED IN ITS CHARTER ORGANIZATION NUMBER EXECUTIVE OFFICES
- -----------------------------------------------------------------------------------------------------------

Fortis Homes, Inc. NC 56-1477716 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Housing-Home Sales, Inc. MD 52-0846210 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Hovnanian Developments of Florida, FL 22-2416624 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hov International, Inc. NJ 22-3188610 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hov IP, II, Inc. California 57-1135061 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hov IP, III, Inc. California 59-3762319 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hov IP, Inc. California 95-4892009 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hov IP, IV, Inc. California 59-3762302 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Acquisitions, Inc. NJ 22-3406671 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Ashburn Village, Inc. VA 22-3178078 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

2
<Page>

K. Hovnanian at Ballantrae FL 22-3409425 10 Highway 35
Estates, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Barrington, Inc. VA 22-3583846 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Belmont, Inc. VA 22-3253529 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Bernards IV, Inc. NJ 22-3292171 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Branchburg III, Inc. NJ 22-2961099 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Bridgeport, Inc. CA 22-3547807 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Bridgewater VI, Inc. NJ 22-3243298 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Bull Run, Inc. VA 22-3192910 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Burlington III, Inc. NJ 22-3412130 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Burlington, Inc. NJ 22-2949611 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

3
<Page>

K. Hovnanian at Calabria, Inc. CA 22-3324654 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Cameron Chase, Inc. VA 22-3459993 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Carmel Del Mar, Inc. CA 22-3320550 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Castile, Inc. CA 22-3356308 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Cedar Grove I, Inc. NJ 22-2892342 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Cedar Grove II, Inc. NJ 22-2892341 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Chaparral, Inc. CA 22-3565730 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Clarkstown, Inc. NY 22-2618176 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Crestline, Inc. CA 22-3493450 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Dominguez, Inc. CA 22-3602177 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

4
<Page>

K. Hovnanian at Dominion Ridge, Inc. VA 22-3433318 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at East Brunswick NJ 22-2892496 10 Highway 35
VI, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at East Whiteland PA 22-3483220 10 Highway 35
I, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Exeter Hills, Inc. VA 22-3331043 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Fair Lakes Glen, Inc. VA 22-3261224 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Fair Lakes, Inc. VA 22-3249049 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Freehold NJ 22-2459186 10 Highway 35
Township I, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hackettstown, Inc. NJ 22-2765936 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hampton Oaks, Inc. VA 22-3583845 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hershey's Mill, Inc. PA 22-3445102 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

5
<Page>

K. Hovnanian at Highland CA 22-3309241 10 Highway 35
Vineyards, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Holly Crest, Inc. VA 22-3214275 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hopewell IV, Inc. NJ 22-3345622 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hopewell VI, Inc. NJ 22-3465709 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Howell Township, Inc. NJ 22-2859308 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hunter Estates, Inc. VA 22-3321100 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Kings Grant I, Inc. NJ 22-2601064 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Klockner Farms, Inc. NJ 22-2572443 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at La Terraza, Inc. CA 22-3303807 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at La Trovata, Inc. CA 22-3369099 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

6
<Page>

K. Hovnanian at Lakewood, Inc. NJ 22-2618178 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Saucon II, Inc. PA 22-3602924 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Saucon, Inc. PA 22-2961090 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah II, Inc. NJ 22-2859315 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah IV, Inc. NJ 22-3015286 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah V, Inc. NJ 22-2868663 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah VI, Inc. NJ 22-3188612 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah VII, Inc. NJ 22-2592139 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mahwah VIII, Inc. NJ 22-2246316 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Manalapan, Inc. NJ 22-2442998 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

7
<Page>

K. Hovnanian at Marlboro II, Inc. NJ 22-2748659 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro Township NJ 22-3467252 10 Highway 35
IV, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro Township, NJ 22-2847845 10 Highway 35
III P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian of Metro DC South, Inc. VA 22-3583847 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Montclair NJ, Inc. NJ 22-2759221 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Montclair, Inc. VA 22-3188614 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Montgomery I, Inc. PA 22-3165601 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Northern NY 22-2814372 10 Highway 35
Westchester, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Northlake, Inc. CA 22-3336696 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Ocean Walk, Inc. CA 22-3565732 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

8
<Page>

K. Hovnanian at P.C. Properties, Inc. VA 22-3583840 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Park Ridge, Inc. VA 22-3253530 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Peekskill, Inc. NY 22-2718071 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Perkiomen I, Inc. PA 22-3094743 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Perkiomen II, Inc. PA 22-3301197 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Plainsboro III, Inc. NJ 22-3027955 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Port Imperial NJ 22-3450185 10 Highway 35
North, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Princeton, Inc. NJ 22-3322125 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Rancho CA 22-3369102 10 Highway 35
Cristianitos, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Reservoir Ridge, Inc. NJ 22-2510587 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

9
<Page>

K. Hovnanian at River Oaks, Inc. VA 22-3199603 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at San Sevaine, Inc. CA 22-3493454 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Saratoga, Inc. CA 22-3547806 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Scotch Plains NJ 22-3464496 10 Highway 35
II, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Scotch Plains, Inc. NJ 22-2380821 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Smithville, Inc. New Jersey 22-1732674 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Brunswick NJ 22-2458485 10 Highway 35
II, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Brunswick NJ 22-2652530 10 Highway 35
III, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Brunswick NJ 22-2859309 10 Highway 35
IV, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Brunswick NJ 22-2937570 10 Highway 35
V, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

10
<Page>

K. Hovnanian at Stone Canyon, Inc. CA 22-3512641 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Stonegate, Inc. VA 22-3481223 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Stony Point, Inc. NJ 22-2758195 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Stuart Road, Inc. VA 22-3312918 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Sully Station, Inc. VA 22-3188746 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Summerwood, Inc. VA 22-3583842 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Sycamore, Inc. CA 22-3493456 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Tannery Hill, Inc. NJ 22-3396608 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at The Bluff, Inc. NJ 22-1841019 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at The Cedars, Inc. NJ 22-3406664 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

11
<Page>

K. Hovnanian at The Glen, Inc. VA 22-3618411 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at the Reserve at NJ 22-2934223 10 Highway 35
Medford, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Thornbury, Inc. PA 22-3462983 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Tierrasanta, Inc. CA 22-3351875 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Tuxedo, Inc. NY 22-3516266 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Union Township I, NJ 22-3027952 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Upper Makefield I, PA 22-3302321 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Upper Merion, Inc. PA 22-3188608 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Vail Ranch, Inc. CA 22-3320537 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wall Township VI, NJ 22-2859303 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

12
<Page>

K. Hovnanian at Wall Township VIII, NJ 22-3434643 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Washingtonville, Inc. NY 22-2717887 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wayne III, Inc. NJ 22-2607669 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wayne V, Inc. NJ 22-2790299 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wildrose, Inc. CA 22-3312525 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Woodmont, Inc. VA 52-1785667 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies Northeast, NJ 22-2445216 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of California, CA 22-3301757 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of Maryland, MD 22-3331050 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of Metro VA 22-3169584 10 Highway 35
Washington, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

13
<Page>

K. Hovnanian Companies of New York, NY 22-2618171 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of North NC 22-2765939 10 Highway 35
Carolina, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of PA 22-2390174 10 Highway 35
Pennsylvania, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of Southern CA 22-3493449 10 Highway 35
California, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Construction Management, NJ 22-3406668 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of CA 22-3303806 10 Highway 35
California, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of MD 22-3331045 10 Highway 35
Maryland, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of Metro VA 22-3188615 10 Highway 35
Washington, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of New California 59-3762294 10 Highway 35
Jersey II, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of New NJ 22-2664563 10 Highway 35
Jersey, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

14
<Page>

K. Hovnanian Developments of New NY 22-2626492 10 Highway 35
York, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of Ohio, Ohio 32-0069376 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of Pennsylvania 22-1097670 10 Highway 35
Pennsylvania, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of South SC 58-2659968 10 Highway 35
Carolina, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Developments of Texas, TX 22-3685786 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Enterprises, Inc. California 22-2423583 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Equities, Inc. NJ 21-0735206 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Forecast Homes, Inc. CA 95-4892007 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Investment Properties of NJ 22-2541361 10 Highway 35
New Jersey, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Marine, Inc. NJ 22-3196910 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

15
<Page>

K. Hovnanian PA Real Estate, Inc. Pennsylvania 22-3188608 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Port Imperial Urban NJ 22-3027956 10 Highway 35
Renewal, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of NB NJ 22-3406661 10 Highway 35
Theatre, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of Newark NJ 22-3017267 10 Highway 35
Urban Renewal Corporation, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of North NJ 22-2057907 10 Highway 35
Brunswick V, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of NJ 22-2859305 10 Highway 35
Piscataway, Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of Red Bank, NJ 22-3092532 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Properties of Wall, Inc. NJ 22-3244134 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Real Estate Investment, NJ 22-1945444 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
KHC Acquisition, Inc. CA 22-3303802 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

16
<Page>

KHIP III, Inc. New Jersey 22-3887473 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Landarama, Inc. NJ 22-1978612 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford of Delaware, Inc. DE 22-3386728 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
MCNJ, Inc. New Jersey 22-2722906 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
MMIP III, Inc. New Jersey 22-3887475 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Parthenon Group, Inc. NJ 22-2748658 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Pine Brook Company, Inc. New Jersey 22-1762833 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Que Corporation MD 52-1723878 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Reflections of You Interiors, Inc. TX 75-1967894 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Seabrook Accumulation Corporation California 33-0989615 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

17
<Page>

Stonebrook Homes, Inc. CA 33-0553884 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
The Matzel & Mumford Organization, NJ 22-3670677 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
The New Fortis Corporation NC 56-1458833 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
The Southampton Corporation MD 52-0881406 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Washington Homes of West Virginia, WV 54-1860514 10 Highway 35
Inc. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Washington Homes, Inc. DE 22-3774737 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Washington Homes, Inc. of Virginia VA 52-0898765 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Westminster Homes (Charlotte), Inc. NC 52-1970973 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Westminster Homes of Tennessee, Inc. TN 52-1973363 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Westminster Homes, Inc. NC 52-1874680 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

18
<Page>

WH Land I, Inc. MD 52-2073468 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
WH Land II, Inc. MD 52-1887626 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
WH Properties, Inc. MD 52-1955560 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at 4S Ranch, L.L.C. California 73-1638455 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Ashburn Village, MD 22-3681031 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Barnegat I, L.L.C. NJ 22-3804316 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Berkeley, L.L.C. NJ 22-3644632 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Bernards V, L.L.C. NJ 22-3618587 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Blooms Crossing, MD 22-3688865 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Blue Heron Pines, NJ 22-3630449 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

19
<Page>

K. Hovnanian at Brenbrooke, L.L.C. VA 22-3683842 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Camden I, L.L.C. NJ 22-3845575 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Carmel Village, CA 52-2147831 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Cedar Grove III, NJ 22-3818491 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Chester I, L.L.C. NJ 22-3618347 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Clifton, L.L.C. NJ 22-3655976 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Clifton II, L.L.C. New Jersey 22-3862906 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Cranbury, L.L.C. NJ 22-3814347 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Curries Woods, L.L.C. NJ 22-3776466 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Denville, L.L.C. NJ 03-0436512 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

20
<Page>

K. Hovnanian at Encinitas Ranch, CA 33-0890770 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Forest Meadows, New Jersey 16-1639755 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Freehold Township, New Jersey 22-2500651 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Great Notch, L.L.C. New Jersey 22-3330582 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Guttenberg, L.L.C. NJ 22-3653007 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hamburg, L.L.C. NJ 22-3795544 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Hamburg Contractors, NJ 22-3814175 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Jackson I, L.L.C. New Jersey 56-2290802 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Jackson, L.L.C. NJ 22-3630450 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Jersey City IV, NJ 22-3655974 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

21
<Page>

K. Hovnanian at Kent Island, L.L.C. MD 22-3668315 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Kincaid, L.L.C. MD 22-3664456 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at King Farm, L.L.C. MD 22-3647924 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at LaFayette Estates, NJ 22-3658926 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lake Ridge Crossing, VA 22-3778537 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lake Terrapin, L.L.C. VA 22-3647920 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lawrence V, L.L.C. NJ 22-3638073 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Linwood, L.L.C. NJ 22-3663731 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Little Egg Harbor, NJ 22-3795535 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Little Egg Harbor NJ 22-3832077 10 Highway 35
Contractors, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

22
<Page>

K. Hovnanian at Long Branch I, L.L.C. New Jersey 56-2308030 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Macungie Pennsylvania 51-0427582 10 Highway 35
Township I, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Macungie Pennsylvania 65-1161803 10 Highway 35
Township II, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Makefield Pennsylvania 22-3887471 10 Highway 35
Township I, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Moreland I, PA 22-3785544 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Lower Moreland II, PA 22-3785539 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Manalapan II, L.L.C. NJ 04-3649782 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Manalapan III, L.L.C. New Jersey 22-3337896 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mansfield I, LLC NJ 22-3556345 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mansfield II, LLC NJ 22-3556346 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

23
<Page>

K. Hovnanian at Mansfield III, L.L.C. NJ 22-3683839 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro Township V, New Jersey 22-2741139 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro Township NJ 22-3802594 10 Highway 35
VIII, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro VI, L.L.C. NJ 22-3791976 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Marlboro VII, L.L.C. NJ 22-3791977 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Menifee, L.L.C. CA 52-2147832 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Middle Township, New Jersey 03-0473330 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Middletown II, L.L.C. New Jersey 04-3695371 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Middletown, L.L.C. NJ 22-3630452 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Monroe, L.L.C. New Jersey 65-1161805 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

24
<Page>

K. Hovnanian at Mosaic, L.L.C. California 55-0820915 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Mt. Olive Township, NJ 22-3813043 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at North Bergen, L.L.C. New Jersey 22-2935352 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at North Brunswick VI, NJ 22-3627814 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at North Haledon, L.L.C. NJ 22-3770598 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at North Wildwood, New Jersey 5-3769684 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Northfield, L.L.C. NJ 22-3665826 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Old Bridge, L.L.C. NJ 55-0787042 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Olde Orchard, L.L.C. California 51-0453906 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Pacific Bluffs, TX 33-0890774 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

25
<Page>

K. Hovnanian at Paramus, L.L.C. NJ 22-3687884 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Park Lane, L.L.C. CA 33-0896285 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Rancho Santa CA 33-0890773 10 Highway 35
Margarita, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Randolph I, L.L.C. New Jersey 01-0712196 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Readington II, L.L.C. New Jersey 22-3085521 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Riverbend II, L.L.C. California 65-1161801 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Riverbend, L.L.C. CA 33-0890777 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Roderuck, L.L.C. MD 22-3756336 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Rowland Heights, CA 22-2147833 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Sayreville, L.L.C. NJ 22-3663105 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

26
<Page>

K. Hovnanian at Smithville III, New Jersey 22-2776387 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Somers Point, L.L.C. New Jersey 16-1639761 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Amboy, L.L.C. NJ 22-3655682 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Bank, L.L.C. MD 22-3688868 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at South Brunswick, NJ 01-0618098 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Spring Hill Road, MD 22-3688864 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at St. Margarets, L.L.C. MD 33-0890768 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Sunsets, L.L.C. CA 33-0890769 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at the Gables, L.L.C. NC 22-3655975 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Trail Ridge, L.L.C. California 33-0990615 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

27
<Page>

K. Hovnanian at Upper Freehold NJ 22-3655975 10 Highway 35
Township II, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Upper Freehold NJ 22-3666680 10 Highway 35
Township III, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Upper Uwchlan, L.L.C. Pennsylvania 59-3763798 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wanaque, L.L.C. NJ 22-3743403 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Washington, L.L.C. NJ 22-3618348 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wayne VIII, L.L.C. NJ 22-3618242 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Wayne IX, L.L.C. NJ 22-3828775 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at West Milford, L.L.C. NJ 22-3709105 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at West Windsor, L.L.C. NJ 52-2147836 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Willow Brook, L.L.C. MD 22-3556343 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

28
<Page>

K. Hovnanian at Winchester, L.L.C. CA 52-2147836 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Woodhill Estates, NJ 01-0550781 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian at Woolwich, L.L.C. NJ 22-3828777 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Central Acquisitions, DE 22-3556343 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies of Metro D.C. MD 22-3683159 10 Highway 35
North, L.L.C P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Companies, L.L.C. California 59-3762298 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Eastern Pennsylvania, PA 04-3630089 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Four Seasons at Historic VA 22-3647925 10 Highway 35
Virginia, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Holdings NJ, L.L.C. New Jersey 02-0651173 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian North Central DE 22-3554986 10 Highway 35
Acquisitions, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

29
<Page>

K. Hovnanian North Jersey DE 22-3556344 10 Highway 35
Acquisitions, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Northeast Services, New Jersey 16-1639452 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Ohio Realty, L.L.C. Ohio 32-0069376 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Pennsylvania Pennsylvania 54-2064618 10 Highway 35
Acquisitions, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Shore Acquisitions, DE 22-3556342 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian South Jersey DE 22-3556341 10 Highway 35
Acquisition, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Southern New Jersey, NJ 01-0648280 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Summit Holdings, L.L.C. Virginia 31-1818027 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian Summit Homes, L.L.C. Ohio 32-0069379 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian's Four Seasons at Hemet, California 47-0884181 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

30
<Page>

K. Hovnanian's Four Seasons at Palm California 57-1145579 10 Highway 35
Springs, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian's Four Seasons, L.L.C. CA 52-2147837 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian's Private Home NJ 22-3766856 10 Highway 35
Portfolio, L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
KHIP, LLC New Jersey 01-0752776 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Kings Court at Montgomery, L.L.C. NJ 22-3825046 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Apple Ridge, L.L.C. NJ 22-3824654 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Brookhill, L.L.C. NJ 22-3824652 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Chesterfield, L.L.C. New Jersey 56-2290506 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at East Mill, L.L.C. New Jersey 80-0036068 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Heritage Woods, L.L.C. NJ 22-3824650 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

31
<Page>

M&M at Morristown, L.L.C. NJ 22-3834775 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Sheridan, L.L.C. NJ 22-3825357 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Sparta, L.L.C. NJ 22-3825057 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Spinnaker Pointe, L.L.C. NJ 22-3825041 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Spruce Hollow, L.L.C. NJ 22-3825064 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Spruce Meadows, L.L.C. NJ 22-3825036 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at Spruce Run, L.L.C. NJ 22-3825037 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at The Highlands, L.L.C. New Jersey 22-3824649 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M at West Orange, L.L.C. New Jersey 55-08/20919 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at Cranbury Knoll, NJ 22-3569945 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

32
<Page>

Matzel & Mumford at Freehold, L.L.C. NJ 22-3468991 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at Heritage Landing, NJ 22-3575932 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at Montgomery, NJ 22-3500542 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at Phillipsburg, NJ 22-3619267 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at South Brunswick, NJ 22-345834 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Matzel & Mumford at Woodland Crest, NJ 22-3575934 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
MMIP, L.L.C. New Jersey 02-0651174 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
The Landings at Spinnaker Pointe, NJ 22-3825041 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Washington Homes of Maryland I, Maryland 01-0737098 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Westminster Homes of Alabama, L.L.C. MD 63-1222540 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

33
<Page>

Westminster Homes of Mississippi, MD 64-0907820 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Westminster Homes of South Carolina, SC 58-2690293 10 Highway 35
L.L.C. P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Woodland Lakes Condos at Bowie North Carolina 06-1643401 10 Highway 35
Newtown P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Goodman Family of Builders, L.P. TX 75-2653675 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian of Houston II, L.P. Texas 01-0750780 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
K. Hovnanian of Houston, L.P. Texas 01-0750780 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
M&M Investments, L.P. New Jersey 22-3685183 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
Washabama, L.P. AL 63-1231207 10 Highway 35
P.O. Box 500
Red Bank, New Jersey
07701
732-747-7800
- -----------------------------------------------------------------------------------------------------------
</Table>

Information contained herein is subject to completion or amendment. A
registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

- -------------------------------------------------------------------------------

Subject to Completion, dated July 2, 2003

PROSPECTUS

[LOGO]

$377,000,000

Hovnanian Enterprises, Inc.

Preferred Stock
Class A Common Stock
Warrants to Purchase Preferred Stock
Warrants to Purchase Class A Common Stock
Debt Securities
Warrants to Purchase Debt Securities
Stock Purchase Contracts
Stock Purchase Units

K. Hovnanian Enterprises, Inc.

Guaranteed Debt Securities
Guaranteed Warrants to Purchase Debt Securities

7,643,312 Shares

Hovnanian Enterprises, Inc.

Class A Common Stock
--------------------

We, Hovnanian Enterprises, Inc., may offer and sell from time to time,
in one or more series:

o our Preferred Stock

o our Class A Common Stock

o our unsecured debt securities consisting of notes, debentures or
other evidences of indebtedness which may be our senior debt
securities, senior subordinated debt securities or subordinated debt
securities,

o warrants to purchase our Preferred Stock, our Class A Common Stock
or our debt securities,

o our Stock Purchase Contracts; and

o our Stock Purchase Units,

or any combination of the these securities.

Our wholly-owned subsidiary, K. Hovnanian Enterprises, Inc., may offer
and sell from time to time, in one or more series:

o its unsecured senior debt securities, senior subordinated debt
securities or subordinated debt securities, which in each case will
be fully and unconditionally guaranteed by us, and

o warrants to purchase K. Hovnanian debt securities, which will be
fully and unconditionally guaranteed by us,

or any combination of these securities.

Our debt securities or warrants or the debt securities or warrants
issued by K. Hovnanian Enterprises may be guaranteed by substantially all of
our wholly-owned subsidiaries.

We or certain of our shareholders may offer and sell from time to
time an aggregate of 7,643,312 shares of Class A Common Stock.

The Preferred Stock, Class A Common Stock, other than any sold by
any selling shareholders, and debt securities and warrants of Hovnanian or K.
Hovnanian may be offered at an aggregate initial offering price not to exceed
[$376,000,000] at prices and on terms to be determined at or prior to the time
of sale.

We will provide more specific information about the terms of an
offering of any of these securities in supplements to this prospectus. The
securities may be sold directly by us, K. Hovnanian or selling shareholders to
investors, through agents designated from time to time or to or through
underwriters or dealers. If any agents of Hovnanian, K. Hovnanian or selling
shareholders or any underwriters are involved in the sale of any securities,
the names of such agents or underwriters and any applicable commissions or
discounts will be described in a supplement to this prospectus.

This investment involves risk. See "Risk Factors" beginning on page 5.

These securities have not been approved or disapproved by the Securities and
Exchange Commission or any state securities commission nor have those
organizations determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

--------------

The date of this Prospectus is , 2003

TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS....................................................3

AVAILABLE INFORMATION.........................................................3

INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE...............................4

THE COMPANY...................................................................5

RISK FACTORS..................................................................5

RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS.................................8

USE OF PROCEEDS...............................................................9

SELLING SHAREHOLDERS..........................................................9

DESCRIPTION OF DEBT SECURITIES...............................................11

DESCRIPTION OF CAPITAL STOCK.................................................23

DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS.............25

DESCRIPTION OF WARRANTS......................................................26

PLAN OF DISTRIBUTION.........................................................27

LEGAL MATTERS................................................................27

EXPERTS......................................................................27

In this document, "we", "us" or "our" refers to both Hovnanian and K.
Hovnanian.

FORWARD-LOOKING STATEMENTS

This prospectus includes "forward-looking statements" including, in
particular, the statements about our plans, strategies and prospects under the
heading "Prospectus Summary". Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Although we believe that our plans, intentions and expectations
reflected in, or suggested by such forward-looking statements are reasonable, we
can give no assurance that such plans, intentions or expectations will be
achieved. Such risks, uncertainties and other factors include, but are not
limited to, (1) changes in general and local economic and business conditions,
(2) weather conditions, (3) changes in market conditions, (4) changes in home
prices and sales activities in the California, New Jersey, Texas, North
Carolina, Virginia, Maryland, Ohio, South Carolina and West Virginia markets,
(5) government regulation, including regulations concerning development of
land, the homebuilding process and the environment, (6) fluctuations in
interest rates and the availability of mortgage financing, (7) increases in
raw materials and labor costs, (8) the availability and cost of suitable land
and improved lots, (9) levels of competition, (10) availability of financing
to the Company, (11) terrorist acts and other acts of war and (12) other
factors described in detail in Hovnanian's Form 10-K for the year ended
October 31, 2002. All forward-looking statements attributable to the Company
or persons acting on our behalf are expressly qualified in their entirety by
the cautionary statements and risk factors contained throughout this
prospectus.

AVAILABLE INFORMATION

We have filed with the Securities and Exchange Commission, the
"Commission", a registration statement on Form S-3. This prospectus, which
forms part of the registration statement, does not have all the information
contained in the registration statement. Statements in this prospectus as to
the contents of any contract or other document are not necessarily complete,
and, where a contract or other document is an exhibit to the registration
statement, or was previously filed with the Commission and is now incorporated
by reference, each statement is qualified in all respects by the provision in
the exhibit to which reference is hereby made. A copy of the registration
statement may be inspected by anyone without charge at the Commission's
principal office at 450 Fifth Street, N.W., Washington, D.C. 20549, and copies
of all or any part of the registration statement may be obtained from the
Commission upon payment of certain fees prescribed by the Commission.

3
<Page>

We are subject to the informational requirements of the Securities
Exchange Act of 1934, and file reports, proxy statements and other
information with the Commission. You may read and copy any reports, proxy
statements and other information at the Commission's public reference room at
Room 1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549,
and at its regional office located at 500 West Madison Street, 14th Floor,
Chicago, Illinois 60661. Copies of such material also can be obtained by mail
from the Public Reference Section of the Commission, at Room 1024, Judiciary
Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549, at the prescribed
rates. The Commission also maintains a website that contains reports, proxy
and information statements and other information. The website address is:
http://www.sec.gov. Hovnanian's Class A common stock is listed on the New
York Stock Exchange, and reports, proxy statements and other information also
can be inspected at the offices of the New York Stock Exchange, 20 Broad
Street, New York, New York 10005.

INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

This prospectus is part of a registration statement filed with the SEC. The
Securities and Exchange Commission allows us to "incorporate by reference"
selected documents we file with it, which means that we can disclose important
information to you by referring you to those documents. The information in the
documents incorporated by reference is considered to be part of this prospectus,
and information in documents that we file later with the Securities and Exchange
Commission will automatically update and supersede this information. We
incorporate by reference the documents listed below filed under Section 13(a),
13(c), 14 or 15(d) of the Exchange Act.

Hovnanian has filed the following documents with the Securities and Exchange
Commission and these documents are incorporated herein by reference:

- Annual Report on Form 10-K for the fiscal year ended October 31, 2002,
Registration File No. 001-08551; and

- Quarterly Reports on Form 10-Q for the quarters ended January 31, 2003 and
April 30, 2003, Registration File Nos. 001-08551.

All documents filed by Hovnanian pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act subsequent to the date of this prospectus and prior to
the termination of the offerings made by this prospectus are to be incorporated
herein by reference. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement
contained herein or in any other subsequently filed document which also is
incorporated or deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.

Hovnanian will provide without charge to each person, including any
beneficial owner, to whom a copy of this prospectus is delivered, upon the
written or oral request of such person, a copy of any or all of the information
incorporated by reference in this prospectus, other than exhibits to such
information (unless such exhibits are specifically incorporated by reference
into the information that this prospectus incorporates). Requests for such
copies should be directed to Paul W. Buchanan, Senior Vice President--Corporate
Controller, Hovnanian Enterprises, Inc., 10 Highway 35, P.O. Box 500, Red Bank,
New Jersey 07701 (telephone: (732) 747-7800).

THE COMPANY

We design, construct and market high quality single-family detached homes
and attached condominium apartments and townhouses in planned residential
developments in the Northeast (New Jersey, southern New York state, and
eastern Pennsylvania), North Carolina, South Carolina, Metro D.C. (northern
Maryland and Virginia), California, Texas, Ohio and West Virginia. We also
sell homes for construction on lots owned by the purchasers in Ohio and
western Pennsylvania. During the year ended October 31, 2002, we liquidated
substantially all of our operations in the Mid-South. We market our homes to
first-time buyers, first-time and second-time move-up buyers, luxury buyers,
active adult buyers and empty nesters. We offer a variety of homestyles in
the United States at base prices ranging from $42,000 to $933,000 with an
average sales price in fiscal 2002 of $279,000. As of April 30, 2003, we are
offering homes for sale in 244 communities. Since the incorporation of our
predecessor company in 1959, we have delivered in excess of 134,000 homes,
including 9,514 homes in fiscal 2002. In addition, we provide financial
services (mortgage loans and title insurance) to our homebuilding customers.

Over the past few years, our strategies have included several initiatives to
fundamentally transform our traditional practices used to design, build and sell
homes and focus on "building better." We believe that the adoption and
implementation of processes and systems successfully used in other manufacturing
industries, such as rapid cycle times, vendor consolidation, vendor partnering
and just-in-time material procurement, will dramatically improve our business
and give us a clear advantage over our competitors. Our concentration in
selected markets is a key factor that enables us to achieve powers and economies
of scale and differentiate ourselves from most of our competitors. These
performance enhancing strategies are designed to achieve operational excellence
through the implementation of standardized and streamlined "best practice
processes."

Hovnanian was originally incorporated in New Jersey in 1967 as successor to
a business founded in 1959 by Kevork S. Hovnanian and became a Delaware
corporation in August, 1983. K. Hovnanian was incorporated under the laws of the
State of New Jersey on November 1, 1982, as an indirect wholly-owned
consolidated subsidiary of Hovnanian and reincorporated in California in
October, 2002. K. Hovnanian functions as a financing company for the operating
subsidiaries of Hovnanian and borrows funds which it lends to such subsidiaries.
K. Hovnanian has essentially no independent operations and generates no
operating revenues. Both Hovnanian's executive offices and K. Hovnanian's
principal executive offices are located at 10 Highway 35, P.O. Box 500, Red
Bank, New Jersey 07701, and their telephone number is (732) 747-7800.

RISK FACTORS

In addition to the other matters described in this prospectus, you should
carefully consider the following risk factors.

LEVERAGE PLACES BURDENS ON OUR ABILITY TO COMPLY WITH THE TERMS OF OUR
INDEBTEDNESS, MAY RESTRICT OUR ABILITY TO OPERATE AND MAY PREVENT US FROM
FULFILLING OUR OBLIGATIONS.

We have a significant amount of debt. As of June 19, 2003, the debt of
the issuer and the guarantors was $832.7 million. In addition, we
have $460.2 million of borrowings available under our $590 million revolving
credit facility (net of $129.8 million letters of credit outstanding under
the facility), subject to borrowing conditions. In addition, subject to our
debt covenants, we may incur additional debt. The amount of our debt could
have important consequences to you. For example, it could:

- limit our ability to obtain future financing for working capital, capital
expenditures, acquisitions, debt service requirements or other
requirements;

- require us to dedicate a substantial portion of our cash flow from
operations to the payment on our debt and reduce our ability to use our
cash flow for other purposes;

- limit our flexibility in planning for, or reacting to, changes in our
business;

- place us at a competitive disadvantage because we have more debt than some
of our competitors; and

- make us more vulnerable in the event of a downturn in our business or in
general economic conditions.

Our ability to meet our debt service and other obligations will depend upon
our future performance. We are engaged in businesses that are substantially
affected by changes in economic cycles. Our revenues and earnings vary with the
level of general economic activity in the markets we serve. Our businesses are
also affected by financial, political, business and other factors, many of which
are beyond our control. The factors that affect our ability to generate cash can
also affect our ability to raise additional funds for these purposes through the
sale of equity securities, the refinancing of debt, or the sale of assets.
Changes in prevailing interest rates may affect our ability to meet our debt
service obligations, because borrowings under our revolving credit facilities
bear interest at floating rates. A higher interest rate on our debt service
obligations could result in lower earnings.

Our business may not generate sufficient cash flow from operations and
borrowings may not be available to us under our revolving credit facilities in
an amount sufficient to enable us to pay our indebtedness or to fund our other
liquidity needs. We may need to refinance all or a portion of our debt on or
before maturity, which we may not be able to do on favorable terms or at all.

The indentures governing the debt securities offered hereby and our other
outstanding debt, our Term Loan and our revolving credit facilities impose
restrictions on our operations and activities. The most significant
restrictions relate to debt incurrence, sales of assets and cash
distributions by us and require us to comply with certain financial covenants
listed in those debt, Term Loan and revolving credit facilities. If we fail
to comply with any of these restrictions or covenants, the trustees or the
banks, as appropriate, could cause our debt to become due and payable prior
to maturity.

THE HOMEBUILDING INDUSTRY IS SIGNIFICANTLY AFFECTED BY CHANGES IN GENERAL AND
LOCAL ECONOMIC CONDITIONS, REAL ESTATE MARKETS AND WEATHER CONDITIONS, WHICH
COULD AFFECT OUR ABILITY TO BUILD HOMES AT PRICES OUR CUSTOMERS ARE WILLING OR
ABLE TO PAY, COULD REDUCE PROFITS THAT MAY NOT BE RECAPTURED AND COULD RESULT IN
CANCELLATION OF SALES CONTRACTS.

The homebuilding industry is cyclical, has from time to time experienced
significant difficulties and is significantly affected by changes in general and
local economic conditions, such as:

- employment levels and job growth;

- availability of financing for home buyers;

- interest rates;

- consumer confidence; and

- housing demand.

An oversupply of alternatives to new homes, such as rental properties and
used homes, could depress prices and reduce margins for the sale of new homes.

Weather conditions and natural disasters such as hurricanes, tornadoes,
earthquakes, floods and fires, can harm the local homebuilding business.

The difficulties described above could cause us to take longer and incur
more costs to build our homes. We may not be able to recapture increased costs
by raising prices in many cases because we fix our prices up to twelve months in
advance of delivery by signing home sales contracts. In addition, some home
buyers may cancel or not honor their home sales contracts altogether.

OUR SUCCESS DEPENDS ON THE AVAILABILITY OF SUITABLE UNDEVELOPED LAND AND
IMPROVED LOTS AT ACCEPTABLE PRICES.

Our success in developing land and in building and selling homes depends in
part upon the continued availability of suitable undeveloped land and improved
lots at acceptable prices. The availability of undeveloped land and improved
lots for purchase at favorable prices depends on a number of factors outside of
our control, including the risk of competitive over-bidding on land on lots and
restrictive governmental regulation. Should suitable land opportunities become
less available, the number of homes we may be able to build and sell would be
reduced, which would reduce revenue and profits.

CHANGES IN ECONOMIC AND MARKET CONDITIONS COULD RESULT IN THE SALE OF HOMES AT A
LOSS OR HOLDING LAND IN INVENTORY LONGER THAN PLANNED, THE COST OF WHICH CAN BE
SIGNIFICANT.

Land inventory risk can be substantial for homebuilders. We must
continuously seek and make acquisitions of land for expansion into new markets
and for replacement and expansion of land inventory within our current markets.
The market value of undeveloped land, buildable lots and housing inventories can
fluctuate significantly as a result of changing economic and market conditions.
In the event of significant changes in economic or market conditions, we may
have to sell homes at a loss or hold land in inventory longer than planned.
Inventory carrying costs can be significant and can result in losses in a poorly
performing project or market.

HOME PRICES AND SALES ACTIVITIES IN THE CALIFORNIA, NEW JERSEY, TEXAS, NORTH
CAROLINA, VIRGINIA AND MARYLAND MARKETS HAVE A LARGE IMPACT ON OUR PROFITABILITY
BECAUSE WE CONDUCT A SIGNIFICANT PORTION OF OUR BUSINESS IN THESE MARKETS.

We presently conduct a significant portion of our business in the
California, New Jersey, Texas, North Carolina, Virginia and Maryland markets.
Home prices and sales activities in these markets,

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including in some of the markets in which we operate, have declined from time to
time, particularly as a result of slow economic growth. If home prices and sales
activity decline in one or more of the markets in which we operate, our costs
may not decline at all or at the same rate and profits may be reduced.

BECAUSE ALMOST ALL OF OUR CUSTOMERS REQUIRE MORTGAGE FINANCING, INCREASES IN
INTEREST RATES OR THE AVAILABILITY OF MORTGAGE FINANCING COULD IMPAIR THE
AFFORDABILITY OF OUR HOMES, LOWER DEMAND FOR OUR PRODUCTS, LIMIT OUR MARKETING
EFFECTIVENESS, AND LIMIT OUR ABILITY TO FULLY REALIZE OUR BACKLOG.

Virtually all our customers finance their acquisitions through lenders
providing mortgage financing. Increases in interest rates or decreases in
availability of mortgage financing could lower demand for new homes because of
the increased monthly mortgage costs to potential home buyers. Even if potential
customers do not need financing, changes in interest rates and mortgage
availability could make it harder for them to sell their existing homes to
potential buyers who need financing. This could prevent or limit our ability to
attract new customers as well as our ability to fully realize our backlog
because our sales contracts generally include a financing contingency. Financing
contingencies permit the customer to cancel his obligation in the event mortgage
financing at prevailing interest rates, including financing arranged or provided
by us, is unobtainable within the period specified in the contract. This
contingency period is typically four to eight weeks following the date of
execution.

In addition, we believe that the availability of FNMA, FHLMC, FHA and VA
mortgage financing is an important factor in marketing many of our homes. Any
limitations or restrictions on the availability of those types of financing
could reduce our sales.

HOMEBUILDERS ARE SUBJECT TO A NUMBER OF FEDERAL, LOCAL, STATE AND FOREIGN LAWS
AND REGULATIONS CONCERNING THE DEVELOPMENT OF LAND, THE HOMEBUILDING PROCESS AND
PROTECTION OF THE ENVIRONMENT, WHICH CAN CAUSE US TO INCUR DELAYS, COSTS
ASSOCIATED WITH COMPLIANCE AND PROHIBIT OR RESTRICT ACTIVITY IN SOME REGIONS OR
AREAS.

We are subject to extensive and complex regulations that affect the
development and homebuilding process, including zoning, density and building
standards. These regulations often provide broad discretion to the administering
governmental authorities. This can delay or increase the cost of development or
homebuilding.

We also are subject to a variety of local, state, federal and foreign laws
and regulations concerning protection of health and the environment. The
particular environmental laws which apply to any given community vary greatly
according to the community site, the site's environmental conditions and the
present and former uses of the site. These environmental laws may result in
delays, may cause us to incur substantial compliance, remediation, and/or other
costs, and can prohibit or severely restrict development and homebuilding
activity in certain environmentally sensitive regions or areas.

It can be anticipated that increasingly stringent requirements will be
imposed on developers and homebuilders in the future. Although we cannot predict
the effect of these requirements, they could result in time-consuming and
expensive compliance programs and in substantial expenditures, which could cause
delays and increase our cost of operations. In addition, the continued
effectiveness of permits already granted or approvals already obtained is
dependent upon many factors, some of which are beyond our control, such as
changes in policies, rules and regulations and their interpretation and
application.

WE COMPETE ON SEVERAL LEVELS WITH HOMEBUILDERS THAT MAY HAVE GREATER SALES AND
FINANCIAL RESOURCES, WHICH COULD HURT FUTURE EARNINGS.

We compete not only for home buyers, but also for desirable properties,
financing, raw materials and skilled labor often within larger subdivisions
designed, planned and developed by other

6
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homebuilders. Our competitors include other local regional and national
homebuilders, some of which have greater sales and financial resources.

The competitive conditions in the homebuilding industry could result in:

- difficulty in acquiring suitable land at acceptable prices;

- increased selling incentives;

- lower sales; or

- delays in construction.

Any of these problems could increase costs and/or lower profit margins.

WE MAY HAVE DIFFICULTY IN OBTAINING THE ADDITIONAL FINANCING REQUIRED TO OPERATE
AND DEVELOP OUR BUSINESS.

Our operations require significant amounts of cash, and we will be required
to seek additional capital, whether from sales of equity or borrowing more
money, for the future growth and development of our business. The terms or
availability of additional capital is uncertain. Moreover, the indentures for
our outstanding debt contain provisions that may restrict the debt we may
incur in the future. If we are not successful in obtaining sufficient
capital, it could reduce our sales and may hinder our future growth and
results of operations.

OUR FUTURE GROWTH MAY INCLUDE ADDITIONAL ACQUISITIONS THAT MAY NOT BE
SUCCESSFULLY INTEGRATED AND MAY NOT ACHIEVE EXPECTED BENEFITS.

Acquisitions have contributed to our growth. We have recently announced
several acquisitions or mergers, including the Parkside Homes and Brighton Homes
acquisitions in Houston, Texas which closed in late 2002 and the Summit Homes
acquisition in Ohio which closed in April, 2003. In the future, we may acquire
other businesses. As a result of these acquisitions, we may need to integrate
product lines, dispersed operations and distinct corporate cultures. These
integration efforts may not succeed or may distract our management from
operating our existing business. Additionally, we may not be able to enhance our
earnings as a result of acquisitions. Our failure to successfully manage future
acquisitions could harm our operating results.

AN ACTIVE TRADING MARKET MAY NOT DEVELOP FOR THE SECURITIES OFFERED HEREBY.

The securities offered hereby, other than the Class A Common Stock,
will be a new issue of securities and when offered, there may not be an active
public trading market for them. We do not intend to apply for listing of the
securities offered hereby on a security exchange, however, the Class A Common
Stock is already traded on the New York Stock Exchange. The liquidity of the
trading market in the securities offered hereby, and the market prices quoted
for these securities, may be adversely affected by changes in the overall
market for these types of securities and by changes in our financial
performance or prospects or in the prospects for companies in our industry
generally. As a consequence, when issued, an active trading market may not
develop for the securities offered hereby, other than the Class A Common
Stock, you might not be able to sell your securities, other than the Class A
Common Stock, or, even if you can sell your securities, you might not be able
to sell them at an acceptable price.

FEDERAL AND STATE LAWS ALLOW COURTS, UNDER SPECIFIC CIRCUMSTANCES, TO VOID
GUARANTEES AND TO REQUIRE YOU TO RETURN PAYMENTS RECEIVED FROM GUARANTORS.

The debt securities of Hovnainan offered hereby may be guaranteed by,
and the debt securities of K. Hovnanian offered hereby may be further
guaranteed by, the subsidiaries of Hovnanian. Although you may be direct
creditors of any guarantors by virtue of any guarantee, existing or future
creditors of any guarantor could avoid or subordinate that guarantor's
guarantee under the fraudulent conveyance laws if they were successful in
establishing that:

o the guarantee was incurred with fraudulent intent; or

o the guarantor did not receive fair consideration or reasonably
equivalent value for issuing its guarantee and

o was insolvent at the time of the guarantee;

o was rendered insolvent by reason of the guarantee;

o was engaged in a business or transaction for which its assets
constituted unreasonably small capital to carry on its
business; or

o intended to incur, or believed that it would incur, debt beyond
its ability to pay such debt as it matured.

The measurers of insolvency for purposes of determining whether a
fraudulent conveyance occurred vary depending upon the laws of the relevant
jurisdiction and upon the valuation assumptions and methodology applied by the
court. Generally, however, a company would be considered insolvent for
purposes of the above if:

o the sum of the company's debts, including contingent, unliquidated
and unmatured liabilities, is greater than all of that company's
property at a fair valuation, or

o if the present fair saleable value of the company's asssets is less
than the amount that will be required to pay the probablye liability
on its existing debts as they become absolute and matured.

RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

For purposes of computing the ratio of earnings to fixed charges and the
ratio of earnings to combined fixed charges and preferred stock dividends,
earnings consist of earnings from continuing operations before income taxes,
minority interest, extraordinary items and cumulative effect of accounting
changes, plus fixed charges less interest capitalized. Fixed charges consist
of all interest incurred plus the amortization of debt issuance costs and
bond discount. Combined fixed charges and preferred stock dividends consist
of fixed charges and preferred stock dividends.

The following table sets forth the ratio of earnings to fixed charges and
the ratio of earnings to combined fixed charges and preferred dividends for
Hovnanian for each of the periods indicated.

Year Ended October 31,
-------------------------------------------------------
Six Months
Ended April 30,
2003 2002 2001 2000 1999 1998
---------- ---------- --------- --------- ---------- ---------

Ratio of earnings to fixed
charges.................... 5.7 4.7 3.1 2.1 3.0 2.5
Ratio of earnings to
combined fixed charges and
preferred stock dividends.. 5.7 4.7 3.1 2.1 3.0 2.5

USE OF PROCEEDS

Unless otherwise provided in the applicable prospectus supplement,
the net proceeds from the sale of the securities offered by this prospectus
and each prospectus supplement, the "offered securities", will be used for
general corporate purposes, which may include working capital needs, the
refinancing of existing indebtedness, expansion of the business and
acquisitions. Hovnanian will not receive any net proceeds from the sale of any
shares of Class A Common Stock offered by the Selling Shareholders.

SELLING SHAREHOLDERS

Some or all of the shares of Class A Common Stock of Hovnanian being
offered pursuant to this prospectus may be offered by selling shareholders.
Identification of any selling shareholders will be made in the applicable
prospectus supplement. The potential selling shareholders include Kevork S.
Hovnanian, Chairman of the Board and Director of Hovnanian and, until July
1997, Chief Executive Officer of Hovnanian, Ara K. Hovnanian, President and
Director of Hovnanian and, since July 1997, Chief Executive Officer of
Hovnanian, Geaton A. DeCesaris, Jr., until January 2001, Chairman of the Board
of Directors, President and Chief Executive Officer of Washington Homes, Inc.,
a corporation that merged with and into a wholly owned subsidiary of Hovnanian
in January 2001, and, since January 2001, Director of Hovnanian and Chief
Operating Officer and President of Homebuilding Operations of K. Hovnanian,
Geaton A. DeCesaris, Sr., until January 2001, Director and Chairman Emeritus
of the Board of Directors of Washington Homes, and Anthony Hugo DeCesaris,
until January 2001, Vice President and Maryland Division President for
Washington Homes and, since January 2001, Vice President and Maryland Division
President of Hovnanian.

The following table sets forth as of June 24, 2003, the Class A
Common Stock and Class B Common Stock of the Hovnanian beneficially owned by
each potential selling shareholder. The amount, if any, of Class A Common
Stock to be offered by the selling shareholders and the amount and percentage
of Class A Common Stock to be owned by the selling shareholders following such
offering will be disclosed in the applicable prospectus supplement.

Class A Common Stock Class B Common Stock
---------------------- ----------------------
Amount and Amount and
Nature of Nature of
Beneficial Percent of Beneficial Percent of
Ownership(1)(2) Class(3) Ownership(1)(2) Class(3)

Kevork S. Hovnanian(4)(6).......................... 5,016,325 22.3% 5,843,837 78.6%
Ara K. Hovnanian(5)................................ 1,502,530 6.7% 1,121,596 15.0%
Geaton A. DeCesaris, Jr.(7)(8)(9) ................. 861,756 3.8% ----------- -----------
Geaton A. DeCesaris, Sr. (10) ..................... 300,000 1.3% ----------- -----------
A. Hugo DeCesaris(7) .............................. 84,867 0.4% ----------- -----------
Total............................................ 7,765,528 34.5% 6,965,433 93.7%

- ---------
(1) Beneficial ownership is determined in accordance with the rules of the
Commission and generally attributes ownership to persons who have voting
or investment power with respect to the relevant securities. Shares of
Common Stock subject to options either currently exercisable or
exercisable within 60 days are deemed outstanding for computing the
percentage of the person holding such options but are not deemed
outstanding for computing the percentage of any other person. Except as
indicated by these footnotes, and subject to community property laws
where applicable, the persons named in the table have sole voting and
investment power with respect to all Class A Common Stock shown as
beneficially owned by them.
(2) The figures in the table in respect of Class A Common Stock do not
include the shares of Class B Common Stock beneficially owned by the
specified persons, which shares of Class B Common Stock are convertible
at any time on a share for a share basis to Class A Common Stock. The
figures in the table represent beneficial ownership (including ownership
of options, currently exercisable or exercisable within 60 days) and
sole voting power and sole investment power except as noted in notes (4)
through (10) below.
(3) Based upon the number of shares outstanding plus options for such
shareholder.
(4) Includes 167,812 shares of Class A Common Stock and 320,012 shares of
Class B Common Stock as to which Kevork S. Hovnanian has shared voting
power and shared investment power.
(5) Includes 35,217 shares of Class A Common Stock and 89,667 shares of
Class B Common Stock as to which Ara K. Hovnanian has shared voting
power and shared investment power.
(6) Includes 2,829,413 shares of Class B Common Stock held by the Kevork S.
Hovnanian Family Limited Partnership, a Connecticut limited partnership
(the "Limited Partnership"), beneficial ownership of which is disclaimed
by Kevork S. Hovnanian. Kevork S. Hovnanian's wife, Sirwart Hovnanian,
as trustee of the Sirwart Hovnanian 1994 Marital Trust, is the Managing
General Partner of the Limited Partnership and as such has the sole
power to vote and dispose of the Shares of Class B Common Stock held by
the Limited Partnership. Also includes 129,562 shares of Class A Common
Stock and 264,562 shares of Class B Common Stock held in trust for Mr.
Hovnanian's daughter over which Sirwart Hovnanian, as trustee, shares
with her daughter the power to dispose of and vote. In addition,
includes 18,250 shares of Class A Common Stock and 55,450 shares of
Class B Common Stock held in trust for Mr. Hovnanian's grandchildren,
over which Sirwart Hovnanian, as trustee, has sole power to dispose of
and vote and includes 20,000

shares of Class A Common Stock held in the name of Sirwart Hovnanian
over which she has sole power to dispose of and vote. Mr. Hovnanian
disclaims beneficial ownership of the shares described in the preceding
three sentences.
(7) Includes shares held jointly with their respective spouses, in part as
follows: Geaton A. DeCesaris, Jr. and Josephine A. DeCesaris 719,641;
A. Hugo DeCesaris and Julie P. DeCesaris 84,867.
(8) Includes 51,435 shares of Class A Common Stock held by The DeCesaris
Foundation Inc. (the "Foundation"), beneficial ownership of which is
disclaimed by Geaton A. DeCesaris, Jr. Geaton A. DeCesaris, Jr.'s wife,
Josephine A. DeCesaris, is President of the Foundation and his children
make up the board of directors.
(9) Includes 12,870 shares held by The Geaton and Josephine DeCesaris
Family Trust, 10,729 shares held by Five Queens, Inc., a subchapter S
corporation owned by Geaton A. DeCesaris, Jr.'s children and of which he
is the President and 7,081 shares held as custodian for Geaton A.
DeCesaris, Jr.'s minor children.
(10) Includes 300,000 shares held by The DeCesaris Family GRAT trust.

DESCRIPTION OF DEBT SECURITIES

The K. Hovnanian debt securities will be unsecured senior, senior
subordinated or subordinated debt of K. Hovnanian, will be guaranteed by
Hovnanian, may be guaranteed by other subsidiaries of Hovnanian and will be
issued:

o in the case of K. Hovnanian Senior Debt Securities, under a Senior
Indenture, the "K. Hovnanian Senior Debt Indenture", among K.
Hovnanian, Hovnanian, as guarantor, and the trustee specified in the
applicable prospectus supplement;

o in the case of K. Hovnanian Senior Subordinated Debt Securities,
under a Senior Subordinated Indenture, the "K. Hovnanian Senior
Subordinated Debt Indenture", among K. Hovnanian, Hovnanian, as
guarantor, and the trustee specified in the applicable prospectus
supplement; and

o in the case of K. Hovnanian Subordinated Debt Securities, under a
Subordinated Indenture, the "K. Hovnanian Subordinated Debt
Indenture", among K. Hovnanian, Hovnanian, as guarantor, and the
trustee specified in the applicable prospectus supplement.

The K. Hovnanian Senior Debt Indenture, the K. Hovnanian Senior Subordinated
Debt Indenture and the K. Hovnanian Subordinated Debt Indenture are sometimes
referred to in this description individually as a "K. Hovnanian Indenture" and
collectively as the "K. Hovnanian Indentures".

The Hovnanian debt securities may be issued either separately, or
together with, upon conversion of or in exchange for other securities. The
Hovnanian debt securities will be unsecured senior, senior subordinated or
subordinated debt of Hovnanian, may be guaranteed by subsidiaries of Hovnanian
and will be issued:

o in the case of Hovnanian Senior Debt Securities, under a Senior
Indenture, the "Hovnanian Senior Debt Indenture", between Hovnanian
and the trustee specified in the applicable prospectus supplement;

o in the case of Hovnanian Senior Subordinated Debt Securities, under
a Senior Subordinated Indenture, the "Hovnanian Senior Subordinated
Debt Indenture", between Hovnanian and the trustee specified in the
applicable prospectus supplement; and

o in the case of Hovnanian Subordinated Debt Securities, under a
Subordinated Indenture, the "Hovnanian Subordinated Debt Indenture",
between Hovnanian and the trustee specified in the applicable
prospectus supplement.

The Hovnanian Senior Debt Indenture, The Hovnanian Senior Subordinated Debt
Indenture and the Hovnanian Subordinated Debt Indenture are sometimes referred
to in this document individually as a "Hovnanian Indenture" and collectively
as the "Hovnanian Indentures". The K. Hovnanian Senior Indenture and the
Hovnanian Senior Indenture are sometimes collectively referred to individually
as a "Senior Debt Indenture" and collectively as the "Senior Debt Indentures".
The K. Hovnanian Senior Subordinated Debt Indenture and the Hovnanian Senior
Subordinated Debt Indenture are sometimes referred to individually as a
"Senior Subordinated Debt Indenture" and collectively as the "Senior
Subordinated Debt Indentures". The K. Hovnanian Subordinated Debt Indenture
and the Hovnanian Subordinated Debt Indenture are sometimes referred to
individually as a "Subordinated Debt Indenture" and collectively as the
"Subordinated Debt Indentures". The K. Hovnanian Indentures and the Hovnanian
Indentures are sometimes referred to individually as an "Indenture" and
collectively as the "Indentures".

None of the Indentures limits the amount of debt securities that may
be issued thereunder, and the Indentures provide that the debt securities may
be issued from time to time in one or more series. The Indentures permit the
appointment of a different trustee for each series of debt securities. The
Indentures are filed as exhibits to the registration statement, of which this
prospectus is a part. The following summaries of selected provisions of the
Indentures and the debt securities do not purport to be complete, and, while
Hovnanian and K. Hovnanian believe the descriptions of the material provisions
of the Indentures and debt securities contained in this prospectus are
accurate summaries of those material provisions, these summaries are subject
to the detailed provisions of the applicable Indenture to which we refer for a
full description of those provisions, including the definition of some terms.
Section references in parentheses below are to sections in each Indenture
unless otherwise indicated. Wherever particular sections or defined terms of
the applicable Indenture are referred to, those sections or defined terms are
incorporated herein by reference as part of the statement made, and the
statement is qualified in its entirety by the reference. The Indentures are
substantially identical, except for provisions relating to Hovnanian's
guarantee

and to subordination. For purposes of the summaries set forth below, "issuer"
shall refer to K. Hovnanian in the case of the K. Hovnanian Debt Securities
and the K. Hovnanian Indentures and to Hovnanian in the case of the Hovnanian
Debt Securities and the Hovnanian Indentures. Obligors refers to Hovnanian in
the case of the Hovnanian Debt Securities and the Hovnanian Indentures, and K.
Hovnanian and Hovnanian, as guarantor, the "guarantor", in the case of the K.
Hovnanian Debt Securities and the K. Hovnanian Indentures.

Provisions Applicable to Senior, Senior Subordinated and Subordinated Debt
Securities

General. Hovnanian debt securities will be unsecured senior, senior
subordinated or subordinated obligations of Hovnanian and K. Hovnanian debt
securities will be unsecured senior, senior subordinated or subordinated
obligations of K. Hovnanian, except that, under specified circumstances, K.
Hovnanian may be released from these obligations. See "Condition for Release
of K. Hovnanian." Except as described in the applicable prospectus supplement,
none of the Indentures limits the payment of dividends by or the acquisition
of stock of Hovnanian or K. Hovnanian. Except to the extent described in any
prospectus supplement, the Indentures do not, and the debt securities will
not, contain any covenants or other provisions that are intended to afford
holders of the debt securities special protection in the event of either a
change of control of Hovnanian or a highly leveraged transaction by Hovnanian.

We refer to the prospectus supplement for the following terms of and
information relating to the debt securities being offered, the "Offered Debt
Securities", to the extent these terms are applicable to Offered Debt
Securities:

o the title of the Offered Debt Securities;

o classification as K. Hovnanian Senior Debt Securities, K. Hovnanian
Senior Subordinated Debt Securities, K. Hovnanian Subordinated Debt
Securities, Hovnanian Senior Debt Securities, Hovnanian Senior
Subordinated Debt Securities or Hovnanian Subordinated Debt
Securities, aggregate principal amount, purchase price and
denomination, and whether the Offered Debt Securities will be
guaranteed by the Subsidiary Guarantors of Hovnanian as described
under "Description of Guarantees" below;

o the date or dates on which the Offered Debt Securities will mature;

o the method by which amounts payable in respect of principal,
premium, if any, or interest, if any, on or upon the redemption of
the Offered Debt Securities may be calculated;

o the interest rate or rates, or the method by which it will be
determined, and the date or dates from which the interest, if any,
will accrue;

o the date or dates on which the interest, if any, will be payable;

o the place or places where and the manner in which the principal of,
premium, if any, and interest, if any, on the Offered Debt
Securities will be payable and the place or places where the Offered
Debt Securities may be presented for transfer;

o the right, if any, or obligation, if any, of Hovnanian or K.
Hovnanian to redeem, repay or purchase the Offered Debt Securities
pursuant to any sinking fund or analogous provisions or at the
option of a holder thereof, and the period or periods within which,
the price or prices or the method by which such price or prices will
be determined, or both at which, the form or method of payment
therefor if other than in cash and the terms and conditions upon
which the Offered Debt Securities will be redeemed, repaid or
purchased pursuant to the obligation;

o the terms for conversion or exchange, if any, of the Offered Debt
Securities;

o any provision relating to the issuance of the Offered Debt
Securities at an original issue discount;

o if the amounts of payments of principal of, premium, if any, and
interest, if any, on the Offered Debt Securities are to be
determined with reference to an index, the manner in which those
amounts will be determined;

o any applicable United States federal income tax consequences;

o the currency or currencies for which the Offered Debt Securities may
be purchased and the currency or currencies in which principal,
premium, if any, and interest, if any, may be payable;

o the trustee with respect to the series of Offered Debt Securities;
and

o any other specific terms of the Offered Debt Securities, including
any deleted, modified or additional Events of Default or remedies or
additional covenants provided with respect to the Offered Debt
Securities, and any terms that may be required by or advisable under
applicable laws or regulations.

Unless otherwise specified in any prospectus supplement, the debt
securities will be issuable in registered form and in denominations of $1,000
and any integral multiple thereof, see Section 2.7. No service charge will be
made for any transfer or exchange of any debt securities but the issuer may
require payment of a sum sufficient to cover any tax or other governmental
charge, payable in connection therewith, see Section 2.8.

Debt securities may bear interest at a fixed rate or a floating
rate. Debt securities bearing no interest or interest at a rate that at the
time of issuance is below the prevailing market rate may be sold at a discount
below their stated principal amount. Special United States federal income tax
considerations applicable to discounted debt securities or to some debt
securities issued at par that are treated as having been issued at a discount
for United States federal income tax purposes will be described in the
applicable prospectus supplement.

In determining whether the holders of the requisite aggregate
principal amount of outstanding debt securities of any series have given any
request, demand, authorization, direction, notice, consent or waiver under the
Indentures, the principal amount of any series of debt securities originally
issued at a discount from their stated principal amount that will be deemed to
be outstanding for such purposes will be the amount of the principal thereof
that would be due and payable as of the date of the determination upon a
declaration of acceleration of the maturity thereof.

Description of Guarantees. Hovnanian will fully and unconditionally
guarantee, pursuant to the K. Hovnanian Indentures, the due and prompt
payment of the principal of and premium, if any, and interest on the K.
Hovnanian Debt Securities when and as the same shall become due and payable,
whether at the stated maturity, by declaration of acceleration, call for
redemption or otherwise. Debt securities of Hovnanian may be guaranteed by,
and debt securities of K. Hovnanian may be further guaranteed by, the
subsidiaries of Hovnanian, the "subsidiary guarantees", that also guaranty
Hovnanian's revolving credit agreement at the time of issuance of the debt
securities, the "subsidiary guarantors". Under the terms of Hovnanian's
revised revolving credit agreement, dated June 19, 2003, the subsidiary
guarantors consist of all of Hovnanian's subsidiaries other than certain
subsidiaries formerly engaged in the issuance of collateralized mortgage
obligations, Hovnanian's mortgage lending and title subsidiaries and certain
joint ventures with third-party partners in which Hovnanian's aggregate
consolidated investment as of April 30, 2003 was less than $15,000,000. If
debt securities are guaranteed by subsidiary guarantors, that guarantee will
be set forth in a supplemental indenture.

Payments with respect to the guarantee of the K. Hovnanian Senior
Subordinated Debt Securities and K. Hovnanian Subordinated Debt Securities
will be subordinated in right of payment to the prior payment in full of all
Senior Indebtedness of the guarantor to the same extent and manner that
payments with respect to the K. Hovnanian Senior Subordinated Debt Securities
and K. Hovnanian Subordinated Debt Securities are subordinated in right of
payment to the prior payment in full of all Senior Indebtedness of the issuer
as described under "Provisions Applicable Solely to Senior Subordinated Debt
Securities and Subordinated Debt Securities" below. Likewise, payments with
respect to subsidiary guarantees of Senior Subordinated Debt Securities and
Subordinated Debt Securities will be subordinated in right of payment to the
prior payment in full of all Senior Indebtedness of each such subsidiary
guarantor to the same extent and manner that payments with respect to the
Senior Subordinated Debt Securities and Subordinated Debt Securities are
subordinated in right of payment to the prior payment in full of all Senior
Indebtedness of the issuer of such debt securities.

Global Securities. The debt securities of a series may be issued in
whole or in part in the form of one or more global securities, the "global
securities", that will be deposited with or on behalf of a depositary, "the
depositary", identified in the prospectus supplement relating to such series.
Global securities may be issued only in fully registered form and in either
temporary or permanent form. Unless and until it is exchanged in whole or in
part for the individual debt securities represented thereby, a global
security:

o may not be transferred except as a whole; and

o may only be transferred

o by the depositary for the global security to its nominee,

o by a nominee of the depositary to the depositary or another
nominee of the depositary; or

o by the depositary or any nominee to a successor depositary or
nominee of the successor depositary, see Section 2.8.

The specific terms of the depositary arrangement with respect to a
series of debt securities will be described in the prospectus supplement
relating to such series. Hovnanian and K. Hovnanian anticipate that the
following provisions generally will apply to all depositary arrangements.

Upon the issuance of a global security, the depositary for that
global security or its nominee will credit, on its book-entry registration and
transfer system, the respective principal amounts of the individual debt
securities represented by that global security to the accounts of persons that
have accounts with such depositary. Those accounts will be designated by the
dealers, underwriters or agents with respect to those debt securities or by
the issuer if the debt securities are offered and sold directly by the issuer.
Ownership of beneficial interests in a global security will be limited to
persons that have accounts with the applicable depositary, participants, or
persons that may hold interests through participants. Ownership of beneficial
interests in a global security will be shown on, and the transfer of that
ownership will be effected only through, records maintained by the applicable
depositary or its nominee, with respect to interests of participants, and the
records of participants, with respect to interests of persons other than
participants. The laws of some states require that certain purchasers of
securities take physical delivery of these securities in definitive form.
These limits and laws may impair the ability to transfer beneficial interests
in a global security.

As long as the depositary for a global security or its nominee is the
registered owner of the global security, the depositary or its nominee, as the
case may be, will be considered the sole owner or holder of the debt
securities of the series represented by that global security for all purposes
under the Indenture governing those debt securities. Except as provided below,
owners of beneficial interests in a global security will not be entitled to
have any of the individual debt securities of the series represented by the
global security registered in their names, will not receive or be entitled to
receive physical delivery of any of those debt securities in definitive form
and will not be considered the owners or holders thereof under the Indenture
governing those debt securities.

Payment of principal of, premium, if any, and interest, if any, on
individual debt securities represented by a global security registered in the
name of a depositary or its nominee will be made to the depositary or its
nominee, as the case may be, as the registered owner of the global security
representing the debt securities. Hovnanian and K. Hovnanian expect that the
depositary for a series of debt securities or its nominee, upon receipt of any
payment of principal, premium, if any, and interest, if any, in respect of a
global security representing any of those debt securities, will immediately
credit participants' accounts with payments in amounts proportionate to their
respective beneficial interests in the principal amount of the global security
for those securities as shown on the records of such depositary or its
nominee. Hovnanian and K. Hovnanian also expect that payments by participants
to owners of beneficial interests in the global security held through the
participants will be governed by standing instructions and customary
practices, as is now the case with securities held for the accounts of
customers in bearer form or registered in "street name." These payments will
be the responsibility of the participants. Neither Hovnanian, K. Hovnanian,
the trustee for such debt securities, any paying agent nor the registrar for
the debt securities will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership
interests of the global security for the debt securities or for maintaining,
supervising or reviewing any records relating to beneficial ownership
interests.

If the depositary for a series of debt securities is at any time
unwilling, unable or ineligible to continue as depositary and a successor
depositary is not appointed by the issuer within 90 days, the issuer will
issue individual debt securities of the applicable series in exchange for the
global security representing the applicable series of debt securities. In
addition, an issuer may at any time and in its sole discretion, subject to any
limitations described in the prospectus supplement relating to such debt
securities, determine not to have any debt securities of a series represented
by a global security and, in such event, will issue individual debt securities
of the applicable series in exchange for the global security representing the
applicable series of debt securities. Further, if an issuer so specifies with
respect to the debt securities of a series, an owner of a beneficial interest
in a global security representing debt securities of that series may, on terms
acceptable to the issuer, the trustee and the depositary for the global
security, receive individual debt securities of the applicable series in
exchange for beneficial interests,

subject to any limitations described in the prospectus supplement relating to
the debt securities. In this instance, an owner of a beneficial interest in a
global security will be entitled to physical delivery of individual debt
securities of the series represented by the applicable global security equal
in principal amount to the beneficial interest and to have the debt securities
registered in its name. Individual debt securities of the series so issued
will be issued in registered form and in denominations, unless otherwise
specified in the applicable prospectus supplement relating to that series of
debt securities, of $1,000 and integral multiples thereof.

Events of Default. Unless otherwise specified in the applicable
prospectus supplement, an Event of Default is defined under each Indenture
with respect to the debt securities of any series issued under the applicable
Indenture as being:

o default in the payment of principal of or premium, if any, with
respect to debt securities of the applicable series when due;

o default in the payment of any installment of interest on any of the
debt securities of that series when due, continued for 30 days;

o default in the payment or satisfaction of any sinking fund or other
purchase obligation with respect to debt securities of that series
when due;

o default in the performance of any other covenant of any of the
Obligors' applicable to debt securities of that series, continued
for 90 days after written notice to the Obligors by the trustee or
to the Obligors and the trustee, by the holders of at least 25% in
aggregate principal amount of the debt securities of that series
then outstanding requiring the same to be remedied; and

o specified events of bankruptcy, insolvency or reorganization of the
issuer, see Section 5.1.

If any Event of Default shall occur and be continuing, the trustee
or the holders of not less than 25% in aggregate principal amount of the debt
securities of that series then outstanding, by notice in writing to the
Obligors, and to the trustee, if given by the holders, may declare the
principal, or, in the case of any series of debt securities originally issued
at a discount from their stated principal amount, the portion of the principal
amount as may be specified in the terms of that series, of all of the debt
securities of that series and the interest, if any, accrued thereon to be due
and payable immediately. The declaration described in the preceding sentence
may be rescinded by notice in writing to the Obligors and the trustee by
holders of a majority in aggregate principal amount of the debt securities of
the series then outstanding. This rescission will rescind and annul any
declaration made pursuant to the first sentence of this paragraph and its
consequences if all defaults under such Indenture are cured or waived, see
Section 5.1.

Each Indenture provides that no holder of any series of debt
securities then outstanding may institute any suit, action or proceeding with
respect to, or otherwise attempt to enforce, that Indenture, unless

o the holder previously gave the trustee written notice of default and
of the continuance thereof;

o the holders of not less than 25% in aggregate principal amount of
the applicable series of debt securities then outstanding made
written request to the trustee to institute the suit, action or
proceeding and offered to the trustee reasonable indemnity as it may
require with respect thereto; and

o the trustee, for 60 days after its receipt of the notice, request
and offer of indemnity, neglected or refused to institute any
action, suit or proceeding;

Subject to the subordination provisions applicable to the Senior Subordinated
Debt Securities and the Subordinated Debt Securities, the right, described in
the above bullet points, of any holder of any debt security to receive payment
of the principal of, premium, if any, or interest, if any, on that debt
security, on or after the respective due dates, or to institute suit for the
enforcement of any payment shall not be impaired or affected without the
consent of the holder, see Section 5.4.

The holders of a majority in aggregate principal amount of the debt securities
of the series then outstanding may direct the time, method and place of
conducting any proceeding for any remedy available to the trustee or
exercising any trust or power conferred on the trustee with respect to the
debt securities of that series, provided that the trustee may decline to
follow that

direction if the trustee determines that the action or proceeding is unlawful
or would involve the trustee in personal liability, see Section 5.7.

The Obligors are required to furnish annually to the trustee a
certificate as to compliance by the Obligors with all conditions and covenants
under each Indenture, see Section 4.3.

Discharge and Defeasance. Unless otherwise specified in the
applicable prospectus supplement, the Obligors can discharge or defease their
respective obligations with respect to any series of debt securities as
described below, see Article Ten.

The Obligors may discharge all of their obligations, except those
described below, to holders of any series of debt securities issued under any
Indenture that have not already been delivered to the trustee for cancellation
and that have either become due and payable, or are by their terms due and
payable within one year or scheduled for redemption within one year, by
irrevocably depositing with the trustee cash or U.S. Government Obligations,
as defined in the Indenture, or a combination thereof, as trust funds in an
amount certified to be sufficient to pay when due the principal of, premium,
if any, and interest, if any, on all outstanding debt securities of that
series and to make any mandatory sinking fund payments, if any, thereon when
due.

Unless otherwise provided in the applicable prospectus supplement,
the Obligors may also elect at any time to defease and be discharged from all
of their obligations, except those described below, to holders of any series
of debt securities issued under each Indenture, "defeasance", or be released
from all of their obligations with respect to specified covenants applicable
to any series of debt securities issued under each Indenture, "covenant
defeasance", if, among other things:

o the Obligors irrevocably deposit with the trustee cash or U.S.
Government Obligations, or a combination thereof, as trust funds in
an amount certified to be sufficient to pay when due the principal
of, premium, if any, and interest, if any, on all outstanding debt
securities of the applicable series and to make any mandatory
sinking fund payments, if any, thereon when due and those funds have
been so deposited for 91 days;

o the deposit will not result in a breach or violation of, or cause a
default under, any agreement or instrument to which any of the
Obligors is a party or by which it is bound; and

o the Obligors deliver to the trustee an opinion of counsel to the
effect that the holders of the applicable series of debt securities
will not recognize income, gain or loss for United States federal
income tax purposes as a result of the defeasance or covenant
defeasance and that defeasance or covenant defeasance will not
otherwise alter the United States federal income tax treatment of
the holders' principal of and interest payments, if any, on that
series of debt securities.

In the case of defeasance, the opinion must be based on a ruling of the
Internal Revenue Service or a change in United States federal income tax law
occurring after the date of the Indenture relating to the debt securities of
such series, because this result would not occur under current tax law, see
Section 10.1.

Notwithstanding the foregoing, no discharge, defeasance or covenant
defeasance described above will affect the following obligations to, or rights
of, the holders of any series of debt securities:

o rights of registration of transfer and exchange of debt securities
of the applicable series;

o rights of substitution of mutilated, defaced, destroyed, lost or
stolen debt securities of the applicable series;

o rights of holders of debt securities of the applicable series to
receive payments of principal thereof, premium, if any; and
interest, if any, thereon, upon the original due dates therefore,
but not upon acceleration, and to receive mandatory sinking fund
payments thereon when due, if any;

o rights, obligations, duties and immunities of the trustee;

o rights of holders of debt securities of a series as beneficiaries
with respect to property so deposited with the trustee payable to
all or any of them; and

o obligations of the Obligors to maintain an office or agency in
respect of debt securities of the series, see Section 10.1.

The Obligors may exercise the defeasance option with respect to any
series of debt securities notwithstanding the prior exercise of the covenant
defeasance option with respect to any series of debt securities. If the
Obligors exercise the defeasance option with respect to any series of debt
securities, payment of that series of debt securities may not be accelerated
because of an Event of Default with respect to that series of debt securities.
If the Obligors exercise the covenant defeasance option with respect to any
series of debt securities, payment of that series of debt securities may not
be accelerated by reason of an Event of Default with respect to the covenants
to which such covenant defeasance is applicable. However, if acceleration were
to occur by reason of another Event of Default, the realizable value at the
acceleration date of the cash and U.S. Government Obligations in the
defeasance trust could be less than the principal of, premium, if any, and
interest, if any, and any mandatory sinking fund payments, if any, then due on
the series of debt securities, in that the required deposit in the defeasance
trust is based upon scheduled cash flow rather than market value, which will
vary depending upon interest rates and other factors.

Modification of the Indenture. Each Indenture provides that the
Obligors and the trustee may enter into supplemental indentures without the
consent of the holders of the debt securities to:

o evidence the assumption by a successor entity of the obligations of
any of the Obligors under that Indenture,

o add covenants or new events of default for the protection of the
holders of the debt securities,

o cure any ambiguity or defect or correct any inconsistency in the
Indenture;

o establish the form and terms of debt securities of any series;

o evidence the acceptance of appointment by a successor trustee;

o in the case of Senior Debt Securities, secure those debt securities;

o designate a bank or trust company other than the trustee specified
in the applicable prospectus supplement to act as trustee for a
series of debt securities;

o modify the existing covenants and events of default solely in
respect of, or add new covenants and events of default that apply
solely to, debt securities not yet issued and outstanding on the
date of the supplemental indenture;

o provide for the issuance of debt securities of any series in coupon
form and exchangeability of those debt securities for fully
registered debt securities;

o modify, eliminate or add to the provisions of the Indenture as
necessary to effect the qualification of the Indenture under the
Trust Indenture Act of 1939 and to add provisions expressly
permitted by that Act; and

o modify the provisions to provide for the denomination of debt
securities in foreign currencies that will not adversely affect the
interests of the holders of the debt securities in any material
respect, see Section 8.1.

Each Indenture also contains provisions permitting the Obligors and
the trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of debt securities of each series then outstanding
and affected, to add any provisions to, or change in any manner or eliminate
any of the provisions of, the applicable Indenture or any supplemental
indenture or modify in any manner the rights of the holders of the debt
securities of that series; provided that the Obligors and the trustee may not,
without the consent of the holder of each outstanding debt security affected
thereby:

o extend the stated final maturity of any debt security, reduce the
principal amount thereof, reduce the rate or extend the time of
payment of interest, if any, thereon, reduce or alter the method of
computation of any amount payable on redemption, repayment or
purchase by the issuer, change the coin or currency in which
principal, premium, if any, and interest, if any, are payable,
reduce the amount of the principal of any original issue discount
security payable upon acceleration or provable in bankruptcy, impair
or affect the right to institute suit for the enforcement of any
payment or repayment thereof or, if applicable, adversely affect any
right of prepayment at the option of the holder or, in the case of
K. Hovnanian Indentures, make any change adverse to the interests of
the holders in the terms and conditions of the guarantee; or

o reduce the stated percentage in aggregate principal amount of debt
securities of any series issued under the Indenture, see Section
8.2.

Consolidation, Merger, Sale or Conveyance. Except as otherwise
provided in the applicable prospectus supplement, the K. Hovnanian Indentures
provide that K. Hovnanian or the guarantor may, and the Hovnanian Indentures
provide that Hovnanian may, without the consent of the holders of debt
securities, consolidate with, merge into or transfer, exchange or dispose of
all of its properties to, any other corporation or partnership organized under
the laws of the United States, provided that:

o the successor corporation assumes all obligations of K. Hovnanian or
Hovnanian, as the case may be, by supplemental indenture
satisfactory in form to the applicable trustee executed and
delivered to that trustee, under the Indentures and the debt
securities,

o immediately after giving effect to the consolidation, merger,
exchange or other disposition, no Event of Default, and no event
which, after notice or lapse of time or both, would become an Event
of Default, will have occurred and be continuing; and

o certain other conditions are met, see Section 9.1.

Condition for Release of K. Hovnanian. Except as otherwise provided
in a prospectus supplement, each K. Hovnanian Indenture provides that K.
Hovnanian may be released from its obligations under the K. Hovnanian
Indenture and the K. Hovnanian debt securities, without the consent of the
holders of the K. Hovnanian debt securities of any series, if Hovnanian or any
successor to Hovnanian has assumed the obligations of K. Hovnanian under those
K. Hovnanian Debt Securities. In the event of the release, a taxable sale or
exchange of a debt security for a new debt security will be deemed to occur.
As a result, a holder of a debt security may recognize gain or loss on the
sale or exchange and may be required to include in income different amounts
during the remaining term of the debt security than would have been included
absent the release.

Certain Definitions. Except as otherwise provided in a prospectus
supplement, the definitions listed below are applicable to the discussions of
the Indentures, see Article One.

"Consolidated Net Tangible Assets" means the aggregate amount of
assets included on the most recent consolidated balance sheet of Hovnanian and
its Restricted Subsidiaries, less applicable reserves and other properly
deductible items and after deducting therefrom all current liabilities and all
goodwill, trade names, trademarks, patents, unamortized debt discount and
expense and other like intangibles, all in accordance with generally accepted
accounting principles consistently applied.

"Indebtedness," with respect to any person, means, without
duplication:

o the principal of, premium, if any, and interest, if any, on
indebtedness for money borrowed of that person, indebtedness of that
person evidenced by bonds, notes, debentures or similar obligations,
and any guaranty by that person of any indebtedness for money
borrowed or indebtedness evidenced by bonds, notes, debentures or
similar obligations of any other person, whether the indebtedness or
guaranty is outstanding on the date of the Indenture or is
thereafter created, assumed or incurred;

o obligations of that person for the reimbursement of any Obligor on
any letter of credit, banker's acceptance or similar credit
transaction;

o the principal of and premium, if any, and interest, if any, on
indebtedness incurred, assumed or guaranteed by that person in
connection with the acquisition by it or any of its subsidiaries of
any other businesses, properties or other assets;

o lease obligations of that person capitalized in accordance with
Statement of Financial Accounting Standards No. 13 promulgated by
the Financial Accounting Standards Board or other generally accepted
accounting principles as may be from time to time in effect;

o any indebtedness of that person representing the balance deferred
and unpaid of the purchase price of any property or interest
therein, except any balance that constitutes an accrued expense or
trade

payable and any guaranty, endorsement or other contingent obligation
of that person in respect of any indebtedness of another that is
outstanding on the date of the Indenture or is thereafter created,
assumed or incurred by, that person;

o obligations of that person under interest rate, commodity or
currency swaps, caps, collars, options and similar arrangements; and

o any amendments, modifications, refundings, renewals or extensions of
any indebtedness or obligation described as Indebtedness in the
above bullet points.

"Restricted Subsidiary" means any Subsidiary of Hovnanian other than
an Unrestricted Subsidiary, and any Subsidiary of Hovnanian that was an
Unrestricted Subsidiary but which, subsequent to the date of the Indentures,
is designated by the board of directors of Hovnanian to be a Restricted
Subsidiary; provided, however, that Hovnanian may not designate any Subsidiary
to be a Restricted Subsidiary if Hovnanian would thereby breach any covenant
or agreement contained in the Indentures, on the assumptions that any
Outstanding Indebtedness of the Subsidiary was incurred at the time of the
designation.

"Subsidiary" of any specified Person means any corporation of which
that Person, or that Person and one or more Subsidiaries of that Person, or
any one or more Subsidiaries of that Person, directly or indirectly own voting
securities entitling any one or more of that Person and its Subsidiaries to
elect a majority of the directors, either at all times, or so long as there is
no default or contingency which permits the holders of any other class or
classes of securities to vote for the election of one or more directors.

"Unrestricted Subsidiary" means:

o any Subsidiary of Hovnanian acquired or organized after the date of
the Indentures, provided, however, that this Subsidiary shall not be
a successor, directly or indirectly, to any Restricted Subsidiary;
and

o any Subsidiary of Hovnanian substantially all the assets of which
consist of stock or other securities of a Subsidiary or Subsidiaries
of the character described in clause the above bullet point, unless
and until that Subsidiary is designated to be a Restricted
Subsidiary.

Provisions Applicable Solely to Senior Debt Securities

General. Senior Debt Securities will be issued under a Senior Debt
Indenture and will rank pari passu with all other unsecured and unsubordinated
debt of the issuer of such Senior Debt Securities. At June 19, 2003, Hovnanian
had an aggregate of $300,000,000 of Indebtedness outstanding, which would be
subordinated to Senior Debt Securities.

Limitations on Liens. The Senior Debt Indentures provide that, so
long as any Senior Debt Securities are outstanding, Hovnanian will not, and
will not permit any Restricted Subsidiary to, pledge, mortgage, hypothecate or
grant a security interest in, or permit any mortgage, pledge, security
interest or other lien upon, any property or assets owned by Hovnanian or any
Restricted Subsidiary to secure any Indebtedness, without making effective
provision whereby outstanding Senior Debt Securities will be equally and
ratably secured.

Under the terms of the Senior Debt Indentures, the limitation
described above does not apply to:

o any mortgage, pledge, security interest, lien or encumbrance upon
any property or assets created at the time of the acquisition of
such property or assets by Hovnanian or any Restricted Subsidiary or
within one year after that time to secure all or a portion of the
purchase price for the property or assets;

o any mortgage, pledge, security interest, lien or encumbrance upon
any property or assets existing thereon at the time of the
acquisition thereof by Hovnanian or any Restricted Subsidiary,
whether or not the obligations secured thereby are assumed by
Hovnanian or any Restricted Subsidiary;

o any mortgage, pledge, security interest, lien or encumbrance upon
any property or assets, whenever acquired, of any corporation or
other entity that becomes a Restricted Subsidiary after the date of
the Senior Debt Indenture, provided that

1) the instrument creating the mortgage, pledge, security
interest, lien or encumbrance was in effect prior to the time
the corporation or other entity becomes a Restricted
Subsidiary, and

2) the mortgage, pledge, security interest, lien or encumbrance
will only apply to properties or assets owned by the
corporation or other entity at the time it becomes a Restricted
Subsidiary or thereafter acquired by it from sources other than
Hovnanian or another Restricted Subsidiary;

o any mortgage, pledge, security interest, lien or encumbrance in
favor of Hovnanian or any wholly-owned Subsidiary of Hovnanian;

o any mortgage, pledge, security interest, lien or encumbrance created
or assumed by Hovnanian or a Restricted Subsidiary in connection
with the issuance of debt securities the interest on which is
excludable from gross income of the holder of the security pursuant
to the Internal Revenue Code of 1986, as amended, for the purpose of
financing, in whole or in part, the acquisition or construction of
property or assets to be used by Hovnanian or a Subsidiary;

o any extension, renewal or refunding of any mortgage, pledge,
security interest, lien or encumbrance described in the bullet
points above on substantially the same property or assets
theretofore subject thereto;

o any mortgage, pledge, security interest, lien or encumbrance
securing any Indebtedness in an amount which, together with all
other Indebtedness secured by a mortgage, pledge, security interest,
lien or encumbrance that is not otherwise permitted by the foregoing
provisions, does not at the time of the incurrence of the
Indebtedness so secured exceed 20% of Consolidated Net Tangible
Assets;

o deposits or pledges to secure the payment of workmen's compensation,
unemployment insurance or other social security benefits or
obligations, or to secure the performance of trade contracts,
leases, public or statutory obligations, surety or appeal bonds or
other obligations of a like general nature incurred in the ordinary
course of business;

o mechanics', materialmen's, warehousemen's, carriers' or other like
liens arising in the ordinary course of business securing
obligations that are not overdue for a period longer than 30 days or
that are being contested in good faith by appropriate proceedings;

o liens for taxes, assessments or other governmental charges not yet
payable or being contested in good faith and as to which adequate
reserves will have been established in accordance with generally
accepted accounting principles;

o non-recourse mortgages on Income Producing Properties securing
Indebtedness;

o liens on assets of a Mortgage Subsidiary to secure only a Warehouse
Line of Credit provided to that Subsidiary;

o easements, rights-of-way, restrictions and other similar
encumbrances incurred in the ordinary course of business; or

o liens in connection with capital leases or sale leaseback
transactions not securing any other indebtedness.

For the purpose of this "Limitation on Liens" provision, "security interest"
will include the interest of the lessor under a lease with a term of three
years or more that should be, in accordance with generally accepted accounting
principles, recorded as a capital lease and any lease of property or assets
not acquired from Hovnanian or any Restricted Subsidiary in contemplation of
that lease will be treated as though the lessee had purchased the property or
assets from the lessor, see Section 3.6 of the Senior Debt Indentures.

Provisions Applicable Solely to Senior Subordinated Debt Securities and
Subordinated Debt Securities

Subordination. The Subordinated Debt Securities will be subordinate
and junior in right of payment, to the extent described in the Subordinated
Debt Indentures, to all Senior Indebtedness. The Senior Subordinated Debt
Securities will be

subordinate and junior in right of payment, to the extent described in the
Senior Subordinated Debt Indentures, to all Senior Indebtedness of the
Obligor. The Senior Subordinated Debt Securities will rank senior to all
existing and future Indebtedness of the Obligor that is neither Senior
Indebtedness of the Obligor nor Senior Subordinated Indebtedness and only
Indebtedness of the Obligor that is Senior Indebtedness of the Obligor will
rank senior to the Senior Subordinated Debt Securities in accordance with the
subordination provisions of the Senior Subordinated Debt Indentures.

"Senior Indebtedness" of the Obligor is defined in the Subordinated
Debt Indentures and the Senior Subordinated Debt Indentures as Indebtedness of
the Obligor outstanding at any time, other than the Indebtedness evidenced by
the debt securities of any series, except:

o any Indebtedness as to which, by the terms of the instrument
creating or evidencing the same, it is provided that the
Indebtedness is not senior or prior in right of payment to the debt
securities or is pari passu or subordinate by its terms in right of
payment to the debt securities;

o renewals, extensions and modifications of any such Indebtedness;

o any Indebtedness of the Obligor to a wholly-owned Subsidiary of the
Obligor;

o interest accruing after the filing of a petition initiating certain
events of bankruptcy or insolvency unless that interest is an
allowed claim enforceable against the Obligor in a proceeding under
federal or state bankruptcy laws; and

o trade payables.

"Senior Subordinated Indebtedness" is defined in the Hovnanian
Senior Subordinated Debt Indenture as the Hovnanian Senior Subordinated Debt
Securities and any other Indebtedness of Hovnanian that ranks pari passu with
the Hovnanian Senior Subordinated Debt Securities. Any Indebtedness of
Hovnanian that is subordinate or junior by its terms in right of payment to
any other Indebtedness of Hovnanian will be subordinate to Senior Subordinated
Indebtedness of Hovnanian unless the instrument creating or evidencing the
same or pursuant to which the same is outstanding specifically provides that
this Indebtedness is to rank pari passu with other Senior Subordinated
Indebtedness of Hovnanian and is not subordinated by its terms to any
Indebtedness of Hovnanian that is not Senior Indebtedness of Hovnanian.

"Senior Subordinated Indebtedness" is defined in the K. Hovnanian
Senior Subordinated Debt Indenture as the K. Hovnanian Senior Subordinated
Debt Securities, the guarantee and any other Indebtedness of K. Hovnanian or
the guarantor that ranks pari passu with the K. Hovnanian Senior Subordinated
Debt Securities. Any Indebtedness of K. Hovnanian or the guarantor that is
subordinate or junior by its terms in right of payment to any other
Indebtedness of K. Hovnanian or the guarantor will be subordinate to Senior
Subordinated Indebtedness unless the instrument creating or evidencing the
same or pursuant to which the same is outstanding specifically provides that
such Indebtedness will rank pari passu with other Senior Subordinated
Indebtedness and is not subordinated by its terms to any Indebtedness of K.
Hovnanian or the guarantor, which is not Senior Indebtedness of K. Hovnanian
or Senior Indebtedness of the gurantor.

"Subordinated Indebtedness" of the Obligors means the Senior
Subordinated Debt Securities, the guarantees, any other Senior Subordinated
Indebtedness of that Obligor and any other Indebtedness that is subordinate or
junior in right of payment to Senior Indebtedness of that Obligor.

If:

o the Obligor should default in the payment of any principal of,
premium, if any, or interest, if any, on any Senior Indebtedness of
the Obligor when the same becomes due and payable, whether at
maturity or at a date fixed for prepayment or by declaration of
acceleration or otherwise or

o any other default with respect to Senior Indebtedness of the Obligor
occurs and the maturity of the Senior Indebtedness has been
accelerated in accordance with its terms, then, upon written notice
of the default to the Obligor by the holders of the Senior
Indebtedness or any trustee therefor, unless and until the default
is cured or waived or has ceased to exist or the acceleration has
been rescinded, no direct or indirect payment, in cash, property or
securities, by set-off or otherwise, will be made or agreed to be
made for principal of, premium, if any, or interest, if any, on any
of the Senior Subordinated Debt Securities or the Subordinated Debt
Securities, or in respect of any redemption, retirement, purchase or
other acquisition of the Senior Subordinated Debt Securities or the
Subordinated Debt

Securities other than those made in capital stock of Hovnanian, or
cash in lieu of fractional shares thereof, see Sections 13.1 and
13.4 of the Senior Subordinated Debt Indentures and Sections 13.1
and 13.4 of the Subordinated Debt Indentures.

If any default, other than a default described in the bullet points
directly above, occurs under the Senior Indebtedness of the Obligor, pursuant
to which the maturity thereof may be accelerated immediately or the expiration
of any applicable grace periods occurs, a "Senior Nonmonetary Default", then,
upon the receipt by the Obligor and the trustee of written notice thereof, a
"payment notice", from or on behalf of holders of 25% or more of the aggregate
principal amount of Senior Indebtedness specifying an election to prohibit the
payment and other action by the Obligor in accordance with the following
provisions of this paragraph, the Obligor may not make any payment or take any
other action that would be prohibited by the bullet points directly above
during the period, the "payment blockage period" commencing on the date of
receipt of the payment notice and ending on the earlier of

o the date, if any, on which the holders of such Senior Indebtedness
or their representative notify the trustee that the Senior
Nonmonetary Default is cured, waived or ceases to exist or the
Senior Indebtedness to which the Senior Nonmonetary Default relates
is discharged or

o the 179th day after the date of receipt of the payment notice.

Notwithstanding the provisions described in the immediately preceding bullet
points, the Obligor may resume payments on the Senior Subordinated Debt
Securities and the Subordinated Debt Securities after the payment blockage
period.

o without the consent of the Obligor a receiver, conservator,
liquidator or trustee of the Obligor or of any of its property is
appointed by the order or decree of any court or agency or
supervisory authority having jurisdiction, and the decree or order
remains in effect for more than 60 days, the Obligor is adjudicated
bankrupt or insolvent, any of its property is sequestered by court
order and that order remains in effect for more than 60 days, or a
petition is filed against the Obligor under any state or federal
bankruptcy, reorganization, arrangement, insolvency, readjustment of
debt, dissolution, liquidation or receivership law of any
jurisdiction whether now or hereafter in effect, and is not
dismissed within 60 days after such filing;

o the Obligor:

o commences a voluntary case or other proceeding seeking
liquidation, reorganization, arrangement, insolvency,
readjustment of debt, dissolution, liquidation or other relief
with respect to itself or its debt or other liabilities under
any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it
or any substantial part of its property;

o consents to any such relief or to the appointment of or taking
possession by any of the above officials in an involuntary case
or other proceeding commenced against it;

o fails generally to, or cannot, pay its debts generally as they
become due;

o takes any corporate action to authorize or effect any of the
foregoing; or

o any Subsidiary of the Obligor takes, suffers or permits to exist any
of the events or conditions referred to in any of the above bullet
points,

then all Senior Indebtedness of the Obligor, including any interest thereon
accruing after the commencement of any proceedings, will first be paid in full
before any payment or distribution, whether in cash, securities or other
property, is made by the Obligor to any holder of Senior Subordinated Debt
Securities or Subordinated Debt Securities on account of the principal of,
premium, if any, or interest, if any, on the Senior Subordinated Debt
Securities or Subordinated Debt Securities, as the case may be.

Any payment or distribution, whether in cash, securities or other
property, other than securities of the Obligor or any other corporation
provided for by a plan of reorganization or readjustment the payment of which
is subordinate, at least to the

extent provided in the subordination provisions with respect to the
indebtedness evidenced by the Senior Subordinated Debt Securities or the
Subordinated Debt Securities, to the payment of all Senior Indebtedness of the
Obligor then outstanding and to any securities issued in respect thereof under
a plan of reorganization or readjustment, that would otherwise, but for the
subordination provisions, be payable or deliverable in respect of the Senior
Subordinated Debt Securities or the Subordinated Debt Securities of any series
will be paid or delivered directly to the holders of Senior Indebtedness of
the Obligor in accordance with the priorities then existing among such holders
until all Senior Indebtedness of the Obligor, including any interest thereon
accruing after the commencement of proceedings, has been paid in full. In the
event of any proceeding, after payment in full of all sums owing with respect
to Senior Indebtedness of the Obligor, the holders of Senior Subordinated Debt
Securities, together with the holders of any obligations of the Obligor
ranking on a parity with the Senior Subordinated Debt Securities, will be
entitled to be repaid from the remaining assets of the Obligor the amounts at
that time due and owing on account of unpaid principal of, premium, if any, or
interest, if any, on the Senior Subordinated Debt Securities and such other
obligations before any payment or other distribution, whether in cash,
property or otherwise, shall be made on account of any capital stock or
obligations of the Obligor ranking junior to the Senior Subordinated Debt
Securities, including the Subordinated Debt Securities, and such other
obligations, see Section 13.1 of the Senior Subordinated Debt Indentures and
Section 13.1 of the Subordinated Debt Indentures.

If any payment or distribution of any character, whether in cash,
securities or other property, other than securities of the Obligor or any
other corporation provided for by a plan of reorganization or readjustment the
payment of which is subordinate, at least to the extent provided in the
subordination provisions with respect to the Senior Subordinated Debt
Securities or the Subordinated Debt Securities, to the payment of all Senior
Indebtedness of the Obligor then outstanding and to any securities issued in
respect thereof under the plan of reorganization or readjustment, will be
received by the trustee, or any holder of any Senior Subordinated Debt
Securities or Subordinated Debt Securities in contravention of any of the
terms of the Senior Subordinated Debt Indenture or the Subordinated Debt
Indenture, as the case may be, such payment or distribution of securities will
be received in trust for the benefit of, and will be paid over or delivered
and transferred to, the holders of the Senior Indebtedness of the Obligor then
outstanding in accordance with the priorities then existing among the holders
for application to the payment of all Senior Indebtedness of the Obligor
remaining unpaid to the extent necessary to pay all the Senior Indebtedness of
the Obligor in full, see Section 13.1 of the Senior Subordinated Debt
Indentures and Section 13.1 of the Subordinated Debt Indentures.

By reason of the subordination, in the event of the insolvency of the
Obligor, holders of Senior Indebtedness of the Obligor may receive more,
ratably, than holders of the Senior Subordinated Debt Securities or
Subordinated Debt Securities of the Obligor. Subordination will not prevent
the occurrence of any Event of Default, as defined in the Indentures, or limit
the right of acceleration in respect of the Senior Subordinated Debt
Securities or Subordinated Debt Securities.

Concerning the Trustee

Information concerning the trustee for a series of debt securities
will be set forth in the prospectus supplement relating to that series of debt
securities. Any of the trustees under the Indentures may make loans to
Hovnanian or K. Hovnanian in the normal course of business.

DESCRIPTION OF CAPITAL STOCK

The authorized capital stock of Hovnanian is 100,100,000 shares
consisting of 87,000,000 shares of Class A Common Stock, par value $.01 per
share, 13,000,000 shares of Class B Common Stock, par value $.01 per share,
the "Class B Common Stock", and 100,000 shares of Preferred Stock, par value
$.01 per share, the "Preferred Stock", in the series and with the voting
powers, designations, preferences and relative, participating, optional or
other special rights, and qualifications, limitations or restrictions thereof,
as may be fixed from time to time by the board of directors for each series.
The following summary description of certain provisions of Hovnanian's
Restated Certificate of Incorporation, the "Certificate of Incorporation", and
By-laws does not purport to be complete and is qualified in its entirety by
reference to those provisions.

Common Stock

As of June 24, 2003, 22,544,411 shares of Class A Common Stock
and 7,433,032 shares of Class B Common Stock were issued and outstanding. The
Class A Common Stock is traded on the New York Stock Exchange. There is no
established public trading market for the Class B Common Stock. In order to
trade Class B Common Stock, the shares must be converted into Class A Common
Stock on a one-for-one basis. Any offering of common stock made hereby will
consist only of Class A Common Stock. The outstanding Class A Common Stock is,
and any Class A Common Stock offered pursuant to this prospectus and any
prospectus supplement when issued and paid for will be, fully paid and
non-assessable.

Dividends. Dividends on the Class A Common Stock will be paid if,
when and as determined by the board of directors of Hovnanian out of funds
legally available for this purpose. Some debt instruments to which Hovnanian
is a party contain restrictions on the payment of cash dividends. Under the
terms of Hovnanian's revised credit facility, dated June 19, 2003,
approximately $116,940,000 of retained earnings would have been free of
restrictions on the payment of cash dividends at June 19, 2003. The amount of
any regular cash dividend payable on a share of Class A Common Stock will be
an amount equal to 110% of the corresponding regular cash dividend payable on
a share of Class B Common Stock. Hovnanian has never paid dividends nor does
it currently intend to pay dividends.

Voting Rights. Holders of Class A Common Stock are entitled to one
vote for each share held by them on all matters presented to shareholders.
Holders of Class B Common Stock are entitled to ten votes per share.

Liquidation Rights. After satisfaction of the preferential
liquidation rights of any Preferred Stock, the holders of the Class A Common
Stock and Class B Common Stock are entitled to share ratably as a single class
in the distribution of all remaining net assets.

Preemptive and Other Rights. The holders of Class A Common Stock do
not have preemptive rights as to additional issues of common stock or
conversion rights. The shares of Class A Common Stock are not subject to
redemption or to any further calls or assessments and are not entitled to the
benefit of any sinking fund provisions. The rights, preferences and privileges
of holders of Class A Common Stock are subject to, and may be adversely
affected by, the rights of the holder of shares of any series of Preferred
Stock that Hovnanian may designate and issue in the future.

Preferred Stock

The Certificate of Incorporation authorizes the Board of Directors to
issue from time to time up to 100,000 shares of Preferred Stock, in one or
more series, and with the voting powers, designations, preferences and
relative, participating, optional or other special rights, and qualifications,
limitations or restrictions thereof, as may be fixed from time to time by the
board of directors for each series. No shares of Preferred Stock have been
issued and Hovnanian has no present plans to issue any shares of Preferred
Stock. The Preferred Stock, however, could be used by Hovnanian's board of
directors without further action by Hovnanian's stockholders as an
anti-takeover device.

DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS

Hovnanian may issue Stock Purchase Contracts representing contracts
obligating holders to purchase from Hovnanian and Hovnanian to sell to the
holders a specified number of shares of Class A Common Stock or Preferred
Stock at a future date or dates. The price per share of Class A Common Stock
or Preferred Stock may be fixed at the time the Stock Purchase Contracts are
issued or may be determined by reference to a specific formula set forth in
the Stock Purchase Contracts.

The Stock Purchase Contracts may be issued separately or as a part
of units, often known as Stock Purchase Units, consisting of a Stock Purchase
Contract and either

o debt securities, or

o debt obligations of third parties, including U.S. Treasury
securities,

securing the holder's obligations to purchase the Class A Common Stock or
Preferred Stock under the Stock Purchase Contracts. The Stock Purchase
Contracts may require us to make periodic payments to the holders of the Stock
Purchase Units or vice versa, and such payments may be unsecured or prefunded
on some basis. The Stock Purchase Contracts may require holders to secure
their obligations in a specified manner and in certain circumstances we may
deliver newly issued prepaid Stock Purchase Contracts, often known as prepaid
securities, upon release to a holder of any collateral securing each holder's
obligations under the original Stock Purchase Contract.

The applicable prospectus supplement will describe the terms of any
Stock Purchase Contracts or Stock Purchase Units and, if applicable, prepaid
securities. The description in the prospectus supplement will not contain all
of the information that you may find useful. For more information, you should
review the Stock Purchase Contracts, the collateral arrangements and
depositary arrangements, if applicable, relating to such Stock Purchase
Contracts or Stock Purchase Units and, if applicable, the prepaid securities
and the document pursuant to which the prepaid securities will be issued,
which will be filed with the SEC promptly after the offering of such Stock
Purchase Contracts or Stock Purchase Units and, if applicable, prepaid
securities.

DESCRIPTION OF WARRANTS

Hovnanian may issue warrants, including warrants to purchase Class A
Common Stock or Preferred Stock and warrants to purchase Hovnanian debt
securities. K. Hovnanian may issue warrants to purchase K. Hovnanian Debt
Securities. All obligations of K. Hovnanian under the K. Hovnanian warrants
will be fully and unconditionally guaranteed by Hovnanian. Warrants may be
issued independently of or together with any other securities and may be
attached to or separate from such securities. Obligations of Hovnanian and K.
Hovnanian under the warrants may be guaranteed by the subsidiary guarantors.
Each series of warrants will be issued under a separate warrant agreement,
each a "warrant agreement" to be entered into between Hovnanian and/or K.
Hovnanian and a warrant agent, the "warrant agent". The warrant agent will act
solely as an agent of Hovnanian and/or K. Hovnanian in connection with the
warrants of that series and will not assume any obligation or relationship of
agency or trust for or with holders or beneficial owners of warrants. The
following describes some general terms and provisions of the warrants offered
hereby. Further terms of the warrants and the applicable warrant agreement
will be described in the applicable prospectus supplement.

The applicable prospectus supplement will describe the following
terms, where applicable, of the warrants in respect of which this prospectus
is being delivered:

o the title of the warrants;

o the aggregate number of the warrants;

o the price or prices at which the warrants will be issued;

o the designation, aggregate principal amount and terms of the
securities purchasable upon exercise of the warrants;

o the designation and terms of the securities with which the warrants
are issued and the number of the warrants issued with each such
security;

o if applicable, the date on and after which the warrants and the
related securities will be separately transferable;

o the price at which the securities purchasable upon exercise of the
warrants may be purchased;

o the date on which the right to exercise the warrants will commence
and the date on which the right will expire;

o the minimum or maximum amount of the warrants that may be exercised
at any one time;

o information with respect to book-entry procedures, if any;

o a discussion of certain United States Federal income tax
considerations; and

o any other terms of the warrants, including terms, procedures and
limitations relating to the exercise of the warrants.

PLAN OF DISTRIBUTION

Hovnanian, K. Hovnanian and the selling shareholders may sell the
securities to or through underwriters or dealers, and also may sell the
offered securities directly to one or more other purchasers or through agents.
The applicable prospectus supplement will list the names of any underwriters
or agents involved in the sale of the offered securities and any applicable
commissions or discounts.

Underwriters, dealers or agents may offer and sell the offered
securities at a fixed price or prices, which may be changed, or from time to
time at market prices prevailing at the time of sale, at prices related to the
prevailing market prices or at negotiated prices. In connection with the sale
of the securities, underwriters or agents may be deemed to have received
compensation from Hovnanian, K. Hovnanian or the selling shareholders in the
form of underwriting discounts or commissions and may also receive commissions
from purchasers of the securities for whom they may act as agent. Underwriters
or agents may sell the securities to or through dealers, and such dealers may
receive compensation in the form of discounts, concessions or commissions from
the underwriters or commissions from the purchasers for whom they may act as
agent.

The Preferred Stock, debt securities and warrants, when first issued,
will have no established trading market. Any underwriters or agents to or
through whom offered securities are sold by Hovnanian or K. Hovnanian for
public offering and sale may make a market in such offered securities, but the
underwriters or agents will not be obligated to do so and may discontinue any
market making at any time without notice. No assurance can be given as to the
liquidity of the trading market for any offered securities.

Any underwriters, dealers or agents participating in the distribution
of the offered securities may be deemed to be underwriters, and any discounts
and commissions received by them and any profit realized by them on resale of
the offered securities may be deemed to be underwriting discounts and
commissions under the Securities Act. Underwriters, dealers or agents may be
entitled, under agreements entered into with Hovnanian, K. Hovnanian or the
selling shareholders, to indemnification against or contribution toward
certain civil liabilities, including liabilities under the Securities Act.

If so indicated in the prospectus supplement, Hovnanian, K. Hovnanian
or the selling shareholders will authorize underwriters or other persons
acting as its agents to solicit offers by certain institutions to purchase
securities from it pursuant to contracts providing for payment and delivery on
a future date. Institutions with which contracts may be made include
commercial and savings banks, insurance companies, pension funds, investment
companies, educational and charitable institutions and others, but in all
cases will be subject to the condition that the purchase of the securities
will not at the time of delivery be prohibited under the laws of the
jurisdiction to which such purchaser is subject. The underwriters and agents
will not have any responsibility in respect of the validity or performance of
such contracts.

LEGAL MATTERS

Certain legal matters with respect to the validity of the offered
securities will be passed upon for Hovnanian and K. Hovnanian by Simpson
Thacher & Bartlett LLP, New York, New York. Simpson Thacher & Bartlett LLP
will rely, as to matters of California and New Jersey law, on the opinion of
Peter S. Reinhart, Esq., Senior Vice-President and General Counsel for
Hovnanian and K. Hovnanian. Certain legal matters in connection with the
offered securities may also be passed upon for any agents or underwriters by
counsel specified in the prospectus supplement.

EXPERTS

The consolidated financial statements of Hovnanian Enterprises, Inc.
appearing in the Hovnanian Annual Report (Form 10-K) for the year ended
October 31, 2002, have been audited by Ernst & Young LLP, independent
auditors, as set forth in their report thereon included therein and
incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such report given on the
authority of such firm as experts in accounting and auditing.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 14. Other Expenses of Issuance and Distribution.

The estimated expenses payable by Hovnanian in connection with the offering
described in this registration statement are as follows:

Total(a)

Registration Fee............................................ $ 100
Legal fees and expenses..................................... 200,000
Blue Sky fees and expenses.................................. 15,000
Accounting fees and expenses................................ 15,000
Printing and duplicating expenses........................... 300,000
Miscellaneous expenses...................................... 15,000
Total..................................................... $545,100
========
- ---------

(a) All figures, except the SEC registration fee, are estimates.

Item 15. Indemnification of Directors and Officers.

Hovnanian is a Delaware corporation. Section 145 of the General
Corporation Law of the State of Delaware grants each corporation organized
thereunder the power to indemnify any person who is or was a director,
officer, employee or agent of a corporation or enterprise, against expenses,
including attorneys' fees, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, other than an action by or in the right of
the corporation, by reason of being or having been in any such capacity, if he
acted in good faith in a manner reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful. Section 102(b)(7) of the General Corporation Law of the State of
Delaware enables a corporation in its certificate of incorporation or an
amendment thereto validly approved by stockholders to limit or eliminate the
personal liability of the members of its board of directors for violations of
the directors' fiduciary duty of care.

Article EIGHTH of Hovnanian's Restated Certificate of Incorporation
contains the following provisions with respect to indemnification:

No director of the Company shall be personally liable to the
Company or its stockholders for monetary damages for breach of
fiduciary duty as a director; provided, however, that this Article
shall not eliminate or limit the liability of a director (i) for any
breach of the director's duty of loyalty to the Company or its
stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii)
under Section 174 of the Delaware General Corporation Law, or (iv)
for any transaction from which the director derived an improper
personal benefit. This Article shall not eliminate or limit the
liability of a director for any act or omission occurring prior to
the date on which this Article becomes effective. Any repeal or
modification of this Article Eighth shall not adversely affect any
right or protection of a director of the Company existing hereunder
with respect to any act or omission occurring prior to the time of
such repeal or modification.

Hovnanian maintains a liability insurance policy providing coverage
for its directors and officers in an amount up to an aggregate limit of
$10,000,000 for any single occurrence.

K. Hovnanian is a California corporation. Section 317 of the
California General Corporations Law (the "CGCL") authorizes a court to
award, or a corporation's board of directors to grant, indemnity to directors
and officers who are parties or are threatened to be made parties to any
proceeding (with certain exceptions) by reason of the fact that the person is
or was an agent of the corporation, against expenses, judgments, fines,
settlements and other amounts actually and reasonably incurred in connection
with the proceeding if that person acted in good faith and in a manner the
person reasonably believed to be in the best interests of the corporation.
Section 204 of the CGCL provides that this limitation on liability has no
effect on a director's liability (i) for acts or omissions that involve
intentional misconduct or a knowing and culpable violation of law, (ii) for
acts or omissions that a director believes to be contrary to the best
interests ofthe corporation or its shareholders or that involve the absence
of good faith on the part of the director, (iii) for any transaction from
which a director derived an improper personal benefit, (iv) for acts or
omissions that show a reckless disregard for the director's duty to the
corporation or its shareholders in circumstances in which the director was
aware, or should have been aware, in the ordinary course of performing a
director's duties, of a risk of a serious injury to the corporation or its
shareholders, (v) for acts or omissions that constitute an unexcused
pattern of inattention that amounts to an abdication of the director's duty
to the corporation or its shareholders, (vi) under Section 310 of the
CGCL (concerning contracts or transactions between the corporation and a
director) or (vii) under Section 316 of the CGCL (directors' liability
for improper dividends, loans and guarantees). Section 317 does not extend
to acts or omissions of a director in his capacity as an officer.

Further, Section 317 has no effect on claims arising under federal
or state securities laws and does not affect the availability of injunctions
and other equitable remedies available to the Company's shareholders for any
violation of a director's fiduciary duty to the Company or its shareholders.
Although the validity and scope of the legislation underlying Section 317
have not yet been interpreted to any significant extent by the California
courts, Section 317 may relieve directors of monetary liability to the
Company for grossly negligent conduct, including conduct in situations
involving attempted takeovers of the Company.

Neither K. Hovnanian's Certificate of Incorporation nor its bylaws
contain any provisions relating to indemnity.

Item 16. Exhibits.

See Exhibit Index.

Item 17. Undertakings.

The undersigned Registrants hereby undertake:

(1) To file, during any period in which offers or sales are being
made, a post effective amendment to this registration statement:

(i) To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933, as amended (the "Securities Act");

(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the from of prospectus filed with the
Commission pursuant to Rule 462(b) if, in the aggregate, the changes in
volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective Registration Statement; and

(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration
statement;

II-1

provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrants pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") that are incorporated by
reference in the Registration Statement.

(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

The undersigned Registrants hereby undertake that, for purposes of
determining any liability under the Securities Act, each filing of the
Hovnanian annual report pursuant to Section 13(a) or 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrants pursuant to the provisions set forth in response to Item
15, or otherwise, the registrants have been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other
than the payment by the Registrants of expenses incurred or paid by a
director, officer or controlling person of the Registrants in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Registrants will, unless in the opinion of their counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.

The undersigned Registrants hereby undertake to file an application
for the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with
the rules and regulations prescribed by the Commission under Section 305(b)(2)
of the Act.

II-2

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Red Bank, State of New Jersey, on
July 2, 2003.

Hovnanian Enterprises, Inc.

By: /s/ J. Larry Sorsby
--------------------------
J. Larry Sorsby
Executive Vice President
Chief Financial Officer

POWER OF ATTORNEY

Each person whose signature appears below hereby constitutes and appoints J.
Larry Sorsby and Paul W. Buchanan and each of them, the true and lawful
attorneys-in-fact and agents of the undersigned, with full power of
substitution and resubstitution, for and in the name, place and stead of
undersigned, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement and to
Registration Statements Nos. 333-68528, 333-75939 and 333-51991, including any
filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended,
and to file the same, with all exhibits thereto, and all other documents in
connection therewith, with the Securities and Exchange Commission, and hereby
grants to such attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and anything necessary to be
done, as fully to all intents and purposes as the undersigned might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their or his substitute, or substitutes, may
lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in
the capacities indicated on July 2, 2003.

Signature Title
--------- -----
/s/ Kevork S. Hovnanian Chairman of the Board and Director
- -----------------------------------
Kevork S. Hovnanian

/s/ Ara K. Hovnanian President, Chief Executive Officer
- ----------------------------------- and Director
Ara K. Hovnanian

/s/ Geaton A. DeCesaris, Jr. Chief Operating Officer and President,
- ----------------------------------- Homebuilding Operations and Director
Geaton A. DeCesaris, Jr.

/s/ Arthur M. Greenbaum Director
- -----------------------------------
Arthur M. Greenbaum

II-3

/s/ Desmond P. McDonald Director
- -----------------------------------
Desmond P. McDonald

/s/ Edward A. Kangas Director
- -----------------------------------
Edward A. Kangas

/s/ John J. Robbins Director
- -----------------------------------
John J. Robbins

/s/ J. Larry Sorsby Executive Vice-President,
- ----------------------------------- Chief Financial Officer
J. Larry Sorsby and Director

/s/ Stephen D. Weinroth Director
- -----------------------------------
Stephen D. Weinroth

II-4

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, K.
Hovnanian certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Red Bank, State of New Jersey, on
July 2, 2003.

K. HOVNANIAN ENTERPRISES, INC.

By: /s/ J. Larry Sorsby
------------------------------
J. Larry Sorsby

POWER OF ATTORNEY

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities indicated on July 2, 2003.

Signature Title
--------- -----
/s/ Kevork S. Hovnanian Chairman of the Board and Director
- -----------------------------------
Kevork S. Hovnanian

/s/ Ara K. Hovnanian President, Chief Executive
- ----------------------------------- Officer and Director
Ara K. Hovnanian

/s/ Geaton A. DeCesaris, Jr. Chief Operating Officer and President,
- ----------------------------------- Homebuilding Operations and Director
Geaton A. DeCesaris, Jr.

/s/ Paul W. Buchanan Senior Vice President--Corporate
- ----------------------------------- Controller
Paul W. Buchanan

/s/ Peter S. Reinhart Senior Vice-President,
- ----------------------------------- General Counsel/Secretary
Peter S. Reinhart

/s/ J. Larry Sorsby Executive Vice President,
- ----------------------------------- Chief Financial Officer
J. Larry Sorsby and Director

II-5

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as
amended, each of the Registrants, as listed on the attached Schedule of
Subsidiary Registrants, has duly caused this Registration Statement to be
signed on its behalf by the undersigned, in his capacity as set forth on the
attached Schedule of Subsidiary Registrants, thereunto duly authorized, in the
City of Red Bank, State of New Jersey, on July 2, 2003.

REGISTRANTS (as listed on the attached
Schedule of Subsidiary Registrants)
By:/s/ J. Larry Sorsby
-----------------------------------------
J. Larry Sorsby

POWER OF ATTORNEY

Pursuant to the requirements of the Securities Act of 1933, the
Registration Statement has been signed by the following person on the date and
in the capacities indicated on July 2, 2003.

Signature Title
--------- -----
/s/ Kevork S. Hovnanian Chairman of the Board and Director
- -----------------------------------
Kevork S. Hovnanian

/s/ Ara K. Hovnanian President, Chief Executive Officer
- ----------------------------------- and Director
Ara K. Hovnanian

/s/ Geaton A. DeCesaris, Jr. Chief Operating Officer and President,
- ----------------------------------- Homebuilding Operations and Director
Geaton A. DeCesaris, Jr.

/s/ Paul W. Buchanan Senior Vice President--Corporate
- ----------------------------------- Controller
Paul W. Buchanan

/s/ Peter S. Reinhart Senior Vice-President,
- ----------------------------------- General Counsel/Secretary
Peter S. Reinhart

/s/ J. Larry Sorsby Executive Vice President,
- ----------------------------------- Chief Financial Officer
J. Larry Sorsby and Director

II-6

SCHEDULE OF SUBSIDIARY REGISTRANTS

EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

ALL SEASONS, INC.
ARROW PROPERTIES, INC.
CONDOMINIUM COMMUNITY (BOWIE NEW TOWN), INC.
CONDOMINIUM COMMUNITY (LARGO TOWN), INC.
CONDOMINIUM COMMUNITY (PARK PLACE), INC.
CONDOMINIUM COMMUNITY (QUAIL RUN), INC.
CONDOMINIUM COMMUNITY (TRUMAN DRIVE), INC.
CONSULTANTS CORPORATION DESIGNED CONTRACTS. INC.
EXC, INC.
FORTIS HOMES, INC.
HOUSING-HOME SALES, INC.
HOVNANIAN DEVELOPMENTS OF FLORIDA, INC.
K. HOV INTERNATIONAL, INC.
K. HOV IP, II, INC.
K. HOV IP, III, INC.
K. HOV IP, INC.
K. HOV IP, IV, INC.
K. HOVNANIAN ACQUISITIONS, INC.
K. HOVNANIAN AT ASHBURN VILLAGE, INC.
K. HOVNANIAN AT BALLANTRAE, INC.
K. HOVNANIAN AT BARRINGTON, INC.
K. HOVNANIAN AT BELMONT, INC.
K. HOVNANIAN AT BERNARDS IV, INC.
K. HOVNANIAN AT BRANCHBURG III, INC.
K. HOVNANIAN AT BRIDGEPORT, INC.
K. HOVNANIAN AT BRIDGEWATER VI, INC.
K. HOVNANIAN AT BULL RUN, INC.
K. HOVNANIAN AT BURLINGTON III, INC.
K. HOVNANIAN AT BURLINGTON, INC.
K. HOVNANIAN AT CALABRIA, INC.
K. HOVNANIAN AT CAMERON CHASE, INC.
K. HOVNANIAN AT CARMEL DEL MAR, INC.
K. HOVNANIAN AT CASTILE, INC.
K. HOVNANIAN AT CEDAR GROVE I, INC.
K. HOVNANIAN AT CEDAR GROVE II, INC.
K. HOVNANIAN AT CHAPARRAL, INC.
K. HOVNANIAN AT CLARKSTOWN, INC.
K. HOVNANIAN AT CRESTLINE, INC.
K. HOVNANIAN AT DOMINGUEZ, INC.
K. HOVNANIAN AT DOMINION RIDGE, INC.
K. HOVNANIAN AT EAST BRUNSWICK VI, INC.
K. HOVNANIAN AT EAST WHITELAND I, INC.
K. HOVNANIAN AT EXETER HILLS, INC.
K. HOVNANIAN AT FAIR LAKES GLEN, INC.
K. HOVNANIAN AT FAIR LAKES, INC.
K. HOVNANIAN AT FREEHOLD TOWNSHIP I, INC.

II-7
<Page>
EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

K. HOVNANIAN AT HACKETTSTOWN, INC.
K. HOVNANIAN AT HAMPTON OAKS, INC.
K. HOVNANIAN AT HERSHEY'S MILL, INC. (a PA Corp)
K. HOVNANIAN AT HIGHLAND VINEYARDS, INC.
K. HOVNANIAN AT HOLLY CREST, INC.
K. HOVNANIAN AT HOPEWELL IV, INC.
K. HOVNANIAN AT HOPEWELL VI, INC.
K. HOVNANIAN AT HOWELL TOWNSHIP, INC.
K. HOVNANIAN AT HUNTER ESTATES, INC.
K. HOVNANIAN AT KINGS GRANT I, INC.
K. HOVNANIAN AT KLOCKNER FARMS, INC.
K. HOVNANIAN AT LA TERRAZA, INC.
K. HOVNANIAN AT LA TROVATA, INC.
K. HOVNANIAN AT LAKEWOOD, INC.
K. HOVNANIAN AT LOWER SAUCON II, INC.
K. HOVNANIAN AT LOWER SAUCON, INC.
K. HOVNANIAN AT MAHWAH II, INC.
K. HOVNANIAN AT MAHWAH IV, INC. (Whalepond)
K. HOVNANIAN AT MAHWAH V, INC.
K. HOVNANIAN AT MAHWAH VI, INC. (Norfolk)
K. HOVNANIAN AT MAHWAH VII, INC.
K. HOVNANIAN AT MAHWAH VIII, INC.
K. HOVNANIAN AT MANALAPAN, INC.
K. HOVNANIAN AT MARLBORO II, INC.
K. HOVNANIAN AT MARLBORO TOWNSHIP IV, INC.
K. HOVNANIAN AT MARLBORO TOWNSHIP III, INC.
K. HOVNANIAN AT METRO DC SOUTH, INC.
K. HOVNANIAN AT MONTCLAIR NJ, INC.
K. HOVNANIAN AT MONTCLAIR, INC.
K. HOVNANIAN AT MONTGOMERY I, INC.
K. HOVNANIAN AT NORTHERN WESTCHESTER, INC.
K. HOVNANIAN AT NORTHLAKE, INC.
K. HOVNANIAN AT OCEAN WALK, INC.
K. HOVNANIAN AT P.C. PROPERTIES, INC.
K. HOVNANIAN AT PARK RIDGE, INC.
K. HOVNANIAN AT PEEKSKILL, INC.
K. HOVNANIAN AT PERKIOMEN I, INC.
K. HOVNANIAN AT PERKIOMEN II, INC.
K. HOVNANIAN AT PLAINSBORO III, INC.
K. HOVNANIAN AT PORT IMPERIAL NORTH, INC.
K. HOVNANIAN AT PRINCETON, INC.
K. HOVNANIAN AT RANCHO CHRISTIANITOS, INC.
K. HOVNANIAN AT RESERVOIR RIDGE, INC.
K. HOVNANIAN AT RIVER OAKS, INC.
K. HOVNANIAN AT SAN SEVAINE, INC.
K. HOVNANIAN AT SARATOGA, INC.
K. HOVNANIAN AT SCOTCH PLAINS II, INC.
K. HOVNANIAN AT SCOTCH PLAINS, INC.

II-8
<Page>
EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

K. HOVNANIAN AT SMITHVILLE, INC.
K. HOVNANIAN AT SOUTH BRUNSWICK II, INC.
K. HOVNANIAN AT SOUTH BRUNSWICK III, INC.
K. HOVNANIAN AT SOUTH BRUNSWICK IV, INC.
K. HOVNANIAN AT SOUTH BRUNSWICK V, INC.
K. HOVNANIAN AT STONE CANYON, INC.
K. HOVNANIAN AT STONEGATE, INC. (a VA Corporation)
K. HOVNANIAN AT STONY POINT, INC.
K. HOVNANIAN AT STUART ROAD, INC.
K. HOVNANIAN AT SULLY STATION, INC.
K. HOVNANIAN AT SUMMERWOOD, INC.
K. HOVNANIAN AT SYCAMORE, INC.
K. HOVNANIAN AT TANNERY HILL, INC.
K. HOVNANIAN AT THE BLUFF, INC.
K. HOVNANIAN AT THE CEDARS, INC.
K. HOVNANIAN AT THE GLEN, INC.
K. HOVNANIAN AT THE RESERVE AT MEDFORD, INC.
K. HOVNANIAN AT THORNBURY, INC.
K. HOVNANIAN AT TIERRASANTA, INC.
K. HOVNANIAN AT TUXEDO, INC.
K. HOVNANIAN AT UNION TOWNSHIP I, INC.
K. HOVNANIAN AT UPPER MAKEFIELD I, INC.
K. HOVNANIAN AT VAIL RANCH, INC.
K. HOVNANIAN AT WALL TOWNSHIP VI, INC.
K. HOVNANIAN AT WALL TOWNSHIP VIII, INC.
K. HOVNANIAN AT WASHINGTONVILLE, INC.
K. HOVNANIAN AT WAYNE III, INC.
K. HOVNANIAN AT WAYNE V, INC.
K. HOVNANIAN AT WILDROSE, INC.
K. HOVNANIAN AT WOODMONT, INC.
K. HOVNANIAN COMPANIES NORTHEAST, INC.
K. HOVNANIAN COMPANIES OF CALIFORNIA, INC.
K. HOVNANIAN COMPANIES OF MARYLAND, INC.
K. HOVNANIAN COMPANIES OF METRO WASHINGTON, INC.
K. HOVNANIAN COMPANIES OF NEW YORK, INC.
K. HOVNANIAN COMPANIES OF NORTH CAROLINA, INC.
K. HOVNANIAN COMPANIES OF PENNSYLVANIA, INC.
K. HOVNANIAN COMPANIES OF SOUTHERN CALIFORNIA, INC.
K. HOVNANIAN CONSTRUCTION MANAGEMENT, INC.
K. HOVNANIAN DEVELOPMENTS OF CALIFORNIA, INC.
K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC.
K. HOVNANIAN DEVELOPMENTS OF METRO WASHINGTON, INC.
K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY II, INC.
K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY, INC.
K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC.
K. HOVNANIAN DEVELOPMENTS OF OHIO, INC.
K. HOVNANIAN DEVELOPMENTS OF PENNSYLVANIA, INC.
K. HOVNANIAN DEVELOPMENTS OF SOUTH CAROLINA, INC.

II-9
<Page>
EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC.
K. HOVNANIAN ENTERPRISES, INC.
K. HOVNANIAN EQUITIES, INC.
K. HOVNANIAN FORECAST HOMES, INC.
K. HOVNANIAN INVESTMENT PROPERTIES OF NEW JERSEY, INC.
K. HOVNANIAN MARINE, INC.
K. HOVNANIAN PA REAL ESTATE, INC.
K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC.
K. HOVNANIAN PROPERTIES OF NB THEATRE, INC.
K. HOVNANIAN PROPERTIES OF NEWARK URBAN RENEWAL CORPORATION, INC.
K. HOVNANIAN PROPERTIES OF NORTH BRUNSWICK V, INC.
K. HOVNANIAN PROPERTIES OF PISCATAWAY, INC.
K. HOVNANIAN PROPERTIES OF RED BANK, INC.
K. HOVNANIAN PROPERTIES OF WALL, INC.
K. HOVNANIAN REAL ESTATE INVESTMENT, INC.
KHC ACQUISITION, INC.
KHIP III, INC.
LANDARAMA, INC.
MATZEL & MUMFORD OF DELAWARE, INC.
MCNJ, INC.
MMIP III, INC.
PARTHENON GROUP, INC.
PINE BROOK COMPANY, INC.
QUE CORPORATION
REFLECTIONS OF YOU INTERIORS, INC.
SEABROOK ACCUMULATION CORPORATION
STONEBROOK HOMES, INC.
THE MATZEL & MUMFORD ORGANIZATION, INC.
THE NEW FORTIS CORPORATION
THE SOUTHAMPTON CORPORATION
WASHINGTON HOMES OF WEST VIRGINIA, INC.
WASHINGTON HOMES, INC.
WASHINGTON HOMES, INC. OF VIRGINIA
WESTMINSTER HOMES (CHARLOTTE), INC.
WESTMINSTER HOMES OF TENNESSEE, INC.
WESTMINSTER HOMES, INC.
WH LAND I, INC
WH LAND II, INC.
WH PROPERTIES, INC.
K. HOVNANIAN AT 4S RANCH, L.L.C.
K. HOVNANIAN AT ASHBURN VILLAGE, L.L.C.
K. HOVNANIAN AT BARNEGAT I, L.L.C.
K. HOVNANIAN AT BERKELEY, L.L.C.
K. HOVNANIAN AT BERNARDS V, L.L.C.
K. HOVNANIAN AT BLOOMS CROSSING, L.L.C.
K. HOVNANIAN AT BLUE HERON PINES, L.L.C.
K. HOVNANIAN AT BRENBROOKE, L.L.C.
K. HOVNANIAN AT CAMDEN I, L.L.C.

II-10
<Page>
EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER

K. HOVNANIAN AT CARMEL VILLAGE, L.L.C.
K. HOVNANIAN AT CEDAR GROVE III, L.L.C.
K. HOVNANIAN AT CHESTER I, L.L.C.
K. HOVNANIAN AT CLIFTON, L.L.C.
K. HOVNANIAN AT CLIFTON II, L.L.C.
K. HOVNANIAN AT CRANBURY, L.L.C.
K. HOVNANIAN AT CURRIES WOODS, L.L.C.
K. HOVNANIAN AT DENVILLE, L.L.C.
K. HOVNANIAN AT ENCINITAS RANCH, L.L.C.
K. HOVNANIAN AT FOREST MEADOWS, L.L.C.
K. HOVNANIAN AT FREEHOLD TOWNSHIP, L.L.C.
K. HOVNANIAN AT GREAT NOTCH, L.L.C.
K. HOVNANIAN AT GUTTENBERG, L.L.C.
K. HOVNANIAN AT HAMBURG, L.L.C.
K. HOVNANIAN AT HAMBURG CONTRACTORS, L.L.C.
K. HOVNANIAN AT JACKSON I, L.L.C.
K. HOVNANIAN AT JACKSON, L.L.C.
K. HOVNANIAN AT JERSEY CITY IV, L.L.C.
K. HOVNANIAN AT KENT ISLAND, L.L.C.
K. HOVNANIAN AT KINCAID, L.L.C.
K. HOVNANIAN AT KING FARM, L.L.C.
K. HOVNANIAN AT LAFAYETTE ESTATES, L.L.C.
K. HOVNANIAN AT LAKE RIDGE CROSSING, L.L.C.
K. HOVNANIAN AT LAKE TERRAPIN, L.L.C.
K. HOVNANIAN AT LAWRENCE V, L.L.C.
K. HOVNANIAN AT LINWOOD, L.L.C.
K. HOVNANIAN AT LITTLE EGG HARBOR, L.L.C.
K. HOVNANIAN AT LITTLE EGG HARBOR CONTRACTORS, L.L.C.
K. HOVNANIAN AT LONG BRANCH I, L.L.C.
K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP I, L.L.C.
K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II, L.L.C.
K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I, L.L.C.
K. HOVNANIAN AT LOWER MORELAND I, L.L.C.
K. HOVNANIAN AT LOWER MORELAND II, L.L.C.
K. HOVNANIAN AT MANALAPAN II, L.L.C.
K. HOVNANIAN AT MANALAPAN III, L.L.C.
K. HOVNANIAN AT MANSFIELD I, LLC
K. HOVNANIAN AT MANSFIELD II, LLC
K. HOVNANIAN AT MANSFIELD III, L.L.C.
K. HOVNANIAN AT MARLBORO TOWNSHIP V, L.L.C.
K. HOVNANIAN AT MARLBORO TOWNSHIP VIII, L.L.C.
K. HOVNANIAN AT MARLBORO VI, L.L.C.
K. HOVNANIAN AT MARLBORO VII, L.L.C.
K. HOVNANIAN AT MENIFEE, L.L.C.
K. HOVNANIAN AT MIDDLE TOWNSHIP, L.L.C.
K. HOVNANIAN AT MIDDLETOWN II, L.L.C.
K. HOVNANIAN AT MIDDLETOWN, L.L.C.
K. HOVNANIAN AT MONROE, L.L.C.
K. HOVNANIAN AT MOSAIC, L.L.C.

II-11
<Page>

INDEX TO EXHIBITS

Exhibit
Number Description of Exhibits
- -------- -----------------------

**1.1 - Underwriting Agreement (Hovnanian Debt Securities and Warrants to
Purchase Hovnanian Debt Securities).

**1.2 - Underwriting Agreement (K. Hovnanian Debt Securities and Warrants
to Purchase K. Hovnanian Debt Securities).

**1.3 - Underwriting Agreement (Equity Securities and Warrants to Purchase
Equity Securities).

**1.4 - Underwriting Agreement (Stock Purchase Contracts).

**1.5 - Underwriting Agreement (Stock Purchase Units).

*4.1 - Form of Hovnanian Debt Securities.

*4.2 - Form of K. Hovnanian Debt Securities.

***4.3 - Form of Hovnanian Senior Debt Indenture.

***4.4 - Form of Hovnanian Senior Subordinated Debt Indenture.

***4.5 - Form of Hovnanian Subordinated Debt Indenture.

***4.6 - Form of K. Hovnanian Senior Debt Indenture.

***4.7 - Form of K. Hovnanian Senior Subordinated Debt Indenture.

***4.8 - Form of K. Hovnanian Subordinated Debt Indenture.

*4.9 - Form of Warrant Agreement for Preferred Stock and Common Stock
(including Form of Warrant Certificate).

*4.10 - Form of Warrant Agreement for Hovnanian Debt Securities (including
form of Warrant Certificate).

*4.11 - Form of Warrant Agreement for K. Hovnanian Debt Securities
(including form of Warrant Certificate).

***4.12 - Form of Purchase Contract Agreement (including form of Purchase
Contact Unit).

5.1 - Opinion of Simpson Thacher & Bartlett LLP (filed herewith).

5.2 - Opinion of Peter S. Reinhart, Senior Vice-President and General
Counsel of Hovnanian and K. Hovnanian (filed herewith).

10.1 - Credit Agreement dated as of June 19, 2003, among K. Hovnanian, as
Borrower, Hovnanian, as Guarantor, the banks listed therein, PNC
Bank, National Association, Bank of America, Fleet National Bank,
Wachovia Bank, National Association, Guaranty Bank, National
Association, Bank One, NA, Am South Bank, Comerica Bank, SunTrust
Bank, National City Bank, Washington Mutual Bank, FA, BNP PARIBAS,
Credit Lyonnais, New York Branch, US Bancorp (filed herewith).

12.1 - Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends (to be filed by amendment).

23.1 - Consent of Ernst & Young LLP (filed herewith).

23.2 - Consent of Simpson Thacher & Bartlett LLP (included in Exhibit 5.1).

23.3 - Consent of Peter S. Reinhart, Senior Vice-President and General
Counsel of Hovnanian and K. Hovnanian (included in Exhibit 5.2).

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Exhibit
Number Description of Exhibits
- -------- -----------------------

*** 25.1 - Statement of Eligibility of Trustee under the Hovnanian Indentures.

*** 25.2 - Statement of Eligibility of Trustee under the K. Hovnanian
Indentures.

* Incorporated by reference to exhibit of same number to Registration
Statement No. 333-51991.

** To be incorporated by reference, as necessary, as an exhibit to one or
more reports on Form 8-K.

*** Incorporated by reference to exhibit of same number to Registration
Statement No. 333-68528.

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