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K. Hovnanian Enterprises, Inc. Commences Tender Offer For Its 10 5/8% Senior Secured Notes Due 2016 And Related Consent Solicitation

K. Hovnanian has reserved the right, at any time following the Early Tender Deadline but prior to the Expiration Time (the "Early Acceptance Date"), to accept for purchase all Notes validly tendered and not validly withdrawn at or before the Early Acceptance Date. If K. Hovnanian elects to exercise this option, K. Hovnanian will pay the total consideration or tender offer consideration, as the case may be, for the Notes accepted for purchase at the Early Acceptance Date on a date (the "Early Payment Date") promptly following the Early Acceptance Date, which date is expected to be October 2, 2012, the expected closing date for certain public underwritten and privately placed offerings referenced below. Also, on the Early Payment Date, if any, K. Hovnanian will pay accrued and unpaid interest to, but not including, the Early Payment Date, on Notes accepted for purchase at the Early Acceptance Date.

Subject to the terms and conditions of the Offer being satisfied or waived, K. Hovnanian will, after the Expiration Time (the "Final Acceptance Date"), accept for purchase all Notes validly tendered at or before the Expiration Time (and not validly withdrawn before the Withdrawal Deadline) (or if K. Hovnanian has exercised its early purchase option described above, all Notes validly tendered after the Early Acceptance Date and at or before the Expiration Time). K. Hovnanian will pay the total consideration or tender offer consideration, as the case may be, for Notes accepted for purchase at the Final Acceptance Date on a date (a "Final Payment Date") promptly following the Final Acceptance Date. Also, on the Final Payment Date, K. Hovnanian will pay accrued and unpaid interest to, but not including, the Final Payment Date, on Notes accepted for purchase at the Final Acceptance Date.

K. Hovnanian's obligation to accept for purchase and to pay for Notes validly tendered and not withdrawn pursuant to the Offer is subject to the satisfaction or waiver of certain conditions, which are more fully described in the Statement, including, among others, K. Hovnanian's receipt of aggregate proceeds to fund the total consideration plus accrued and unpaid interest in respect of all Notes (regardless of the actual amount of Notes tendered) and estimated fees and expenses relating to the Offer and Consent Solicitation from certain public underwritten and privately placed offerings, on terms satisfactory to K. Hovnanian. In no event will the information contained in this release or the Offer Documents regarding such offerings constitute an offer to sell or a solicitation of an offer to buy any securities offered thereunder. Although K. Hovnanian is seeking consents pursuant to the Consent Solicitation, the Offer is not conditioned upon the success of the Consent Solicitation.

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