K. Hovnanian Building its First Active Adult Community in Arizona

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K. Hovnanian announces start of sales at its first active adult community in Arizona. K. Hovnanian's Four Seasons® Rancho del Lago is located in the Tucson area amidst scenic mountain views, golf and recreational amenities.

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We're combining our collective experience from across the nation with an ideal Tucson area location for our first age restricted community in Arizona.

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Hovnanian Enterprises, Inc. (NYSE: HOV) today announced the start of sales at K. Hovnanian's Four Seasons® Rancho del Lago, the company's first active adult community in Arizona.

Located near Tucson in Vail, Ariz., the age restricted, highly amenitized community will include 522 homes upon completion. The first phase of home sales begins Saturday, Feb. 23, 2008.

"With its warm climate, scenic desert terrain, abundance of year-round outdoor activities and competitive cost of living, the Tucson area has become a popular retirement destination, especially for those from the East Coast, California and Texas," Andy Pedersen, K. Hovnanian Homes regional director of marketing, said.

"Our Four Seasons community is the only age restricted community within the Rancho del Lago master plan, which includes 18 holes of golf, nine lakes and the del Lago Golf Club all at the base of the Rincon Mountains."

K. Hovnanian's Four Seasons® Rancho del Lago includes three collections of floor plans ranging from 1,200 to more than 2,800 square feet. Twelve on-site, fully-decorated model homes are now open. Prices start from the upper $180s.

"We're in the pre-grand opening phase," Pedersen said, adding that the grand opening is planned for this fall.

In addition to a sales pavilion, construction of the 13,900-square-foot recreation center, exclusively for Four Seasons residents' use, is now underway. It includes a fitness center, lobby/living room central core, billiards room, arts and crafts room, a multi-purpose area and a catering/demonstration kitchen.

Outdoor amenities will include two pools and spa, tennis courts, racquetball courts, bocce ball courts, an events lawn, a three-hole putting green and walking trails.

"K. Hovnanian is one of the country's largest builders of Four Seasons active adult homes with communities located in 12 states," Pedersen said. "We're combining our collective experience from across the nation with an ideal Tucson area location for our first age restricted community in Arizona."

Founded in 1959, K. Hovnanian Homes is a national home builder with more than 400 new home communities in 19 states. The company also operates K. Hovnanian American Mortgage offering more than 200 loan programs to satisfy the financing needs of today's homeowners.

For additional information, call 877-BUY-KHOV and visit http://www.khov4seasons.com

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