Lenders Help Out Home Builder Hovnanian

Red Bank, NJ, February 5, 2008--Home builder Hovnanian Enterprises said in an SEC filing that lenders have temporarily waived certain conditions of its credit facilities.

The waivers cover tangible net worth, fixed charge coverage ratio and leverage ratio. They expire on March 14.

Hovnanian said it expects to enter into an amended credit facility prior to the March 14 deadline.