HOVNANIAN RECEIVES FINANCING WAIVERS

Associated Press
02.04.08, 12:55 PM ET
New York

Homebuilder Hovnanian Enterprises Inc. said Monday lenders have
temporarily waived certain conditions of its credit facilities,
according to a regulatory filing.

The waivers, which cover tangible net worth, fixed charge coverage
ratio and leverage ratio, expire on March 14, according to a filing
with the Securities and Exchange Commission.

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

Shares of Hovnanian fell $1.11, or 9.2 percent, to $10.98 in afternoon
trading.