Groundbreaking

							              Groundbreaking
                                Oct. 29, 2009
For Immediate Release: Oct. 29, 2009

Contact:      Doug Fenichel, APR            Kent Ashworth        Lisa Ryan
              K Hovnanian Homes             City of Trenton      State of New Jersey
              (732) 623-6979                (609) 989-3828       (609) 292-6055
              Cell: (973) 769-0688          Cell: (609) 712-2534


               K. HOVNANIAN BREAKS GROUND ON 84 HOMES
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                      IN TRENTON’ SOUTH WARD

 Offering Includes Market-Rate Homes, Affordable Housing and Homes Eligible for
                                HMFA Programs


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       TRENTON, N.J. –K. Hovnanian Homes, New Jersey’ largest homebuilder,

today broke ground on The Villages at Delaware Run, a community of 84 townhomes in

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Trenton’ South Ward.

       With Trenton Mayor Douglas H. Palmer and Marge Della Vecchia, executive

director of the New Jersey Housing, Mortgage and Finance Agency wielding shovels

next to him, Barry McCarron, division president of K. Hovnanian Homes declared the

newest neighborhood under way, saying it will bring new homes for a variety of people

to the South Ward, as well as jobs and customers for area shops.
       “This has been a long time coming, but the wait is over,”said McCarron. “These

will be beautiful new energy-efficient homes that people can afford and that allow people

to live close to where they work. This will be a community our neighbors here in South

Trenton will be proud of.”

       McCarron praised the City of Trenton and the HMFA for their assistance with the

project. The community was made possible, he said, because of the cooperation between

the three organizations.

        I   t
       “ don’ have to tell anybody here that these are challenging times for

                        We’
homebuilders,”he said. “ ve been working with the City for almost five years to make

this happen. Mayor Palmer was determined to see quality housing here and we appreciate

his belief that K. Hovnanian was the right company to do it.

        We
       “ also appreciate the encouragement and assistance that we received from

HMFA Executive Director Della Vecchia and her staff,”McCarron added. “They brought

us opportunities to make the Villages at Delaware Run even more affordable. We are

planning on starting the pricing for these homes in the mid $100s.”

       “                                                      s          The
        This is an historic project in many ways,”said Trenton’ Palmer. “ site was

home to the historic Delaware Inn, which is to be renovated as a community center, and

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is right across the street from the history trail that highlights Trenton’ significant past for

visitors to South Riverwalk Park. The production of another 84 homes also is a history-

making event, because we are witnessing the continuing momentum toward Smart

                                                                               s
Growth revitalization in Trenton –even in the midst of a very tough economy. It’ a

remarkable development.”

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       The Villages at Delaware Run is K. Hovnanian’ latest community redevelopment

project done in partnership with city government. The company has built successful

communities in Newark, Jersey City, Atlantic City, Clifton and other places. This

community, however, is the first time the company is partnering with HMFA.
        We’
       “ ve been working with cities since the 1980s,”said McCarron. “Adding the

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state to the mix is long overdue and we’ very excited about it.”

       McCarron said K. Hovnanian also was partnering with the DR Mon Group, a

company that specializes in building affordable housing.

       “     s
        There’ a lot we can learn from each other,”said McCarron.

       McCarron said The Villages at Delaware Run will create about 100 on-site jobs

over the course of construction, as well as another 100 off site. He said homebuilding has

a tremendous ripple effect on the economy.

        Not
       “ only will we have people working on the site who need equipment, tools,

                                        but
meals and other things,”said McCarron, “ families moving into newly built homes

tend to spend more on decorating their homes than those doing renovations.”

       McCarron said demolition will begin in the next 30 days as the site is prepared for

construction. The first building, which will start in about 60 days, will be next to the

intersection of Lamberton and Lalor streets. A pocket park also is slated for that corner.

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       The homes were designed with Trenton’ traditional brownstones in mind.

       “Mark Toconita, our architect, grew up in this type of neighborhood,”McCarron

       He
said. “ remembers it as a place where people sat on their stoops, talked to each other

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and walked to each other’ homes. We wanted it to be true to the historic architecture of

the Trenton-Philadelphia area, provide good traffic flow through the community and

create a traditional feeling with state-of-the-art construction.”

       Sales, he said, will begin in January. Those interested in purchasing a townhome

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can get information and join the company’ Internet list by going to

www.khov.com/delawarerun. Meanwhile, he said, K. Hovnanian would be holding

meetings with neighbors and the community to discuss construction details and how to

apply for special programs through HMFA and the Council On Affordable Housing.
       The community will offer several townhome designs from 1,050 square feet to

almost 1,900 square feet, featuring two or three bedrooms, 2½ baths and rear-entry

garages. Each home will be certified independently as complying with New Jersey

ENERGY STAR standards.

       “This location is ideal for those who work in or near Trenton,”McCarron said.

“                                                                       s
 With major roads nearby and the train station less than a mile away, it’ also a great

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place for those who need to commute. We’ very optimistic about its success.”

       K. Hovnanian Homes is the largest homebuilder in New Jersey and sixth largest

homebuilder in the nation. Founded in 1959 by Kevork S. Hovnanian, the company sells

homes in 18 states and the District of Columbia. The parent company, Hovnanian

Enterprises, Inc., is headquartered in Red Bank, N.J., and delivered 11,281 homes during

Fiscal 2008 under several names. Of those, 1,412 were delivered in New Jersey, New

York and Pennsylvania. Additional homes in those states were sold through joint

ventures. The company reported $3.3 billion in total revenues in Fiscal 2008. K.

Hovnanian builds planned communities that include single-family, townhomes and

garden homes. In addition, it constructs homes in mid-rise, high-rise and mixed-use

buildings. The company also is well known for its active-adult homes, branded as K.

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Hovnanian’ Four Seasons, and its expertise in community redevelopment and

environment rehabilitation. More information is available at www.khov.com or at 888-

KHOV-HOME.



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