Hovnanian enters $200M land banking deal with Angelo Gordon affiliate

HOVNANIAN ENTERPRISES INC

Agreement with AG Essential Housing Company 2, L.P. (Angelo Gordon affiliate) to fund up to $200M in land acquisition and development costs.
Term of 24 months; EHC selects and acquires properties, Hovnanian develops and options finished lots at fixed price on monthly takedowns.
Arrangement may be increased as mutually agreed.

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