Kevork Hovnanian

Kevork S. Hovnanian (1923 – September 24, 2009) was an Armenian-American businessman and home builder, who founded Hovnanian Enterprises in 1959. He remained the president and chief executive officer of Hovnanian Enterprises until his retirement in 1997. Despite some recent financial difficulties due to the 2008-2009 recession and financial crisis, Hovnanian Enterprises remains the sixth largest American homebuilder and the largest homebuilder in New Jersey, as of September 2009.

Kevork Hovnanian was born in Kirkuk, present-day Iraq, in 1923. He was the oldest of four sons born to Stepan K. Hovnanian, a refugee from Armenia who had settled in Iraq. Stepan Hovnanian operated a construction business in Kirkuk which held contracts with oil companies in the region.

Hovnanian took over the family's construction business after his father became ill. The company eventually employed more than 12,000 people in Iraq. However, Hovnanian fled to the United States in the aftermath of the 1958 Iraqi Revolution, which overthrew the monarchy of Faisal II of Iraq. Most of his family also moved to the United States.

In 1959, Kevork and his three brothers - Hirair Hovnanian, Jirair Hovnanian and Vahak Hovnanian - each contributed $1,000 dollars, in addition to $20,000 which they borrowed from Peter S. Vosbikian (d.1971), to found Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey. Hirair, Jirair and Vahak left the company by 1969 to found their own enterprises. Hovnanian and his company earned a reputation to selling low cost condos and townhouses, many to first time young homewowners and families. A typical two-bedroom, two bathroom Hovnanian home built in the early 1980s cost approximately $30,000 because Hovnanian eliminated amenities such as communal swimming pools, which other builders used to attract potential buyers. In a New York Times interview in 1983, Hovnanian explained his reasoning for marketing low cost homes in developments without community amenities, "There are limited recreation facilities going in because people have little time for socialization."

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