Hovnanian left a number of philanthropic contributions during his life, especially in support of New Jersey, Armenia and the Armenian diaspora.
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In 1986, Hovnanian constructed the St. Stepanos Armenian Church in the Elberon section of Long Branch in honor of his mother.
In 1959, Kevork Hovnanian, an ethnic Armenian originally from Iraq, and his three brothers - Hirair Hovnanian, Jirair Hovnanian and Vahak Hovananian - each contributed $1,000 dollars, in addition to $20,000 which they borrowed, to found Hovnanian Enterprises, Inc. in a trailer in Toms River, New Jersey.