Edele Hovnanian for the Hirair and Anna Hovnanian Foundation formally announced that her parents, Hirair and Anna Hovnanian, will be conveying assets estimated to be worth over $500 million, to the Hirair and Anna Hovnanian Foundation.
Their Foundation was formally established in 1986 and states as its mission “funding for charitable, educational, religious, scientific, literary purposes, with a primary focus to assist Armenian communities world-wide by gifts, grants, contribution and program related investments.”
When fully endowed, it will be the largest private foundation in history dedicated primarily to Armenians. The Foundation’s board, comprised of the Hovnanian’s five children and his three oldest grandchildren, will be required to distribute an estimated $25 million dollars annually. This extraordinary gift, the culmination of a lifetime of giving, is a fitting legacy to an extraordinary couple and their inspirational lives.
Mr. Hovnanian is known as one of the innovators of the concept of large scale adult communities of single family homes located on individual lots. Tens of thousands of homes have been built by Mr. Hovnanian, and his business activities have diversified to include the development and construction of health care facilities, major retail centers, office complexes, rental apartments and a 7000 acre mining operation.
As soon as his success began, so began the Hovnanian’s lifetime of philanthropy. In 1972 he was one of the founders of the Armenian Assembly of America, and he currently serves as Chairman of the Assembly’s Board of Trustees. Hirair is also a founding member of the Hayastan All Armenian Fund which was founded in the early 90’s, as well as the founder of ANI, the Armenian National Institute, in 1997.
To date, his charitable contributions exceed over $50 million. The Foundation currently distributes about $3 million per year to charities worldwide.