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March 29
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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.

The 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”.

As sources from Hovnanian foundation report, 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.

“To date, Hirair Hovnanian’s charitable contributions exceed over $50 million. But it is not just the amount which is commendable, but also the dedicated manner in which it is given. For example, following the December 1988 earthquake in Armenia, he was one of the first Americans to the scene to assess the damage, and on behalf of the Armenian Assembly oversaw the construction of four industrial plants in Gyumri, Armenia which supplied housing components for the victims of the earthquake”, the foundation reported.

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