Summary of AMERICAN COMMUNITY PROPERTIES TRUST

Item 1.01 Entry into a Material Definitive Agreement

On November 19, 2008, American Community Properties Trust ("ACPT" or the "Company") entered into an amendment relating to its Purchase and Development Agreements with U.S. Home Corporation, a subsidiary of Lennar Corporation ("Lennar"). The amendment modifies the minimum number of lots that Lennar is required to take down annually and minimum purchase prices for such lots between the date of this agreement and the end of the contract period, December 31, 2011. Lot prices are based on a percentage of the final home selling price. The following table outlines the modified requirements and minimum purchase price:

                                       Minimum Number of
          Specified Period                   Lots            Lot Price %       Single Family       Townhome
November 17, 2008 - December 31, 2008 50 Lots                        22.5 %   $        78,000     $   68,000
                                      100 Lots (40 by
January 1, 2009 - December 31, 2009   June 15, 2009)                   25 %   $        80,000     $   70,000
                                      100 Lots (25 by
January 1, 2010 - December 31, 2010   June 15, 2010)                   25 %   $        84,000     $   74,000
                                      100 Lots(25 by June
January 1, 2011 - December 31, 2011   15, 2011)                        25 %   $        88,000     $   77,000

The complete text of the amendment is attached and filed as Exhibit 10.1 to this current report on Form 8-K.

Item 1.02 Termination of a Material Definitive Agreement

On November 19, 2008, the Company entered into an agreement with Lennar to sell the Company's 50% interest in St. Charles Active Adult Community, LLC (the "Community") to Lennar. The joint venture was formed in 2003 to develop Heritage at St. Charles, a 352 unit age restricted neighborhood. The Company agreed to transfer all of its rights, title and interest in the Community, including the Company's interest as the manager of the Community to Lennar for $3,467,000 in cash. Historically management fees from the Community have not materially impacted the Company's financial position.

The agreement relating to the termination is attached and filed as Exhibits 10.2 to this current report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Third Amendment to Purchase Agreement and to Development Agreement

10.2 Membership Interest Transfer Agreement

99.1 Press Release dated November 25, 2008