Item 1.01. Entry into a Material Definitive Agreement.
Brookfield Homes Corporation (the "Company") is disclosing information under this Item as a result of a wholly-owned subsidiary of the Company, Brookfield Homes Holdings Inc. ("BHHI") entering into an agreement with an affiliate of the Company. On February 26, 2009, BHHI entered into an unsecured revolving acquisition credit facility with an affiliate of the Company's major stockholder, Brookfield Asset Management Inc., in an aggregate principal amount not to exceed $25,000,000 (the "Facility"). The Facility bears interest on the unpaid principal amount outstanding at a rate of (i) 12% from and including the date of first advance to December 31, 2010, (ii) 14% from and including January 1, 2011 to December 31, 2011, and (iii) 16% from and including January 1, 2012 to December 31, 2012. The Facility is repayable on or before December 31, 2012. The Facility is for property acquisitions.
The Facility will be filed as an exhibit to the Form 10-Q of the Company for the quarter ending March 31, 2009.

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