Item 8.01. Other Events.

The Company's subsidiary, AMREP Southwest Inc. ("AMREP Southwest"), has accepted the commitment of the lender under AMREP Southwest's revolving credit facility to extend the facility until December 17, 2009. During the extension period the outstanding amount under the facility may not exceed $24,000,000, which is the amount presently outstanding, and AMREP Southwest may pay management fees to the Company of up to $87,500 per month. Otherwise, the significant terms of the extension are as previously reported in note 7 to the Company's financial statements set forth in Item 1 of Part I of the Company's Quarterly Report on Form 10-Q for the quarter ended July 31, 2009 filed on September 9, 2009.