Exhibit 14.1

CODE OF ETHICS  FOR  THE CHIEF EXECUTIVE OFFICER  AND  SENIOR EXECUTIVE AND FINANCIAL OFFICERS

Kimball Hill, Inc. has adopted written Standards of Conduct (set out in its Associate Handbook) that are applicable to all associates of Kimball
Hill, Inc. and its subsidiary companies (collectively called the "Company"). This Code of Ethics applies to the Chief Executive Officer, the Chief Financial Officer, the Controller and all
Senior Executive and Financial Officers (as defined herein) of Kimball Hill, Inc. and KH Financial LP.

For
the purposes of this Code of Ethics, the term "Senior Executive and Financial Officer" shall mean the President, Senior Vice Presidents, General Counsel, Treasurer, Regional
Presidents, Divisional Presidents and Controllers of Kimball Hill, Inc. and KH Financial LP.

1.Disclosure Obligations.The Chief Executive Officer, the Chief Financial Officer, the Controller and the
Senior Executive and Financial Officers are responsible for full, fair, accurate, timely and understandable disclosure of information that is contained in the periodic reports required to be filed by
the Company with the Securities and Exchange Commission. Accordingly, in connection with preparation of the Company's periodic SEC reports, each of those persons is responsible for providing financial
and business reports and information that is complete and accurate in all material respects.

2.Reporting Obligations.The Chief Executive Officer, the Chief Financial Officer, the Controller and the
Senior Executive and Financial Officers are responsible for reporting the following:



If
the Chief Executive Officer, the Chief Financial Officer or the Controller has a reporting obligation under any policy set forth in this Code of Ethics, he must promptly bring the
matter to the attention of the Audit Committee of the Board of Directors. If any other Senior Executive or Financial Officer has a reporting obligation under any policy set forth below, he must
promptly bring the matter to the attention of (i) his immediate supervisor and the Controller, or (ii) if he considers the matter to be material to the Company, the Audit Committee of
the Board of Directors.(1)

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3.Audit Committee Responsibility.The Audit Committee of the Board of Directors shall determine appropriate
actions to be taken in the event of violations of this Code of Ethics. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to this Code of Ethics,
including, among other things, disciplinary action up to and including termination of employment. In determining what action is appropriate in a particular case, the Audit Committee shall take into
account all relevant information, including (a) whether the violation was promptly reported, (b) whether a violation of the law has occurred and if so, the nature and severity of the
violation, (c) whether the violation was a single occurrence or repeated occurrences, (d) whether the violation appears to have intentional or inadvertent, (e) whether the
individual in question had been advised prior to the violation as to the proper course of action, and (f) whether the individual in question had committed other violations in the past and if
so, the penalties imposed, if any, in the past for comparable violations.

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