UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):    September 17, 2009
                                                  ------------------------------

                               AMREP CORPORATION
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               (Exact Name of Registrant as Specified in Charter)

Oklahoma                          1-4702                  59-0936128
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(State or Other Jurisdiction      (Commission File        (IRS Employer
of Incorporation)                 Number)                 Identification Number)

300 Alexander Park, Suite 204, Princeton, New Jersey                (08540
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       (Address of Principal Executive Offices)                      (Zip Code)

Registrant's telephone number, including area code:  (609) 716-8200
                                                   -----------------------------

                                 Not Applicable
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          (Former Name or Former Address, if Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2. below):

[  ] Written communications  pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))






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.

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                AMREP CORPORATION
                                                -----------------
                                                   (Registrant)

                                                By:  /s/  Peter M Pizza
                                                     ----------------------
                                                     Peter M. Pizza
                                                     Vice President and
                                                     Chief Financial Officer

Date:  September 18, 2009