Legacy Preservation I Associates LP

1260’s Legacy Preservation Initiative – Phase 1 (LPI 1) will rehabilitate 138 units in 13 buildings across the City of Philadelphia. LPI 1 will include an energy efficiency research program that has been selected for a $3 million Department of Housing and Urban Development (HUD) Energy Innovation grant through national competition. Of this amount, $2.5 million will be spent on capital upgrades to the buildings, including replacement of windows, doors, HVAC systems, and other upgrades that will create energy cost savings of over 20%. The program will include a research component to study the energy savings of residents when an energy monitor is installed in their units. The properties are part of a 448 unit portfolio owned by 1260. The entire Preservation Initiative will rehabilitate all 448 units, none of which have had major renovation work in the last 15 years. LPI 1 will commence construction in December 2012 and will be complete in June 2013. The remaining units will be rehabilitated in two subsequent phases to be implemented over the next two years. LPI 1 will be funded through HUD’s Energy Innovation Fund grant, 4% low income housing tax credit and tax-exempt bond financing, which will ensure that the units are not only energy efficient, but also remain affordable for at least 30 years into the future.