According to Lapolla Industries, Inc., a Houston-based global supplier and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and equipment designed to reduce energy consumption in the residential, industrial and commercial markets, its AirTight division has entered into its first multifamily energy savings program agreement with the multi-billion dollar REIT, Home Properties, Inc., to implement its proprietary energy savings program at the Jacob Ford Village Apartments. Home Properties is a multi-billion dollar REIT based in Rochester, N.Y. that owns and manages 41,000 residential apartment units, primarily in the mid-Atlantic and north eastern U.S. The first agreement is with Jacob Ford Village, a two-story, garden apartment complex that consists of 270 residential units. Under the terms of the agreement, AirTight will implement and install its all-inclusive energy savings package throughout the entire multifamily unit complex at a cost exceeding $1 million. A recent assessment conducted by AirTight and Karpman Consulting LLC, an independent energy company, reported that the program will yield annual energy savings in excess of 55% for Home Properties. "Our multifamily energy savings program harnesses cutting edge technology with its proprietary design and equipment. AirTight's four-component energy savings program, including installation of Lapolla's spray polyurethane foam, provides a property owner with a substantial energy reduction. This will increase property value and resident comfort, and will likely lead to reduced vacancy rates. AirTight has documented significant savings for landlords and property managers on their energy bills. We believe that this is the only end-to-end solution in the marketplace that can provide annual energy savings of more than 50% in any region or climate for multi-family properties," said Peter Pierangeli, vice president of the AirTight division. "For now, our concentration remains on the United States, and we plan to introduce this to our global customers and partners." Lapolla's AirTight division primarily focuses on marketing, promoting, and selling energy saving products and energy reduction services. The AirTight multifamily energy savings program is a turn-key project service. This service provides energy assessments and analysis with the assistance of independent consultants, project design, regulatory assistance to facilitate potential rebates from state and utility authorities, and project management services. This energy conservation program, conceived and put into place by Lapolla's chairman, Richard Kurtz, was designed to save landlords substantial energy costs while dramatically reducing the properties' carbon footprint and increasing the tenants' comfort. This will increase the overall value and ROI of the property. Commenting on the new initiative, Brent Kohere, regional vice president for Home Properties, said, "This is a winning situation for all parties involved. The residents will have greater comfort in their homes and should see a reduction in their energy costs. The property as a whole will be more energy efficient, reducing overall energy consumption and lowering energy costs. It is a win for Home Properties to partner with experts in the field like the AirTight team, and the rebate/incentive plan will enhance an already solid return on investment for the capital improvement. Lastly, we see this as a win for AirTight because partnering with a company with a reach as great as ours will enable them to deliver excellent energy conservation results and promote their unique program which we anticipate will generate notable energy savings." "Home Properties is a great player in the multifamily space, and we are confident that our comprehensive solution will enhance the energy-efficiency of the Jacob Ford Village and contribute to great savings," said Doug Kramer, CEO of Lapolla. "This is only the tip of the iceberg when it comes to market opportunity for our AirTight multifamily energy savings program; we believe that the U.S. market alone for this type of program is close to $19.2 billion. Lapolla is addressing a significant unmet need in the global property management and construction market, and we are looking forward to capitalizing on this opportunity and expanding our program throughout the United States, and ultimately internationally as well." Home builders and renovators around the world recognize Lapolla's brand as having the leading offering when it comes to energy-saving spray foam solutions to offer customers, both commercial and residential.