When the American Reinvestment and Recovery Act of 2009 (ARRA) allocated $5 billion in stimulus dollars for Weatherization Assistance Programs (WAP), Pennsylvania was one of four states — Colorado, New Jersey, Kansas and Pennsylvania―that had a well-established staff and infrastructure in a state-wide agency to deliver and administer funds to multifamily housing (Glatter 2009). The Pennsylvania Housing Finance Agency (PHFA), through its Preservation through Smart Rehab program, received $22.5 million of the ARRA monies. The program itself predates ARRA and is designed to preserve multifamily affordable rental units in the state. Beginning in February 2010, PHFA allocated ARRA funds to upgrade 8,288 units in 109 properties. The first property was completed in December 2010; the last was completed August 2012. This report is the initial analysis of the results of that program based on one year of pre-retrofit and one year of post-retrofit utility bills. Of the 109 funded properties, all implemented energy upgrades and 91 had sufficient pre-retrofit and post retrofit energy data to be included in the study. Seventy-seven properties implemented water upgrades and all of them had sufficient pre-retrofit and post-retrofit water data to be included.