For Immediate Release
Will Cooper, Sr. Enters Affordable Housing Hall of Fame
In recognition of his pioneering work in the affordable and low-income housing industry, Affordable Housing Finance has inducted Wilfred N. Cooper, Sr. to its Hall of Fame. Cooper, Sr. is a recognized leader in the industry, having made the first affordable housing investment in the United States.
"My father played an integral role in establishing the industry at a time when most people had never heard of affordable housing," said Will Cooper, Jr., president and CEO of WNC. "His contributions have helped to provide safe and affordable housing for thousands of communities in need and laid the groundwork for the thriving affordable housing industry we see today."
Cooper, Sr. founded WNC & Associates in 1971 as one of the first affordable housing investors in the U.S., growing the firm's portfolio to more than $5 billion in assets spanning more than 1,100 properties in 45 states. Additionally, WNC was one of the first companies to apply to and receive an allocation for New Markets Tax Credits (NMTC), a tax credit which encourages business development in economically stressed areas. WNC has been awarded four NMTC allocations to date, totaling $178 million. WNC has facilitated the development of 12 NMTC low-income community projects.
As chairman of WNC's board of directors, Cooper, Sr. remains an advocate for the affordable housing industry, having testified before numerous Congressional committees. He has advocated for the establishment and advancement of Low-Income Housing Tax Credit (LIHTC) legislation and the Community Reinvestment Act and is trustee of the NAHB Build Political Action Committee.
Affordable Housing Finance Magazine created the Affordable Housing Hall of Fame in 2006 to recognize visionary leaders who have made significant and long-lasting contributions to the industry. Past inductees include Congressman Barney Frank and Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies. The award was presented at the Affordable Housing Developers' Summit at the Swissotel in Chicago.
Affordable Housing Finance’s full story can be read online at http://www.housingfinance.com/ahf/articles/2011/october/1011-coverstory-Housings-Champions.htm.