Woods Research, Inc. was founded in 1981 by James M. Woods to assist clients in the area of real estate development beginning with the Farmers Home Administration 515 program. WRI continued preparing FmHA 515 market studies after the 1986 tax law which created the Section 42 program. WRI continues to specialize in the Section 42 housing program as well as Tax Exempt Bond Issue, HOME, HOPE VI and HUD 221 ( d ) ( 3 ) and ( d ) ( 4 ) programs. WRI is MAP certified by HUD. WRI has a national client base. Clients include developers, mortgage lenders, government agencies, and equity investors.