JEN Partners to Acquire MMA Financial's Tax Credit Equity Business

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Mama GP Hmv Asd	LSE:MMAB	London	Ordinary Share	GB00B5M5PW49	ORD 5P (ASSD HMV CASH)

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

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NEW YORK, June 29 /PRNewswire/ -- JEN Partners, a New York-based private equity real estate firm, today announced that it has entered into a definitive agreement to acquire substantially all of the Tax Credit Equity business of MMA Financial, an operating subsidiary of Municipal Mortgage & Equity, LLC (MuniMae, OTC: MMAB). Coincident with the transaction, industry veteran Kenneth J. Cutillo will be named Chief Executive Officer of the company. MMA Financial, based in Boston, Massachusetts, is a national leader in equity financing for multifamily apartment properties. The company aggregates, syndicates and manages portfolios of Federal and State Low Income Housing Tax Credits (LIHTC). MMA Financial has $8.3 billion of equity under management and manages approximately 1,800 multifamily apartment properties containing about 180,000 units in 48 states, the District of Columbia and Puerto Rico. It is the nation's largest apartment owner according to the National Multi Housing Council's 2009 Ranking. The transaction, valued at approximately $31 million, will be financed by equity contributed by JEN Partners and Real Estate Capital Partners (RECP), a New York-based real estate investment firm. Upon completion of the acquisition, MMA Financial will become a private company, wholly-owned by JEN Partners and RECP and will be renamed Boston Financial Investment Management (BFIM). The corporate headquarters of the company will remain in Boston. "JEN Partners believes in building businesses for the long term, and we are delighted to be able to support the next stage of the company's growth and development," said Allen J. Anderson, a JEN Partners Managing Director. "BFIM will continue to be one of the country's leading LIHTC investment management firms, and will be well-positioned to become a consolidator in the industry." Kenneth J. Cutillo added, "I am excited to lead BFIM and its extremely talented team of employees as the company transitions to its next phase. JEN Partners has a successful track record of guiding businesses toward long-term growth and profitability, and I look forward to working with them." The transaction is expected to close in the second half of 2009, subject to customary closing conditions. JEN Partners received legal advice from Willkie Farr & Gallagher LLP. MuniMae was advised by Lazard and Clifford Chance. About JEN Partners JEN Partners is a leading private equity real estate firm based in New York. Established in 2005 by Reuben S. Leibowitz, JEN Partners invests in real estate operating companies with the long term goal of building durable businesses in partnership with strong management teams. JEN Partners' executives have more than 50 years of real estate investing experience and are responsible for establishing and growing companies such as MJ Brock (later acquired by Ryland), Pacific Greystone (acquired by Lennar), Chelsea Property (acquired by Simon Property), Meridian Industrial Trust (acquired by ProLogis) and Grubb & Ellis. For more information, please visit http://www.jenpartners.com/. DATASOURCE: JEN Partners CONTACT: Julie Johnson Staples, , or Jennifer Powers, , +1-212-858-7600, both for JEN Partners Web Site: http://www.jenpartners.com/

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