MuniMae Subsidiary Completes Bond Refinancing

  
    
  
  
    
      MMA Financial, LLC (“MMA Financial”), 
      an operating subsidiary of Municipal Mortgage & Equity, LLC (“MuniMae” 
      or “the Company,” 
      NYSE: MMA) announced today that it has completed the refinancing of a 
      $25 million private placement, multi-family housing mortgage revenue 
      bond, with a major U.S. financial institution as the credit enhancement 
      and liquidity provider. MMA Financial expects that the transaction will 
      reduce its current financing costs for the asset by approximately 200 
      basis points per year.
    
    
      “MMA Financial is pleased to have closed on 
      the refinancing of this bond, and more importantly, solidified our 
      existing relationship with an important capital partner by creating a 
      new bond financing program,” said Gary 
      Mentesana, head of MMA Financial and Executive Vice President of 
      MuniMae. “This transaction demonstrates our 
      ability to access competitively priced bond financing despite the recent 
      turmoil in the capital markets.”
    
    
      About MuniMae
    
    
      MuniMae and its subsidiaries arrange debt and equity financing for 
      developers and owners of real estate and clean energy projects. The 
      Company also provides investment management and advisory services for 
      institutional investors. Assets under management exceed $19 billion 
      including investments in approximately 3,000 multifamily properties, 
      containing more than 323,000 units in 49 states, the District of 
      Columbia, Puerto Rico and the U.S. Virgin Islands.
    
    
      MuniMae is organized as a limited liability company, which allows it to 
      combine the limited liability, governance and management characteristics 
      of a corporation with the pass-through features of a partnership. As a 
      result, the tax-exempt income derived from certain investments remains 
      tax-exempt when passed through to shareholders. MuniMae also conducts 
      activities through wholly owned taxable corporate subsidiaries. 
      Distributions to shareholders are normally declared quarterly.
    
    
      Statements in this press release or on MuniMae's website that 
      are not historical fact may be deemed forward-looking statements within 
      the meaning of Section 27A of the Securities Act of 1933, as amended, 
      and Section 21E of the Securities Exchange Act of 1934, as amended. 
      Examples of forward looking statements include such matters as future 
      Board actions concerning our dividend. Although the Company believes the 
      expectations reflected in any forward-looking statements are based on 
      reasonable assumptions, the Company can give no assurance that its 
      expectations will be attained. The Company undertakes no obligation to 
      revise or update publicly any forward-looking statements contained 
      herein for any reason. Factors that could cause actual results to differ 
      materially from the Company's expectations include completion of the 
      audit of our financial statements, completion of pending investments, 
      continued ability to originate new investments, the mix of business 
      between tax-exempt and taxable activities, the availability and cost of 
      capital for future investments, competition within the finance and real 
      estate industries, economic conditions, loss experience and other risks 
      detailed from time to time in the Company's SEC reports. This press 
      release does not constitute an offer to sell any securities of the 
      Company or any other entity.
    
    
      MUNIMAE: INTEGRITY. INNOVATION. SERVICE.
    
    
      www.MuniMae.com