MMA Realty Capital is one of the principal operating subsidiaries of MuniMae, or Municipal Mortgage & Equity, LLC (OTC: MMAB). MuniMae was formed in 1996 as a restructuring of a tax-exempt bond fund dating back to 1986. The Municipal Mortgage & Equity name reflects the Company's initial focus on buying tax-exempt municipal bonds which funded mortgages on multifamily properties. An important part of MuniMae's historical performance had been the achievement of distribution payments.

In the late 90’s, MuniMae pursued a growth strategy aimed at increasing its product offerings and creating a one-stop-shop for developers of multifamily housing. This strategy was very focused, using a combination of organic growth and strategic acquisitions beginning with the purchase of the Midland Companies in 1999.

The Midland Companies added a mortgage banking business (Fannie Mae DUS, FHA/HUD), a pension fund advisory business (capital source for construction lending) and a small tax credit equity business. This acquisition rounded out the Company’s multifamily product offerings and allowed us to meet all of the needs of our developer and investor customers and capital partners under one roof.

In 2003, the Company acquired Lend Lease’s tax credit operations (previously known as Boston Financial), adding significant scale and pricing power to this business segment. The combined MMA Financial tax credit business is now the market leader. In 2005, MMA Financial was the leading sponsor of affordable housing tax credit equity investments in the United States.

The acquisition of Glaser Financial (July 2005) added significant scale to the Company’s mortgage banking operations, improved our seniors housing lending capabilities and further strengthened relationships with our developer, investor and capital partners such as Fannie Mae, Freddie Mac and HUD.

Also in 2005, the Company acquired MONY Realty Capital, Inc. from AXA Financial, Inc., representing the Company’s first meaningful foray outside the multifamily sector. This business has been combined with our existing pension fund advisory business and rebranded MMA Realty Capital (MRC). MRC is responsible for market rate multifamily and commercial financings as well as other finance and investment management services. MRC provides first mortgages, B-Notes and Mezzanine investments.

For additional information about MuniMae please visit www.MuniMae.com, for MMA Financial, please visit www.MMAFin.com, and for MMA Renewable Ventures, please visit www.MMArenewableventures.com.