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MuniMae Affiliate Announces $100 Million Commitment For Emerging Markets Housing.

International Housing Solutions Commits to its First Transaction in South Africa

BALTIMORE -- International Housing Solutions (IHS), an affiliate of Municipal Mortgage & Equity, LLC ("MuniMae," NYSE:MMA) announced today that it has been selected by the U.S. Overseas Private Investment Corporation (OPIC) to invest in affordable housing in emerging markets that are experiencing rapid growth in housing demand, with particular needs for quality affordable housing. OPIC has committed to provide $100 million in seed financing, which will target supply-constrained primary and secondary housing markets, primarily in Africa and the Middle East, with a particular focus on South Africa and Jordan. Additionally, IHS announced the opening of its South Africa operations and the commitment to its first transaction, a joint venture agreement with a real estate developer in South Africa to redevelop a group of properties in Johannesburg that will provide 143 units of quality affordable housing and 38 commercial units.

MuniMae is widely recognized as a leader in U.S. affordable housing finance. In 2006 the Company sponsored $1.2 billion of tax credit equity investments in affordable housing projects, including a single fund with commitments from 14 institutional investors for more than $500 million in the aggregate, making it the largest tax credit equity affordable housing fund ever syndicated in the U.S. Michael L. Falcone, Chief Executive Officer of MuniMae stated, "We are very proud to have been selected by OPIC after such a competitive process, and we are pleased to be announcing our first international development venture. IHS is dedicated to providing financing for affordable housing projects in countries throughout the world, and this commitment from OPIC substantially accelerates that effort. We look forward to bringing our substantial affordable housing finance expertise to opportunities overseas."

IHS is a joint venture formed in 2005 with affiliates of Howard Eurocape Limited, a prominent Dublin, Ireland based property investment and development company. IHS provides innovative financial solutions, including debt and equity to owners and developers of affordable housing projects. It recently opened its Africa head office in Johannesburg, South Africa. OPIC is a U.S. government sponsored agency that supports U.S. private investment in emerging markets. IHS was one of many worldwide applicants to apply for this seed funding.

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 $18 billion including investments in over 3,000 multifamily properties, containing more than 320,000 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.

About Howard Eurocape

Howard Eurocape Limited is a Dublin-based property investment and development company. It is one of the major development groups in Ireland and the UK. Howard Eurocape offers a wide variety of secure prime investment and development opportunities to both the local and international markets. They specialize in joint ventures, working in partnership with a wide range of national and international companies, local governments and individuals.

Statements in this press release 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 such statements in this press release include our expectations of opportunities to finance, and potential for success in financing, affordable housing projects overseas. 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. 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.

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Publication:Business Wire
Geographic Code:0DEVE
Date:Feb 20, 2007
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