INFORMATION FOR RELEASE



              MuniMae Announces  Appointment of New Board Member
                            -----------------

BALTIMORE (July 17, 2003) - Municipal  Mortgage & Equity, LLC (NYSE: MMA), known
as MuniMae,  announced today the appointment of Fred N. Pratt, Jr. as a director
of the Company effective immediately.

Mark K.  Joseph,  Chairman of the Board and CEO of MuniMae,  commented,  "We are
extremely  pleased to have Fred Pratt join  MuniMae's  board.  MuniMae has had a
long  relationship  with Fred Pratt,  who was a founder and  principal of Boston
Financial  Group,  which  evolved and grew into the tax credit  equity  business
which we recently acquired from Lend Lease. Fred is an expert in the real estate
investment community and his knowledge will be a tremendous asset to MuniMae. We
are looking forward to his valued input."

Mr. Pratt is a co-founder of Boston Financial,  a leading real estate investment
manager, operator and service provider which managed $5.8 billion in real estate
investments  when acquired by Lend Lease in 1999. Mr. Pratt served Lend Lease as
Principal in charge of Specialized Business, President & COO and Chief Executive
Officer of Lend Lease Real Estate  Investments (U.S.) through February 2003. Mr.
Pratt holds a B.S.E.E. from Tufts University and an M.B.A. from Amos Tuck School
of Business Administration at Dartmouth College. He is also a Member of Advisory
Committee  of the MIT  Center for Real  Estate  and a member of the Real  Estate
Round Table, Washington, DC.

About Municipal Mortgage & Equity
---------------------------------
MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity for its own account and on behalf of others.  As of
June 30, 2003,  assets  under  management  totaled  $3.7 billion  secured by 933
properties  containing 96,168 units in 48 states and the U.S. Virgin Islands. As
of  July  1,  2003,  at the  completion  of the HCI  acquisition,  assets  under
management  totaled $7.5 billion  representing  approximately  2,044  properties
containing 218,144 units. For its proprietary accounts,  MuniMae primarily holds
tax-exempt  multifamily  housing  bonds.  This  on-balance  sheet  portfolio  of
tax-exempt  bonds is secured by 148  properties  containing  35,204  units in 28
states. For a portion of these bonds, MuniMae participates in the performance of
the underlying properties.

MuniMae is organized  as a limited  liability  company.  This  structure  allows
MuniMae  to  combine   the  limited   liability,   governance   and   management
characteristics  of a corporation  with the  pass-through  income  features of a
partnership. As a result, the tax-exempt income derived from certain investments
remains  tax-exempt  when  passed  through  to  shareholders.  Distributions  to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.


This press release  contains  statements which are forward looking in nature and
reflect  management's  current views with respect to future events and financial
performance.  These statements are subject to many  uncertainties  and risks and
should not be considered  guarantees of future  performance.  This press release
does not  constitute  an offer to sell any  securities  of Municipal  Mortgage &
Equity, LLC.

Actual results may vary materially  from projected  results based on a number of
factors,   including  the  actual  performance  of  the  properties  pledged  as
collateral  for the  portfolio,  general  conditions  in the local  real  estate
markets in which the properties are located and prevailing interest rates.


        MUNIMAE: TAX-EXEMPT DISTRIBUTIONS AND GROWTH THROUGH REAL ESTATE
                    www.munimaemidland.com / www.mmafin.com

Contacts

Investor Relations:
    Angela Richardson, 888/788-3863
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INFORMATION FOR RELEASE

              MuniMae Announces  Appointment of New Board Member
                            -----------------

BALTIMORE (July 17, 2003) - Municipal  Mortgage & Equity, LLC (NYSE: MMA), known
as MuniMae,  announced today the appointment of Fred N. Pratt, Jr. as a director
of the Company effective immediately.

Mark K.  Joseph,  Chairman of the Board and CEO of MuniMae,  commented,  "We are
extremely  pleased to have Fred Pratt join  MuniMae's  board.  MuniMae has had a
long  relationship  with Fred Pratt,  who was a founder and  principal of Boston
Financial  Group,  which  evolved and grew into the tax credit  equity  business
which we recently acquired from Lend Lease. Fred is an expert in the real estate
investment community and his knowledge will be a tremendous asset to MuniMae. We
are looking forward to his valued input."

Mr. Pratt is a co-founder of Boston Financial,  a leading real estate investment
manager, operator and service provider which managed $5.8 billion in real estate
investments  when acquired by Lend Lease in 1999. Mr. Pratt served Lend Lease as
Principal in charge of Specialized Business, President & COO and Chief Executive
Officer of Lend Lease Real Estate  Investments (U.S.) through February 2003. Mr.
Pratt holds a B.S.E.E. from Tufts University and an M.B.A. from Amos Tuck School
of Business Administration at Dartmouth College. He is also a Member of Advisory
Committee  of the MIT  Center for Real  Estate  and a member of the Real  Estate
Round Table, Washington, DC.

About Municipal Mortgage & Equity
---------------------------------
MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity for its own account and on behalf of others.  As of
June 30, 2003,  assets  under  management  totaled  $3.7 billion  secured by 933
properties  containing 96,168 units in 48 states and the U.S. Virgin Islands. As
of  July  1,  2003,  at the  completion  of the HCI  acquisition,  assets  under
management  totaled $7.5 billion  representing  approximately  2,044  properties
containing 218,144 units. For its proprietary accounts,  MuniMae primarily holds
tax-exempt  multifamily  housing  bonds.  This  on-balance  sheet  portfolio  of
tax-exempt  bonds is secured by 148  properties  containing  35,204  units in 28
states. For a portion of these bonds, MuniMae participates in the performance of
the underlying properties.

MuniMae is organized  as a limited  liability  company.  This  structure  allows
MuniMae  to  combine   the  limited   liability,   governance   and   management
characteristics  of a corporation  with the  pass-through  income  features of a
partnership. As a result, the tax-exempt income derived from certain investments
remains  tax-exempt  when  passed  through  to  shareholders.  Distributions  to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.

This press release  contains  statements which are forward looking in nature and
reflect  management's  current views with respect to future events and financial
performance.  These statements are subject to many  uncertainties  and risks and
should not be considered  guarantees of future  performance.  This press release
does not  constitute  an offer to sell any  securities  of Municipal  Mortgage &
Equity, LLC.

Actual results may vary materially  from projected  results based on a number of
factors,   including  the  actual  performance  of  the  properties  pledged  as
collateral  for the  portfolio,  general  conditions  in the local  real  estate
markets in which the properties are located and prevailing interest rates.

        MUNIMAE: TAX-EXEMPT DISTRIBUTIONS AND GROWTH THROUGH REAL ESTATE
                    www.munimaemidland.com / www.mmafin.com

Contacts

Investor Relations:
    Angela Richardson, 888/788-3863