UNITED STATES
        SECURITIES AND EXCHANGE COMMISSION

             Washington, D.C.  20549

                     FORM 8-K

                  CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   December 17, 1996          

        MUNICIPAL MORTGAGE AND EQUITY, L.L.C.          
-------------------------------------------------------
(Exact name of registrant as specified in its charter)

    Delaware              001-11981               52-1449733  
 ----------------       ----------------       -------------------
 (State or other        (Commission File         (I.R.S. Employer
  jurisdiction of          Number)             Identification No.)
  incorporation)

218 North Charles Street, Suite 500, Baltimore, Maryland 21201 
--------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)
                        
Registrant's telephone number, including area code:(410)962-8044

                          Not Applicable                           
-------------------------------------------------------------
(Former name or former address, if changed since last report)

<PAGE>

Item 2 - Acquisition of Assets

On December 17, 1996, Municipal Mortgage and Equity, L.L.C. (the
"Registrant") entered into a commitment to acquire a $33.9 million tax-exempt 
mortgage revenue bond to be issued by DeKalb County Housing
Authority.  The collateral for this unrated bond is the 722-unit multi-family
apartment project known as the Village at Stone Mountain.  Completed in
1985, the Village at Stone Mountain is located approximately 13 miles
northeast of downtown Atlanta in DeKalb County, Georgia.

Once the bond is issued, the Registrant will collect an 8.75 percent interest
rate on this tax-exempt investment plus have an opportunity to participate
in the growth in value of the property collateralizing the bond through
contingent interest payments from property cash flow.  The  bond will have
a 30 year term and a 12 year prohibition against repayment.

The Shelter Foundation, Inc., a 501(c)(3) non-profit, acquired the Village
at Stone Mountain on December 17, 1996 with interim financing proceeds
provided by NationsBank. The Registrant agreed to provide NationsBank
with a guarantee of the interim financing for an up-front fee of one percent
of the interim financing proceeds and an annual fee of one percent of the
interim financing proceeds until  the bond is issued as the permanent
financing to repay NationsBank.  Once the property meets the requirement
that 20 percent of its tenants have incomes equivalent to 50 percent of the
Atlanta metropolitan median, the DeKalb Housing Authority will issue the 
bond.  It is expected that the bond will be issued in approximately one year.

For a fee of one percent of the interim financing proceeds or $336,000,
Shelter Development LLC ("SDLLC") provided the Shelter Foundation
with acquisition services.  This fee was determined to be reasonable by the
Registrant's Board when compared to other fees charged by third parties for
similar services.

Shelter Properties LLC ("SPLLC") was retained by the Shelter Foundation
as the property management company pursuant to a form of management
agreement approved by the Registrant.  Property management fees shall not
exceed three percent per year of gross revenues without the prior written
consent of the Registrant.  The fee was determined by the Registrant's
Board to be competitive with the price which would be charged for
comparable services by independent parties in the same geographic location.

Mark K. Joseph, the Registrant's chairman and chief executive officer,
beneficially owns approximately five percent of the Registrant's growth
shares.  Mr. Joseph owns 73% of Shelter Development Holdings, Inc.
("SDH"), the Registrant's special shareholder, and is its president.  SDH is
the 41 1/2% owner of SDLLC.  Mr. Joseph owns 73% of Shelter
Properties Holdings, Inc. ("SPH") and is its president.  SPH is the 41 1/2%
owner of SPLLC and is its Chairman of the Board.  Michael L. Falcone, the
Registrant's Executive Vice President, owns five percent of SDLLC and
SPLLC, respectively.  Mr. Joseph is also the president of the Shelter 
Foundation.
<PAGE>

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

Municipal Mortgage and Equity, L.L.C.

By:  /s/  Mark K. Joseph
          Mark K. Joseph
          President and CEO

Dated:  January 2, 1997
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 4669}]
{"company-data": {"conformed-name": "MUNICIPAL MORTGAGE & EQUITY LLC", "cik": "0001003201", "assigned-sic": "6189", "irs-number": "521943465", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11981", "film-number": "97500447"}, "business-address": {"street1": "218 N CHARLES ST", "street2": "STE 500", "city": "BALTIMORE", "state": "MD", "zip": "21201", "phone": "4109620595"}, "mail-address": {"street1": "218 N CHARLES ST", "street2": "STE 500", "city": "BALTIMORE", "state": "MD", "zip": "21201"}}
UNITED STATES
        SECURITIES AND EXCHANGE COMMISSION

             Washington, D.C.  20549

                     FORM 8-K

                  CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   December 17, 1996          

        MUNICIPAL MORTGAGE AND EQUITY, L.L.C.          
-------------------------------------------------------
(Exact name of registrant as specified in its charter)

    Delaware              001-11981               52-1449733  
 ----------------       ----------------       -------------------
 (State or other        (Commission File         (I.R.S. Employer
  jurisdiction of          Number)             Identification No.)
  incorporation)

218 North Charles Street, Suite 500, Baltimore, Maryland 21201 
--------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)
                        
Registrant's telephone number, including area code:(410)962-8044

                          Not Applicable                           
-------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 2 - Acquisition of Assets

On December 17, 1996, Municipal Mortgage and Equity, L.L.C. (the
"Registrant") entered into a commitment to acquire a $33.9 million tax-exempt 
mortgage revenue bond to be issued by DeKalb County Housing
Authority.  The collateral for this unrated bond is the 722-unit multi-family
apartment project known as the Village at Stone Mountain.  Completed in
1985, the Village at Stone Mountain is located approximately 13 miles
northeast of downtown Atlanta in DeKalb County, Georgia.

Once the bond is issued, the Registrant will collect an 8.75 percent interest
rate on this tax-exempt investment plus have an opportunity to participate
in the growth in value of the property collateralizing the bond through
contingent interest payments from property cash flow.  The  bond will have
a 30 year term and a 12 year prohibition against repayment.

The Shelter Foundation, Inc., a 501(c)(3) non-profit, acquired the Village
at Stone Mountain on December 17, 1996 with interim financing proceeds
provided by NationsBank. The Registrant agreed to provide NationsBank
with a guarantee of the interim financing for an up-front fee of one percent
of the interim financing proceeds and an annual fee of one percent of the
interim financing proceeds until  the bond is issued as the permanent
financing to repay NationsBank.  Once the property meets the requirement
that 20 percent of its tenants have incomes equivalent to 50 percent of the
Atlanta metropolitan median, the DeKalb Housing Authority will issue the 
bond.  It is expected that the bond will be issued in approximately one year.

For a fee of one percent of the interim financing proceeds or $336,000,
Shelter Development LLC ("SDLLC") provided the Shelter Foundation
with acquisition services.  This fee was determined to be reasonable by the
Registrant's Board when compared to other fees charged by third parties for
similar services.

Shelter Properties LLC ("SPLLC") was retained by the Shelter Foundation
as the property management company pursuant to a form of management
agreement approved by the Registrant.  Property management fees shall not
exceed three percent per year of gross revenues without the prior written
consent of the Registrant.  The fee was determined by the Registrant's
Board to be competitive with the price which would be charged for
comparable services by independent parties in the same geographic location.

Mark K. Joseph, the Registrant's chairman and chief executive officer,
beneficially owns approximately five percent of the Registrant's growth
shares.  Mr. Joseph owns 73% of Shelter Development Holdings, Inc.
("SDH"), the Registrant's special shareholder, and is its president.  SDH is
the 41 1/2% owner of SDLLC.  Mr. Joseph owns 73% of Shelter
Properties Holdings, Inc. ("SPH") and is its president.  SPH is the 41 1/2%
owner of SPLLC and is its Chairman of the Board.  Michael L. Falcone, the
Registrant's Executive Vice President, owns five percent of SDLLC and
SPLLC, respectively.  Mr. Joseph is also the president of the Shelter 
Foundation.
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

Municipal Mortgage and Equity, L.L.C.

By:  /s/  Mark K. Joseph
          Mark K. Joseph
          President and CEO

Dated:  January 2, 1997