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): January 29, 2002


                        MUNICIPAL MORTGAGE & EQUITY, LLC
                        --------------------------------
             (Exact Name of Registrant as Specified in its Charter)



             Delaware            001-11981             52-1449733
(State or Other Jurisdiction    (Commission          (IRS Employer
        of Incorporation)       File Number)       Identification No.)



         218 North Charles Street, Suite 500, Baltimore, Maryland 21201
         --------------------------------------------------------------
               (Address of Principal Executive Office) (Zip Code)


       Registrant's telephone number, including area code: (443) 263-2900




                                       N/A
          ------------------------------------------------------------
         (Former Name and Former Address, if Changed Since Last Report)


<PAGE>


Item 5. Other Events.
        -------------

     On  January  29,  2002,  Municipal  Mortgage & Equity,  LLC  ("Registrant")
announced the final  redemption of all four classes of its preferred  securities
and Term  Growth  Shares as a  consequence  of events  requiring  redemption  as
described  in  the  Registrant's   Amended  and  Restated  Operating  Agreement.
Reference is made to the press  release,  dated  January 29,  2002,  for further
information regarding the redemption.




Item 7. Financial Statements and Exhibits.
        ----------------------------------


        (a)      Exhibits


Exhibit No.      Exhibit
-----------      -------

20.1             Press release,  dated January 29, 2002,  announcing the
                 final  redemption  of all  four  classes  of  preferred
                 securities and Term Growth shares




<PAGE>




                                   SIGNATURES

     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 & EQUITY, LLC




                                         By: /s/ Michael L. Falcone
                                         --------------------------
                                         Michael L. Falcone
                                         President and Chief Operating Officer




Date:  January 29, 2002


<PAGE>




Exhibit  20.1


PRESS RELEASE                                       Contact: Angela Richardson
FOR IMMEDIATE RELEASE                                        Investor Relations
                                                             (888) 788-3868

--------------------------------------------------------------------------------
             MuniMae Announces Final Redemption of All Four Classes
                 of Preferred Securities and Term Growth Shares


BALTIMORE,  MD, January 29, 2002 -- Municipal Mortgage & Equity, LLC (NYSE: MMA)
announced  today that all four  classes of its  preferred  securities  (Series I
Preferred Shares,  Series I Capital  Distribution  Preferred  Shares,  Series II
Preferred Shares, and Series II Capital  Distribution  Preferred Shares) will be
fully redeemed as a consequence of mandatory  triggering events described in the
Company's Amended and Restated  Operating  Agreement.  The events requiring this
final redemption include a combination of par value appraisals, sales of certain
assets, and in one case, redemption of a bond by its issuer.

MuniMae Chairman and CEO, Mark K. Joseph, commented,  "This final redemption, as
mandated by our Operating  Agreement,  greatly  simplifies the Company's balance
sheet and reduces  administrative  expenses.  Although the  remaining  preferred
securities  represent  less  than  2%  of  MuniMae's  total  capitalization,  we
appreciate the loyalty of these original shareholders.  With this redemption the
Company fulfills its remaining obligations to those shareholders that elected to
receive preferred shares in the 1996 merger that created MuniMae. The Company is
pleased to pay out the holders of the  preferred  securities  according to their
terms.  At the same time, we benefit our Common  Shareholders by simplifying our
capital structure."

The Company is currently  calculating the final cash distributions to holders of
the  preferred  securities  in  accordance  with  the  terms  of  its  Operating
Agreement. MuniMae expects these distributions to be made in February.

Redemption of the preferred securities also triggers the simultaneous redemption
of the Company's  Term Growth  Shares,  which are currently  entitled to a fixed
percentage of the Company's cash distributions after preferred dividends.

MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity  for its own  account  and on behalf of others.  At
year-end 2001, assets under management were in excess of $2.8 billion secured by
784 properties and 80,982 units in 48 states and the U.S.  Virgin  Islands.  For
its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing
bonds.  This on-balance  sheet  portfolio of tax-exempt  bonds is secured by 117
properties  containing 28,316 units in 22 states. Of these bonds,  approximately
forty percent  provide for MuniMae to  participate  in the  appreciation  of the
underlying apartments.

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 MuniMae  derives from certain
investments   remains   tax-exempt  when  it  passes  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.  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 DIVIDENDS AND GROWTH THROUGH REAL ESTATE
                             www.munimaemidland.com
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{"company-data": {"conformed-name": "MUNICIPAL MORTGAGE & EQUITY LLC", "cik": "0001003201", "assigned-sic": "6500", "irs-number": "521449733", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11981", "film-number": "02523842"}, "business-address": {"street1": "218 N CHARLES ST", "street2": "STE 500", "city": "BALTIMORE", "state": "MD", "zip": "21201", "phone": "4109628044"}, "mail-address": {"street1": "218 N CHARLES ST", "street2": "STE 500", "city": "BALTIMORE", "state": "MD", "zip": "21201"}}
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): January 29, 2002

                        MUNICIPAL MORTGAGE & EQUITY, LLC
                        --------------------------------
             (Exact Name of Registrant as Specified in its Charter)

             Delaware            001-11981             52-1449733
(State or Other Jurisdiction    (Commission          (IRS Employer
        of Incorporation)       File Number)       Identification No.)

         218 North Charles Street, Suite 500, Baltimore, Maryland 21201
         --------------------------------------------------------------
               (Address of Principal Executive Office) (Zip Code)

       Registrant's telephone number, including area code: (443) 263-2900

                                       N/A
          ------------------------------------------------------------
         (Former Name and Former Address, if Changed Since Last Report)
Item 5. Other Events.
        -------------

     On  January  29,  2002,  Municipal  Mortgage & Equity,  LLC  ("Registrant")
announced the final  redemption of all four classes of its preferred  securities
and Term  Growth  Shares as a  consequence  of events  requiring  redemption  as
described  in  the  Registrant's   Amended  and  Restated  Operating  Agreement.
Reference is made to the press  release,  dated  January 29,  2002,  for further
information regarding the redemption.

Item 7. Financial Statements and Exhibits.
        ----------------------------------

        (a)      Exhibits

Exhibit No.      Exhibit
-----------      -------

20.1             Press release,  dated January 29, 2002,  announcing the
                 final  redemption  of all  four  classes  of  preferred
                 securities and Term Growth shares
SIGNATURES

     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 & EQUITY, LLC

                                         By: /s/ Michael L. Falcone
                                         --------------------------
                                         Michael L. Falcone
                                         President and Chief Operating Officer

Date:  January 29, 2002
Exhibit  20.1

PRESS RELEASE                                       Contact: Angela Richardson
FOR IMMEDIATE RELEASE                                        Investor Relations
                                                             (888) 788-3868

--------------------------------------------------------------------------------
             MuniMae Announces Final Redemption of All Four Classes
                 of Preferred Securities and Term Growth Shares

BALTIMORE,  MD, January 29, 2002 -- Municipal Mortgage & Equity, LLC (NYSE: MMA)
announced  today that all four  classes of its  preferred  securities  (Series I
Preferred Shares,  Series I Capital  Distribution  Preferred  Shares,  Series II
Preferred Shares, and Series II Capital  Distribution  Preferred Shares) will be
fully redeemed as a consequence of mandatory  triggering events described in the
Company's Amended and Restated  Operating  Agreement.  The events requiring this
final redemption include a combination of par value appraisals, sales of certain
assets, and in one case, redemption of a bond by its issuer.

MuniMae Chairman and CEO, Mark K. Joseph, commented,  "This final redemption, as
mandated by our Operating  Agreement,  greatly  simplifies the Company's balance
sheet and reduces  administrative  expenses.  Although the  remaining  preferred
securities  represent  less  than  2%  of  MuniMae's  total  capitalization,  we
appreciate the loyalty of these original shareholders.  With this redemption the
Company fulfills its remaining obligations to those shareholders that elected to
receive preferred shares in the 1996 merger that created MuniMae. The Company is
pleased to pay out the holders of the  preferred  securities  according to their
terms.  At the same time, we benefit our Common  Shareholders by simplifying our
capital structure."

The Company is currently  calculating the final cash distributions to holders of
the  preferred  securities  in  accordance  with  the  terms  of  its  Operating
Agreement. MuniMae expects these distributions to be made in February.

Redemption of the preferred securities also triggers the simultaneous redemption
of the Company's  Term Growth  Shares,  which are currently  entitled to a fixed
percentage of the Company's cash distributions after preferred dividends.

MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity  for its own  account  and on behalf of others.  At
year-end 2001, assets under management were in excess of $2.8 billion secured by
784 properties and 80,982 units in 48 states and the U.S.  Virgin  Islands.  For
its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing
bonds.  This on-balance  sheet  portfolio of tax-exempt  bonds is secured by 117
properties  containing 28,316 units in 22 states. Of these bonds,  approximately
forty percent  provide for MuniMae to  participate  in the  appreciation  of the
underlying apartments.

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 MuniMae  derives from certain
investments   remains   tax-exempt  when  it  passes  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.  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 DIVIDENDS AND GROWTH THROUGH REAL ESTATE
                             www.munimaemidland.com