MuniMae Affiliate Raises $175M for Int'l Fund

Published May 07, 2008, 1:00 p.m. EDT

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Municipal Mortgage & Equity LLC, Baltimore, has announced the closing of $175 million of capital commitments and participating debt to the South Africa Workforce Housing Fund of MuniMae's International Housing Solutions affiliate. The fund invests in rental and for-sale housing for low- and moderate-income families in South Africa. MuniMae said IHS expects the fund to total $240 million within several months. "We began IHS in order to bring our expertise in financing affordable housing projects to countries around the world," said Michael L. Falcone, MuniMae's chief executive officer. MuniMae can be found on the Web at http://www.munimae.com.

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