Municipal Mortgage & Equity LLC, Baltimore, has reported net income of $13.9 million ($0.50 per share) for the first quarter, down 7% from $14.9 million ($0.62 per share) a year earlier."The first quarter of every year has typically been the most difficult for us because the funding and development approvals our clients need are concentrated in the second half of the year," said Mark K. Joseph, MuniMae's chairman and chief executive officer. The company, which invests in multifamily debt and equity, also reported $154 million in multifamily financing activity for the first quarter. MuniMae can be found on the Web at http://www.munimaemidland.com.
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