MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	9-May-14
Document Information [Line Items]	'	'
Entity Registrant Name	'MUNICIPAL MORTGAGE & EQUITY LLC	'
Entity Central Index Key	'0001003201	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'MMAB	'
Entity Common Stock, Shares Outstanding	'	39,252,081
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$97,589	$66,794
Restricted cash (includes $52,470 and $52,897 related to CFVs)	87,477	87,903
Bonds available-for-sale (includes $134,753 and $134,769 pledged as collateral and/or restricted)	184,883	195,332
Investments in Lower Tier Property Partnerships related to CFVs	274,229	286,007
SA Fund investments related to CFVs	162,667	158,325
Real estate held-for-use, net (includes $15,550 and $15,644 pledged as collateral and $91,171 and $102,314 related to CFVs)	109,340	120,576
Real estate held-for-sale, net	20,872	24,090
Investment in preferred stock (pledged as collateral)	31,371	31,371
Other assets (includes $6,584 and $11,907 pledged as collateral and $22,693 and $23,664 related to CFVs)	45,655	44,960
Total assets	1,014,083	1,015,358
LIABILITIES AND EQUITY	'	'
Debt (includes $91,312 and $91,602 related to CFVs)	436,984	441,963
Accounts payable and accrued expenses	6,941	8,723
Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs	13,461	13,461
Other liabilities (includes $4,957 and $4,043 related to CFVs)	13,245	12,352
Total liabilities	470,631	476,499
Commitments and contingencies	'	'
Equity:	'	'
Noncontrolling interests in CFVs and IHS (net of $575 of subscriptions receivable)	462,714	473,513
Common shareholders' equity:	'	'
Common shares, no par value (39,497,235 and 39,279,596 shares issued and outstanding and 522,846 and 1,281,080 non-employee directors’ and employee deferred shares issued at March 31, 2014 and December 31, 2013, respectively)	41,303	28,687
Accumulated other comprehensive income	39,435	36,659
Total common shareholders’ equity	80,738	65,346
Total equity	543,452	538,859
Total liabilities and equity	1,014,083	1,015,358
Consolidated Funds and Ventures [Member]	'	'
ASSETS	'	'
Restricted cash (includes $52,470 and $52,897 related to CFVs)	52,470	52,897
Real estate held-for-use, net (includes $15,550 and $15,644 pledged as collateral and $91,171 and $102,314 related to CFVs)	91,171	102,314
Other assets (includes $6,584 and $11,907 pledged as collateral and $22,693 and $23,664 related to CFVs)	22,693	23,664
LIABILITIES AND EQUITY	'	'
Debt (includes $91,312 and $91,602 related to CFVs)	91,312	91,602
Other liabilities (includes $4,957 and $4,043 related to CFVs)	$4,957	$4,043

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Bonds available-for-sale, pledged as collateral (in dollars)	$134,753	$134,769
Real estate held-for-use, net, pledged as collateral (in dollars)	15,550	15,644
Other assets, pledged as collateral (in dollars)	6,584	11,907
Noncontrolling interests in consolidated funds and ventures, subscriptions receivable (in dollars)	$575	$575
Common shares, shares issued (in shares)	39,497,235	39,279,596
Common shares, shares outstanding (in shares)	39,497,235	39,279,596
Common shares, non-employee directors' and employee deferred shares (in shares)	522,846	1,281,080

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Interest income	'		'
Interest income	$5,305		$15,938
Interest expense	'		'
Interest expense	1,203	[1]	6,289	[1]
Net interest income	4,102		9,649
Non-interest revenue	'		'
Income on preferred stock investment	1,297		1,297
Other income	853		541
Total non-interest revenue	7,200		4,626
Total revenues, net of interest expense	11,302		14,275
Operating and other expenses	'		'
Interest expense	3,573	[2]	4,129	[2]
Salaries and benefits	3,329		3,888
General and administrative	963		1,293
Professional fees	1,382		2,344
Total other-than-temporary impairment on bonds	2		353
Portion of other-than-temporary impairment recognized in AOCI	-2		0
Net impairment of bonds recognized in earnings	0		353
Other expenses	911		1,934
Total operating and other expenses	21,807		25,372
Net (losses) gains on assets and derivatives	-365		1,184
Net gains on early extinguishment of liabilities	0		36,263
Net gains due to initial real estate consolidation and foreclosure	2,003		0
Net gains related to CFVs	4,813		19,962
Equity in losses from Lower Tier Property Partnerships of CFVs	-7,539		-6,405
Net (loss) income from continuing operations before income taxes	-11,486		34,919
Income tax benefit	554		1,527
Income from discontinued operations, net of tax	14,479		5,061
Net income	3,547		41,507
Net income to common shareholders	13,606		39,276
Basic income per common share:	'		'
(Loss) income from continuing operations (in dollars per share)	($0.02)		$0.84
Income from discontinued operations (in dollars per share)	$0.36		$0.09
Income per common share (in dollars per share)	$0.34		$0.93
Diluted income per common share:	'		'
(Loss) income from continuing operations (adjusted for liability classified awards) (in dollars per share)	($0.01)		$0.83
Income from discontinued operations (in dollars per share)	$0.35		$0.09
Income per common share (in dollars per share)	$0.34		$0.92
Weighted-average common shares outstanding:	'		'
Basic (in shares)	40,207	[3]	42,445	[3]
Diluted (in shares)	41,664		43,717
Bonds [Member]	'		'
Interest income	'		'
Interest income	5,160		15,795
Interest expense	'		'
Interest expense	1,005	[1]	5,751	[1]
Loans [Member]	'		'
Interest income	'		'
Interest income	145		143
Non Bond [Member]	'		'
Interest expense	'		'
Interest expense	198	[1]	538	[1]
Consolidated Funds and Ventures [Member]	'		'
Non-interest revenue	'		'
Revenue from CFVs	5,050		2,788
Operating and other expenses	'		'
Expenses from CFVs	11,649		11,431
Net gains related to CFVs	4,809		14,987
Equity in losses from Lower Tier Property Partnerships of CFVs	-7,428		-6,418
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]	'		'
Operating and other expenses	'		'
Income allocable to noncontrolling interests:	9,909		810
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses	'		'
Income allocable to noncontrolling interests:	150		-1,036
Subsidiaries [Member]	'		'
Operating and other expenses	'		'
Income allocable to noncontrolling interests:	$0		($2,005)
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt which does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income to common shareholders	$13,606	$39,276
Net (loss) income allocable to noncontrolling interests	-10,059	2,231
Net income	3,547	41,507
Bond related changes:	'	'
Net unrealized gains arising during the period	4,906	10,829
Reversal of net unrealized gains on sold/redeemed bonds	0	-182	[1]
Reclassification of unrealized bond losses to operations due to impairment	0	353
Reclassification of unrealized bond gains to operations due to consolidation and foreclosure	-2,003	0
Net changes in other comprehensive income due to bonds	2,903	11,000
Income tax expense	-129	0
Foreign currency translation adjustment	2	-13
Other comprehensive income allocable to common shareholders	2,776	10,987
Other comprehensive loss allocable to noncontrolling interests:	'	'
Foreign currency translation adjustment for SA Fund and IHS	-988	-10,463
Comprehensive income to common shareholders	16,382	50,263
Comprehensive loss to noncontrolling interests	-11,047	-8,232
Comprehensive income	$5,335	$42,031
[1]	Realized gains on bond redemptions included in “Net gains on bonds” in the Consolidated Statement of Operations. There is no applicable income tax on the realized gains.

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]
In Thousands
Balance at Dec. 31, 2013	$538,859	$28,687	$36,659	$65,346	$473,513
Balance (in shares) at Dec. 31, 2013	'	40,561	'	'	'
Net income (loss)	3,547	13,606	0	13,606	-10,059
Other comprehensive income (loss)	1,788	0	2,776	2,776	-988
Distributions	-22	0	0	0	-22
Common shares (restricted and deferred) issued under employee and non-employee director share plans	116	116	0	116	0
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	'	139	'	'	'
Mark-to-market activity for liability classified awards previously classified as equity	33	33	0	33	0
Net change due to consolidation	0	-270	0	-270	270
Common share repurchases	-869	-869	0	-869	0
Common share repurchases (in shares)	'	-680	'	'	'
Balance at Mar. 31, 2014	$543,452	$41,303	$39,435	$80,738	$462,714
Balance (in shares) at Mar. 31, 2014	'	40,020	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$3,547	$41,507
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:	'	'
Net losses (gains) on sales of bonds and loans	9	-1,351
Net gains due to real estate consolidation and foreclosure	-2,003	0
Net gains related to CFVs	-4,813	-19,962
Provisions for credit losses and impairment	5,164	3,628
Equity in losses from Lower Tier Property Partnerships of CFVs	7,539	6,405
Subordinate debt effective yield amortization and interest accruals	1,743	2,965
Net gains on early extinguishment of liabilities	0	-36,263
Net gains on sales of real estate and other investments	-15,037	0
Depreciation and other amortization	2,465	2,164
Foreign currency loss	439	4,354
Stock-based compensation expense	979	1,104
Other	-3,161	2,920
Net cash (used in)/provided by operating activities	-3,129	7,471
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Principal payments and sales proceeds received on bonds	741	6,841
Advances on and originations of loans held for investment	0	-62
Principal payments received on loans held for investment	33	95
Investments in property partnerships and real estate	-4,856	-4,841
Proceeds from the sale of real estate and other investments	37,705	20,125
Decrease (increase) in restricted cash and cash of CFVs	673	-15,448
Capital distributions received from investments in partnerships	4,199	1,107
Net cash provided by investing activities	38,495	7,817
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from borrowing activity	0	109,874
Repayment of borrowings	-3,740	-87,435
Payment of debt issuance costs	0	-1,074
Distributions paid to holders of noncontrolling interests	-22	0
Purchase of treasury stock	-809	-36
Distributions paid to perpetual preferred shareholders of a subsidiary company	0	-2,807
Redemption of perpetual preferred shares	0	-26,672
Net cash used in financing activities	-4,571	-8,150
Net increase in cash and cash equivalents	30,795	7,138
Cash and cash equivalents at beginning of period	66,794	50,857
Cash and cash equivalents at end of period	97,589	57,995
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Interest paid	3,923	8,464
Income taxes paid	165	42
Non-cash investing and financing activities:	'	'
Unrealized gains included in other comprehensive income	2,903	11,000
Debt and liabilities extinguished through sales and collections on bonds and loans	2,804	3,862
Increase decrease in real estate assets and bond assets due to foreclosure or initial consolidation of funds and ventures	$11,058	$0

DESCRIPTION_OF_THE_BUSINESS_AN

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	'
	Note 1—description of the business and BASIS OF PRESENTATION
	Municipal Mortgage & Equity, LLC, the registrant, was organized in 1996 as a Delaware limited liability company.  When used in this report, the “Company,” “MuniMae,” “we,” “our,” or “us” may refer to the registrant, the registrant and its subsidiaries, or one or more of the registrant’s subsidiaries depending on the context of the disclosure.
	Description of the Business
	The Company operates through two reportable segments: US Operations and International Operations.
	We own and manage a portfolio of real estate related assets. Our primary holdings include a portfolio of bonds and bond-related investments (“bonds”), a substantial portion of which are tax-exempt and backed by affordable multifamily rental properties. We also manage tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties. Finally, we own a variety of direct investments in multifamily rental properties and land. Outside of the United States (“US”), we are in the business of raising, investing in and asset managing private real estate funds which invest primarily in affordable for-sale and rental housing primarily in South Africa.
	US Operations
	The Company’s bond portfolio consisted of 33 bonds totaling $224.7 million (based on fair value and including $39.8 million of bonds eliminated due to consolidation), collateralized by 20 real estate properties at March 31, 2014. This bond portfolio is comprised primarily of multifamily tax-exempt bonds as well as community development district (“CDD”) bonds.
	MuniMae is also the general partner (“GP”) and manager of 13 low-income housing tax credit funds (“LIHTC Funds”) which had $852.5 million of capital invested at March 31, 2014. These funds hold limited partnership interests in 117 affordable multifamily rental properties in the US. The Company’s ownership interest in the LIHTC Funds is nominal (ranging from 0.01% to 0.04%); however, the Company is entitled to asset management fees as well as contingent asset management fees based on several factors, including the residual value of the LIHTC Funds’ underlying multifamily rental properties.
	International Operations
	Substantially all of the Company’s International Operations take place through a subsidiary, International Housing Solutions S.à r.l. (“IHS”) which is in the business of raising, investing in and asset managing private real estate funds that invest in affordable for-sale and rental housing primarily in South Africa. At March 31, 2014, the Company’s ownership interest in IHS was 83%.  In addition to earning asset management fees, IHS, as the managing member, is entitled to special distributions based on returns generated by the funds it sponsors. IHS currently manages one multi-investor fund (South Africa Workforce Housing Fund SA I - “SA Fund”) and a real estate partnership for a single investor (International Housing Solutions Residential Partners Partnership – “SA Partnership”), and is in the process of raising capital for a second multi-investor fund.
	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.
	The Company consolidates IHS and eliminates all intercompany transactions and balances in consolidation. The activity and balances for IHS are reflected in the Company’s consolidated financial statements. Because the Company has a majority interest in IHS, the activity and balances for IHS are not identified as part of the Company’s CFVs. The balances and activity items identified as part of the Company’s CFVs are for funds and ventures for which the Company has minimal to no ownership interests, but the Company has consolidated them due to the Company being the primary beneficiary.
	The Company consolidates the SA Fund because IHS is deemed to be the primary beneficiary, and we therefore eliminate all intercompany transactions balances in consolidation. The activity and balances for the SA Fund are identified as part of the Company’s CFVs because the Company has a minimal ownership interest in the SA Fund. See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2013 Form 10-K, which discusses our consolidation presentation and our significant accounting policies.
	Reclassifications
	The Company made reclassifications to discontinued operations on its previously issued 2013 consolidated statements of operations as a result of certain discontinued operations occurring in 2014.

BONDS_AVAILABLEFORSALE

BONDS AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2014
Available-For-Sale Securities [Abstract]	'
Available-for-sale Securities Disclosure [Text Block]	'
	Note 2—BONDs available-for-sale
	Bonds Available-for-Sale
	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at March 31, 2014 and December 31, 2013.
			March 31, 2014
	(in thousands)		Unpaid Principal		Amortized Cost  (1)		Gross Unrealized Gains		Gross Unrealized		Fair Value
			Balance						Losses (2), (3)
	Mortgage revenue bonds		$	131,378	$	92,407	$	19,197	$	-692	$	110,912
	Other bonds			77,257		52,705		21,266		-		73,971
	Total		$	208,635	$	145,112	$	40,463	$	-692	$	184,883
			December 31, 2013
	(in thousands)		Unpaid Principal		Amortized Cost  (1)		Gross Unrealized Gains		Gross Unrealized		Fair Value
			Balance						Losses (4), (5)
	Mortgage revenue bonds		$	143,617	$	103,194	$	19,245	$	-1,085	$	121,354
	Other bonds			79,970		55,270		19,540		-832		73,978
	Total		$	223,587	$	158,464	$	38,785	$	-1,917	$	195,332
		-1	Represents the unpaid principal balance (“UPB”), net of discounts, deferred costs and fees as well as impairments recognized in earnings.
		-2	At March 31, 2014, the majority of this amount represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired; however, this amount also includes unrealized losses that were not considered other-than-temporarily impaired.
		-3	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $16.3 million at March 31, 2014.
		-4	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
		-5	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).
	In addition, the Company had bonds with an UPB of $56.9 million ($39.8 million fair value) and $68.0 million ($50.3 million fair value) at March 31, 2014 and December 31, 2013, respectively, which were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds and thus not included in the table above. See Note 15, “Consolidated Funds and Ventures” for more information.
	Mortgage Revenue Bonds
	Mortgage revenue bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing; typically however, the only source of recourse on these bonds is the collateral, which is either a first mortgage or a subordinate mortgage on the underlying properties. The Company’s rights under the mortgage revenue bonds are defined by the contractual terms of the underlying mortgage loans, which are pledged to the bond issuer and assigned to a trustee for the benefit of bondholders to secure the payment of debt service (any combination of interest and/or principal as set forth in the trust indenture) on the bonds.
	At March 31, 2014, the Company’s subordinate bonds had an aggregate unpaid principal balance of $9.5 million. The payment of debt service on our subordinate bonds occurs only after payment of senior obligations which have priority to the cash flow of the underlying collateral.
	The interest income from the mortgage revenue bonds is exempt from federal income tax. However, a significant portion of the tax-exempt income generated from the mortgage revenue bonds is subject to the alternative minimum tax (“AMT”) calculation for federal income tax purposes.
	Other Bonds
	Other bonds consists primarily of municipal bonds issued by community development districts or other municipal issuers to finance the development of community infrastructure supporting single-family housing and mixed-use and commercial developments such as storm water management systems, roads and utilities. In some cases these bonds are secured by specific payments or assessments pledged by the issuers or incremental tax revenue generated by the underlying properties. The income on these bonds is exempt from federal income tax and is generally not included in the AMT calculation.
	Maturity
	Principal payments on bonds are based on amortization tables set forth in the bond documents. If no principal amortization is required during the bond term, the outstanding principal balance is required to be paid in a lump sum payment at maturity or at such earlier time as may be provided under the bond documents. At March 31, 2014, only two bonds (amortized cost and fair value of $1.4 million) were non-amortizing with principal due in full during 2030 and 2033. The remaining bonds are amortizing with stated maturity dates between September 2017 and June 2056.
	Bonds with Lockouts, Prepayment Premiums or Penalties
	Substantially all of the Company’s bonds include provisions that allow the borrowers to prepay the bonds at a premium or at par after a specified date that is prior to the stated maturity date.  The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at March 31, 2014, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
	(in thousands)		Amortized Cost		Fair Value
	31-Mar-14		$	-	$	1,294
	April 1 through December 31, 2014			-		-
	2015			-		-
	2016			10,264		14,074
	2017			5,651		6,429
	2018			15,963		23,034
	Thereafter			78,673		94,572
	Bonds that may not be prepaid			34,561		45,480
	Total		$	145,112	$	184,883
	Non-Accrual Bonds
	The carrying value of bonds on non-accrual was $80.1 million and $122.3 million for the three months ended March 31, 2014 and 2013, respectively (or $102.3 million at March 31, 2014 including those bonds eliminated in consolidation).  During the period in which these bonds were on non-accrual, the Company recognized interest income of $3.0 million (or $3.0 million including those bonds eliminated in consolidation) and $1.6 million for the three months ended March 31, 2014 and 2013, respectively. Interest income not recognized on the non-accrual bonds was $1.4 million (or $1.9 million including those bonds eliminated in consolidation) and $2.0 million for the three months ended March 31, 2014 and 2013, respectively.
	Bond Aging Analysis
	The following table provides the fair value of bonds available-for-sale that are current with respect to their principal and interest payments, as well as those that are past due at March 31, 2014 and December 31, 2013.
	(in thousands)		March 31,		December 31, 2013
			2014
	Total current		$	130,867	$	117,666
	30-59 days past due			-		-
	60-89 days past due			-		-
	Greater than 90 days			54,016		77,666
	Total		$	184,883	$	195,332
	Bond Sales and Redemptions
	There were no sales or redemptions of bonds for the three months ended March 31, 2014. The Company recorded cash proceeds on sales and redemptions of bonds of $4.6 million for the three months ended March 31, 2013.
	Provided in the table below are unrealized losses and realized gains and losses recorded through “Net impairment on bonds recognized in earnings” and “Net (losses) gains on assets and derivatives,” respectively for bonds sold or redeemed during the three months ended March 31, 2014 and 2013, as well as for bonds still in the Company’s portfolio at March 31, 2014 and 2013, respectively.
			For the three months ended March 31,
	(in thousands)		2014		2013
	Net bond impairment recognized in earnings on bonds held at each period-end		$	-	$	-353
	Gains recognized at time of sale/redemption			-		182
	Total net losses on bonds		$	-	$	-171
	During the first quarter of 2014, the Company foreclosed on a multifamily real estate property serving as collateral to one of its bonds. The fair value of the Company’s bond was $11.1 million at the foreclosure date. See Note 4, “Real Estate” for more information.

INVESTMENTS_IN_PREFERRED_STOCK

INVESTMENTS IN PREFERRED STOCK	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Preferred Stock [Text Block]	'
	Note 3—INVESTMENTS IN PREFERRED STOCK
	These investments are prepayable at any time and are comprised of preferred stock investments in a private national mortgage lender and servicer specializing in affordable and market rate multifamily housing, senior housing and healthcare. At March 31, 2014, the carrying value of the preferred stock investments was $31.4 million and the UPB and estimated fair value was $36.6 million with a weighted average distribution rate of 14.37%. The Company accounts for the preferred stock using the historical cost approach and tests for impairment at each balance sheet date. An impairment loss is recognized if the carrying amount of the preferred stock is not deemed recoverable. The Company did not have impairments on the preferred stock for the three months ended March 31, 2014 and 2013.
	On March 28, 2013, the Company sold 100% of its interests in the preferred stock investments for $36.6 million plus accrued interest. Separately, the Company entered into three total return swap (“TRS”) agreements with an affiliate of the purchaser of the preferred stock investments.  The notional amount of the TRS was set based on the preferred stock investments as the reference asset.  Under the terms of the TRS, the Company receives an amount equal to the distributions on the preferred stock, a weighted average rate of 14.37% at March 31, 2014, and the Company pays a quarterly rate of 3-month London Interbank Offered Rate (“LIBOR”) plus a spread of 400 bps, 4.23% at March 31, 2014, on the notional amount, currently an aggregate of $36.6 million.  The TRS interest payments settle on a “net” basis. If and when the preferred stock is redeemed in part or in full, the notional amount on the TRS will be reduced by the same amount.  At March 31, 2014, the Company held $12.4 million in a restricted collateral account as security for the TRS.
	The TRS agreements have a termination date of March 31, 2015, and a termination fee equal to 1% of the notional amount.  The Company may elect to terminate any or all of the TRS at any time.  The counterparty to the TRS has the right to terminate the TRS upon the occurrence of certain events.  Under any termination event, if the fair values of the preferred stock are above par, the Company will receive the premium value above par.  If the fair values of the preferred stock are below par, the Company will be required to pay the difference between fair value and par.
	The Company recorded the $36.6 million of proceeds from the transfer of its interest in the preferred stock investments as debt on the consolidated balance sheets secured by the preferred stock as the sale transaction did not meet the criteria for sale accounting. See Note 6, “Debt.”

REAL_ESTATE

REAL ESTATE	3 Months Ended
	Mar. 31, 2014
Real Estate Held For Use [Abstract]	'
Real Estate Disclosure [Text Block]	'
	Note 4—Real estate
	The following table summarizes the Company’s real estate at March 31, 2014 and December 31, 2013.
	(in thousands)		March 31,		December 31, 2013
			2014
	Real estate held-for-use
	Real estate held-for-use (1)		$	18,169	$	18,262
	Real estate held-for-use related to CFVs (2)			91,171		102,314
	Total real estate held-for-use		$	109,340	$	120,576
	Real estate held-for-sale
	Real estate held-for-sale		$	20,872	$	24,090
	Real estate held-for-sale related to CFVs (2)			-		-
	Total real estate held-for-sale		$	20,872	$	24,090
		-1	MuniMae’s real estate held-for-use was comprised of three investments in undeveloped land with a carrying value of $7.5 million and $7.9 million at March 31, 2014 and December 31, 2013, and an affordable multifamily property with a carrying value of $10.7 million and $10.4 million, at March 31, 2014 and December 31, 2013, respectively.
		-2	For more information see Note 15, “Consolidated Funds and Ventures.”
	During the first quarter of 2014, the Company sold the two real estate properties and related assets and obligations that were classified as held-for-sale at December 31, 2013 for $35.8 million which resulted in a gain on sale of real estate of $14.0 million, and is reported through discontinued operations.  The sales proceeds paid the Company’s related unpaid bond principal in full and approximately 80% of the interest due on these debt financings.
	Also during the first quarter of 2014, the Company foreclosed on two properties that serve as collateral to two of the Company’s bonds, which have been eliminated in consolidation. Prior to the foreclosure, these properties had been reported as real estate held-for-use related to Consolidated Funds and Ventures.  At the time of foreclosure, the two real estate properties had a carrying amount of $9.8 million and a net equity deficit attributable to a non-controlling interest holder in Consolidated Funds and Ventures of $0.3 million.  As a result of this foreclosure, the Company reclassified the real estate from real estate related to Consolidated Funds and Ventures to real estate related to MuniMae and also reclassified the equity deficit from a non-controlling interest holder to the common shareholders.
	Additionally, during the first quarter of 2014, the Company foreclosed on a multifamily real estate property serving as collateral to one of its bonds. The fair value of the Company’s bond was $11.1 million at the foreclosure date.

OTHER_ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Other Assets Disclosure [Text Block]	'
	Note 5—OTHER ASSETS
	The following table summarizes other assets at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31,
			2014		2013
	Other assets:
	Investments in real estate partnerships		$	7,340	$	7,464
	Solar facilities (includes other assets such as cash and other receivables)			5,110		5,344
	Debt issuance costs, net			3,434		3,579
	Accrued interest receivable			2,768		1,250
	Loans receivable			1,174		1,210
	Other assets			3,136		2,449
	Other assets held by CFVs (1)			22,693		23,664
	Total other assets		$	45,655	$	44,960
		-1	For more information see Note 15, “Consolidated Funds and Ventures.”
	Investments in Real Estate Partnerships
	The Company’s investments in real estate partnerships of $7.3 million includes a 33% interest in a partnership that was formed to take a deed-in-lieu of foreclosure on land that was collateral for a loan held by the Company carried at $6.2 million. The Company accounts for its 33% interest as an equity investment and does not consolidate the partnership because the Company was not deemed to be the primary beneficiary. The remaining $1.1 million represents our investment in the SA Partnership. IHS holds a 5% interest in the partnership while the third party limited partner holds a 95% interest in the partnership. IHS provides asset management services to the SA Partnership in return for asset management fees. IHS also has rights to investment returns on its 5% equity interest as well as carried interest which is contingent upon the residual values of the assets held by the partnership. The Company consolidates IHS because of its controlling majority interest in IHS. However, IHS and the Company account for its interest in the SA Partnership as an equity investment and do not consolidate the SA Partnership or the general partner because neither IHS nor the Company was deemed to be the primary beneficiary.
	The following table displays the total assets and liabilities held by the real estate partnerships in which the Company held an equity investment at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31,
			2014		2013
	Investment in a real estate partnership:
	Total assets (primarily real estate)		$	88,580	$	86,439
	Total liabilities (primarily debt)			45,045		44,538
	The following table displays the net (loss) income for the three months ended March 31, 2014 and 2013, for the real estate partnerships:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Net (loss) income		$	-86	$	37
	Solar Facilities
	At March 31, 2014, the Company had a solar investment fund and four solar facilities. These facilities generate energy that is sold under long-term power contracts to the owner or lessee of the properties on which the projects are built. The useful life of these solar facilities is generally twenty years. During the first quarter of 2014, the Company repaid $0.7 million of outstanding debt relating to one of the four solar facilities. The lender and the Company agreed to an additional payment of $0.2 million in contingent interest which resulted in a $0.2 million loss which was recognized during the first quarter of 2014.
	The Company has two additional solar facilities which are fully impaired.
	At March 31, 2014, the Company had $1.5 million of non-recourse debt associated with two of the remaining six solar facilities.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 6—DEBT
	The table below summarizes outstanding debt balances, the weighted-average interest rates and term dates at March 31, 2014 and December 31, 2013:
	(dollars in thousands)		March 31,		Weighted-Average Effective		December 31, 2013		Weighted-Average Effective
			2014		Interest Rate at				Interest Rate at
					December 31, 2013				December 31, 2013
	Asset Related Debt (1)
	Notes payable and other debt – bond related (2)
	Due within one year		$	19,922	1.90%		$	21,261	1.80%
	Due after one year			110,253	3.3			111,705	3.2
	Notes payable and other debt – non-bond related
	Due within one year			1,098	9.7			1,667	9.1
	Due after one year			6,333	10			6,613	9.9
	Total asset related debt		$	137,606	3.5		$	141,246	3.4
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		$	772	8.1		$	757	8.1
	Due after one year			145,197	7.2			143,664	7.2
	Notes payable and other debt
	Due within one year (4)			15,360	8			4,521	9.6
	Due after one year			46,737	4.5			60,173	5.2
	Total other debt		$	208,066	6.7		$	209,115	6.7
	Total asset related debt and other debt		$	345,672	5.4		$	350,361	5.3
	Debt related to CFVs (5)
	Due within one year		$	293	6.5		$	14	6
	Due after one year			91,019	4.3			91,588	4.3
	Total debt related to CFVs		$	91,312	4.3		$	91,602	4.3
	Total debt		$	436,984	5.2		$	441,963	5.1
		-1	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
		-2	Included in notes payable and other debt were unamortized discounts of $1.6 million at March 31, 2014 and December 31, 2013.
		-3	Included in the subordinate debt balance were $4.8 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at March 31, 2014 and December 31, 2013, respectively.
		-4	This amount includes $2.6 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
		-5	See Note 15, “Consolidated Funds and Ventures” for more information.
	Covenant Compliance and Debt Maturities
	The following table summarizes principal payment commitments across all debt agreements at March 31, 2014:
	(in thousands)		Asset Related Debt and Other		CFVs		Total Debt
			Debt		Related Debt
	2014		$	24,654	$	230	$	24,884
	2015			68,124		258		68,382
	2016			34,029		275		34,304
	2017			4,539		294		4,833
	2018			51,581		50,200		101,781
	Thereafter			159,643		38,787		198,430
	Net premium			3,102		1,268		4,370
	Total		$	345,672	$	91,312	$	436,984
	Included in the 2014 principal payments for asset related debt and other debt is $2.6 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies. The Company is not in default under any of its other debt arrangements.
	Asset Related Debt
	Notes Payable and Other Debt – Bond Related
	This debt is primarily comprised of TRS financing agreements on bonds available-for-sale ($99.4 million at March 31, 2014). This amount also includes secured borrowings of $30.8 million related to two bonds transferred with a performance guarantee that failed to receive accounting sale treatment.
	Interest expense on notes payable and other debt – bond related totaled $1.0 million and $0.8 million for the three months ended March 31, 2014 and 2013, respectively.
	Other Debt
	Subordinate Debt
	The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at March 31, 2014:
	(dollars in thousands)
	Issuer		Principal		Net Premium		Carrying Value		Interim Principal Payments		Maturity Date	Coupon Interest Rate
	MFI		$	29,287	$	-	$	29,287		Amortizing	December 2027 and December 2033	8.00%
	MFH			33,286		1,614		34,900		$4,689 due April 2015	30-Mar-35	0.75% to March 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			30,116		1,275		31,391		$4,242 due May 2015	30-Apr-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			17,219		662		17,881		$2,305 due May 2015	30-Jul-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			31,307		1,203		32,510		$4,191 due May 2015	30-Jul-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
		$	141,215	$	4,754	$	145,969
	-1	The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis which was approximately 6.9% at March 31, 2014. See the first table within this note that provides weighted-average effective rate information for all of our debt.
Interest expense on the subordinate debt totaled $2.5 million and $3.3 million for the three months ended March 31, 2014 and 2013, respectively.
Notes Payable and Other Debt
At March 31, 2014, this debt includes $36.6 million of TRS financing agreements on the Company’s preferred stock investment. See Note 3, “Investment in Preferred Stock” for more information. The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month LIBOR plus 400 bps (4.23% at March 31, 2014), which resets quarterly. The Company recorded debt issuance costs of $0.8 million associated with the transaction, of which $0.4 million was paid at inception and $0.4 million is payable at termination.
Letters of Credit
The Company had no letters of credit outstanding at March 31, 2014.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	Note 7—DERIVATIVE FINANCIAL INSTRUMENTS
	Interest rate swap
	The Company’s interest rate swap agreements were entered into under the International Swap Dealer Association’s standard master agreement (“ISDA”), including supplemental schedules and confirmations to these agreements. At March 31, 2014 and December 31, 2013, the Company had one interest rate swap contract with a total notional of $7.8 million. The net fair value liability for this interest rate swap was $0.7 million and $0.6 million at March 31, 2014 and December 31, 2013, respectively. The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net (losses) gains on assets and derivatives.” Net cash interest paid was $0.1 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. The Company recorded net losses for the three months ended March 31, 2014 and 2013, of $0.1 million and $0.2 million, respectively.
	Interest rate cap
	On January 2, 2014, the Company bought for $0.8 million an interest rate cap that terminates on January 2, 2019 to protect the Company against rising interest rates associated with six TRS agreements. The notional amount on the interest rate cap was $45.0 million at March 31, 2014 and protects us on $45.0 million of our floating rate debt in the event the Securities Industry and Financial Markets Association (“SIFMA”) 7-day municipal swap index rises to 250 bps or higher. Net losses recognized for the three months ended March 31, 2014 were $0.3 million.
	Total return swaps
	In April 2014, the Company entered into nine TRS agreements with a notional amount of $75.2 million related to bonds that were previously sold to the purchaser of MuniMae TE Bond Subsidiary, LLC (“TEB”) in July 2013. Under the terms of the TRS agreements, the purchaser is required to pay the Company an amount equal to the interest payments received on the nine bonds and the Company is required to pay the purchaser a rate of SIFMA plus a spread of 135 bps on the notional amount of the TRS. The Company expects to account for these TRS agreements as derivatives. In addition, the Company repurchased four bonds from the purchaser for $25.1 million plus accrued interest. These investments will be used to collateralize the TRS agreements referenced above.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
Investments, All Other Investments [Abstract]	'
Financial Instruments Disclosure [Text Block]	'
	Note 8—Financial Instruments
	The following table provides information about financial assets and liabilities not carried at fair value on the consolidated balance sheets. This table excludes non-financial assets and liabilities.
	The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments. A description of how the Company estimates fair values is provided below. These estimates are subjective in nature, involve uncertainties and significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
	As required by generally accepted accounting principles (“GAAP”), assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement. The determination of which level an asset or liability gets classified into is based on the following fair value hierarchy:
		·	Level 1: Quoted prices in active markets for identical instruments.
		·	Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets.
		·	Level 3: Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.
			March 31, 2014
			Carrying		Fair Value
	(in thousands)		Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock		$	31,371	$	-	$	-	$	36,613
	Loans receivable			1,174		-		-		239
	Liabilities:
	Notes payable and other debt, bond related			130,175		-		-		131,413
	Notes payable and other debt, non-bond related			69,528		-		-		62,154
	Notes payable and other debt related to CFVs			91,312		-		50,285		40,089
	Subordinate debt issued by MFH			116,682		-		-		42,869
	Subordinate debt issued by MFI			29,287		-		-		29,287
			December 31, 2013
			Carrying		Fair Value
	(in thousands)		Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock		$	31,371	$	-	$	-	$	36,613
	Loans receivable			1,200		-		-		271
	Liabilities:
	Senior interests in and debt owed to securitization trusts			-		-		-		-
	Mandatorily redeemable preferred shares			-		-		-		-
	Notes payable and other debt, bond related			132,966		-		-		131,321
	Notes payable and other debt, non-bond related			72,974		-		-		65,253
	Notes payable and other debt related to CFVs			91,602		-		50,338		40,178
	Subordinate debt issued by MFH			114,950		-		-		42,869
	Subordinate debt issued by MFI			29,471		-		-		29,471
	Investment in preferred stock –The Company estimates fair value by using the terms and conditions of the preferred stock as compared to other, best available market benchmarks.
	Loans receivable –The Company estimates fair value by discounting the expected cash flows using current market yields for similar loans. Loans receivable is recorded through “Other assets.”
	Notes payable and other debt – The Company estimates fair value by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk.
	Subordinate debt – The Company estimates fair value by using best available market benchmarks, taking into account credit risk. There can be no assurance that the Company could repurchase the subordinated debt issued by MFH at the estimated fair value reflected in the table above.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Note 9—FAIR VALUE MEASUREMENTS
	Recurring Valuations
	The following tables present assets and liabilities that are measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013.
					Fair Value Measurement Levels
	(in thousands)		March 31,		Level 1		Level 2		Level 3
			2014
	Assets:
	Bonds available-for-sale		$	184,883	$	-	$	-	$	184,883
	Derivative assets			541		-		541		-
	Liabilities:
	Derivative liabilities		$	653	$	-	$	-	$	653
					Fair Value Measurement Levels
	(in thousands)		December 31, 2013		Level 1		Level 2		Level 3
	Assets:
	Bonds available-for-sale		$	195,332	$	-	$	-	$	195,332
	Liabilities:
	Derivative liabilities		$	626	$	-	$	-	$	626
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2014.
	(in thousands)		Bonds Available-for-sale		Derivative Liabilities
	Balance, January 1, 2014		$	195,332	$	-626
	Net losses included in earnings			-948		-27
	Net gains included in other comprehensive income (1)			4,906		-
	Bonds eliminated due to real estate consolidation and foreclosure			-11,058		-
	Impact from settlements			-3,349		-
	Balance, March 31, 2014		$	184,883	$	-653
		-1	This amount represents $4.9 million of unrealized net holding gains arising during the period.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at derivative settlement for the three months ended March 31, 2014.
	(in thousands)		Equity in Losses from Lower Tier		Net losses on derivatives  (1)
			Property Partnerships
	Change in unrealized losses related to assets and liabilities still held at March 31, 2014		$	-948	$	-27
	Additional realized losses recognized			-		-78
	Total losses reported in earnings		$	-948	$	-105
		-1	Amounts are reflected through “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2013.
	(in thousands)		Bonds Available-for-sale		Derivative Liabilities
	Balance, January 1, 2013		$	969,394	$	-1,067
	Net losses included in earnings			-1,851		-85
	Net gains included in other comprehensive income (1)			11,000		-
	Impact from redemption			-4,395		-
	Impact from settlements			-5,334		146
	Balance, March 31, 2013		$	968,814	$	-1,006
		-1	This amount includes $10.8 million of unrealized net holding gains arising during the period, which is then increased by $0.4 million of unrealized bond losses reclassified into operations. This amount is then reduced by $0.2 million of unrealized gains related to bonds that were redeemed.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond redemption and derivative settlement for the three months ended March 31, 2013.
	(in thousands)		Net losses on		Equity in Losses from Lower Tier		Net losses on
			bonds (1)		Property Partnerships		derivatives (2)
	Change in unrealized losses related to assets and liabilities still held at March 31, 2013		$	-353	$	-1,498	$	-85
	Additional realized gains (losses) recognized			182		-		-77
	Total losses reported in earnings		$	-171	$	-1,498	$	-162
		-1	Amounts are reflected through “Impairment on bonds” and “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
	The following methods or assumptions were used to estimate the fair value of these recurring financial instruments:
	Bonds Available-for-sale – If a bond is performing and payment of full principal and interest is not deemed at risk, then the Company estimates fair value using a discounted cash flow methodology; specifically, the Company discounts contractual principal and interest payments, adjusted for expected prepayments. The discount rate is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratio, geographic location and bond size.  The weighted average discount rate for the performing bond portfolio was 6.58% and 6.60% at March 31, 2014 and December 31, 2013, respectively, for performing bonds still held in the portfolio at March 31, 2014. If observable market quotes are available, the Company will estimate the fair value based on such quoted prices.
	For non-performing bonds and certain performing bonds where payment of full principal and interest is deemed at risk, the Company estimates fair value by discounting the property’s expected cash flows and residual proceeds using estimated market discount and capitalization rates, less estimated selling costs. The discount rate averaged 8.5% at March 31, 2014 and December 31, 2013 for the bonds remaining in our portfolio at March 31, 2014. The capitalization rate averaged 6.8% and 6.7% at March 31, 2014 and December 31, 2013, respectively, for the bonds remaining in our portfolio at March 31, 2014. However, to the extent available, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value.
	The discount rates and capitalization rates as discussed above are significant inputs to bond valuations and are unobservable in the market. To the extent discount rates and capitalization rates were to increase (decrease) in isolation the corresponding estimated bond values would decrease (increase).
	Derivative Financial Instruments – At March 31, 2014, the Company had one interest rate swap contract and an interest rate cap contract. The interest rate swap contract was valued using an internal valuation model, taking into consideration credit risk. The interest rate cap contract was measured by a third party using observable market data, resulting in a Level 2 classification of the valuation hierarchy.
	Non-recurring Valuations
	At March 31, 2014 and December 31, 2013, the Company had assets that were measured at fair value using a Level 3 fair value measurement on a non-recurring basis. At each period, the Company held loans with non-recurring valuations; however, these loans were de minimis. During the first quarter of 2014, the Company foreclosed on real estate previously classified as real estate held-for-use by a consolidated fund and venture. As a result of the foreclosure and the expected future sale, the Company reclassified the real estate to held-for-sale by MuniMae.  Upon reclassification, it was determined that the carrying value was more than fair value resulting in a $0.2 million impairment to bring the real estate down to its fair value less estimated costs to sell.

GUARANTEES_AND_COLLATERAL

GUARANTEES AND COLLATERAL	3 Months Ended
	Mar. 31, 2014
Guarantees [Abstract]	'
Guarantees [Text Block]	'
	Note 10—GUARANTEES AND COLLATERAL
	Guarantees
	Guarantee obligations are recorded through “Other liabilities.”
	The following table summarizes guarantees, by type, at March 31, 2014 and December 31, 2013:
			March 31, 2014						December 31, 2013
	(in thousands)		Maximum Exposure			Carrying Amount			Maximum Exposure			Carrying Amount
	Indemnification contracts		$	20,224		$	1,114		$	20,224		$	1,198
	The Company entered into indemnification contracts with the purchaser of the tax credit equity (“TCE”) business related to the guarantees of the investor yields on their investment in certain LIHTC Funds and indemnifications related to property performance on certain Lower Tier Property Partnerships (“LTPPs”). The Company made no cash payments related to these indemnification agreements for the three months ended March 31, 2014 and 2013. The carrying amount represents the amount of unamortized fees received related to these guarantees with no additional amounts recognized as management does not believe it is probable that it will have to make payments under these indemnifications.
	The Company’s maximum exposure under its indemnification contracts represents the maximum loss the Company could incur under its guarantee agreements and is not indicative of the likelihood of the expected loss under the guarantee.  The Company also has guarantees associated with LIHTC Funds that were not sold to the purchaser of the TCE business.  See Note 15, “Consolidated Funds and Ventures” for information on these guarantees.
	Collateral and restricted assets
	The following table summarizes assets that are either pledged or restricted for the Company’s use at March 31, 2014 and December 31, 2013. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
					March 31, 2014
	(in thousands)		Note Ref.		Restricted Cash			Bonds Available- for-sale			Real Estate Held-for-Use			Investment in Preferred stock		Other Assets		Total Assets Pledged
	Debt - notes payable				$	-		$	-		$	1,271		$	-	$	6,322	$	7,593
	Debt – total return swap financing					20,007			104,257			-			31,371		-		155,635
	Other		-1			15,000			30,496			14,279			-		262		60,037
	CFVs		-2			52,470			-			91,171			-		22,693		166,334
	Total				$	87,477		$	134,753		$	106,721		$	31,371	$	29,277	$	389,599
					December 31, 2013
	(in thousands)		Note Ref.		Restricted Cash			Bonds Available- for-sale			Real Estate Held-for-Use			Investment in Preferred stock		Other Assets		Total
																		Assets Pledged
	Debt - notes payable				$	-		$	-		$	1,735		$	-	$	11,613	$	13,348
	Debt – total return swap financing					20,006			105,511			-			31,371		-		156,888
	Other		-1			15,000			29,258			13,909			-		294		58,461
	CFVs		-2			52,897			-			102,314			-		23,664		178,875
	Total				$	87,903		$	134,769		$	117,958		$	31,371	$	35,571	$	407,572
		-1	The Company pledges collateral in connection with various guarantees that it has provided.
		-2	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 11—Commitments and Contingencies
	Operating Leases
	The Company has various operating leases that expire at various dates through 2018. These leases require the Company to pay property taxes, maintenance and other costs.
	The following table summarizes rental expense and rental income from operating leases for the three months ended March 31, 2014 and 2013 reported through “General and administrative” on the consolidated statements of operations:
		For the three months ended March 31,
		2014		2013
	Rental expense	$	-210	$	-534
	Rental income		112		327
	Net rental expense	$	-98	$	-207
	The following table summarizes the future minimum rental commitments on non-cancelable operating leases at
	March 31, 2014:
	(in thousands)
	2014	$	314
	2015		425
	2016		430
	2017		104
	2018		39
	Total minimum future rental commitments	$	1,312
	During the first quarter of 2014, the Company terminated an office lease and a related sublease. The Company paid $0.3 million in fees to the landlord to terminate the office lease.
	Litigation
	From time to time, the Company and its subsidiaries are named as defendants in various litigation matters arising in the ordinary course of business. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief.
	The Company establishes reserves for litigation matters when those matters present loss contingencies that are probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained.
	It is the opinion of the Company’s management that adequate provisions have been made for losses with respect to litigation matters and other claims that existed at March 31, 2014. Management believes the ultimate resolution of these matters is not likely to have a material effect on its financial position, results of operations or cash flows. Assessment of the potential outcomes of these matters involves significant judgment and is subject to change, based on future developments, which could result in significant changes.
	Shareholder Matters
	The Company is a defendant in a purported class action lawsuit and two derivative suits originally filed in 2008.  The plaintiffs in the class action lawsuit claim to represent a class of investors in the Company’s shares who allegedly were injured by misstatements in press releases and SEC filings between May 3, 2004, and January 28, 2008.  The plaintiffs seek unspecified damages for themselves and the shareholders of the class they purport to represent.  In the derivative suits, the plaintiffs claim, among other things, that the Company was injured because its directors and certain named officers did not fulfill duties regarding the accuracy of its financial disclosures.  Both the class action and the derivative cases are pending in the United States District Court for the District of Maryland. The Company filed a motion to dismiss the class action and in June 2012, the Court issued a ruling dismissing all of the counts alleging any knowing or intentional wrongdoing by the Company or its affiliates, directors and officers. The plaintiffs appealed the Court’s ruling and on March 7, 2014, the United States Court of Appeals for the Fourth Circuit unanimously affirmed the lower Court’s ruling. As a result of these rulings, the only counts remaining in the case relate to the Company’s dividend reinvestment plan.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 12—EQUITY
	Common Share Information
	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the three months ended March 31, 2014 and 2013.
			For the three months ended
			March 31,
	(in thousands)		2014			2013
	Net (loss) income from continuing operations		$	-1,023		$	35,251
	Net income from discontinued operations			14,629			4,025
	Net income to common shareholders		$	13,606		$	39,276
	Basic weighted-average shares (1)			40,207			42,445
	Common stock equivalents (2) (3) (4)			1,457			1,272
	Diluted weighted-average shares			41,664			43,717
		-1	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-2	At March 31, 2014, 2.0 million stock options were in the money and had a dilutive impact of 1.4 million shares.  In addition, 0.2 million unvested employee deferred shares had a dilutive impact of 0.1 million shares for the three months ended March 31, 2014.
		-3	At March 31, 2013, 2.1 million stock options were in the money and had a dilutive impact of 1.3 million shares.
		-4	For the three months ended March 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 0.3 million because of their anti-dilutive effect.
	Common Shares
	As of March 31, 2014, through a series of actions, our Board of Directors authorized a stock repurchase program of up to 5.0 million shares at a price of up to 95% of the Company’s reported common shareholders’ equity per share as shown on the Company’s most recent filed periodic report at the time of repurchase. On May 8, 2014, the Board of Directors further amended the plan to increase the number of shares authorized to be repurchased under the plan from 5.0 million to 7.0 million, while maintaining the maximum price at 95% of the Company’s reported common shareholders’ equity per share as of the most recent filed periodic report.
	During the three months ended March 31, 2014, the Company repurchased 0.7 million shares at an average price of $1.28. On April 2, 2014, the Company acquired 0.8 million shares at $1.53 per share from an unaffiliated seller, in a block purchase pursuant to the Company’s stock repurchase program. As of May 9, 2014, the Company has capacity to repurchase an additional 3.5 million shares.
	The Company’s common equity at March 31, 2014 was $80.7 million resulting in an equity per common share of $2.02. As a result, the maximum price the Company may pay to repurchase stock upon the filing of this report until the maximum price is reset upon the filing of its 2014 second quarter filing, or the plan is amended, is $1.92.
	Noncontrolling Interests
	A significant component of equity is comprised of outside investor interests in entities that the Company consolidates. The Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,			December 31, 2013
			2014
	Noncontrolling interests in:
	LIHTC Funds		$	315,810		$	328,236
	SA Fund			133,914			130,839
	Consolidated Lower Tier Property Partnerships			14,685			16,086
	IHS			-1,695			-1,648
	Total		$	462,714		$	473,513
	Substantially all of these interests represent limited partner interests in partnerships or the equivalent of limited partner interests in limited liability companies. In allocating income between the Company and the noncontrolling interest holders of the consolidated entities, the Company takes into account the legal agreements governing ownership, and other contractual agreements and interests the Company has with the consolidated entities. See Note 15, “Consolidated Funds and Ventures” for more information.
	LIHTC Funds
	The noncontrolling interest in the LIHTC Funds is comprised primarily of the LIHTC Funds’ investment in Lower Tier Property Partnerships as well as operating cash partially offset by the LIHTC Funds’ obligations, which primarily consist of unfunded equity commitments to Lower Tier Property Partnerships.  At March 31, 2014, there were $13.5 million of unfunded equity commitments. The vast majority of the equity in the LIHTC Funds is held by third parties as the Company’s equity interest is nominal (ranging from 0.01% to 0.04%).  A LIHTC Fund’s investment in Lower Tier Property Partnerships is accounted for under the equity method, which means the investment balance is impacted by its share of Lower Tier Property Partnership income or loss.  By design, the Lower Tier Property Partnerships typically generate net losses which are generally driven by depreciation of the rental property.  The investment balance is also impacted by impairment charges as well as investment disposition activity.  The decline in the noncontrolling interest balance was primarily a result of the decline in the LIHTC Funds’ investment balance mainly due to net operating losses and impairment charges recognized in the first quarter of 2014.  During the first quarter of 2014, the Funds’ investment balance declined by $11.8 million and the noncontrolling interest balance declined by $12.4 million.  See Note 15, “Consolidated Funds and Ventures” for more information.
	SA Fund
	The noncontrolling interest in the SA Fund is comprised primarily of the SA Fund’s investment in for-sale and rental properties as well as operating cash partially offset by the SA Fund’s debt obligations.  The vast majority of the equity in the SA Fund is held by third parties as the Company’s equity interest is 2.7%.  The SA Fund’s investments in for-sale and rental properties are accounted for at fair value.  During the first quarter of 2014, the SA Fund’s noncontrolling interest balance increased by $3.1 million, which was due to $4.1 million of net operating income offset by $1.0 million of foreign currency translation loss adjustments for the three months ended March 31, 2014. Because the SA Fund’s functional currency is the South African rand and the Company’s functional currency is the US dollar, the Company translates the SA Fund’s rand balance sheet into a dollar denominated balance sheet as part of consolidating the SA Fund into the Company’s balance sheet.  The translation losses recorded for the three months ended March 31, 2014 were a result of the weakening of the South African rand as compared to the US dollar. The Company recorded a de minimis amount of foreign currency translation losses through accumulated other comprehensive income allocable to common shareholders for the three months ended March 31, 2014.
	Consolidated Lower Tier Property Partnerships
	At March 31, 2014 and December 31, 2013, two non-profit entities (which are consolidated by the Company) consolidated certain Lower Tier Property Partnerships because they were either the GP or the owner of rental properties.
	These non-profits consolidated nine and 11 Lower Tier Property Partnerships at March 31, 2014 and December 31, 2013, respectively, of which all of the Lower Tier Property Partnerships were classified as held-for-use at both period ends.
	IHS
	At March 31, 2014 and December 31, 2013, 17% of IHS was held by third parties.
	Accumulated Other Comprehensive Income Allocable to Common Shareholders
	The following table summarizes the net change in accumulated other comprehensive income allocable to common shareholders and amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2014.
	(in thousands)		Net Unrealized Gains on Bonds			Income Tax Expense			Foreign Currency Translation			Accumulated Other Comprehensive
			Available-for-Sale									Income
	Balance at January 1, 2014		$	36,868		$	-		$	-209		$	36,659
	Unrealized net holding gains arising during period			4,906			-			2			4,908
	Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-2,003			-			-			-2,003
	Other			-			-129			-			-129
	Net current period other comprehensive income			2,903			-129			2			2,776
	Balance at March 31, 2014		$	39,771		$	-129		$	-207		$	39,435
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2013.
			Unrealized Gains on Bonds Available-				Foreign Currency Translation			Accumulated Other Comprehensive
			for-Sale							Income
	Balance at January 1, 2013		$	139,021			$	-334		$	138,687
	Unrealized net holding gains (losses) arising during period			10,829				-13			10,816
	Reversal of unrealized gains on sold/redeemed bonds			(182)	-1			-			-182
	Reclassification of unrealized losses to income			353				-			353
	Net current period other comprehensive income			11,000				-13			10,987
	Balance at March 31, 2013		$	150,021			$	-347		$	149,674
		-1	Realized gains on bond redemptions included in “Net gains on bonds” in the Consolidated Statement of Operations. There is no applicable income tax on the realized gains.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Note 13—Stock-Based Compensation
	The Company has stock-based compensation plans (“Plans”) for Non-employee Directors (“Non-employee Directors’ Stock-Based Compensation Plan”) and stock-based incentive compensation plans for employees (“Employees’ Stock-Based Compensation Plan”).
	Total compensation expense recorded for these Plans was as follows for the three months ended March 31, 2014 and 2013:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Employees’ Stock-Based Compensation Plan		$	942	$	1,041
	Non-employee Directors’ Stock-Based Compensation Plan			75		63
	Total		$	1,017	$	1,104
	Employees’ Stock-Based Compensation Plan
	As of March 31, 2014, there were approximately 1.9 million share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders; the non-shareholder approved Plans are currently restricted to the issuance of stock options. As a result, of the 1.9 million shares available under the plans, only 0.1 million are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options.
	Employee Common Stock Options
	The Company measures the fair value of options granted with solely time-based vesting and options granted with a specific stock price that have vested because the performance condition has been achieved, using a lattice model for purposes of recognizing compensation expense.  The Company believes the lattice model provides a better estimate of the fair value of time-based options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” The Company measures the fair value of unvested options granted with specific stock price targets using a Monte Carlo simulation for purposes of recognizing compensation expense.  Because the options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company.  The Company believes a Monte Carlo simulation provides a better estimate of the fair value of performance-based options as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes.
	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plans:
	(in thousands, except per option data)			Number of Options	Weighted- average		Weighted- average		Aggregate Intrinsic Value		Period End Liability  (2)
					Exercise Price per Option		Remaining Contractual		-1
							Life per Option
							(in years)
	Outstanding at January 1, 2013 (1)			2,345	$	3.61		7.8	$	58	$	355
	Forfeited/Expired in 2013			-264		26.5
	Outstanding at December 31, 2013 (1)			2,081		0.7		7.3		1,644		1,785
	Forfeited/Expired in 2014			-
	Outstanding at March 31, 2014 (1)			2,081		0.7		7.1		2,516		2,612
	Number of options that were exercisable at:
	31-Dec-13			1,436		0.86		6.9
	31-Mar-14			1,624		0.8		6.9
		-1	Intrinsic value is based on outstanding options.
		-2	Only options that were amortized based on a vesting schedule have a liability balance. These options were 2.0 million; 1.9 million; and 1.5 million at March 31, 2014, December 31, 2013 and January 1, 2013, respectively.
	The value of employee options increased by $0.8 million during the three months ended March 31, 2014 and was recognized as additional compensation expense.
	Employee Deferred Shares
	The following table summarizes the deferred shares granted to employees. The grants outstanding at March 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next two years and a portion of the shares vest if the average price requirement of $2.00 per share and $2.50 per share is met, respectively.
	(in thousands, except  per share data)			Deferred Share Grants	Weighted- average Grant Date		Period End Liability
					Share Price
	Balance, January 1, 2014			289	$	3.29	$	218
	Granted in 2014			-
	Issued in 2014			-81		9.48
	Balance, March 31, 2014			208		0.88		221
	The Company recognized $0.1 million of additional compensation expense related to employee deferred shares, mainly driven by the increase in MuniMae’s share price and amortization of the 2013 grants.
	Non-employee Directors’ Stock-Based Compensation Plan
	The Non-employee Directors’ Stock-based Compensation Plans authorize a total of 5.6 million shares for issuance, of which 2.2 million were available to be issued at March 31, 2014. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares.
	At December 31, 2013 there were 78,125 director options that were vested and outstanding with a weighted average strike price of $0.36 and an aggregate intrinsic value of $58,984.  All of these options were exercised on March 25, 2014 leaving no outstanding director options as of March 31, 2014.
	See the table below which summarizes the director options that vested as well as the common shares and deferred shares granted to the directors for services rendered for the three months ended March 31, 2014 and 2013. The directors are fully vested in the deferred shares at the grant date.
	(in thousands, except share price		Common Shares Granted		Deferred Shares Granted		Weighted- average Grant Date		Options Vested		Directors’ Fees Expense
	data)						Share Price
	31-Mar-14			19		9	$	1.32		-	$	75
	31-Mar-13			-		25		1.01		20		63
	For the three months ended March 31, 2014 and 2013, the Company recognized $75,000 and $62,500 in Director fees, of which $37,500 and $31,250 was paid in cash and the balance in common shares, deferred shares and vested options. Director fees are reflected in “General and administrative” on the consolidated statements of operations.
	The Company incurred Director fees for six and five independent directors during the three months ended March 31, 2014 and 2013, respectively.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Note 14—discontinued operations
	The table below reflects the activity related to the Company’s discontinued operations.  The revenues, expenses and all other statement of operations activity in discontinued operations, including the gains and losses on dispositions, have been classified as “Income from discontinued operations, net of tax” and “Net losses (income) allocable to noncontrolling interests in CFVs and IHS – related to discontinued operations” on the consolidated statements of operations.
	Three rental properties with a carrying value of $20.9 million were classified as real estate held-for-sale at March 31, 2014. The revenues, expenses and all other statement of operations amounts were reclassified to “Income from discontinued operations, net of tax.”
	During the first quarter of 2014, the Company sold the two real estate properties and related assets and obligations that were classified as held-for-sale at December 31, 2013 for $35.8 million which resulted in a gain on sale of real estate of $14.0 million.
		For the three months ended
		March 31,
	(in thousands)	2014		2013
	Sublease income	$	-	$	369
	Income from CFVs (primarily rental income)		279		3,924
	Income from REO operations		302		-
	Rent expense		-		-369
	Expenses from CFVs (primarily operating expenses)		-244		-3,670
	Expenses from REO operations		-451		-
	Other income		83		90
	Other expense		-28		-279
	Income tax expense		-504		-
	Net (loss) income before disposal activity		-563		65
	Disposal:
	Net gains related to REO		15,037		-
	Net gains related to CFVs		5		4,996
	Net income from discontinued operations		14,479		5,061
	Loss (income) from discontinued operations allocable to noncontrolling interests		150		-1,036
	Net income to common shareholders from discontinued operations	$	14,629	$	4,025
	The details of net income to common shareholders from discontinued operations for the three months ended March 31, 2014 and 2013 are as follows:
		For the three months ended
		March 31,
	(in thousands)	2014		2013
	Interest income	$	185	$	615
	Other income		385		459
	Other expense		-479		-698
	Income tax expense		-504		-
	Net gains on disposal of REO		15,037		-
	Net gains on redemption of bonds		5		3,649
	Net income to common shareholders from discontinued operations	$	14,629	$	4,025

CONSOLIDATED_FUNDS_AND_VENTURE

CONSOLIDATED FUNDS AND VENTURES	3 Months Ended
	Mar. 31, 2014
Consolidated Funds and Ventures [Abstract]	'
Consolidated Funds and Ventures [Text Block]	'
	Note 15—CONSOLIDATED FUNDS AND VENTURES
	Due to the Company’s minimal equity ownership interests in certain consolidated entities, the assets, liabilities, revenues, expenses, equity in losses from those entities’ unconsolidated Lower Tier Property Partnerships and the losses allocated to the noncontrolling interests of the consolidated entities have been separately identified on the consolidated balance sheets and statements of operations. Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs and IHS.”
	The total assets, by type of consolidated fund or venture, at March 31, 2014 and December 31, 2013 are summarized as follows:
	(in thousands)		March 31,		December 31,
			2014		2013
	LIHTC Funds		$	316,764	$	329,033
	SA Fund			188,099		184,649
	Consolidated Lower Tier Property Partnerships			96,259		107,362
	Other consolidated entities			2,108		2,163
	Total assets of CFVs		$	603,230	$	623,207
	The following provides a detailed description of the nature of these entities.
	LIHTC Funds
	In general, the LIHTC Funds invest in limited partnerships that develop or rehabilitate and operate affordable multifamily housing rental properties. These properties generate tax operating losses and federal and state income tax credits for their investors, enabling them to realize a return on their investment through reductions in income tax expense. The LIHTC Funds’ primary assets are their investments in Lower Tier Property Partnerships, which are the owners of the affordable housing properties (see Investments in Lower Tier Property Partnerships in the Asset Summary below). The LIHTC Funds account for these investments using the equity method of accounting. At March 31, 2014 and December 31, 2013, the Company owned the GP interest in thirteen LIHTC Funds. The Company continues to consolidate 11 of these funds at March 31, 2014 and December 31, 2013. The Company’s GP ownership interests of the funds remaining at March 31, 2014 ranges from 0.01% to 0.04%. The Company has guarantees associated with these funds. These guarantees, along with the Company’s ability to direct the activities of the funds, have resulted in the Company being the primary beneficiary for financial reporting purposes. At March 31, 2014 and December 31, 2013, the Company’s maximum exposure under these guarantees is estimated to be approximately $614.4 million; however, the Company does not anticipate any losses under these guarantees.
	SA Fund
	The Company is the majority owner of the GP of the SA Fund, which is an investment fund formed to invest directly or indirectly in affordable for-sale and rental housing primarily in South Africa (see SA Fund investments in the Asset Summary below). The SA Fund has $119.5 million in equity commitments from investors, of which $114.2 million has been funded at March 31, 2014. As a 2.7% limited partner of the SA Fund, the Company’s portion of this equity commitment is $3.2 million. At March 31, 2014, the Company had funded $3.2 million of this equity commitment. The SA Fund also has an agreement with Overseas Private Investment Corporation (“OPIC”), an agency of the US, to provide loan financing not to exceed $80.0 million, of which $49.1 million has been funded at March 31, 2014. Because the Company is deemed the primary beneficiary of the SA Fund through its majority owned GP interest in the SA Fund, the Company’s 2.7% equity investment is eliminated and the SA Fund is consolidated. The Company is allocated 2.7% of the SA Fund’s operating activities through an income or loss allocation.
	Consolidated Lower Tier Property Partnerships
	The Company consolidates two non-profit entities for which it is deemed the primary beneficiary (see Other Consolidated Entities below). These non-profit entities consolidate certain Lower Tier Property Partnerships because they are deemed to be the primary beneficiary.  The Company does not have an equity interest in the Consolidated Lower Tier Property Partnerships or the non-profit entities. Generally, the assets held by these Consolidated Lower Tier Property Partnerships are affordable multifamily housing properties financed with tax credit equity and/or tax-exempt bonds.  In many cases, the Company owns an interest in the tax credit equity investment and/or the bond used to finance the property. The REO, which is the primary asset of the Consolidated Lower Tier Property Partnerships is reported in “Real estate held-for-use, net” and “Real estate held-for-sale related to CFV” on the consolidated balance sheets. See the Asset Summary below.
	Other Consolidated Entities
	The Company also has other consolidated entities where it has been deemed to be the primary beneficiary or the Company has a controlling interest. At March 31, 2014, these entities include two non-profit entities that provide charitable services and programs for the affordable housing market.
	The following section provides more information related to the assets of the CFVs at March 31, 2014 and December 31, 2013.
	Asset Summary:
	(in thousands)		March 31,		December 31, 2013
			2014
	Cash, cash equivalents and restricted cash		$	52,470	$	52,897
	Investments in Lower Tier Property Partnerships			274,229		286,007
	SA Fund investments			162,667		158,325
	Real estate held-for-use, net			91,171		102,314
	Other assets			22,693		23,664
	Total assets of CFVs		$	603,230	$	623,207
	Substantially all of the assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use.
	LIHTC Funds’ Investments in Lower Tier Property Partnerships
	The Lower Tier Property Partnerships of the LIHTC Funds are considered variable interest entities; although in most cases it is the third party GP who is the primary beneficiary. Therefore, substantially all of the LIHTC Funds’ investments in Lower Tier Property Partnerships are accounted for under the equity method. The following table provides the LIHTC Funds’ investment balances in the unconsolidated Lower Tier Property Partnerships as well as the assets and liabilities of the Lower Tier Property Partnerships at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	274,229	$	286,007
	Total assets of Lower Tier Property Partnerships (1)		$	1,313,875	$	1,324,704
	Total liabilities of Lower Tier Property Partnerships (1)			1,041,395		1,038,983
		-1	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.
	The Company’s maximum exposure to loss from the LIHTC Funds and the underlying Lower Tier Property Partnerships relate to the guarantee exposure associated with the LIHTC Funds discussed above and the Company’s bonds which represent the primary mortgage debt obligation owed by certain LTPPs of the LIHTC Funds. The fair value of the Company’s bonds secured by properties owned by the Lower Tier Property Partnerships at March 31, 2014 and December 31, 2013, was $64.5 million and $64.9 million, respectively.
	SA Fund Investments
	The SA Fund was organized under South African law in a similar manner to US investment companies and therefore follows accounting guidance specific to investment companies which requires fair value accounting for investments. The Company calculates such fair value based on estimates because there are no readily available market values. In establishing fair values of its investments, the Company considers financial conditions and operating results, local market conditions, market values of comparable companies and real estate, the stage of each investment, and other factors as appropriate, including obtaining appraisals from independent third-party licensed appraisers.
	As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement, see Note 9, “Fair Value Measurements.” The SA Fund investments are carried at their fair value of $162.7 million and $158.3 million at March 31, 2014 and December 31, 2013, respectively and are considered Level 3 valuations. As noted in the following table, during the first three months of 2014, the Fund recorded fair value gains of $4.9 million based on internal fair value estimates; however, these gains were offset by $1.2 million of foreign currency translation losses. Because the SA Fund’s functional currency is the South African rand and the Company’s functional currency is the US dollar, the Company translates the SA Fund’s rand balance sheet into a dollar denominated balance sheet as part of consolidating the SA Fund into the Company’s balance sheet.  The translation losses recorded during the first three months of 2014 were a result of the weakening of the South African rand as compared to the US dollar. The Company’s economic share of the SA Fund’s operating activities and the related foreign currency translation loss was 2.7%, resulting in $0.1 million of net comprehensive income allocable to the common shareholders for the first three months of 2014.
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2014 and 2013:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Balance, January 1,		$	158,325	$	161,433
	Net gains included in earnings related to CFVs			4,867		11,356
	Net foreign currency translation losses included in other comprehensive income attributable to CFVs			-1,192		-13,940
	Impact from purchases			4,606		3,709
	Impact from sales and distributions			-3,939		-972
	Balance, March 31,		$	162,667	$	161,586
	The SA Fund has committed $166.6 million of capital to the project entities who in turn invest that capital into affordable for-sale and rental properties of which $136.7 million was funded at March 31, 2014.
	Consolidated Lower Tier Property Partnerships’ Real estate held-for-use, net
	The real estate held-for-use by Consolidated Lower Tier Property Partnerships was comprised of the following at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	Building, furniture and fixtures		$	99,299	$	108,424
	Accumulated depreciation			-19,315		-17,997
	Land			11,187		11,887
	Total		$	91,171	$	102,314
	Depreciation expense was $1.7 million and $2.0 million for the three months ended March 31, 2014 and 2013, respectively, of which $0.1 million and $0.8 million was recorded in discontinued operations for the three months ended March 31, 2014 and 2013, respectively. Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years. The Company did not recognize any impairment losses for the three months ended March 31, 2014 and 2013.
	The Consolidated Lower Tier Property Partnerships which own the real estate held-for-use (affordable multifamily properties) were consolidated by non-profit entities that are in turn consolidated by the Company. The Company does not have an equity interest in the Consolidated Lower Tier Property Partnerships or the non-profit entities. However, the Company provided debt financing to the Consolidated Lower Tier Property Partnerships. In consolidation, because the Company consolidates the Lower Tier Property Partnerships, the real estate held by the Consolidated Lower Tier Property Partnerships is reflected on the Company’s balance sheet. The Company’s bonds have been eliminated against the related mortgage debt obligations of the Consolidated Lower Tier Property Partnerships. The Company’s maximum loss exposure is the fair value of its bonds. At March 31, 2014, the fair value of these bonds was $39.8 million, including $2.0 million of net unrealized gains occurring since consolidation that have not been reflected in the Company’s common shareholders’ equity given that the Company is required to consolidate and account for the real estate, which prohibits an increase in value from its original cost basis until the real estate is sold.
During the first quarter of 2014, the Company foreclosed on two properties that were reported as real estate held-for-use related to Consolidated Funds and Ventures at December 31, 2013.  At the time of transfer, the two real estate properties had a carrying amount of $9.8 million.  As a result of this foreclosure, the Company reclassified the real estate from real estate related to Consolidated Funds and Ventures to real estate related to MuniMae.
Liability Summary:
The following section provides more information related to the liabilities of the CFVs at March 31, 2014 and December 31, 2013.
(in thousands)		March 31,		December 31, 2013
		2014
Liabilities of CFVs:
Debt		$	91,312	$	91,602
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			13,461		13,461
Other liabilities			4,957		4,043
Total liabilities of CFVs		$	109,730	$	109,106
Debt
At March 31, 2014 and December 31, 2013, the debt of the CFVs had the following terms:
		March 31, 2014
(in thousands)		Carrying Amount		Face Amount		Weighted-average			Maturity Dates
						Effective Interest Rates
SA Fund (1)		$	49,886	$	49,886		2.6	%	Apr-18
Consolidated Lower Tier Property Partnerships			41,426		40,513		6.3		Various dates through March 2049
Total		$	91,312	$	90,399
		December 31, 2013
(in thousands)		Carrying Amount		Face Amount		Weighted-average			Maturity Dates
						Effective Interest Rates
SA Fund (1)		$	49,886	$	49,886		2.6	%	Apr-18
Consolidated Lower Tier Property Partnerships			41,716		40,987		6.3		Various dates through March 2049
Total		$	91,602	$	90,873
	-1	This amount includes $0.8 million of capitalized interest for the period ended March 31, 2014 and December 31, 2013.
SA Fund
The SA Fund has an agreement with OPIC to provide loan financing not to exceed $80.0 million.  The SA Fund has drawn a total of $49.1 million of debt against this financing arrangement as of March 31, 2014. This debt is an obligation of the SA Fund and there is no recourse to the Company.
This debt is denominated in US dollars; however, the SA Fund’s functional currency is the South African rand. Therefore, the SA Fund is exposed to foreign currency risk. In order to hedge this risk, from an economic standpoint, the SA Fund has entered into certain foreign exchange derivative contracts. As required, these derivative instruments are carried at fair value. The SA Fund does not designate these derivatives as accounting hedges and therefore, changes in fair value are recognized through “Net gains related to CFVs” on the consolidated statements of operations. The change of value in the debt obligation due to currency fluctuation is recognized through “Expenses from CFVs” on the consolidated statements of operations.
As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement, see Note 9, “Fair Value Measurements.” The SA Fund derivative assets are carried at $8.4 million and $8.5 million at March 31, 2014 and December 31, 2013, respectively based on Level 2 Fair Value measurements as determined by a third party.  The SA Fund derivatives increase in value when the South African rand declines in value in comparison to the US dollar.  The South African rand is the functional currency of the Fund; as such, the derivatives (as well as all SA Fund assets) are subject to foreign currency translation adjustment when translated to the Company’s dollar denominated balance sheet and lose value as the South African rand declines in value in comparison to the US dollar.
At March 31, 2014, the SA Fund had $3.3 million of cash pledged as collateral for the foreign exchange derivative contracts.
Other
The following section provides more information related to the income statement of the CFVs for the three months ended March 31, 2014 and 2013.
Income Statement Summary:
		For the three months ended March 31,
(in thousands)		2014		2013
Revenue:
Rental and other income from real estate		$	3,624	$	2,164
Interest and other income			1,426		624
Total revenue from CFVs			5,050		2,788
Expenses:
Depreciation and amortization			2,218		1,726
Interest expense			1,069		498
Other operating expenses			2,952		2,028
Foreign currency loss			410		4,155
Asset impairments			5,000		3,024
Total expenses from CFVs			11,649		11,431
Net gains (losses) related to CFVs:
Investment gains			4,867		11,356
Derivative (losses) gains			-58		3,631
Equity in losses from Lower Tier Property Partnerships of CFVs			-7,428		-6,418
Net loss			-9,218		-74
Net losses allocable to noncontrolling interests in CFVs (1)			9,853		660
Net income allocable to the common shareholders related to CFVs		$	635	$	586
	-1	Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.
The details of Net income allocable to the common shareholders related to CFVs for the three months ended March 31, 2014 and 2013 are as follows:
		For the three months ended
		March 31,
(in thousands)		2014		2013
Interest income		$	343	$	685
Asset management fees			841		858
Guarantee fees			331		331
Equity in losses from Lower Tier Property Partnerships			-949		-1,499
Equity in income from SA Fund			128		282
Other expense			-59		-71
Net income allocable to the common shareholders		$	635	$	586

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Note 16—segment Information
	The Company currently operates through two reportable segments: US Operations and International Operations.
	US Operations
	The Company owns and manages a portfolio of tax-exempt bonds, a substantial majority of which are backed by affordable multifamily rental properties. The Company also manages low-income housing tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties.
	International Operations
	Outside of the US, we are in the business of raising, investing in and asset managing private real estate funds which invest in affordable for-sale and rental housing primarily in South Africa. The Company’s International Operations take place through a subsidiary, IHS.
	Consolidated Funds and Ventures
	CFVs are entities for which the Company is deemed to be the primary beneficiary. The Company earns revenue from these CFVs mainly through asset management fees, interest income (primarily from interest on bonds) and guarantee fees.
	The following tables reflect the results of the business segments for the three months ended March 31, 2014 and 2013. The segment results have been adjusted to include revenues and expenses related to transactions between CFVs and the two reportable segments that are eliminated in consolidation and are provided for through an allocation of income. We have revised the presentation for the three months ended March 31, 2013 for comparability purposes. This presentation change had no impact on “Net income (loss) to common shareholders.”
			For the three months ended March 31, 2014
	(in thousands)		US Operations				International Operations		CFVs			Income Allocation Reclasses			MMA Consolidated
	Total interest income		$	5,638			$	10	$	-		$	(343)	-1	$	5,305
	Total interest expense			-1,203				-		-			-			-1,203
	Net interest income			4,435				10		-			-343			4,102
	Total fee and other income			2,276				1,046		-			(1,172)	-2		2,150
	Revenue from CFVs			-				-		5,050			-			5,050
	Total non-interest revenue			2,276				1,046		5,050			-1,172			7,200
	Total revenues, net of interest expense			6,711				1,056		5,050			-1,515			11,302
	Operating and other expenses:
	Interest expense			-3,536				-37		-			-			-3,573
	Operating expenses			-4,463				-1,211		-			-			-5,674
	Other expenses, net			-888				-82		-			59	-3		-911
	Expenses from CFVs			-				-		-13,233			1,584	-5		-11,649
	Total operating and other expenses			-8,887				-1,330		-13,233			1,643			-21,807
	Net losses on assets, derivatives and extinguishment of liabilities			-365				-		-			-			-365
	Net gains due to real estate consolidation and foreclosure			2,003				-		-			-			2,003
	Net gains related to CFVs			-				-		4,809			-			4,809
	Equity in (losses) gains from Lower Tier Property Partnerships of CFVs			(949)	-6			128		-6,479	-6		(128)	-4		-7,428
	Loss from continuing operations before income taxes			-1,487				-146		-9,853			-			-11,486
	Income tax benefit			554				-		-			-			554
	Income (loss) from discontinued operations, net of tax			14,629				-		-150			-			14,479
	Net income (loss)			13,696				-146		-10,003			-			3,547
	Income allocable to noncontrolling interests:
	Net losses allocable to noncontrolling interests in CFVs:
	Related to continuing operations operations			-				56		9,853			-			9,909
	Related to discontinued operations operations			-				-		150			-			150
	Net income (loss) to common shareholders shareholders		$	13,696			$	-90	$	-		$	-		$	13,606
		-1	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected in total interest income for the US Operations.
		-2	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2014 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
		-3	Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
		-4	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2014 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.1 million is reflected as equity in income of unconsolidated ventures for the International Operations.
		-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $1.6 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
		-6	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $0.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
			For the three months ended March 31, 2013
	(in thousands)		US Operations				International Operations		CFVs			Income Allocation			MMA Consolidated
												Reclasses
	Total interest income		$	16,616			$	7	$	-		$	-685	-1	$	15,938
	Total interest expense			-6,289				-		-			-			-6,289
	Net interest income			10,327				7		-			-685			9,649
	Total fee and other income			2,216				811		-			-1,189	-2		1,838
	Revenue from CFVs			-				-		2,788			-			2,788
	Total non-interest revenue			2,216				811		2,788			-1,189			4,626
	Total revenues, net of interest expense			12,543				818		2,788			-1,874			14,275
	Operating and other expenses:
	Interest expense			-4,096				-33		-			-			-4,129
	Operating expenses			-6,001				-1,524		-			-			-7,525
	Impairment on bonds and recovery of loan losses			-353				-		-			-			-353
	Other expenses			-1,792				-213		-			71	-3		-1,934
	Expenses from CFVs			-				-		-13,516			2,085	-5		-11,431
	Total operating and other expenses			-12,242				-1,770		-13,516			2,156			-25,372
	Net gains on assets, derivatives and extinguishment of liabilities			37,447				-		-			-			37,447
	Net gains related to CFVs			-				-		14,987			-			14,987
	Equity in (losses) gains from Lower Tier Property Partnerships of CFVs			-1,499	-6			282		-4,919	-6		-282	-4		-6,418
Income (loss) from continuing operations before income taxes			36,249				-670		-660			-			34,919
Income tax benefit			1,527				-		-			-			1,527
Income from discontinued operations, net of tax			4,025				-		1,036			-			5,061
Net income (loss)			41,801				-670		376			-			41,507
Income allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company			-2,005				-		-			-			-2,005
Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations			-				150		660			-			810
Related to discontinued operations			-				-		-1,036			-			-1,036
Net income (loss) to common shareholders		$	39,796			$	-520	$	-		$	-		$	39,276
	-1	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total interest income for the US Operations.
	-2	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2013 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
	-3	Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
	-4	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2013 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.
	-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $2.1 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
	-6	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $1.5 million of losses in US Operations and reduced the CFVs losses by the same amount.
The total assets by segment at March 31, 2014 and December 31, 2013 are presented in the table below:
(in thousands)		March 31,			December 31, 2013
		2014
ASSETS
US Operations		$	450,586		$	443,664
International Operations			7,762			6,681
Total segment assets			458,348			450,345
Bonds eliminated in consolidation			-37,730			-47,745
Net unrealized mark-to-market gains not recorded in consolidation			-2,037			-2,543
Other adjustments			-7,728			-7,906
Assets of CFVs			603,230			623,207
Total MMA consolidated assets		$	1,014,083		$	1,015,358

DESCRIPTION_OF_THE_BUSINESS_AN1

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.
	The Company consolidates IHS and eliminates all intercompany transactions and balances in consolidation. The activity and balances for IHS are reflected in the Company’s consolidated financial statements. Because the Company has a majority interest in IHS, the activity and balances for IHS are not identified as part of the Company’s CFVs. The balances and activity items identified as part of the Company’s CFVs are for funds and ventures for which the Company has minimal to no ownership interests, but the Company has consolidated them due to the Company being the primary beneficiary.
	The Company consolidates the SA Fund because IHS is deemed to be the primary beneficiary, and we therefore eliminate all intercompany transactions balances in consolidation. The activity and balances for the SA Fund are identified as part of the Company’s CFVs because the Company has a minimal ownership interest in the SA Fund. See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2013 Form 10-K, which discusses our consolidation presentation and our significant accounting policies.
Reclassification, Policy [Policy Text Block]	'
	Reclassifications
	The Company made reclassifications to discontinued operations on its previously issued 2013 consolidated statements of operations as a result of certain discontinued operations occurring in 2014.

BONDS_AVAILABLEFORSALE_Tables

BONDS AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2014
Available-For-Sale Securities [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'
	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at March 31, 2014 and December 31, 2013.
			March 31, 2014
	(in thousands)		Unpaid Principal		Amortized Cost  (1)		Gross Unrealized Gains		Gross Unrealized		Fair Value
			Balance						Losses (2), (3)
	Mortgage revenue bonds		$	131,378	$	92,407	$	19,197	$	-692	$	110,912
	Other bonds			77,257		52,705		21,266		-		73,971
	Total		$	208,635	$	145,112	$	40,463	$	-692	$	184,883
			December 31, 2013
	(in thousands)		Unpaid Principal		Amortized Cost  (1)		Gross Unrealized Gains		Gross Unrealized		Fair Value
			Balance						Losses (4), (5)
	Mortgage revenue bonds		$	143,617	$	103,194	$	19,245	$	-1,085	$	121,354
	Other bonds			79,970		55,270		19,540		-832		73,978
	Total		$	223,587	$	158,464	$	38,785	$	-1,917	$	195,332
		-1	Represents the unpaid principal balance (“UPB”), net of discounts, deferred costs and fees as well as impairments recognized in earnings.
		-2	At March 31, 2014, the majority of this amount represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired; however, this amount also includes unrealized losses that were not considered other-than-temporarily impaired.
		-3	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $16.3 million at March 31, 2014.
		-4	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
		-5	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).
Bonds Prepayable Without Restriction or Penalty [Table Text Block]	'
	The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at March 31, 2014, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
	(in thousands)		Amortized Cost		Fair Value
	31-Mar-14		$	-	$	1,294
	April 1 through December 31, 2014			-		-
	2015			-		-
	2016			10,264		14,074
	2017			5,651		6,429
	2018			15,963		23,034
	Thereafter			78,673		94,572
	Bonds that may not be prepaid			34,561		45,480
	Total		$	145,112	$	184,883
Past Due Analysis of Available-for-sale Securities Bonds, Current [Table Text Block]	'
	The following table provides the fair value of bonds available-for-sale that are current with respect to their principal and interest payments, as well as those that are past due at March 31, 2014 and December 31, 2013.
	(in thousands)		March 31,		December 31, 2013
			2014
	Total current		$	130,867	$	117,666
	30-59 days past due			-		-
	60-89 days past due			-		-
	Greater than 90 days			54,016		77,666
	Total		$	184,883	$	195,332
Gain (Loss) on Investments [Table Text Block]	'
	Provided in the table below are unrealized losses and realized gains and losses recorded through “Net impairment on bonds recognized in earnings” and “Net (losses) gains on assets and derivatives,” respectively for bonds sold or redeemed during the three months ended March 31, 2014 and 2013, as well as for bonds still in the Company’s portfolio at March 31, 2014 and 2013, respectively.
			For the three months ended March 31,
	(in thousands)		2014		2013
	Net bond impairment recognized in earnings on bonds held at each period-end		$	-	$	-353
	Gains recognized at time of sale/redemption			-		182
	Total net losses on bonds		$	-	$	-171

REAL_ESTATE_Tables

REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate Held For Use [Abstract]	'
Schedule Of Real Estate Investments [Table Text Block]	'
	The following table summarizes the Company’s real estate at March 31, 2014 and December 31, 2013.
	(in thousands)		March 31,		December 31, 2013
			2014
	Real estate held-for-use
	Real estate held-for-use (1)		$	18,169	$	18,262
	Real estate held-for-use related to CFVs (2)			91,171		102,314
	Total real estate held-for-use		$	109,340	$	120,576
	Real estate held-for-sale
	Real estate held-for-sale		$	20,872	$	24,090
	Real estate held-for-sale related to CFVs (2)			-		-
	Total real estate held-for-sale		$	20,872	$	24,090
		-1	MuniMae’s real estate held-for-use was comprised of three investments in undeveloped land with a carrying value of $7.5 million and $7.9 million at March 31, 2014 and December 31, 2013, and an affordable multifamily property with a carrying value of $10.7 million and $10.4 million, at March 31, 2014 and December 31, 2013, respectively.
		-2	For more information see Note 15, “Consolidated Funds and Ventures.”

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Schedule of Other Assets [Table Text Block]	'
	The following table summarizes other assets at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	Other assets:
	Investments in real estate partnerships		$	7,340	$	7,464
	Solar facilities (includes other assets such as cash and other receivables)			5,110		5,344
	Debt issuance costs, net			3,434		3,579
	Accrued interest receivable			2,768		1,250
	Loans receivable			1,174		1,210
	Other assets			3,136		2,449
	Other assets held by CFVs (1)			22,693		23,664
	Total other assets		$	45,655	$	44,960
		-1	For more information see Note 15, “Consolidated Funds and Ventures.”
Schedule of Equity Method Investments [Table Text Block]	'
	The following table displays the total assets and liabilities held by the real estate partnerships in which the Company held an equity investment at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	Investment in a real estate partnership:
	Total assets (primarily real estate)		$	88,580	$	86,439
	Total liabilities (primarily debt)			45,045		44,538
Schedule of Income (Loss) in Earnings of Unconsolidated Venture [Table Text Block]	'
	The following table displays the net (loss) income for the three months ended March 31, 2014 and 2013, for the real estate partnerships:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Net (loss) income		$	-86	$	37

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
	The table below summarizes outstanding debt balances, the weighted-average interest rates and term dates at March 31, 2014 and December 31, 2013:
	(dollars in thousands)		March 31,		Weighted-Average Effective		December 31, 2013		Weighted-Average Effective
			2014		Interest Rate at				Interest Rate at
					December 31, 2013				December 31, 2013
	Asset Related Debt (1)
	Notes payable and other debt – bond related (2)
	Due within one year		$	19,922	1.90%		$	21,261	1.80%
	Due after one year			110,253	3.3			111,705	3.2
	Notes payable and other debt – non-bond related
	Due within one year			1,098	9.7			1,667	9.1
	Due after one year			6,333	10			6,613	9.9
	Total asset related debt		$	137,606	3.5		$	141,246	3.4
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		$	772	8.1		$	757	8.1
	Due after one year			145,197	7.2			143,664	7.2
	Notes payable and other debt
	Due within one year (4)			15,360	8			4,521	9.6
	Due after one year			46,737	4.5			60,173	5.2
	Total other debt		$	208,066	6.7		$	209,115	6.7
	Total asset related debt and other debt		$	345,672	5.4		$	350,361	5.3
	Debt related to CFVs (5)
	Due within one year		$	293	6.5		$	14	6
	Due after one year			91,019	4.3			91,588	4.3
	Total debt related to CFVs		$	91,312	4.3		$	91,602	4.3
	Total debt		$	436,984	5.2		$	441,963	5.1
		-1	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
		-2	Included in notes payable and other debt were unamortized discounts of $1.6 million at March 31, 2014 and December 31, 2013.
		-3	Included in the subordinate debt balance were $4.8 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at March 31, 2014 and December 31, 2013, respectively.
		-4	This amount includes $2.6 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
		-5	See Note 15, “Consolidated Funds and Ventures” for more information.
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	The following table summarizes principal payment commitments across all debt agreements at March 31, 2014:
	(in thousands)		Asset Related Debt and Other		CFVs		Total Debt
			Debt		Related Debt
	2014		$	24,654	$	230	$	24,884
	2015			68,124		258		68,382
	2016			34,029		275		34,304
	2017			4,539		294		4,833
	2018			51,581		50,200		101,781
	Thereafter			159,643		38,787		198,430
	Net premium			3,102		1,268		4,370
	Total		$	345,672	$	91,312	$	436,984
Schedule of Redeemable Preferred Stock Issued for Debt Instrument [Table Text Block]	'
	The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at March 31, 2014:
	(dollars in thousands)
	Issuer		Principal		Net Premium		Carrying Value		Interim Principal Payments		Maturity Date	Coupon Interest Rate
	MFI		$	29,287	$	-	$	29,287		Amortizing	December 2027 and December 2033	8.00%
	MFH			33,286		1,614		34,900		$4,689 due April 2015	30-Mar-35	0.75% to March 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			30,116		1,275		31,391		$4,242 due May 2015	30-Apr-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			17,219		662		17,881		$2,305 due May 2015	30-Jul-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
	MFH			31,307		1,203		32,510		$4,191 due May 2015	30-Jul-35	0.75% to April 2015, then
												3-month LIBOR plus 3.3% (1)
			$	141,215	$	4,754	$	145,969
		-1	The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis which was approximately 6.9% at March 31, 2014. See the first table within this note that provides weighted-average effective rate information for all of our debt.

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, All Other Investments [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
		March 31, 2014
		Carrying		Fair Value
	(in thousands)	Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock	$	31,371	$	-	$	-	$	36,613
	Loans receivable		1,174		-		-		239
	Liabilities:
	Notes payable and other debt, bond related		130,175		-		-		131,413
	Notes payable and other debt, non-bond related		69,528		-		-		62,154
	Notes payable and other debt related to CFVs		91,312		-		50,285		40,089
	Subordinate debt issued by MFH		116,682		-		-		42,869
	Subordinate debt issued by MFI		29,287		-		-		29,287
		December 31, 2013
		Carrying		Fair Value
	(in thousands)	Amount		Level 1		Level 2		Level 3
	Assets:
	Investments in preferred stock	$	31,371	$	-	$	-	$	36,613
	Loans receivable		1,200		-		-		271
	Liabilities:
	Senior interests in and debt owed to securitization trusts		-		-		-		-
	Mandatorily redeemable preferred shares		-		-		-		-
	Notes payable and other debt, bond related		132,966		-		-		131,321
	Notes payable and other debt, non-bond related		72,974		-		-		65,253
	Notes payable and other debt related to CFVs		91,602		-		50,338		40,178
	Subordinate debt issued by MFH		114,950		-		-		42,869
	Subordinate debt issued by MFI		29,471		-		-		29,471

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
	The following tables present assets and liabilities that are measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013.
					Fair Value Measurement Levels
	(in thousands)		March 31,		Level 1		Level 2		Level 3
			2014
	Assets:
	Bonds available-for-sale		$	184,883	$	-	$	-	$	184,883
	Derivative assets			541		-		541		-
	Liabilities:
	Derivative liabilities		$	653	$	-	$	-	$	653
					Fair Value Measurement Levels
	(in thousands)		December 31, 2013		Level 1		Level 2		Level 3
	Assets:
	Bonds available-for-sale		$	195,332	$	-	$	-	$	195,332
	Liabilities:
	Derivative liabilities		$	626	$	-	$	-	$	626
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2014.
	(in thousands)		Bonds Available-for-sale		Derivative Liabilities
	Balance, January 1, 2014		$	195,332	$	-626
	Net losses included in earnings			-948		-27
	Net gains included in other comprehensive income (1)			4,906		-
	Bonds eliminated due to real estate consolidation and foreclosure			-11,058		-
	Impact from settlements			-3,349		-
	Balance, March 31, 2014		$	184,883	$	-653
		-1	This amount represents $4.9 million of unrealized net holding gains arising during the period.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2013.
	(in thousands)		Bonds Available-for-sale		Derivative Liabilities
	Balance, January 1, 2013		$	969,394	$	-1,067
	Net losses included in earnings			-1,851		-85
	Net gains included in other comprehensive income (1)			11,000		-
	Impact from redemption			-4,395		-
	Impact from settlements			-5,334		146
	Balance, March 31, 2013		$	968,814	$	-1,006
		-1	This amount includes $10.8 million of unrealized net holding gains arising during the period, which is then increased by $0.4 million of unrealized bond losses reclassified into operations. This amount is then reduced by $0.2 million of unrealized gains related to bonds that were redeemed.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]	'
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at derivative settlement for the three months ended March 31, 2014.
	(in thousands)		Equity in Losses from Lower Tier		Net losses on derivatives  (1)
			Property Partnerships
	Change in unrealized losses related to assets and liabilities still held at March 31, 2014		$	-948	$	-27
	Additional realized losses recognized			-		-78
	Total losses reported in earnings		$	-948	$	-105
		-1	Amounts are reflected through “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond redemption and derivative settlement for the three months ended March 31, 2013.
	(in thousands)		Net losses on		Equity in Losses from Lower Tier		Net losses on
			bonds (1)		Property Partnerships		derivatives (2)
	Change in unrealized losses related to assets and liabilities still held at March 31, 2013		$	-353	$	-1,498	$	-85
	Additional realized gains (losses) recognized			182		-		-77
	Total losses reported in earnings		$	-171	$	-1,498	$	-162
		-1	Amounts are reflected through “Impairment on bonds” and “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
		-2	Amounts are reflected through “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.

GUARANTEES_AND_COLLATERAL_Tabl

GUARANTEES AND COLLATERAL (Tables)	3 Months Ended
	Mar. 31, 2014
Guarantees [Abstract]	'
Schedule of Guarantor Obligations [Table Text Block]	'
	The following table summarizes guarantees, by type, at March 31, 2014 and December 31, 2013:
			March 31, 2014						December 31, 2013
	(in thousands)		Maximum Exposure			Carrying Amount			Maximum Exposure			Carrying Amount
	Indemnification contracts		$	20,224		$	1,114		$	20,224		$	1,198
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	'
	The following table summarizes assets that are either pledged or restricted for the Company’s use at March 31, 2014 and December 31, 2013. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
					March 31, 2014
	(in thousands)		Note Ref.		Restricted Cash			Bonds Available- for-sale			Real Estate Held-for-Use			Investment in Preferred stock		Other Assets		Total Assets Pledged
	Debt - notes payable				$	-		$	-		$	1,271		$	-	$	6,322	$	7,593
	Debt – total return swap financing					20,007			104,257			-			31,371		-		155,635
	Other		-1			15,000			30,496			14,279			-		262		60,037
	CFVs		-2			52,470			-			91,171			-		22,693		166,334
	Total				$	87,477		$	134,753		$	106,721		$	31,371	$	29,277	$	389,599
					December 31, 2013
	(in thousands)		Note Ref.		Restricted Cash			Bonds Available- for-sale			Real Estate Held-for-Use			Investment in Preferred stock		Other Assets		Total
																		Assets Pledged
	Debt - notes payable				$	-		$	-		$	1,735		$	-	$	11,613	$	13,348
	Debt – total return swap financing					20,006			105,511			-			31,371		-		156,888
	Other		-1			15,000			29,258			13,909			-		294		58,461
	CFVs		-2			52,897			-			102,314			-		23,664		178,875
	Total				$	87,903		$	134,769		$	117,958		$	31,371	$	35,571	$	407,572
		-1	The Company pledges collateral in connection with various guarantees that it has provided.
		-2	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Operating Lease Rental Expense and Income [Table Text Block]	'
	The following table summarizes rental expense and rental income from operating leases for the three months ended March 31, 2014 and 2013 reported through “General and administrative” on the consolidated statements of operations:
		For the three months ended March 31,
		2014		2013
	Rental expense	$	-210	$	-534
	Rental income		112		327
	Net rental expense	$	-98	$	-207
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	The following table summarizes the future minimum rental commitments on non-cancelable operating leases at
	March 31, 2014:
	(in thousands)
	2014	$	314
	2015		425
	2016		430
	2017		104
	2018		39
	Total minimum future rental commitments	$	1,312

EQUITY_Tables

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the three months ended March 31, 2014 and 2013.
			For the three months ended
			March 31,
	(in thousands)		2014			2013
	Net (loss) income from continuing operations		$	-1,023		$	35,251
	Net income from discontinued operations			14,629			4,025
	Net income to common shareholders		$	13,606		$	39,276
	Basic weighted-average shares (1)			40,207			42,445
	Common stock equivalents (2) (3) (4)			1,457			1,272
	Diluted weighted-average shares			41,664			43,717
		-1	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-2	At March 31, 2014, 2.0 million stock options were in the money and had a dilutive impact of 1.4 million shares.  In addition, 0.2 million unvested employee deferred shares had a dilutive impact of 0.1 million shares for the three months ended March 31, 2014.
		-3	At March 31, 2013, 2.1 million stock options were in the money and had a dilutive impact of 1.3 million shares.
		-4	For the three months ended March 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 0.3 million because of their anti-dilutive effect.
Non Controlling Interest [Table Text Block]	'
	A significant component of equity is comprised of outside investor interests in entities that the Company consolidates. The Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,			December 31, 2013
			2014
	Noncontrolling interests in:
	LIHTC Funds		$	315,810		$	328,236
	SA Fund			133,914			130,839
	Consolidated Lower Tier Property Partnerships			14,685			16,086
	IHS			-1,695			-1,648
	Total		$	462,714		$	473,513
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
	The following table summarizes the net change in accumulated other comprehensive income allocable to common shareholders and amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2014.
	(in thousands)		Net Unrealized Gains on Bonds			Income Tax Expense			Foreign Currency Translation			Accumulated Other Comprehensive
			Available-for-Sale									Income
	Balance at January 1, 2014		$	36,868		$	-		$	-209		$	36,659
	Unrealized net holding gains arising during period			4,906			-			2			4,908
	Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-2,003			-			-			-2,003
	Other			-			-129			-			-129
	Net current period other comprehensive income			2,903			-129			2			2,776
	Balance at March 31, 2014		$	39,771		$	-129		$	-207		$	39,435
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2013.
			Unrealized Gains on Bonds Available-				Foreign Currency Translation			Accumulated Other Comprehensive
			for-Sale							Income
	Balance at January 1, 2013		$	139,021			$	-334		$	138,687
	Unrealized net holding gains (losses) arising during period			10,829				-13			10,816
	Reversal of unrealized gains on sold/redeemed bonds			(182)	-1			-			-182
	Reclassification of unrealized losses to income			353				-			353
	Net current period other comprehensive income			11,000				-13			10,987
	Balance at March 31, 2013		$	150,021			$	-347		$	149,674
		-1	Realized gains on bond redemptions included in “Net gains on bonds” in the Consolidated Statement of Operations. There is no applicable income tax on the realized gains.

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation with Employees and Nonemployees [Table Text Block]	'
	Total compensation expense recorded for these Plans was as follows for the three months ended March 31, 2014 and 2013:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Employees’ Stock-Based Compensation Plan		$	942	$	1,041
	Non-employee Directors’ Stock-Based Compensation Plan			75		63
	Total		$	1,017	$	1,104
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plans:
	(in thousands, except per option data)			Number of Options	Weighted- average		Weighted- average		Aggregate Intrinsic Value		Period End Liability  (2)
					Exercise Price per Option		Remaining Contractual		-1
							Life per Option
							(in years)
	Outstanding at January 1, 2013 (1)			2,345	$	3.61		7.8	$	58	$	355
	Forfeited/Expired in 2013			-264		26.5
	Outstanding at December 31, 2013 (1)			2,081		0.7		7.3		1,644		1,785
	Forfeited/Expired in 2014			-
	Outstanding at March 31, 2014 (1)			2,081		0.7		7.1		2,516		2,612
	Number of options that were exercisable at:
	31-Dec-13			1,436		0.86		6.9
	31-Mar-14			1,624		0.8		6.9
		-1	Intrinsic value is based on outstanding options.
		-2	Only options that were amortized based on a vesting schedule have a liability balance. These options were 2.0 million; 1.9 million; and 1.5 million at March 31, 2014, December 31, 2013 and January 1, 2013, respectively.
Schedule of Share Based Compensation Deferred Shares Granted To Employees [Table Text Block]	'
	The following table summarizes the deferred shares granted to employees. The grants outstanding at March 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next two years and a portion of the shares vest if the average price requirement of $2.00 per share and $2.50 per share is met, respectively.
	(in thousands, except  per share data)			Deferred Share Grants	Weighted- average Grant Date		Period End Liability
					Share Price
	Balance, January 1, 2014			289	$	3.29	$	218
	Granted in 2014			-
	Issued in 2014			-81		9.48
	Balance, March 31, 2014			208		0.88		221
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block]	'
	See the table below which summarizes the director options that vested as well as the common shares and deferred shares granted to the directors for services rendered for the three months ended March 31, 2014 and 2013. The directors are fully vested in the deferred shares at the grant date.
	(in thousands, except share price		Common Shares Granted		Deferred Shares Granted		Weighted- average Grant Date		Options Vested		Directors’ Fees Expense
	data)						Share Price
	31-Mar-14			19		9	$	1.32		-	$	75
	31-Mar-13			-		25		1.01		20		63

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		For the three months ended
		March 31,
	(in thousands)	2014		2013
	Sublease income	$	-	$	369
	Income from CFVs (primarily rental income)		279		3,924
	Income from REO operations		302		-
	Rent expense		-		-369
	Expenses from CFVs (primarily operating expenses)		-244		-3,670
	Expenses from REO operations		-451		-
	Other income		83		90
	Other expense		-28		-279
	Income tax expense		-504		-
	Net (loss) income before disposal activity		-563		65
	Disposal:
	Net gains related to REO		15,037		-
	Net gains related to CFVs		5		4,996
	Net income from discontinued operations		14,479		5,061
	Loss (income) from discontinued operations allocable to noncontrolling interests		150		-1,036
	Net income to common shareholders from discontinued operations	$	14,629	$	4,025
Schedule of Discontinued Operations for Net Income to Common Shareholders [Table Text Block]	'
	The details of net income to common shareholders from discontinued operations for the three months ended March 31, 2014 and 2013 are as follows:
		For the three months ended
		March 31,
	(in thousands)	2014		2013
	Interest income	$	185	$	615
	Other income		385		459
	Other expense		-479		-698
	Income tax expense		-504		-
	Net gains on disposal of REO		15,037		-
	Net gains on redemption of bonds		5		3,649
	Net income to common shareholders from discontinued operations	$	14,629	$	4,025

CONSOLIDATED_FUNDS_AND_VENTURE1

CONSOLIDATED FUNDS AND VENTURES (Tables)	3 Months Ended
	Mar. 31, 2014
Consolidated Funds and Ventures [Abstract]	'
Schedule of Total Assets by Type of Consolidated Fund or Venture [Table Text Block]	'
	The total assets, by type of consolidated fund or venture, at March 31, 2014 and December 31, 2013 are summarized as follows:
	(in thousands)		March 31,		December 31,
			2014		2013
	LIHTC Funds		$	316,764	$	329,033
	SA Fund			188,099		184,649
	Consolidated Lower Tier Property Partnerships			96,259		107,362
	Other consolidated entities			2,108		2,163
	Total assets of CFVs		$	603,230	$	623,207
Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]	'
	The following section provides more information related to the assets of the CFVs at March 31, 2014 and December 31, 2013.
	Asset Summary:
	(in thousands)		March 31,		December 31, 2013
			2014
	Cash, cash equivalents and restricted cash		$	52,470	$	52,897
	Investments in Lower Tier Property Partnerships			274,229		286,007
	SA Fund investments			162,667		158,325
	Real estate held-for-use, net			91,171		102,314
	Other assets			22,693		23,664
	Total assets of CFVs		$	603,230	$	623,207
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	'
	The following table provides the LIHTC Funds’ investment balances in the unconsolidated Lower Tier Property Partnerships as well as the assets and liabilities of the Lower Tier Property Partnerships at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	274,229	$	286,007
	Total assets of Lower Tier Property Partnerships (1)		$	1,313,875	$	1,324,704
	Total liabilities of Lower Tier Property Partnerships (1)			1,041,395		1,038,983
		-1	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.
SA Fund Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Table Text Block]	'
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2014 and 2013:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Balance, January 1,		$	158,325	$	161,433
	Net gains included in earnings related to CFVs			4,867		11,356
	Net foreign currency translation losses included in other comprehensive income attributable to CFVs			-1,192		-13,940
	Impact from purchases			4,606		3,709
	Impact from sales and distributions			-3,939		-972
	Balance, March 31,		$	162,667	$	161,586
Real Estate Held for Use, Net [Table Text Block]	'
	The real estate held-for-use by Consolidated Lower Tier Property Partnerships was comprised of the following at March 31, 2014 and December 31, 2013:
	(in thousands)		March 31,		December 31, 2013
			2014
	Building, furniture and fixtures		$	99,299	$	108,424
	Accumulated depreciation			-19,315		-17,997
	Land			11,187		11,887
	Total		$	91,171	$	102,314
Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]	'
	The following section provides more information related to the liabilities of the CFVs at March 31, 2014 and December 31, 2013.
	(in thousands)		March 31,		December 31, 2013
			2014
	Liabilities of CFVs:
	Debt		$	91,312	$	91,602
	Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			13,461		13,461
	Other liabilities			4,957		4,043
	Total liabilities of CFVs		$	109,730	$	109,106
Schedule of Long-term Debt of Consolidated Funds and Ventures [Table Text Block]	'
	At March 31, 2014 and December 31, 2013, the debt of the CFVs had the following terms:
			March 31, 2014
	(in thousands)		Carrying Amount		Face Amount		Weighted-average			Maturity Dates
							Effective Interest Rates
	SA Fund (1)		$	49,886	$	49,886		2.6	%	Apr-18
	Consolidated Lower Tier Property Partnerships			41,426		40,513		6.3		Various dates through March 2049
	Total		$	91,312	$	90,399
			December 31, 2013
	(in thousands)		Carrying Amount		Face Amount		Weighted-average			Maturity Dates
							Effective Interest Rates
	SA Fund (1)		$	49,886	$	49,886		2.6	%	Apr-18
	Consolidated Lower Tier Property Partnerships			41,716		40,987		6.3		Various dates through March 2049
	Total		$	91,602	$	90,873
		-1	This amount includes $0.8 million of capitalized interest for the period ended March 31, 2014 and December 31, 2013.
Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]	'
	The following section provides more information related to the income statement of the CFVs for the three months ended March 31, 2014 and 2013.
	Income Statement Summary:
			For the three months ended March 31,
	(in thousands)		2014		2013
	Revenue:
	Rental and other income from real estate		$	3,624	$	2,164
	Interest and other income			1,426		624
	Total revenue from CFVs			5,050		2,788
	Expenses:
	Depreciation and amortization			2,218		1,726
	Interest expense			1,069		498
	Other operating expenses			2,952		2,028
	Foreign currency loss			410		4,155
	Asset impairments			5,000		3,024
	Total expenses from CFVs			11,649		11,431
	Net gains (losses) related to CFVs:
	Investment gains			4,867		11,356
	Derivative (losses) gains			-58		3,631
	Equity in losses from Lower Tier Property Partnerships of CFVs			-7,428		-6,418
	Net loss			-9,218		-74
	Net losses allocable to noncontrolling interests in CFVs (1)			9,853		660
	Net income allocable to the common shareholders related to CFVs		$	635	$	586
		-1	Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	'
	The details of Net income allocable to the common shareholders related to CFVs for the three months ended March 31, 2014 and 2013 are as follows:
			For the three months ended
			March 31,
	(in thousands)		2014		2013
	Interest income		$	343	$	685
	Asset management fees			841		858
	Guarantee fees			331		331
	Equity in losses from Lower Tier Property Partnerships			-949		-1,499
	Equity in income from SA Fund			128		282
	Other expense			-59		-71
	Net income allocable to the common shareholders		$	635	$	586

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule Of Income Statement By Reporting Segments [Table Text Block]	'
	The following tables reflect the results of the business segments for the three months ended March 31, 2014 and 2013. The segment results have been adjusted to include revenues and expenses related to transactions between CFVs and the two reportable segments that are eliminated in consolidation and are provided for through an allocation of income. We have revised the presentation for the three months ended March 31, 2013 for comparability purposes. This presentation change had no impact on “Net income (loss) to common shareholders.”
			For the three months ended March 31, 2014
	(in thousands)		US Operations				International Operations		CFVs			Income Allocation Reclasses			MMA Consolidated
	Total interest income		$	5,638			$	10	$	-		$	(343)	-1	$	5,305
	Total interest expense			-1,203				-		-			-			-1,203
	Net interest income			4,435				10		-			-343			4,102
	Total fee and other income			2,276				1,046		-			(1,172)	-2		2,150
	Revenue from CFVs			-				-		5,050			-			5,050
	Total non-interest revenue			2,276				1,046		5,050			-1,172			7,200
	Total revenues, net of interest expense			6,711				1,056		5,050			-1,515			11,302
	Operating and other expenses:
	Interest expense			-3,536				-37		-			-			-3,573
	Operating expenses			-4,463				-1,211		-			-			-5,674
	Other expenses, net			-888				-82		-			59	-3		-911
	Expenses from CFVs			-				-		-13,233			1,584	-5		-11,649
	Total operating and other expenses			-8,887				-1,330		-13,233			1,643			-21,807
	Net losses on assets, derivatives and extinguishment of liabilities			-365				-		-			-			-365
	Net gains due to real estate consolidation and foreclosure			2,003				-		-			-			2,003
	Net gains related to CFVs			-				-		4,809			-			4,809
	Equity in (losses) gains from Lower Tier Property Partnerships of CFVs			(949)	-6			128		-6,479	-6		(128)	-4		-7,428
	Loss from continuing operations before income taxes			-1,487				-146		-9,853			-			-11,486
	Income tax benefit			554				-		-			-			554
	Income (loss) from discontinued operations, net of tax			14,629				-		-150			-			14,479
	Net income (loss)			13,696				-146		-10,003			-			3,547
	Income allocable to noncontrolling interests:
	Net losses allocable to noncontrolling interests in CFVs:
	Related to continuing operations operations			-				56		9,853			-			9,909
	Related to discontinued operations operations			-				-		150			-			150
	Net income (loss) to common shareholders shareholders		$	13,696			$	-90	$	-		$	-		$	13,606
		-1	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected in total interest income for the US Operations.
		-2	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2014 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
		-3	Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
		-4	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2014 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.1 million is reflected as equity in income of unconsolidated ventures for the International Operations.
		-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $1.6 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
		-6	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $0.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
			For the three months ended March 31, 2013
	(in thousands)		US Operations				International Operations		CFVs			Income Allocation			MMA Consolidated
												Reclasses
	Total interest income		$	16,616			$	7	$	-		$	-685	-1	$	15,938
	Total interest expense			-6,289				-		-			-			-6,289
	Net interest income			10,327				7		-			-685			9,649
	Total fee and other income			2,216				811		-			-1,189	-2		1,838
	Revenue from CFVs			-				-		2,788			-			2,788
	Total non-interest revenue			2,216				811		2,788			-1,189			4,626
	Total revenues, net of interest expense			12,543				818		2,788			-1,874			14,275
	Operating and other expenses:
	Interest expense			-4,096				-33		-			-			-4,129
	Operating expenses			-6,001				-1,524		-			-			-7,525
	Impairment on bonds and recovery of loan losses			-353				-		-			-			-353
	Other expenses			-1,792				-213		-			71	-3		-1,934
	Expenses from CFVs			-				-		-13,516			2,085	-5		-11,431
	Total operating and other expenses			-12,242				-1,770		-13,516			2,156			-25,372
	Net gains on assets, derivatives and extinguishment of liabilities			37,447				-		-			-			37,447
	Net gains related to CFVs			-				-		14,987			-			14,987
	Equity in (losses) gains from Lower Tier Property Partnerships of CFVs			-1,499	-6			282		-4,919	-6		-282	-4		-6,418
	Income (loss) from continuing operations before income taxes			36,249				-670		-660			-			34,919
	Income tax benefit			1,527				-		-			-			1,527
	Income from discontinued operations, net of tax			4,025				-		1,036			-			5,061
	Net income (loss)			41,801				-670		376			-			41,507
	Income allocable to noncontrolling interests:
	Income allocable to perpetual preferred shareholders of a subsidiary company			-2,005				-		-			-			-2,005
	Net losses (income) allocable to noncontrolling interests in CFVs:
	Related to continuing operations			-				150		660			-			810
Related to discontinued operations			-				-		-1,036			-			-1,036
Net income (loss) to common shareholders		$	39,796			$	-520	$	-		$	-		$	39,276
	-1	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total interest income for the US Operations.
	-2	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2013 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
	-3	Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
	-4	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2013 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.
	-5	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above, total $2.1 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
	-6	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $1.5 million of losses in US Operations and reduced the CFVs losses by the same amount.
Schedule of Total Assets by Reporting Segments [Table Text Block]	'
	The total assets by segment at March 31, 2014 and December 31, 2013 are presented in the table below:
	(in thousands)		March 31,			December 31, 2013
			2014
	ASSETS
	US Operations		$	450,586		$	443,664
	International Operations			7,762			6,681
	Total segment assets			458,348			450,345
	Bonds eliminated in consolidation			-37,730			-47,745
	Net unrealized mark-to-market gains not recorded in consolidation			-2,037			-2,543
	Other adjustments			-7,728			-7,906
	Assets of CFVs			603,230			623,207
	Total MMA consolidated assets		$	1,014,083		$	1,015,358

DESCRIPTION_OF_THE_BUSINESS_AN2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Bond Investment Fair Value	$39.80
Investment Tax Credit	852.5
Bonds [Member]	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Bond Investment Fair Value	$224.70
International Housing Solutions Sarl [Member]	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Noncontrolling Interest, Ownership Percentage by Parent	83.00%
LIHTC [Member] | Maximum [Member]	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Noncontrolling Interest, Ownership Percentage by Parent	0.04%
LIHTC [Member] | Minimum [Member]	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Noncontrolling Interest, Ownership Percentage by Parent	0.01%

BONDS_AVAILABLEFORSALE_Details

BONDS AVAILABLE-FOR-SALE (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Unpaid Principal Balance	$208,635		$223,587
Amortized Cost	145,112	[1]	158,464	[1]
Gross Unrealized Gains	40,463		38,785
Gross Unrealized Losses	-692	[2],[3]	-1,917	[4],[5]
Fair Value	184,883		195,332
Mortgage Revenue Bonds [Member]	'		'
Unpaid Principal Balance	131,378		143,617
Amortized Cost	92,407	[1]	103,194	[1]
Gross Unrealized Gains	19,197		19,245
Gross Unrealized Losses	-692	[2],[3]	-1,085	[4],[5]
Fair Value	110,912		121,354
Other Bonds [Member]	'		'
Unpaid Principal Balance	77,257		79,970
Amortized Cost	52,705	[1]	55,270	[1]
Gross Unrealized Gains	21,266		19,540
Gross Unrealized Losses	0	[2],[3]	-832	[4],[5]
Fair Value	$73,971		$73,978
[1]	Represents the unpaid principal balance (“UPB”), net of discounts, deferred costs and fees as well as impairments recognized in earnings.
[2]	At March 31, 2014, the majority of this amount represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired; however, this amount also includes unrealized losses that were not considered other-than-temporarily impaired.
[3]	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $16.3 million at March 31, 2014.
[4]	At December 31, 2013, the majority of this amount represents unrealized losses that were not considered other-than-temporarily impaired; however, this amount also includes the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired.
[5]	These bonds had been in a gross unrealized loss position for less than 12 consecutive months and had a fair value of $40.1 million at December 31, 2013 ($16.2 million for mortgage revenue bonds and $23.9 million for other bonds).

BONDS_AVAILABLEFORSALE_Details1

BONDS AVAILABLE-FOR-SALE (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized Cost, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2014	'	'
Amortized Cost, at March 31, 2014	$0	'
Amortized Cost, April 1 through December 31, 2014	0	'
Amortized Cost, 2015	0	'
Amortized Cost, 2016	10,264	'
Amortized Cost, 2017	5,651	'
Amortized Cost, 2018	15,963	'
Amortized Cost, Thereafter	78,673	'
Amortized Cost, Bonds that may not be prepaid	34,561	'
Amortized Cost, Total	145,112	'
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2014	'	'
Fair Value, at March 31, 2014	1,294	'
Fair Value, April 1 through December 31, 2014	0	'
Fair Value, 2015	0	'
Fair Value, 2016	14,074	'
Fair Value, 2017	6,429	'
Fair Value, 2018	23,034	'
Fair Value, Thereafter	94,572	'
Fair Value, Bonds that may not be prepaid	45,480	'
Fair Value, Total	$184,883	$195,332

BONDS_AVAILABLEFORSALE_Details2

BONDS AVAILABLE-FOR-SALE (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Total current	$130,867	$117,666
30-59 days past due	0	0
60-89 days past due	0	0
Greater than 90 days	54,016	77,666
Fair Value, Total	$184,883	$195,332

BONDS_AVAILABLEFORSALE_Details3

BONDS AVAILABLE-FOR-SALE (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net bond impairment recognized in earnings on bonds held at each period-end	$0	($353)
Gains recognized at time of sale/redemption	0	182
Total net losses on bonds	$0	($171)

BONDS_AVAILABLEFORSALE_Details4

BONDS AVAILABLE-FOR-SALE (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Unpaid Principal Balance of Bond Investment Eliminated Due to Consolidation	$56.90	'	$68
Available For Sale Debt Securities Eliminated Due To Consolidation	39.8	'	50.3
Non Accrual Bonds	80.1	122.3	'
Non Accrual Bonds Interest Income Cash Basis Method	3	1.6	'
Interest Income Non Accrual Bonds Not Recognized	1.4	2	'
Repayments of Debt from Sales and Redemptions of Bonds	0	4.6	'
Subordinate Bond Investments Un Paid Principal Balance	9.5	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	16.3	'	40.1
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	1.4	'	'
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	1.4	'	'
Non Accrual Bonds Including Bonds Eliminated In Consolidation	102.3	'	'
Interest Income Non Accrual Bonds Including Bonds Eliminated In Consolidation Not Recognized	1.9	'	'
Non Accrual Bonds Including Bonds Eliminated In Consolidation Interest Income Cash Basis Method	3	'	'
Bonds [Member]	'	'	'
Real Estate Acquired Through Foreclosure	11.1	'	'
Mortgage Revenue Bonds [Member]	'	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	'	'	16.2
Other Bonds [Member]	'	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	'	'	$23.90

INVESTMENTS_IN_PREFERRED_STOCK1

INVESTMENTS IN PREFERRED STOCK (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Preferred Stock, Dividend Rate, Percentage	14.37%	'	'
Investment in preferred stock, Carrying value	$31,371,000	$31,371,000	'
Investment in preferred stock, Estimated fair value	36,600,000	'	36,600,000
Common Stockholders Equity, Percentage	'	'	100.00%
Derivative, Description of Variable Rate Basis	'the Company pays a quarterly rate of 3-month London Interbank Offered Rate (LIBOR) plus a spread of 400 bps, 4.23% at March 31, 2014	'	'
Total Return Swaps [Member]	'	'	'
Derivative, Average Fixed Interest Rate	14.37%	'	'
Derivative Notional Amount	12,400,000	'	'
Derivative, Maturity Date	31-Mar-15	'	'
Termination Fee Percentage	1.00%	'	'
Proceeds from Convertible Debt	36,600,000	'	'
Mma Mortgage Investment Corporation [Member]	'	'	'
Debt Conversion, Converted Instrument, Amount	$36,600,000	'	'

REAL_ESTATE_Details

REAL ESTATE (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Held-for-Use	$109,340		$120,576
Real estate held-for-sale	20,872		24,090
MuniMae's [Member]	'		'
Real Estate Held-for-Use	18,169	[1]	18,262	[1]
Real estate held-for-sale	20,872		24,090
Consolidated Funds and Ventures [Member]	'		'
Real Estate Held-for-Use	91,171	[2]	102,314	[2]
Real estate held-for-sale	$0	[2]	$0	[2]
[1]	MuniMae’s real estate held-for-use was comprised of three investments in undeveloped land with a carrying value of $7.5 million and $7.9 million at March 31, 2014 and December 31, 2013, and an affordable multifamily property with a carrying value of $10.7 million and $10.4 million, at March 31, 2014 and December 31, 2013, respectively.
[2]	For more information see Note 15, “Consolidated Funds and Ventures.”

REAL_ESTATE_Details_Textual

REAL ESTATE (Details Textual) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
				Undeveloped Land [Member]	Undeveloped Land [Member]	Multifamily Property [Member]	Multifamily Property [Member]	Real estate held-for-sale related to CFVs [Member]	First quarter of 2014 [Member]	Bond [Member]
Inventory, Real Estate, Other	$109,340,000	'	$120,576,000	$7,500,000	$7,900,000	$10,700,000	$10,400,000	$9,800,000	'	'
Proceeds from Sale of Real Estate	'	'	'	'	'	'	'	'	35,800,000	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total	14,629,000	4,025,000	'	'	'	'	'	'	14,000,000	'
Partners Capital Attributable to Noncontrolling Interest	'	'	'	'	'	'	'	300,000	'	'
Percentage Of Interest Due On Debt Financing Paid	80.00%	'	'	'	'	'	'	'	'	'
Real Estate Held-For-Sale	$20,872,000	'	$24,090,000	'	'	'	'	'	'	$11,100,000

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Other assets:	'		'
Solar facilities (includes other assets such as cash and other receivables)	$5,110		$5,344
Debt issuance costs, net	3,434		3,579
Accrued interest receivable	2,768		1,250
Loans receivable	1,174		1,210
Other assets	3,136		2,449
Total other assets	45,655		44,960
Real Estate Partnership [Member]	'		'
Other assets:	'		'
Investments in real estate partnerships	7,340		7,464
Consolidated Funds and Ventures [Member]	'		'
Other assets:	'		'
Other assets	$22,693	[1]	$23,664	[1]
[1]	For more information see Note 15, “Consolidated Funds and Ventures.”

OTHER_ASSETS_Details_1

OTHER ASSETS (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in a real estate partnership:	'	'
Total assets (primarily real estate)	$88,580	$86,439
Total liabilities (primarily debt)	$45,045	$44,538

OTHER_ASSETS_Details_2

OTHER ASSETS (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net (loss) income	($86)	$37

OTHER_ASSETS_Details_Textual

OTHER ASSETS (Details Textual) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
			Land [Member]	International Housing Solutions [Member]	International Housing Solutions [Member]	SA Partnership [Member]	Related party [Member]	Solar Fund [Member]
					Third Party [Member]		International Housing Solutions [Member]
Non-Recourse Debt	'	'	'	'	'	'	'	$1,500,000
Contingent Interest Related To Termination	'	'	'	'	'	'	'	700,000
Contingent Liability	'	'	'	'	'	'	'	200,000
Investments	162,667,000	158,325,000	6,200,000	'	'	1,100,000	'	'
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	'	'	'	'	95.00%	'	5.00%	'
Real Estate Investments, Net, Total	'	'	'	7,300,000	'	'	'	'
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	'	'	'	33.00%	'	'	'	'
Loss Contingency, Loss in Period	'	'	'	'	'	'	'	$200,000

DEBT_Details

DEBT (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Debt, Carrying Value	$436,984		$441,963
Debt, Weighted Average Effective Interest Rate	5.20%		5.10%
Senior Interest in and Debt Owed to Securitization Trusts [Member]	'		'
Debt, Carrying Value	'		0
Mandatorily Redeemable Preferred Shares [Member]	'		'
Debt, Carrying Value	'		0
Subordinated Debt [Member]	'		'
Debt, Carrying Value	145,969		'
Asset Related Debt [Member]	'		'
Debt, Carrying Value	137,606	[1]	141,246	[1]
Debt, Weighted Average Effective Interest Rate	3.50%	[1]	3.40%	[1]
Asset Related Debt [Member] | Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	19,922	[1],[2]	21,261	[1],[2]
Debt, Weighted Average Effective Interest Rate	1.90%	[1],[2]	1.80%	[1],[2]
Asset Related Debt [Member] | Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	110,253	[1],[2]	111,705	[1],[2]
Debt, Weighted Average Effective Interest Rate	3.30%	[1],[2]	3.20%	[1],[2]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	1,098	[1]	1,667	[1]
Debt, Weighted Average Effective Interest Rate	9.70%	[1]	9.10%	[1]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	6,333	[1]	6,613	[1]
Debt, Weighted Average Effective Interest Rate	10.00%	[1]	9.90%	[1]
Other Debt [Member]	'		'
Debt, Carrying Value	208,066	[2]	209,115	[2]
Debt, Weighted Average Effective Interest Rate	6.70%	[2]	6.70%	[2]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	15,360	[2],[3]	4,521	[2],[3]
Debt, Weighted Average Effective Interest Rate	8.00%	[2],[3]	9.60%	[2],[3]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	46,737	[1],[3]	60,173	[1],[3]
Debt, Weighted Average Effective Interest Rate	4.50%	[1],[3]	5.20%	[1],[3]
Other Debt [Member] | Subordinated Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	772	[2],[4]	757	[2],[4]
Debt, Weighted Average Effective Interest Rate	8.10%	[2],[4]	8.10%	[2],[4]
Other Debt [Member] | Subordinated Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	145,197	[2],[4]	143,664	[2],[4]
Debt, Weighted Average Effective Interest Rate	7.20%	[2],[4]	7.20%	[2],[4]
Debt Related to Consolidated Funds and Ventures [Member]	'		'
Debt, Carrying Value	91,312	[5]	91,602	[5]
Debt, Weighted Average Effective Interest Rate	4.30%	[5]	4.30%	[5]
Debt Related to Consolidated Funds and Ventures [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	293	[5]	14	[5]
Debt, Weighted Average Effective Interest Rate	6.50%	[5]	6.00%	[5]
Debt Related to Consolidated Funds and Ventures [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	91,019	[5]	91,588	[5]
Debt, Weighted Average Effective Interest Rate	4.30%	[5]	4.30%	[5]
Asset Related Debt And Other Debt [Member]	'		'
Debt, Carrying Value	$345,672		$350,361
Debt, Weighted Average Effective Interest Rate	5.40%		5.30%
[1]	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
[2]	Included in notes payable and other debt were unamortized discounts of $1.6 million at March 31, 2014 and December 31, 2013.
[3]	This amount includes $2.6 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
[4]	Included in the subordinate debt balance were $4.8 million and $3.0 million of net premiums and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) at March 31, 2014 and December 31, 2013, respectively.
[5]	See Note 15, “Consolidated Funds and Ventures” for more information.

DEBT_Details_1

DEBT (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
2014	$24,884	'
2015	68,382	'
2016	34,304	'
2017	4,833	'
2018	101,781	'
Thereafter	198,430	'
Net premium	4,370	'
Total	436,984	441,963
Asset Related Debt And Other Debt [Member]	'	'
2014	24,654	'
2015	68,124	'
2016	34,029	'
2017	4,539	'
2018	51,581	'
Thereafter	159,643	'
Net premium	3,102	'
Total	345,672	'
Consolidated Funds and Ventures [Member]	'	'
2014	230	'
2015	258	'
2016	275	'
2017	294	'
2018	50,200	'
Thereafter	38,787	'
Net premium	1,268	'
Total	$91,312	$91,602

DEBT_Details_2

DEBT (Details 2) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

In Thousands, unless otherwise specified

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

MFI issuer [Member]

MFH Issuer 1 [Member]

MFH Issuer 2 [Member]

MFH Issuer 3 [Member]

MFH Issuer 4 [Member]

Principal

'

'

$141,215

$29,287

$33,286

$30,116

$17,219

$31,307

Net premium

4,370

'

4,754

0

1,614

1,275

662

1,203

Carrying Value

$436,984

$441,963

$145,969

$29,287

$34,900

$31,391

$17,881

$32,510

Interim Principal Payment

'

'

'

'Amortizing

'$4,689 due April 2015

'$4,242 due May 2015

'$2,305 due May 2015

'$4,191 due May 2015

Maturity Date

'

'

'

'December 2027 and December 2033

'March 30, 2035

'April 30, 2035

'July 30, 2035

'July 30, 2035

Coupon Interest Rate

'

'

'

'8.0%

'0.75% to March 2015, then 3-month LIBOR plus 3.3%

[1]

'0.75% to April 2015, then 3-month LIBOR plus 3.3%

[1]

'0.75% to April 2015, then 3-month LIBOR plus 3.3%

[1]

'0.75% to April 2015, then 3-month LIBOR plus 3.3%

[1]

[1]

The pay rate on this debt is currently 75 bps; however, we recognize interest expense on an effective yield basis which was approximately 6.9% at March 31, 2014. See the first table within this note that provides weighted-average effective rate information for all of our debt.

DEBT_Details_Textual

DEBT (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Interest expense	$1,203,000	[1]	$6,289,000	[1]	'
Available-For-Sale Securities, Debt Securities	184,883,000		'		195,332,000
Line of Credit Facility, Amount Outstanding	0		'		'
Notes Payable and Other Debt [Member]	'		'		'
Debt Instrument, Debt Default, Amount	2,600,000		'		2,600,000
Notes Payable and Other Debt [Member] | Paid at Inception [Member]	'		'		'
Debt Issuance Cost	400,000		'		'
Notes Payable and Other Debt [Member] | Payable at Termination [Member]	'		'		'
Debt Issuance Cost	400,000		'		'
Subordinated Debt [Member]	'		'		'
Net Premiums and Effective Interest Rate Payable	4,800,000		'		3,000,000
Interest expense	2,500,000		3,300,000		'
Interest Expense Effective Yield Rate	6.90%		'		'
Bond Related Debt [Member] | Notes Payable and Other Debt [Member]	'		'		'
Debt Instrument, Unamortized Discount	1,600,000		'		1,600,000
Interest expense	1,000,000		800,000		'
Available-For-Sale Securities, Debt Securities	99,400,000		'		'
Secured Debt	30,800,000		'		'
Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member]	'		'		'
Debt Instrument, Interest Rate During Period	4.23%		'		'
Preferred Stock, Liquidation Preference, Value	36,600,000		'		'
Debt Instrument, Description of Variable Rate Basis	'The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month LIBOR plus 400 bps		'		'
Debt Issuance Cost	$800,000		'		'
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jan. 02, 2014	Mar. 31, 2014
In Millions, unless otherwise specified	Subsequent Event [Member]	MuniMae TE Bond Subsidiary, LLC [Member]	Interest Rate Swap [Member]	Interest Rate Swap [Member]	Interest Rate Swap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]
		Subsequent Event [Member]
Net Interest Payments on Derivatives	'	'	$0.10	$0.30	'	'	'
Derivative, Notional Amount	'	75.2	7.8	'	7.8	'	45
Derivative, Loss on Derivative	'	'	0.1	0.2	'	'	0.3
Interest Rate Fair Value, Derivative Liabilities	'	'	0.7	'	0.6	'	'
Derivative Interest Rate Cap Bought	'	'	'	'	'	0.8	'
Derivative, Maturity Date	'	'	'	'	'	2-Jan-19	'
Debt Instrument, Repurchase Amount	25.1	'	'	'	'	'	'
Debt instrument floating rate	'	'	'	'	'	'	$45

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Investments in preferred stock, Carrying Amount	$31,371		$31,371	'
Investments in preferred stock, Fair Value	36,600		'	36,600
Loans receivable, Carrying Amount	1,174		1,200	'
Long Term Debt, Carrying Amount	436,984		441,963	'
Fair Value, Inputs, Level 1 [Member]	'		'	'
Investments in preferred stock, Fair Value	0		0	'
Loans receivable, Fair Value	0		0	'
Fair Value, Inputs, Level 2 [Member]	'		'	'
Investments in preferred stock, Fair Value	0		0	'
Loans receivable, Fair Value	0		0	'
Fair Value, Inputs, Level 3 [Member]	'		'	'
Investments in preferred stock, Fair Value	36,613		36,613	'
Loans receivable, Fair Value	239		271	'
Senior Interest in and Debt Owed to Securitization Trusts [Member]	'		'	'
Long Term Debt, Carrying Amount	'		0	'
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 1 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 2 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 3 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Mandatorily Redeemable Preferred Shares [Member]	'		'	'
Long Term Debt, Carrying Amount	'		0	'
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 1 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 2 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 3 [Member]	'		'	'
Long Term Debt, Fair Value	'		0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member]	'		'	'
Long Term Debt, Carrying Amount	130,175		132,966	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]	'		'	'
Long Term Debt, Fair Value	131,413		131,321	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member]	'		'	'
Long Term Debt, Carrying Amount	69,528		72,974	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]	'		'	'
Long Term Debt, Fair Value	62,154		65,253	'
Subordinated Debt [Member]	'		'	'
Long Term Debt, Carrying Amount	145,969		'	'
Subordinated Debt [Member] | Mma Financial Holdings, Inc [Member]	'		'	'
Long Term Debt, Carrying Amount	29,287		29,471	'
Subordinated Debt [Member] | MMA Financial Inc [Member]	'		'	'
Long Term Debt, Carrying Amount	116,682		114,950	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Mma Financial Holdings, Inc [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | MMA Financial Inc [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Mma Financial Holdings, Inc [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | MMA Financial Inc [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Mma Financial Holdings, Inc [Member]	'		'	'
Long Term Debt, Fair Value	29,287		29,471	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | MMA Financial Inc [Member]	'		'	'
Long Term Debt, Fair Value	42,869		42,869	'
Liabilities of consolidated funds and ventures, Notes payable [Member]	'		'	'
Investments in preferred stock, Carrying Amount	0	[1]	0	'
Long Term Debt, Carrying Amount	91,312		91,602	'
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 1 [Member]	'		'	'
Long Term Debt, Fair Value	0		0	'
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 2 [Member]	'		'	'
Long Term Debt, Fair Value	50,285		50,338	'
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 3 [Member]	'		'	'
Long Term Debt, Fair Value	$40,089		$40,178	'
[1]	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Bonds available-for-sale	$184,883	$195,332
Derivative assets	541	'
Liabilities:	'	'
Derivative liabilities	653	626
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	0	0
Derivative assets	0	'
Liabilities:	'	'
Derivative liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	0	0
Derivative assets	541	'
Liabilities:	'	'
Derivative liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	184,883	195,332
Derivative assets	0	'
Liabilities:	'	'
Derivative liabilities	$653	$626

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Available-for-sale Securities [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Bonds Available-for-Sale, Beginning Balance	$195,332		$969,394
Bonds Available-for-Sale , Net losses included in earnings	-948		-1,851
Bonds Available-for-Sale, Net gains (losses) included in other comprehensive lncome	4,906	[1]	11,000	[2]
Bonds Available-for-Sale, Impact from redemptions	'		-4,395
Bonds Available-for Sale, Bonds eliminated due to real estate consolidation and foreclosure	-11,058		'
Bonds Available-for Sale, Impact from settlements	-3,349		-5,334
Bonds Available-for-Sale, Ending Balance	184,883		968,814
Derivative Financial Instruments, Liabilities [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Derivative Liabilities, Beginning Balance	-626		-1,067
Derivative Liabilities, Net losses included in earnings	-27		-85
Derivative Liabilities, Net gains (losses) included in other comprehensive lncome	0	[1]	0	[2]
Derivative Liabilities, Bonds eliminated due to real estate consolidation and foreclosure	0		'
Derivative Liabilities, Impact from sales/redemptions	'		0
Derivative Liabilities, Impact from settlements	0		146
Derivative Liabilities, Ending Balance	($653)		($1,006)
[1]	This amount represents $4.9 million of unrealized net holding gains arising during the period.
[2]	This amount includes $10.8 million of unrealized net holding gains arising during the period, which is then increased by $0.4 million of unrealized bond losses reclassified into operations. This amount is then reduced by $0.2 million of unrealized gains related to bonds that were redeemed.

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Net (Losses) gains on bonds [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Change in unrealized losses related to assets and liabilities	'		($353)	[1]
Additional realized gains (losses) recognized	'		182	[1]
Total losses reported in earnings	'		-171	[1]
Equity in Losses from Lower Tier Property Partnerships [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Change in unrealized losses related to assets and liabilities	-948		-1,498
Additional realized gains (losses) recognized	0		0
Total losses reported in earnings	-948		-1,498
Net losses on derivatives [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Change in unrealized losses related to assets and liabilities	-27	[2]	-85	[2]
Additional realized gains (losses) recognized	-78	[2]	-77	[2]
Total losses reported in earnings	($105)	[2]	($162)	[2]
[1]	Amounts are reflected through “Impairment on bonds” and “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.
[2]	Amounts are reflected through “Net (losses) gains on assets and derivatives” on the consolidated statements of operations.

FAIR_VALUE_MEASUREMENTS_Detail3

FAIR VALUE MEASUREMENTS (Details Textual) (USD $)	3 Months Ended			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013		Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'		'
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	4,906,000	$10,829,000		'
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, Net of Tax	0	353,000		'
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	0	182,000	[1]	'
Impairment of Real Estate	200,000	'		'
Fair Value, Inputs, Level 3 [Member]	'	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'		'
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	'	10,800,000		'
Bonds [Member]	'	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'		'
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, Net of Tax	'	400,000		'
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	'	$200,000		'
Weighted Average Discount Rate, Percent	6.80%	'		6.70%
Performing Bond Portfolio [Member]	'	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'		'
Weighted Average Discount Rate, Percent	6.58%	'		6.60%
Non Performing Bond Portfolio [Member]	'	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'		'
Weighted Average Discount Rate, Percent	8.50%	'		8.50%
[1]	Realized gains on bond redemptions included in “Net gains on bonds” in the Consolidated Statement of Operations. There is no applicable income tax on the realized gains.

GUARANTEES_AND_COLLATERAL_Deta

GUARANTEES AND COLLATERAL (Details) (Indemnification Agreement [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Indemnification Agreement [Member]	'	'
Maximum Exposure	$20,224	$20,224
Carrying Amount	$1,114	$1,198

GUARANTEES_AND_COLLATERAL_Deta1

GUARANTEES AND COLLATERAL (Details 1) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Restricted Cash	$87,477		$87,903
Bonds Available-for-Sale	134,753		134,769
Real Estate Held-for-Use	109,340		120,576
Investment in preferred stock (pledged as collateral)	31,371		31,371
Other Assets	29,277		35,571
Total Assets Pledged	389,599		407,572
Total Return Swap [Member]	'		'
Restricted Cash	20,007		20,006
Bonds Available-for-Sale	104,257		105,511
Real Estate Held-for-Use	0		0
Investment in preferred stock (pledged as collateral)	31,371		31,371
Other Assets	0		0
Total Assets Pledged	155,635		156,888
Notes Payable, Other Payables [Member]	'		'
Restricted Cash	0		0
Bonds Available-for-Sale	0		0
Real Estate Held-for-Use	1,271		1,735
Investment in preferred stock (pledged as collateral)	0		0
Other Assets	6,322		11,613
Total Assets Pledged	7,593		13,348
Other Assets [Member]	'		'
Restricted Cash	15,000	[1]	15,000	[1]
Bonds Available-for-Sale	30,496	[1]	29,258	[1]
Real Estate Held-for-Use	14,279	[1]	13,909	[1]
Investment in preferred stock (pledged as collateral)	0	[1]	0
Other Assets	262	[1]	294	[1]
Total Assets Pledged	60,037	[1]	58,461	[1]
Consolidated Funds and Ventures [Member]	'		'
Restricted Cash	52,470	[2]	52,897	[2]
Bonds Available-for-Sale	0	[2]	0	[2]
Real Estate Held-for-Use	91,171	[2]	102,314	[2]
Investment in preferred stock (pledged as collateral)	0	[2]	0
Other Assets	22,693	[2]	23,664	[2]
Total Assets Pledged	$166,334	[2]	$178,875	[2]
[1]	The Company pledges collateral in connection with various guarantees that it has provided.
[2]	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (General and Administrative Expense [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
General and Administrative Expense [Member]	'	'
Rental expense	($210)	($534)
Rental income	112	327
Net rental expense	($98)	($207)

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 1) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
2014	$314
2015	425
2016	430
2017	104
2018	39
Total minimum future rental commitments	$1,312

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Lease Expiration Period	'2018
Fee Paid To Terminate Office Leases	$0.30

EQUITY_Details

EQUITY (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'		'
Net (loss) income from continuing operations	($1,023)		$35,251
Net income from discontinued operations	14,629		4,025
Net income to common shareholders	$13,606		$39,276
Basic weighted-average shares	40,207	[1]	42,445	[1]
Common stock equivalents	1,457	[2],[3],[4]	1,272	[2],[3],[4]
Diluted weighted-average shares	41,664		43,717
[1]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
[2]	At March 31, 2014, 2.0 million stock options were in the money and had a dilutive impact of 1.4 million shares. In addition, 0.2 million unvested employee deferred shares had a dilutive impact of 0.1 million shares for the three months ended March 31, 2014.
[3]	At March 31, 2013, 2.1 million stock options were in the money and had a dilutive impact of 1.3 million shares.
[4]	For the three months ended March 31, 2014 and 2013, the average number of options excluded from the calculations of diluted earnings per share was 0.3 million because of their anti-dilutive effect.

EQUITY_Details_1

EQUITY (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Noncontrolling interests in:	'	'
Minority Interest	$462,714	$473,513
IHS [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	-1,695	-1,648
LIHTC Funds [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	315,810	328,236
SA Fund [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	133,914	130,839
Lower Tier Property Partnerships [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	$14,685	$16,086

EQUITY_Details_2

EQUITY (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Unrealized Gains on Bonds Available-for-Sale, Balance at beginning period	$36,868	$139,021
Net unrealized gains arising during the period	4,906	10,829
Unrealized Gains on Bonds Available-for-Sale, Reversal of unrealized gains on sold/redeemed bonds	0	-182	[1]
Unrealized Gains on Bonds Available-for-Sale, Reclassification of unrealized losses to income	0	353
Unrealized Gains on Bonds Available-for-Sale, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	-2,003	0
Net Unrealized Gains on Bonds Available for Sale Other	0	'
Unrealized Gains on Bonds Available-for-Sale, Net current period other comprehensive income	2,903	11,000
Unrealized Gains on Bonds Available-for-Sale, Balance at ending period	39,771	150,021
Income Tax Expense, Balance at beginning period	0	'
Income Tax Expense Unrealized net holding gains arising during period	0	'
Income Tax Expense Reclassification of unrealized gains to operations due to consolidation of funds and ventures	0	'
Income Tax Expense Other	-129	'
Income Tax Expense Net current period other comprehensive income	-129	'
Income Tax Expense, Balance at ending period	-129	'
Foreign Currency Translation, Balance at beginning period	-209	-334
Foreign Currency Translation, Unrealized net holding gains (losses) arising during period	2	-13
Foreign Currency Translation, Reversal of unrealized gains on sold/redeemed bonds	'	0
Foreign Currency Translation, Reclassification of unrealized losses to income	'	0
Foreign Currency Translation, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	0	'
Foreign Currency Translation, Other	0	'
Foreign Currency Translation, Net current period other comprehensive income	2	-13
Foreign Currency Translation, Balance at ending period	-207	-347
Accumulated Other Comprehensive Income, Balance at beginning period	36,659	138,687
Accumulated Other Comprehensive Income, Unrealized net holding gains (losses) arising during period	4,908	10,816
Accumulated Other Comprehensive Income, Reversal of unrealized gains on sold/redeemed bonds	'	-182
Accumulated Other Comprehensive Income, Reclassification of unrealized losses to income	'	353
Accumulated Other Comprehensive Income, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	-2,003	'
Accumulated Other Comprehensive Income, other	-129	'
Accumulated Other Comprehensive Income, Net current period other comprehensive income	2,776	10,987
Accumulated Other Comprehensive Income, Balance at ending period	$39,435	$149,674
[1]	Realized gains on bond redemptions included in “Net gains on bonds” in the Consolidated Statement of Operations. There is no applicable income tax on the realized gains.

EQUITY_Details_Textual

EQUITY (Details Textual) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Apr. 02, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Scenario, Forecast [Member]

Subsequent Event [Member]

Board of Directors Chairman [Member]

Board of Directors Chairman [Member]

LIHTC Funds [Member]

Sa Fund [Member]

IHS [Member]

IHS [Member]

Maximum [Member]

Minimum [Member]

LIHTC Funds [Member]

LIHTC Funds [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock Equivalents Employee Options

2,000,000

2,100,000

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares Attributable to Call Options and Warrants

1,400,000

1,300,000

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements

100,000

'

'

'

'

'

'

'

'

'

'

'

'

Unvested Employee Deferred Shares

200,000

'

'

'

'

'

'

'

'

'

'

'

'

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

300,000

300,000

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchased During Period, Value

'

'

'

'

'

'

$5,000,000

'

'

'

'

'

'

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased

700,000

'

'

800,000

3,500,000

'

'

'

'

'

'

'

'

Equity Issuance, Per Share Amount

$1.28

'

'

$1.53

$1.92

$2.02

'

'

'

'

'

'

'

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

'

'

'

'

'

'

'

'

2.70%

17.00%

17.00%

0.04%

0.01%

Noncontrolling Interest, Period Increase (Decrease)

'

'

'

'

'

'

'

12,400,000

3,100,000

'

'

'

'

Operating Income (Loss)

'

'

'

'

'

'

'

'

4,100,000

'

'

'

'

Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

Unfunded Equity Commitments

13,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Total common shareholders' equity

80,738,000

'

65,346,000

'

'

'

'

'

'

'

'

'

'

Investment Balance Declined

'

'

'

'

'

'

'

$11,800,000

'

'

'

'

'

Stock Repurchase Program Increase In Number Of Shares Authorized To Be Repurchased

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchase Program, Number of Shares Authorized to be Repurchased

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchased During Period, Shares

'

'

'

'

800,000

'

'

'

'

'

'

'

'

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Employees' Stock-Based Compensation Plan	$942	$1,041
Non-employee Directors' Stock-Based Compensation Plan	75	63
Total	$1,017	$1,104

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 1) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'		'
Number of Options Outstanding at beginning of period	2,081	[1]	2,345	[1]
Number of Options Forfeited/Expired	0		-264
Number of Options Outstanding at end of period	2,081	[1]	2,081	[1]
Number of options that were exercisable	1,624		1,436
Weighted average Exercise Price per Option Outstanding at beginning of period	$0.70	[1]	$3.61	[1]
Weighted average Exercise Price per Option Forfeited/Expired	'		$26.50
Weighted average Exercise Price per Option Outstanding at end of period	$0.70	[1]	$0.70	[1]
Weighted average Exercise Price per Option Exercisable	$0.80		$0.86
Weighted Average Remaining Contractual Life per Option (in years) Outstanding at beginning of period	'		'7 years 9 months 18 days	[1]
Weighted Average Remaining Contractual Life per Option (in years) Outstanding at end of period	'7 years 1 month 6 days	[1]	'7 years 3 months 18 days	[1]
Weighted average Remaining Contractual Life per Option (in years) Exercisable	'6 years 10 months 24 days		'6 years 10 months 24 days
Aggregate Intrinsic Value Outstanding at beginning of period	$1,644	[1]	$58	[1]
Aggregate Intrinsic Value Outstanding at end of period	2,516	[1]	1,644	[1]
Period End Liability Outstanding at beginning of period	1,785	[1],[2]	355	[1],[2]
Period End Liability Outstanding at end of period	$2,612	[1],[2]	$1,785	[1],[2]
[1]	Intrinsic value is based on outstanding options.
[2]	Only options that were amortized based on a vesting schedule have a liability balance. These options were 2.0 million; 1.9 million; and 1.5 million at March 31, 2014, December 31, 2013 and January 1, 2013, respectively.

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 2) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'		'
Deferred Share Grants, Granted	19		0
Period End Liability Outstanding at beginning of period	$1,785	[1],[2]	$355	[1],[2]
Period End Liability Outstanding at end of period	2,612	[1],[2]	'
Employee Deferred Shares [Member]	'		'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'		'
Number of Deferred Shares Outstanding at beginning of period	289,000		'
Deferred Share Grants, Granted	0		'
Deferred Share Grants, Issued	-81,000		'
Number of Deferred Shares Outstanding at end of period	208,000		'
Weighted Average Excercise Price Per Deferred Shares Outstanding at beginning of period	$3.29		'
Weighted-average Grant Date Share Price, Issued	$9.48		'
Weighted Average Excercise Price Per Deferred Shares Outstanding at end of period	$0.88		'
Period End Liability Outstanding at beginning of period	218		'
Period End Liability Outstanding at end of period	$221		'
[1]	Intrinsic value is based on outstanding options.
[2]	Only options that were amortized based on a vesting schedule have a liability balance. These options were 2.0 million; 1.9 million; and 1.5 million at March 31, 2014, December 31, 2013 and January 1, 2013, respectively.

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 3) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 02, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Common Shares Granted	'	19	0	'
Deferred Share Grants	'	9	25	'
Weighted - average Grant Date Share Price	'	$1.32	$1.01	'
Options Vested	1,500,000	0	20	1,900,000
Directors'Fees Expense	'	$75	$63	'

STOCKBASED_COMPENSATION_Detail4

STOCK-BASED COMPENSATION (Details Textual) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
	Jan. 02, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Employee Benefits and Share-based Compensation	'	$800,000	'	'
Deferred Compensation Arrangement with Individual, Compensation Expense	'	'	'	100,000
Non Employee Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares, Authorized	'	5,600,000	'	'
Share-based Compensation Plans and Nonemployee Services Transaction, Shares Issued	'	2,200,000	'	'
Noninterest Expense Directors Fees	'	75,000	63,000	'
Noninterest Expense Directors Fees Cash Paid	'	37,500	31,250	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	'	1,900,000	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	100,000	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	'	'The grants outstanding at March 31, 2014, have both time and price vesting requirements. A portion of the shares vest over the next two years and a portion of the shares vest if the average price requirement of $2.00 per share and $2.50 per share is met, respectively.	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	'	'	'	78,125
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	'	'	'	$0.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	'	'	'	$58,984
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	1,500,000	0	20	1,900,000

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Sublease income	$0	$369
Income from REO operations	302	0
Rent expense	0	-369
Expenses from REO operations	-451	0
Other income	83	90
Other expense	-28	-279
Net (loss) income before disposal activity	-563	65
Disposal:	'	'
Net gains related to REO	15,037	0
Net income from discontinued operations	14,479	5,061
Loss (income) from discontinued operations allocable to noncontrolling interests	150	-1,036
Net income to common shareholders from discontinued operations	14,629	4,025
Income tax expense	-554	-1,527
Consolidated Funds and Ventures [Member]	'	'
Income from CFVs (primarily rental income)	279	3,924
Expenses from CFVs (primarily operating expenses)	-244	-3,670
Disposal:	'	'
Net gains related to CFVs	$5	$4,996

DISCONTINUED_OPERATIONS_Detail1

DISCONTINUED OPERATIONS (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest income	$185	$615
Other income	385	459
Other expense	-479	-698
Income tax (expense) benefit	-504	0
Net gains on disposal of REO	15,037	0
Net gains on redemption of bonds	5	3,649
Net income to common shareholders from discontinued operations	$14,629	$4,025

DISCONTINUED_OPERATIONS_Detail2

DISCONTINUED OPERATIONS (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	$15,037,000	$0
Rental Properties	20,900,000	'
Real Estate [Member]	'	'
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	14,000,000	'
Proceeds from Sale of Property Held-for-sale	$35,800,000	'

CONSOLIDATED_FUNDS_AND_VENTURE2

CONSOLIDATED FUNDS AND VENTURES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	$1,014,083	$1,015,358
Consolidated Funds and Ventures [Member]	'	'
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	603,230	623,207
Consolidated Funds and Ventures [Member] | LIHTC Funds [Member]	'	'
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	316,764	329,033
Consolidated Funds and Ventures [Member] | SA Fund [Member]	'	'
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	188,099	184,649
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]	'	'
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	96,259	107,362
Consolidated Funds and Ventures [Member] | Other Consolidated Entities [Member]	'	'
Investment [Line Items]	'	'
Total assets of consolidated funds and ventures	$2,108	$2,163

CONSOLIDATED_FUNDS_AND_VENTURE3

CONSOLIDATED FUNDS AND VENTURES (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]	'	'
Investments in Lower Tier Property Partnerships	$274,229	$286,007
SA Fund investments	162,667	158,325
Real estate held-for-use, net	109,340	120,576
Other assets	45,655	44,960
Total assets of CFVs	1,014,083	1,015,358
Consolidated Funds and Ventures [Member]	'	'
Investment [Line Items]	'	'
Cash, cash equivalents and restricted cash	52,470	52,897
Investments in Lower Tier Property Partnerships	274,229	286,007
SA Fund investments	162,667	158,325
Real estate held-for-use, net	91,171	102,314
Other assets	22,693	23,664
Total assets of CFVs	$603,230	$623,207

CONSOLIDATED_FUNDS_AND_VENTURE4

CONSOLIDATED FUNDS AND VENTURES (Details 2) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]	'		'
LIHTC Funds' investment in Lower Tier Property Partnerships	$274,229		$286,007
Total assets of Lower Tier Property Partnerships	88,580		86,439
Total liabilities of Lower Tier Property Partnerships	45,045		44,538
Consolidated Funds and Ventures [Member]	'		'
Investment [Line Items]	'		'
LIHTC Funds' investment in Lower Tier Property Partnerships	274,229		286,007
Total assets of Lower Tier Property Partnerships	1,313,875	[1]	1,324,704	[1]
Total liabilities of Lower Tier Property Partnerships	$1,041,395	[1]	$1,038,983	[1]
[1]	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.

CONSOLIDATED_FUNDS_AND_VENTURE5

CONSOLIDATED FUNDS AND VENTURES (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified			SA Fund [Member]	SA Fund [Member]	Consolidated Funds and Ventures [Member]	Consolidated Funds and Ventures [Member]	Consolidated Funds and Ventures [Member]	Consolidated Funds and Ventures [Member]	Consolidated Funds and Ventures [Member]	Consolidated Funds and Ventures [Member]
							SA Fund [Member]	SA Fund [Member]	Foreign Currency Gain (Loss) [Member]	Foreign Currency Gain (Loss) [Member]
									SA Fund [Member]	SA Fund [Member]
Investment [Line Items]	'	'	'	'	'	'	'	'	'	'
SA Fund investments, Balance, January 1,	$162,667	$158,325	$158,325	$161,433	$162,667	$158,325	'	'	'	'
Net gains included in earnings related to CFVs	'	'	'	'	'	'	4,867	11,356	'	'
Net foreign currency translation losses included in other comprehensive income attributable to CFVs	'	'	'	'	'	'	'	'	-1,192	-13,940
Impact from purchases	'	'	4,606	3,709	'	'	'	'	'	'
Impact from sales and distributions	'	'	-3,939	-972	'	'	'	'	'	'
SA Fund investments, Balance, March 31,	$162,667	$158,325	$162,667	$161,586	$162,667	$158,325	'	'	'	'

CONSOLIDATED_FUNDS_AND_VENTURE6

CONSOLIDATED FUNDS AND VENTURES (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment [Line Items]	'	'
Building, furniture and fixtures	$99,299	$108,424
Accumulated depreciation	-19,315	-17,997
Land	11,187	11,887
Total	$91,171	$102,314

CONSOLIDATED_FUNDS_AND_VENTURE7

CONSOLIDATED FUNDS AND VENTURES (Details 5) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Liabilities of CFVs:	'	'
Debt	$436,984	$441,963
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	13,461	13,461
Other liabilities	13,245	12,352
Total liabilities of CFVs	470,631	476,499
Consolidated Funds and Ventures [Member]	'	'
Liabilities of CFVs:	'	'
Debt	91,312	91,602
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	13,461	13,461
Other liabilities	4,957	4,043
Total liabilities of CFVs	$109,730	$109,106

CONSOLIDATED_FUNDS_AND_VENTURE8

CONSOLIDATED FUNDS AND VENTURES (Details 6) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Investment [Line Items]	'		'
Debt, Carrying Amount	$436,984		$441,963
Consolidated Funds and Ventures [Member]	'		'
Investment [Line Items]	'		'
Debt, Carrying Amount	91,312		91,602
Face Amount	90,399		90,873
Consolidated Funds and Ventures [Member] | SA Fund [Member]	'		'
Investment [Line Items]	'		'
Debt, Carrying Amount	49,886	[1]	49,886	[1]
Face Amount	49,886	[1]	49,886	[1]
Weighted-average Effective Interest Rates	2.60%	[1]	2.60%	[1]
Maturity Dates	'April 2018	[1]	'April 2018	[1]
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]	'		'
Investment [Line Items]	'		'
Debt, Carrying Amount	41,426		41,716
Face Amount	$40,513		$40,987
Weighted-average Effective Interest Rates	6.30%		6.30%
Maturity Dates	'Various dates through March 2049		'Various dates through March 2049
[1]	This amount includes $0.8 million of capitalized interest for the period ended March 31, 2014 and December 31, 2013.

CONSOLIDATED_FUNDS_AND_VENTURE9

CONSOLIDATED FUNDS AND VENTURES (Details 7) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Expenses:	'		'
Interest expense	$1,203	[1]	$6,289	[1]
Net gains (losses) related to CFVs:	'		'
Equity in losses from Lower Tier Property Partnerships of CFVs	-7,539		-6,405
Net loss	3,547		41,507
Consolidated Funds and Ventures [Member]	'		'
Revenue:	'		'
Rental and other income from real estate	3,624		2,164
Interest and other income	1,426		624
Total revenue from CFVs	5,050		2,788
Expenses:	'		'
Depreciation and amortization	2,218		1,726
Interest expense	1,069		498
Other operating expenses	2,952		2,028
Foreign currency loss	410		4,155
Asset impairments	5,000		3,024
Total expenses from CFVs	11,649		11,431
Net gains (losses) related to CFVs:	'		'
Investment gains	4,867		11,356
Derivative (losses) gains	-58		3,631
Equity in losses from Lower Tier Property Partnerships of CFVs	-7,428		-6,418
Net loss	-9,218		-74
Net losses allocable to noncontrolling interests in CFVs	9,853	[2]	660	[2]
Net income allocable to the common shareholders related to CFVs	$635		$586
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.

Recovered_Sheet1

CONSOLIDATED FUNDS AND VENTURES (Details 8) (Consolidated Funds and Ventures [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	$635	$586
Interest Income [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	343	685
Asset Management Fees [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	841	858
Guarantee Fees [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	331	331
Equity In Losses From Lower Tier Property Partnerships [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	-949	-1,499
Equity In Income From SA Fund [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	128	282
Other Expense [Member]	'	'
Investment [Line Items]	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	($59)	($71)

Recovered_Sheet2

CONSOLIDATED FUNDS AND VENTURES (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Number		Number
Number of Consolidated Funds	11	'	11
Bond Investment in Lower Tier Property Partnerships	$64,500,000	'	$64,900,000
Depreciation	1,700,000	2,000,000	'
Investment in Funds Formed to Invest in Housing Development Projects and Housing Sector Companies	162,700,000	'	158,300,000
Derivative assets	541,000	'	'
Derivative, Collateral, Right to Reclaim Cash	3,200,000	'	'
Available-for-sale Debt Securities, Fair Value Disclosure	184,883,000	'	195,332,000
Depreciation and Amortization, Discontinued Operations	100,000	800,000	'
Real Estate Held-for-Sale	20,872,000	'	24,090,000
Interest Costs Capitalized	800,000	'	800,000
Lower Tier Property Partnerships Real Estate Held For Use [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Available-for-sale Debt Securities, Fair Value Disclosure	39,800,000	'	'
Available-for-sale Debt Securities Gross Unrealized Gain	2,000,000	'	'
SA Fund [Member]	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%	'	'
SA Fund [Member] | Consolidated Funds and Ventures [Member]	'	'	'
General Partners Contributed Capital Funded	114,200,000	'	'
General Partners Contributed Capital	119,500,000	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%	'	'
Capital Contributed to Sale and Rental Properties	166,600,000	'	'
Capital Contributed to Sale and Rental Properties Funded	136,700,000	'	'
Maximum Amount of Debt Allowed	80,000,000	'	'
Proceeds from Issuance of Long-term Debt	49,100,000	'	'
Derivative, Collateral, Right to Reclaim Cash	3,300,000	'	'
Unrealized Gain (Loss) on Investments, Total	4,867,000	11,356,000	'
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	1,200,000	'	'
Percentage of Foreign Currency Translation Loss	2.70%	'	'
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total	100,000	'	'
LIHTC Funds [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Guarantor Obligations, Maximum Exposure, Undiscounted	614,400,000	'	614,400,000
Limited Partner of SA Fund [Member] | Consolidated Funds and Ventures [Member]	'	'	'
General Partners Contributed Capital Funded	3,200,000	'	'
Lower Tier Property Partnerships [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Real Estate Held-for-Sale	9,800,000	'	'
Overseas Private Investment Corporation [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	2.70%	'	'
Maximum Amount of Debt Allowed	80,000,000	'	'
Proceeds from Issuance of Long-term Debt	49,100,000	'	'
Fair Value, Inputs, Level 2 [Member] | SA Fund [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Derivative assets	$8,400,000	'	$8,500,000
Real Estate Investment [Member] | Building [Member] | Consolidated Funds and Ventures [Member]	'	'	'
Property, Plant and Equipment, Useful Life	'40 years	'	'
Minimum [Member] | LIHTC Funds [Member]	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	0.01%	'	'
Minimum [Member] | Real Estate Investment [Member] | Furniture and Fixtures [Member]	'	'	'
Property, Plant and Equipment, Useful Life	'6 years	'	'
Maximum [Member] | LIHTC Funds [Member]	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	0.04%	'	'
Maximum [Member] | Real Estate Investment [Member] | Furniture and Fixtures [Member]	'	'	'
Property, Plant and Equipment, Useful Life	'7 years	'	'

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Total interest income	$5,305		$15,938
Total interest expense	1,203	[1]	6,289	[1]
Net interest income	4,102		9,649
Total fee and other income	853		541
Total non-interest revenue	7,200		4,626
Total revenues, net of interest expense	11,302		14,275
Operating and other expenses:	'		'
Interest expense	3,573	[2]	4,129	[2]
Other expenses, net	911		1,934
Total operating and other expenses	21,807		25,372
Net gains due to real estate consolidation and foreclosure	2,003		0
Net gains (losses) related to CFVs	4,813		19,962
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	-7,539		-6,405
Income (loss) from continuing operations before income taxes	-11,486		34,919
Income tax benefit	-554		-1,527
Income from discontinued operations, net of tax	14,479		5,061
Net income (loss)	3,547		41,507
Net income (loss) to common shareholders	13,606		39,276
US Operations [Member]	'		'
Total interest income	5,638		16,616
Total interest expense	-1,203		-6,289
Net interest income	4,435		10,327
Total fee and other income	2,276		2,216
Revenue from CFVs	0		0
Total non-interest revenue	2,276		2,216
Total revenues, net of interest expense	6,711		12,543
Operating and other expenses:	'		'
Interest expense	-3,536		-4,096
Operating expenses	-4,463		-6,001
Impairment on bonds and recovery of loan losses	'		-353
Other expenses, net	-888		-1,792
Expenses from CFVs	0		0
Total operating and other expenses	-8,887		-12,242
Net gains (losses) on assets, derivatives and extinguishment of liabilities	-365		37,447
Net gains due to real estate consolidation and foreclosure	2,003		'
Net gains (losses) related to CFVs	0		0
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	-949	[3]	-1,499	[4]
Income (loss) from continuing operations before income taxes	-1,487		36,249
Income tax benefit	554		1,527
Income from discontinued operations, net of tax	14,629		4,025
Net income (loss)	13,696		41,801
(Income) loss allocable to noncontrolling interests	'		-2,005
Net income (loss) to common shareholders	13,696		39,796
US Operations [Member] | Continuing Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	0		0
US Operations [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	0		0
International Operations [Member]	'		'
Total interest income	10		7
Total interest expense	0		0
Net interest income	10		7
Total fee and other income	1,046		811
Revenue from CFVs	0		0
Total non-interest revenue	1,046		811
Total revenues, net of interest expense	1,056		818
Operating and other expenses:	'		'
Interest expense	-37		-33
Operating expenses	-1,211		-1,524
Impairment on bonds and recovery of loan losses	'		0
Other expenses, net	-82		-213
Expenses from CFVs	0		0
Total operating and other expenses	-1,330		-1,770
Net gains (losses) on assets, derivatives and extinguishment of liabilities	0		0
Net gains due to real estate consolidation and foreclosure	0		'
Net gains (losses) related to CFVs	0		0
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	128		282
Income (loss) from continuing operations before income taxes	-146		-670
Income tax benefit	0		0
Income from discontinued operations, net of tax	0		0
Net income (loss)	-146		-670
(Income) loss allocable to noncontrolling interests	'		0
Net income (loss) to common shareholders	-90		-520
International Operations [Member] | Continuing Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	56		150
International Operations [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	0		0
Consolidated Funds and Ventures [Member]	'		'
Total interest income	0		0
Total interest expense	0		0
Net interest income	0		0
Total fee and other income	0		0
Revenue from CFVs	5,050		2,788
Total non-interest revenue	5,050		2,788
Total revenues, net of interest expense	5,050		2,788
Operating and other expenses:	'		'
Interest expense	0		0
Operating expenses	0		0
Impairment on bonds and recovery of loan losses	'		0
Other expenses, net	0		0
Expenses from CFVs	-13,233		-13,516
Total operating and other expenses	-13,233		-13,516
Net gains (losses) on assets, derivatives and extinguishment of liabilities	0		0
Net gains due to real estate consolidation and foreclosure	0		'
Net gains (losses) related to CFVs	4,809		14,987
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	-6,479	[3]	-4,919	[4]
Income (loss) from continuing operations before income taxes	-9,853		-660
Income tax benefit	0		0
Income from discontinued operations, net of tax	-150		1,036
Net income (loss)	-10,003		376
(Income) loss allocable to noncontrolling interests	'		0
Net income (loss) to common shareholders	0		0
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	9,853		660
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	150		-1,036
Income Allocation Reclasses [Member]	'		'
Total interest income	-343	[5]	-685	[6]
Total interest expense	0		0
Net interest income	-343		-685
Total fee and other income	-1,172	[7]	-1,189	[8]
Revenue from CFVs	0		0
Total non-interest revenue	-1,172		-1,189
Total revenues, net of interest expense	-1,515		-1,874
Operating and other expenses:	'		'
Interest expense	0		0
Operating expenses	0		0
Impairment on bonds and recovery of loan losses	'		0
Other expenses, net	59	[9]	71	[9]
Expenses from CFVs	1,584	[10]	2,085	[11]
Total operating and other expenses	1,643		2,156
Net gains (losses) on assets, derivatives and extinguishment of liabilities	0		0
Net gains due to real estate consolidation and foreclosure	0		'
Net gains (losses) related to CFVs	0		0
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	-128	[12]	-282	[13]
Income (loss) from continuing operations before income taxes	0		0
Income tax benefit	0		0
Income from discontinued operations, net of tax	0		0
Net income (loss)	0		0
(Income) loss allocable to noncontrolling interests	'		0
Net income (loss) to common shareholders	0		0
Income Allocation Reclasses [Member] | Continuing Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	0		0
Income Allocation Reclasses [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	0		0
MMA Consolidated [Member]	'		'
Total interest income	5,305		15,938
Total interest expense	-1,203		-6,289
Net interest income	4,102		9,649
Total fee and other income	2,150		1,838
Revenue from CFVs	5,050		2,788
Total non-interest revenue	7,200		4,626
Total revenues, net of interest expense	11,302		14,275
Operating and other expenses:	'		'
Interest expense	-3,573		-4,129
Operating expenses	-5,674		-7,525
Impairment on bonds and recovery of loan losses	'		-353
Other expenses, net	-911		-1,934
Expenses from CFVs	-11,649		-11,431
Total operating and other expenses	-21,807		-25,372
Net gains (losses) on assets, derivatives and extinguishment of liabilities	-365		37,447
Net gains due to real estate consolidation and foreclosure	2,003		'
Net gains (losses) related to CFVs	4,809		14,987
Equity in (losses) and gains from Lower Tier Property Partnerships of CFVs	-7,428		-6,418
Income (loss) from continuing operations before income taxes	-11,486		34,919
Income tax benefit	554		1,527
Income from discontinued operations, net of tax	14,479		5,061
Net income (loss)	3,547		41,507
(Income) loss allocable to noncontrolling interests	'		-2,005
Net income (loss) to common shareholders	13,606		39,276
MMA Consolidated [Member] | Continuing Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	9,909		810
MMA Consolidated [Member] | Discontinued Operations [Member]	'		'
Operating and other expenses:	'		'
(Income) loss allocable to noncontrolling interests	$150		($1,036)
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt which does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $0.9 million of losses in US Operations and reduced the CFVs losses by the same amount.
[4]	Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”) because of bonds held by the Company associated with the Lower Tier Property Partnerships in situations where the carrying amount of the limited partnership investment had reached zero. For purposes of the table above, the Company recognized $1.5 million of losses in US Operations and reduced the CFVs losses by the same amount.
[5]	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected in total interest income for the US Operations.
[6]	Represents interest on bonds that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total interest income for the US Operations.
[7]	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2014 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
[8]	This amount includes $0.7 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.7 million is reflected in total fee and other income for the International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first quarter of 2013 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both are included in total fee and other income for the US Operations.
[9]	Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses are reflected as additional other expenses for the US Operations.
[10]	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above total $1.6 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
[11]	The sum of the income highlighted in notes 1, 2 and 4 above, partially offset by the expenses discussed in note 3 above total $2.1 million of net income to the Company which is then reflected as an overall net expense to the CFVs.
[12]	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2014 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.1 million is reflected as equity in income of unconsolidated ventures for the International Operations.
[13]	Represents the Company’s share of its equity interest in the SA Fund (i.e., 2.7% of the SA Fund’s first quarter of 2013 net income) which is recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million is reflected as equity in income of unconsolidated ventures for the International Operations.

SEGMENT_INFORMATION_Details_1

SEGMENT INFORMATION (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	$1,014,083	$1,015,358
Total Segment [Member]	'	'
ASSETS	458,348	450,345
US Operations [Member]	'	'
ASSETS	450,586	443,664
International Operations [Member]	'	'
ASSETS	7,762	6,681
Bonds Eliminated in Consolidation [Member]	'	'
ASSETS	-37,730	-47,745
Net unrealized mark to market gains not recorded in consolidation [Member]	'	'
ASSETS	-2,037	-2,543
Other adjustments [Member]	'	'
ASSETS	-7,728	-7,906
Consolidated Funds and Ventures [Member]	'	'
ASSETS	$603,230	$623,207

SEGMENT_INFORMATION_Details_Te

SEGMENT INFORMATION (Details Textual)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
SA Fund [Member]	'	'
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest	2.70%	'
Income Allocation Reclasses [Member]	'	'
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest	2.70%	2.70%