Exhibit 20.1





PRESS RELEASE                 CONTACT:                Derek K. Cole
                                                Director, Investor Relations
FOR IMMEDIATE RELEASE                           (888)788-3863



      MUNIMAE ANNOUNCES THE PUBLIC OFFERING OF 2,500,000 COMMON SHARES


BALTIMORE,  MD,  July 23, 1998 -- Municipal Mortgage & Equity, L.L.C. (NYSE:
MMA),  also  known as  MuniMae,  announced  today  the  public  offering  of
2,500,000 growth, or common, shares at a price of $21.125 per share.

Mark K. Joseph,  Chairman  of  the  Board and CEO of MuniMae stated, "We are
pleased to complete our second equity  offering  of  the year.  The proceeds
from this offering will be used to fund new investment  transactions.   This
offering  continues,  and  contributes  to,  our  plans  for  the  growth of
MuniMae."

Net  proceeds  of  the  offering  to  MuniMae  will  be  $49.7 million.  The
underwriters, led by Legg Mason Wood Walker, Incorporated,  Merrill  Lynch &
Co. and Wheat First Butcher Singer, have an option to purchase an additional
375,000  shares  to  cover  over-allotments.   If the option is exercised in
full,  the net proceeds to the Company would then  be  $57.2  million.   The
offering  is  expected  to  close  on  July  28, 1998.  A written prospectus
supplement  prepared in connection with this offering  may  be  obtained  by
calling the Company at (888) 788-3863.

MuniMae originates,  invests in, and services tax-exempt multifamily housing
bonds.  The fifty-two  multifamily  housing complexes which secure MuniMae's
portfolio are located in twenty-six markets  in  thirteen states and contain
13,684  units  with an average occupancy of 94%.  The  properties  represent
approximately $600  million  in  real  estate value.  Most of MuniMae's tax-
exempt  bonds  and other bond related investments  provide  for  MuniMae  to
participate in the appreciation of the underlying apartments on a tax-exempt
basis.

MuniMae is organized  as  a limited liability company which provides for tax
advantages as well as the benefit  of  corporate  governance.  MuniMae, like
Real Estate Investment Trusts ("REITs"), is exempt from tax at the corporate
level.   In  addition,  the  Company  passes  through  to  its  shareholders
primarily  tax-exempt  dividends which are generated by its  municipal  bond
investments.  Dividends to shareholders are declared and paid quarterly.

         MUNIMAE: TAX-EXEMPT DIVIDENDS AND GROWTH THROUGH REAL ESTATE


                                  #

7/23/98