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                                                                    EXHIBIT 20.1




PRESS RELEASE                       CONTACT:             Gary Mentesana
                                                         Chief Financial Officer
FOR IMMEDIATE RELEASE                                    (888) 788-3863


        MUNIMAE ANNOUNCES THE PUBLIC OFFERING OF 3,800,000 COMMON SHARES


BALTIMORE, MD, January 31, 2001 -- Municipal Mortgage & Equity, LLC (NYSE: MMA),
also known as MuniMae, announced today the public offering of 3,800,000 of
common shares at a price of $23.07 per share.

Mark K. Joseph, Chairman of the Board and CEO of MuniMae stated, "We are very
pleased to complete our third follow-on equity offering. We will use this new
capital to fund investment transactions and continue our growth. The
underwriting team did a terrific job and we feel fortunate that market
conditions were with us."

MuniMae raised $87.7 million in this offering. The underwriters, led by Merrill
Lynch & Company, UBS Warburg LLC, First Union Securities, Incorporated, and Legg
Mason Wood Walker, Incorporated, have an option to purchase an additional
570,000 shares to cover over-allotments. If the option is exercised in full, the
proceeds to the Company would then be $100.8 million. The offering is expected
to close on February 6, 2001. A written prospectus supplement prepared in
connection with this offering may be obtained by calling the Company at (888)
788-3863.

MuniMae originates, services and asset manages investments in multifamily debt
and equity totaling $2.3 billion for its own account and for institutional
investors. For its proprietary accounts, MuniMae primarily holds tax-exempt
multifamily housing bonds. Of these bonds, nearly one-half provide for the
Company to participate in the appreciation of the underlying apartments.

        MuniMae is organized as a limited liability company, which makes it
exempt from tax at the corporate level and provides the benefit of corporate
governance. 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 quarterly and paid in
February, May, August and November.


          MUNIMAE: TAX-EXEMPT DIVIDENDS AND GROWTH THROUGH REAL ESTATE
                                 www.munimae.com