MMA Capital Management, LLC, formerly Municipal Mortgage & Equity, LLC, partners with institutional capital to create alternative investment opportunities. The Company operates through two segments: United States Operations and International Operations. Its United States Operations consists of three business lines; Leveraged Bonds, Low-Income Housing Tax Credits (LIHTCs), and Other Investments and Obligations. The Company manages its International Operations through a 96% owned subsidiary, International Housing Solutions (IHS), where its strategy is to raise, invest in, and manage private real estate funds. IHS currently manages three funds: the South Africa Workforce Housing Fund, which is a multi-investor fund and is fully invested; IHS Residential Partners I, which is a single-investor fund targeted at the emerging middle class in South Africa, and IHS Fund II, which is a multi-investor fund targeting investments in green affordable housing in South Africa and Sub-Saharan Africa.