In addition, MuniMae also raised a total of $107 million in common equity and tax credit equity. "The equity markets continue to be supportive of our business," explains MuniMae CEO Mark K. Joseph.

MuniMae's financing projects included $75.8 million in construction/permanent lending, $32.1 million in tax-exempt bonds construction/permanent financing, $16.8 million in supplemental loans, and $29.1 million in equity investments. MuniMae's Angela Richardson tells GlobeSt.com that the financing endeavors involved properties in 15 states: Arizona, California, Colorado, Georgia, Idaho, Indiana, Louisiana, Maryland, Michigan, Nebraska, New Jersey, South Carolina, Texas, Virginia and Washington.

As for the acquisition of $107 million in funds during the first quarter, the company took part in two capital-raising campaigns that yielded the money. A common equity offering produced $72 million, which will be used for future investment activity. And tax credit equity from four outside investors generated $35 million. "As in past years, we expect production to be back-end loaded with our output ramping up over the next three quarters to meet our 2003 goal of $1.5 billion," Joseph continues. "This follows the affordable-housing development cycle where tax credits, state loans and tax-exempt bonds are usually awarded mid to late in the year. These allocations are awarded to our clients over the course of the year."