"Consistent with our history and the cyclical nature of our business, the pipeline is looking stronger for the fourth quarter," MuniMae chairman and CEO Mark K. Joseph notes. "Our tax credit equity syndication volume has increased significantly due to our July 2003 acquisition of HCI." MuniMae made the $102 million cash purchase of HCI--a low-income housing tax credit equity investments syndicate more formally known as Housing and Community Investing--from Lend Lease Real Estate Investments, which acquired the unit in 1999 for $138 million. MuniMae merged HCI and subsidiary MuniMae Midland LLC to form what is now called MMA Financial.

Activity from the third quarter brings MuniMae's year-to-date origination activity up to $870 million, including $399 million in originations in the second quarter, and $154 million in the first quarter. "As is usually the case," Joseph says in an earlier report, "our production volumes tend to increase as the year goes on because of cyclical issues unique to affordable housing." MuniMae's financing goal for the year, as presented in an April 2003 statement on the first quarter, is $1.5 billion.