Business Description
MMA Capital Management, LLC, the registrant, was organized in 1996 as a Delaware
limited liability company. The Company partners with institutional capital to
create and manage investments in affordable housing and renewable energy. Company
operated through three reportable segments – United States (“U.S.”)
Operations, International Operations and Corporate Operations.
U.S. Operations
Our U.S. Operations segment consists of three business lines: Leveraged Bonds,
Low-Income Housing Tax Credits (“LIHTC”) and Energy Capital and
Other Investments.
In our Leveraged Bonds business line, we primarily own and manage bonds that
finance affordable housing and infrastructure in the U.S. Within this business
line, we manage the vast majority of the Company’s bonds and associated
financings. The bond portfolio is comprised primarily of multifamily tax-exempt
bonds, but also includes other real estate related bond investments.
In our LIHTC business line, we primarily own and manage limited partner (“LP”)
and general partner (“GP”) investments in affordable housing communities
in the U.S. We provide asset management and administrative services to a limited
liability company formed by the Company and a commercial bank (our “LIHTC
Partnership”), and have provided a limited guarantee of the expected tax
credits to be generated by the LIHTC Partnership’s portfolio of investments.
As part of this business line, we have made other guarantees to third parties
related to the receipt of tax credits and the performance of the underlying
assets and we have loan receivables from, and an option to purchase, a tax credit
asset manager.
In our Energy Capital and Other Investments business line, we primarily provide
project capital necessary to develop and build renewable energy systems through
a joint venture that we have with an alternative asset manager (our “Solar
Joint Venture”) and that provides custom solar financing solutions offered
by MMA Energy Capital. These financing solutions include debt investments to
be used as late stage development capital to bring projects through the development
phase and into construction, as well as capital to construct these projects
and place them in operation. Within this business line, we also manage our solar
and non-solar legacy assets.
International Operations
We manage our International Operations segment through a wholly owned subsidiary,
International Housing Solutions S.à r.l. (“IHS”). IHS’s
strategy is to raise, invest in and manage private real estate funds that invest
in residential real estate. IHS currently manages three funds: the South Africa
Workforce Housing Fund (“SAWHF”), 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 affordable housing,
including green housing projects, within South Africa and Sub-Saharan Africa.
Our Corporate Operations segment is responsible for accounting, reporting,
compliance and planning, which are fundamental to our success as a global fund
manager and publicly traded company in the U.S.
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