Exhibit 21

SUBSIDIARIES OF THE REGISTRANT



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|Name of Subsidiary                                                         |  | Jurisdiction of Organization
|Affordable Property Holdings, LLC                                          |  | Michigan                    
|CAPREIT Tera Venture, LLC                                                  |  | Maryland                    
|FM Sponsor I, LLC                                                          |  | Maryland                    
|MMA Financial Bond Warehousing, LLC                                        |  | Maryland                    
|MMA Financial Warehousing, LLC                                             |  | Maryland                    
|MMA Advisory Services (formerly Midland Advisory Services, Inc.)           |  | Michigan                    
|MMA Capital Corporation                                                    |  | Michigan                    
|MMA Equity Corporation1                                                    |  | Florida                     
|MMA Financial Holdings, Inc. (formerly Midland Financial Holdings, Inc.)   |  | Florida                     
|MMA Middle Tier I, LP                                                      |  | Delaware                    
|MMA Mortgage Investment Corporation                                        |  | Florida                     
|Midland Realty Investment Corporation                                      |  | Florida                     
|MMA Special Limited Partner, Inc.                                          |  | Florida                     
|MMA Special Partners Corp.                                                 |  | Delaware                    
|MMA Credit Enhancement I, LLC                                              |  | Maryland                    
|MMA Servicing, LLC                                                         |  | Maryland                    
|MMACap, LLC                                                                |  | Delaware                    
|Municipal Mortgage Investments II, LLC                                     |  | Maryland                    
|Municipal Mortgage Investments III, LLC                                    |  | Maryland                    
|Municipal Mortgage Investments IV, LLC                                     |  | Maryland                    
|Municipal Mortgage Investments, LLC                                        |  | Maryland                    
|MuniMae Investment Services Corporation                                    |  | Maryland                    
|MMA Construction Finance, LLC (formerly MuniMae Construction Finance, LLC) |  | Maryland                    
|MMA Financial Equity I, LLC                                                |  | Maryland                    
|MMA Financial Equity II, LLC                                               |  | Maryland                    
|MMA Financial Equity III, LLC                                              |  | Maryland                    
|MMA Financial Equity IV, LLC                                               |  | Maryland                    
|MMA Financial Equity V, LLC                                                |  | Maryland                    
|MMA Financial Equity Ventures, LLC                                         |  | Maryland                    
|MMA Financial, LLC (formerly MuniMae Midland, LLC)                         |  | Maryland                    
|MuniMae Portfolio Services, LLC                                            |  | Maryland                    
|MuniMae Structured Finance, LLC                                            |  | Maryland                    

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|1 | This company controls 100 consolidated wholly-owned subsidiaries engaged in the syndication of low-income housing tax credits equity investments, including asset
management services, which operate in the United States.
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|MMA Financial Swap Party I, LLC                           |  | Maryland     
|MuniMae TE Bond Subsidiary, LLC                           |  | Maryland     
|Munimae TEI Holdings, LLC                                 |  | Maryland     
|TE Bond Holder Limited Partnership                        |  | Maryland     
|Whitehawk Capital Fund IV, LLC                            |  | Maryland     
|Whitehawk Capital, LLC                                    |  | Delaware     
|MMA Financial TC Corp.2                                   |  | Delaware     
|MMA Financial BFG Investments, LLC                        |  | Delaware     
|MMA Financial BFGLP, LLC                                  |  | Maryland     
|MMA Financial BFRP, Inc.                                  |  | Delaware     
|MMA Financial CDD Sponsor, LLC                            |  | Maryland     
|MMA Financial CDE Investor, LLC                           |  | Maryland     
|MMA Financial Community Investment, LLC                   |  | Maryland     
|MFH Financial Trust I                                     |  | Delaware     
|West Cedar Acquisitions LLC                               |  | Delaware     
|Acquisitions Investments Corp.                            |  | Massachusetts
|BF Institutional Tax Credits Acquisitions Limited Partner |  | Massachusetts
|Lend Lease MSR Corp.                                      |  | Delaware     

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|2 | This company controls 979 consolidated wholly-owned subsidiaries engaged in the syndication of low-income housing tax credits equity investments, including asset
management services, which operate in the United States.
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