MMA FINANCIAL, INC.
EMPLOYMENT AGREEMENT

Charles M. Pinckney

THIS EMPLOYMENT AGREEMENT (this ?Agreement?) is made and entered into this 28th day of August 2007 by and between MMA Financial, Inc., a Maryland corporation (?Employer?) and Charles M. Pinckney (?Employee?).

WHEREAS, Employer and Employee desire to modify the current employment relationship to the terms set forth herein effective as of July 10, 2007 (the ?Effective Date?); and

WHEREAS, this Agreement supersedes a previous agreement between Employer and Employee dated March 4, 2004 (the ?Prior Agreement?) and there is a need for a new agreement because Employee is assuming the position of Chief Operating Officer and interim Chief Financial Officer of Employer as of the Effective Date.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employer and Employee hereby agree as follows:

1. Employment, Duties, Etc. Employer agrees to continue to employ Employee, and Employee agrees to continue to be employed by Employer, on the terms and conditions provided in this Agreement.

(a) Position(s), Duties and Responsibilities. Employee is engaged to serve as Employer?s Chief Operating Officer. Employee is also engaged to serve on an interim basis as Employer?s Chief Financial Officer until March 3, 2008 or such earlier date on which the parties mutually agree Employee?s service as interim Chief Financial Officer shall terminate. In his capacity as Chief Operating Officer, Employee shall report directly to the Chief Executive Officer of Municipal Mortgage & Equity, LLC, Employer?s parent company (the ?Company?). In his capacity as interim Chief Financial Officer, the Employee shall report directly to the Company?s Chief Executive Officer. The Employee?s duties, powers and responsibilities shall be commensurate with those customarily associated with the chief operating officer of a corporation comparable to the Company, with Employee?s specific duties, powers and responsibilities set forth on the attached Exhibit A.

(b) Extent of Services. Employee agrees to devote Employee?s full time energy, attention and skill in performing his duties under this Agreement. Provided that such activity shall not violate any provision of this Agreement (including the noncompetition provisions of Section 8 below) or materially interfere with the performance of Employee?s duties hereunder, nothing herein shall prohibit Employee (1) from participating in any other business activities approved in advance by Employer in accordance with any terms and conditions of such approval, such approval not to be unreasonably withheld or delayed, (2) from engaging in charitable, civic, religious, fraternal or trade group activities, or (3) from investing in other entities or business ventures.

(c) Tampa Residence.

(i) The parties acknowledge that the Employee and his family make their principal residence in Tampa, Florida and that the Employee?s office from which he will render services under this Agreement is located in Tampa. Except for temporary service in Baltimore, Maryland as provided in this Agreement, the Employer may not require the Employee to locate his office and render services under this Agreement at any location more than 25 miles from downtown Tampa.

(ii) The Employee has agreed for a limited period of time, not to exceed eight months from the Effective Date, to provide services under this Agreement at the Employer?s offices in Baltimore, Maryland for between three-and-four days per week, the selection of specific days to be mutually agreeable to the Employee and the Employer?s Chief Executive Officer. Neither the Employee nor the Chief Executive Officer shall unreasonably withhold his agreement to the selection of days on which the Employee will provide services in Baltimore, Maryland. During the period of time the Employee is traveling to Baltimore to provide services hereunder, the Employer shall provide the Employee with an office in Baltimore and full staff support, both of which shall be in addition to the facilities and staff support provided for the Employee at his Tampa office. Employee shall also be permitted by the Company and the Employer to travel to and from New England to Baltimore to fulfill his obligations under this subsection, and need not travel to and from Tampa, Florida. All such travel and associated expenses shall be fully reimbursable by the Employer under Section 5 hereof.

2. Compensation. As compensation for performing the services required by this Agreement, and during the term of this Agreement, Employee shall be compensated as follows:
 

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