The first closing in the sale of MMA Financial has been completed.

The sale involves substantially all of the low-income housing tax credit business operated by MMA Financial and MMA Equity Corp., subsidiaries of Municipal Mortgage & Equity, LLC (MuniMae).

The tax credit assets are being sold to an affiliate of JEN Partners, LLC, a New York-based private equity real estate firm, for an aggregate consideration of about $30.7 million, consisting of $18.7 million to be paid in cash and $12 million in liabilities to be assumed by the purchaser.

The new firm will be called Boston Financial Investment Management.

The first closing covered 29 tax credit equity funds and the operating assets of the business, inclusive of substantially all of the employees, with a cash payment of $14 million and the assumption of certain liabilities.

The second closing will cover the remaining assets and assumption of liabilities and is anticipated to occur within 60 days.

MuniMae is retaining ownership of its interests in certain guaranteed funds.