FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MENTESANA GARY A 		2. Issuer Name and Ticker or Trading Symbol

MMA CAPITAL MANAGEMENT, LLC [ MMAC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Executive Vice President
(Last)          (First)          (Middle)

3600 O'DONNELL STREET, SUITE 600 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/17/2018
(Street)

BALTIMORE, MD 21224
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common   10/17/2018   10/17/2018   M    32000.0000   A $1.8000   243243.0000   D    
Common   10/17/2018   10/17/2018   M    2000.0000   A $1.3500   245243.0000   D    
Common   10/17/2018   10/17/2018   F    17379.0000   (1) D $26.4450   227864.0000   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options to purchase common shares   $1.3500   10/17/2018   10/17/2018   M         2000.0000   (2)   1/7/2010   1/7/2020   (3) Common   2000.0000   $1.3500   0.0000   D    
Options to purchase common shares   $1.8000   10/17/2018   10/17/2018   M         32000.0000   (2)   3/29/2012   3/29/2022   (3) Common   32000.0000   $1.8000   68000.0000   D    

Explanation of Responses:
(1)  Withholding of shares to cover exercise price and taxes for optionee.
(2)  Exercise of options pursuant to a Rule 10b5-1 plan adopted March 29, 2018.
(3)  As a result of the transition to an external management arrangement effective January 8, 2018 Mr. Mentesana terminated employment with the Company, as a result the options must be exercised no later than January 7, 2019

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MENTESANA GARY A
3600 O'DONNELL STREET
SUITE 600
BALTIMORE, MD 21224

Executive Vice President

Signatures
J. Brooks Martin, Attorney-in-Fact 10/18/2018
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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