RELATED CAPITAL REPORTS ANOTHER BANNER GROWTH YEAR IN 2001

           Provides Over $800 Million of Debt and Equity Financing for
                         Multifamily Housing in 2001 --

NEW YORK, NY - January 23, 2002 - Related Capital  Company,  one of the nation's
largest  financiers  of  affordable  mulitfamily  housing,  along  with  its two
publicly-traded   companies,   CharterMac   (AMEX:CHC)  and  American   Mortgage
Acceptance  Company  (AMEX:AMC),  experienced  continued growth in 2001. Related
Capital  raised  $490  million in equity and  originated  $317  million in debt.
Related Capital's  multi-investor  fund product line was particularly  strong in
2001 representing nearly 64% of the total equity raised.

"Our continued growth demonstrates the level of confidence investors have in our
work,  something we are very  thankful  for," said Marc D.  Schnitzer,  Managing
Director  of  Related  Capital  Company.  "Related  Capital  is able to  provide
developers  with  all of  their  financing  needs:  equity,  debt,  taxable  and
tax-exempt  financing,  bridge,  mezzanine  and  pre-development  loans - in one
place."

For 30 years,  Related  Capital  Company has been  partnering with developer and
investor  clients to create and  preserve  real  estate  value.  The Company has
raised more than $5.5 billion in equity,  owns a real estate portfolio valued in
excess  of $15  billion,  and  has  provided  more  than  90,000  families  with
affordable, quality housing.

Charter  Municipal  Mortgage  Acceptance  Company (CHC),  a leading  investor in
tax-exempt bonds which finance  multifamily  housing  nationwide,  reached total
assets valued at approximately $1.3 billion in 2001 by raising over $227 million
in equity and acquiring 27 bonds  representing  over $295 million.  The 27 bonds
financed 5,660 multifamily units.

American  Mortgage  Acceptance  Company (AMAC), a real estate  investment trust,
originated 4 loans,  representing  approximately $8 million.  As of December 31,
2001, AMAC's portfolio  consisted of two FHA-insured  mortgage loans, six Ginnie
Mae certificates, six mezzanine loans, five bridge loans on LIHTC properties and
direct and indirect investments in commercial mortgage-backed securities. AMAC's
current distribution of $1.45 per share annualized represents a 10% yield on the
$14.55 per share closing price on December 31, 2001.

The following are some accomplishments in the year 2001:

o  Related Capital provided $12.5 million in equity through federal historic and
   low-income tax credits to invest in the rehabilitation of a historic property
   in St. Louis,  Missouri,  known as Merchandise  Mart  Apartments.





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   CharterMac provided $25 million in financing by purchasing tax-exempt bonds.
   When completed in late 2002, the 213-unit Merchandise Mart Apartments will be
   the first of more than 1,000 new luxury apartments and lofts being built in
   St. Louis' growing downtown residential market.

o  CharterMac   completed  the  acquisition  of  PW  Funding  Inc.,  a  national
   mortgage-banking firm. As a result of this acquisition, CharterMac is able to
   expand its origination  platform to offer  developers  tax-exempt and taxable
   financing  through Fannie Mae,  Freddie Mac and FHA,  together with mezzanine
   and bridge loans.

o  CharterMac and AMAC originated a total of $317 million in debt.

o  Approximately  $75  million  was  invested  by Related  Capital  in  projects
   receiving tax-exempt financing from CharterMac.

Related  Capital  Company is a leading  financier  of  historic  and  affordable
multifamily housing and has financed the construction and rehabilitation of over
90,000  affordable  housing  tax credit  units in 800  properties  located in 44
states and Puerto Rico. As the third largest owner of multifamily housing in the
U.S. with more than 1,200  properties  across the country and a portfolio valued
at  approximately  $15 billion,  Related  Capital is recognized as an innovative
leader in the creation of real estate investment  vehicles for institutional and
individual investors.  The Company's web site,  www.relatedcapital.com  includes
information  about the  company,  its  products and services and the AMEX traded
companies  that it manages:  CharterMac  (CHC),  Aegis  Realty,  Inc.  (AER) and
American Mortgage Acceptance Company (AMC).

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