Exhibit 99.1


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
           COMMENTS ON PROPOSED ACQUISITION OF RELATED CAPITAL COMPANY


NEW YORK, NEW YORK - December 18, 2002 - American Mortgage Acceptance Company
("AMAC" or "the Company"; AMEX:AMC) today announced that the proposed
acquisition of Related Capital Company ("RCC"), an affiliate of Related AMI
Associates, AMAC's external advisor (the "Advisor"), by Charter Municipal
Mortgage Acceptance Company ("CharterMac") should not affect AMAC or its
day-to-day operations. The proposed acquisition contemplates that the same
management team that is currently managing AMAC will continue to manage AMAC if
the acquisition of RCC by CharterMac is completed.

CharterMac, a full-service multifamily finance company, is also managed by an
affiliate of RCC. Today, CharterMac announced that its Board of Trustees
unanimously approved the acquisition of RCC by CharterMac, which would
internalize CharterMac's management as part of the proposed acquisition. The
acquisition is subject to approval by CharterMac's common shareholders, as well
as other customary closing conditions, and will be voted upon by CharterMac
shareholders at a special shareholder meeting, subject to regulatory review of a
proxy statement.

Upon the completion of the acquisition, CharterMac will assume the principals of
RCC's ownership position in the Advisor and will continue to provide management
services to AMAC through the current management contract.

"The acquisition of RCC by CharterMac will not have any material effect on AMAC
or on any of AMAC's shareholders," stated Stuart J. Boesky, Chief Executive
Officer and President of AMAC. "AMAC's management team remains committed to
operating the Company and will continue to pursue additional opportunities to
add value to our shareholders."

For additional information on the acquisition of RCC by CharterMac, please feel
free to visit CharterMac's website at www.chartermac.com or contact the
Shareholder Services Department directly at (800) 831-4826.

About the Company
AMAC is a real estate investment trust that specializes in multifamily housing
finance. AMAC originates and acquires mezzanine loans, bridge loans and
government insured first mortgages secured by multifamily housing properties
throughout the United States. For more information, please visit our website at
www.americanmortgageco.com or contact the Shareholder Services Department
directly at (800) 831-4826.

Certain statements in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management's current expectations and
beliefs and are subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. Such forward-looking statements speak only as of the date of this
press release. The Company expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with regard thereto
or change in events, conditions or circumstances on which any statement is
based.


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