Exhibit 99.1

            AMERICAN MORTGAGE ACCEPTANCE COMPANY ISSUES EARNINGS AND
                           DIVIDEND GUIDANCE FOR 2007

NEW YORK, NY - February 28, 2007 - American Mortgage Acceptance Company ("AMAC"
or the "Company") (AMEX:AMC) today announced that the Company expects Adjusted
Funds from Operations ("AFFO") per share for 2007 to be between approximately
$0.95 and $1.00 and GAAP net income per share for 2007 to be between
approximately $0.79 and $0.84. In connection with this guidance, the Company
expects that the dividend per share in 2007 will reflect a payout ratio of 90% -
95% of AFFO. As was the case in 2006, AMAC will continue to report both Funds
from Operations ("FFO") and AFFO. AFFO excludes the changes in the fair value of
derivative instruments, net of certain associated costs. The changes in the fair
value of these derivative instruments will not have an impact on AMAC's dividend
per share.

"Over time, we have significantly evolved AMAC's business model and we recently
implemented a new investment strategy," said J. Larry Duggins, Chief Executive
Officer of AMAC. "At the same time, AMAC is facing a tremendous amount of
competition stemming from the continued inflows of capital to the commercial
bridge and mezzanine loan market, which has caused spreads in this market to
tighten. The combination of the competitive market place, the previously
disclosed impairments in our loan portfolio and AMAC's current size are having a
material impact on our short term financial results, which consequently affects
our AFFO available to cover dividends."

"As we look to 2007 and beyond, we are focused on utilizing strategic
relationships available to us through our advisor, CharterMac, to carefully
deploy our capital in select first mortgage, bridge and mezzanine loans,"
continued Duggins. "We will continue utilizing collateralized debt obligation
("CDO") technology to finance our lending activities, which we believe will
produce a higher return on equity for our Company over time. We have redefined
our credit approval process and strengthened our asset management platform.
Following CharterMac's acquisition of ARCap in 2006, we now have access to
ARCap's highly-rated primary and special servicing teams. We believe that
diligent growth and diversification of AMAC's investments, combined with high
quality asset management, will lead to a more efficient business model and will
maximize shareholder value. Demonstrating CharterMac's confidence in our long
term value, CharterMac will enter into a 10b5-1 plan to purchase up to 9.8% of
AMAC's outstanding shares, further aligning our advisor's interests with those
of our common shareholders."

AMAC will release its fourth quarter and year ended December 31, 2006 financial
information on March 20, 2007. Management will conduct a conference call on
March 20 at 10:00 a.m. Eastern Time to discuss AMAC's 2006 financial results and
to discuss this press release. Investors, brokers, analysts, and shareholders
wishing to participate should call (800) 238-9007.

Reconciliation of AFFO Per Share to GAAP Net Income Per Share Guidance


(per share)                                     Low               High
Net Income                                      $0.79             $0.84
Plus: Depreciation and Amortization             $0.16             $0.16
Funds From Operations                           $0.95             $1.00
Change in Value of Derivatives (1)              $0.00              $0.00
Adjusted Funds From Operations                  $0.95             $1.00

(1) Does not include an assumption as to the change in the fair value of
derivatives or other gains and losses associated therewith as such factors are
dependent upon changes in market interest rates and are outside of the Company's
control.

About the Company

AMAC is a real estate investment trust that specializes in multifamily and
commercial real estate finance. AMAC originates and acquires first mortgage,
mezzanine and bridge loans secured by properties throughout the United States.
For more information, please visit our website at

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http://www.americanmortgageco.com or contact the Investor Relations Department
directly at (800) 831-4826.


Certain statements in this document may constitute forward-looking statements
within the meaning of the "safe harbor" provisions 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 factors and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. These risks and uncertainties are
detailed in AMAC's most recent Annual Report on Form 10-K and in its other
filings with the Securities and Exchange Commission and include, among others,
risks of investing in uninsured and non-investment grade mortgage assets and
subordinated Commercial Mortgage-Backed Securities ("CMBS"); competition in
acquiring desirable investments; interest rate fluctuations; risks associated
with hedging transactions, which can limit gains and increase exposure to loss;
risks associated with investments in real estate generally and the properties
which secure many of our investments; general economic conditions, particularly
as they affect the value of our assets and the credit status of our borrowers;
dependence on our external Advisor for all services necessary for our
operations; conflicts which may arise among us and other entities affiliated
with our Advisor which have similar investment policies to ours; risks
associated with the repurchase agreements we utilize to finance our investments
and the availability of financing generally; and risks associated with our
contemplated CDO transactions, which include, but are not limited to, the
inability to acquire eligible investments for a CDO issuance and the inability
to find suitable replacement investments in collateralized debt obligations with
reinvestment periods. Such forward-looking statements speak only as of the date
of this document. AMAC expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in AMAC's expectations with regard
thereto or change in events, conditions, or circumstances on which any such
statement is based.

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