American Mortgage Acceptance Company Comments on CharterMac's Announcement to Acquire ARCap.

NEW YORK -- American Mortgage Acceptance Company (the "Company") (AMEX:AMC) today commented on the June 15, 2006 press release announcing that CharterMac (NYSE:CHC), the parent company of AMAC's advisor, CharterMac AMI Associates, Inc. (the "Advisor"), is proposing to acquire all of the membership interests of ARCap Investors, LLC ("ARCap"). The total transaction values third-party membership interests in ARCap at $210.3 million, which does not include CharterMac's current 10.7% ownership interest in ARCap.

AMAC currently owns 13.3% of the third-party membership interests that CharterMac proposes to purchase, through its investment in ARCap's common and preferred interests.

As noted in CharterMac's press release, the offer is subject to the approval of ARCap's equity owners (including the Company), the completion of documentation and the execution of a definitive agreement containing customary closing conditions.

The Company's board of trustees has formed a special committee comprised solely of its three independent trustees to review the offer and determine whether the Company should approve the transaction and sell its equity interest in ARCap.

ARCap has not yet presented the acquisition agreement to the Company for their approval and signature. There can be no assurance that the acquisition will be consummated.

Additional information regarding the acquisition may be found in the press release which is posted on CharterMac's website at http://www.chartermac.com.

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 loans, mezzanine loans, bridge loans, and government-insured first mortgages secured by properties throughout the United States. For more information, please visit our website at http://www.americanmortgageco.com or contact the Shareholder Services Department directly at [phone].

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. 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.