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CHAMPS REPORTS 1992 CASH FLOW OF $2.90 PER SHARE

 ROCKVILLE, Md., March 1 /PRNewswire/ -- Capital Housing and Mortgage Partners, Inc. (CHAMPS) (AMEX: CAP), a self-liquidating real estate investment trust (REIT), announced that total cash flow for the year ended Dec. 31, 1992, was approximately $14.4 million ($2.90 per share) compared with approximately $3.6 million (73 cents per share) for the prior year.
 Cash flow for 1992 included net disposition proceeds of approximately $11.5 million ($2.30 per share) resulting from four involuntary mortgage dispositions that occurred during the year.
 Total cash flow is comprised of cash flow from regular operations plus net proceeds from mortgage dispositions. Cash flow from regular operations is comprised of regular payments of both interest and principal from mortgage investments, cash flow from participating mortgage investments, and amortization of deferred costs. Because cash flow is the basis for paying shareholder dividends, management believes cash flow is a better indicator of performance than the net income reported on financial statements.
 In addition to 1992's four involuntary mortgage dispositions, CHAMPS anticipates two involuntary mortgage dispositions during 1993. As a result, next year's cash flow from regular operations is expected to decline from 60 cents per share in 1992 to approximately 43 cents per share in 1993.
 The CHAMPS portfolio now consists of eight federally insured mortgages (including the two mortgages held for disposition), cash, and participating mortgage investments. As of Dec. 31, 1992, the portfolio had a par value of approximately $29.6 million or $5.95 per share. Management estimates the current net market value of the portfolio to be approximately $30.2 million or $6.06 per share.
 Net income for financial statement purposes for the year ended Dec. 31, 1992 was approximately $1.7 million (33 cents per share) as compared to approximately $2.8 million (56 cents per share) for the year ended Dec. 31, 1991.
 CHAMPS is a self-liquidating real estate investment trust which invested in government-insured mortgage loans, mortgage-backed securities, and participating mortgage investments. The company's charter calls for disposing of all of its mortgage investments by February 1999.
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 For the three months For the 12 months
 ended Dec. 31, ended Dec. 31,
 (Unaudited) (Audited)
 1992 1991 1992 1991
 Cash Flow:
 Cash flow from regular
 operations $571,714 $926,429 $ 2,969,151 $3,640,860
 Losses from four
 mortgage dispositions -- -- (345,813) --
 Return of capital from
 mortgage dispositions -- -- 11,825,190 --
 Net proceeds from
 mortgage dispositions -- -- 11,479,377 --
 Total cash flow $571,714 $926,429 $14,448,528 $3,640,860
 Cash Flow per Share:
 Cash flow from regular
 operations $0.11 $0.19 $0.60 $0.73
 Losses from mortgage
 dispositions -- -- (0.07) --
 Return of capital from
 mortgage dispositions -- -- 2.37 --
 Net proceeds from
 mortgage dispositions -- -- 2.30 --
 Total cash flow
 per share $0.11 $0.19 $2.90 $0.73
 Dividends paid
 per share $2.897(A) $0.731
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 For the three months For the 12 months
 ended Dec. 31, ended Dec. 31,
 (Unaudited) (Audited)
 1992 1991 1992 1991
 Financial Statement Net Income:
 Gross income $499,686 $859,318 $2,925,492 $3,512,309
 Income before mortgage
 dispositions $310,210 $694,662 $2,140,612 $2,792,793
 Losses from mortgage
 dispositions -- -- (474,581)(B) --
 Net income $310,210 $694,662 $1,666,031 $2,792,793
 Net income per share $ 0.06 $ 0.15 $ 0.33 $ 0.56
 Weighted average shares
 outstanding 4,981,752 4,981,752 4,981,752 4,981,752
 As of Dec. 31,
 (Audited)
 1992 1991
 Investment in mortgages
 and limited partnerships:
 Carrying value $25,180,241 $41,581,954
 Mortgage loans held
 for disposition $ 3,820,020 $ --
 Total assets $30,071,224 $42,736,719
 (A) 1992 dividend includes $2.30 per share for the disposition of the mortgages on Oak Hills Village, At the Lakes, 94 percent of Montpelier Woods Apartments and Lynnhaven Landing.
 (B) Resulting from recognition of four actual mortgage dispositions and two anticipated dispositions in accordance with GAAP.
 -0- 3/1/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan Railey, 301-468-3120, both for Capital Housing and Mortgage Partners, Inc./
 (CAP)


CO: Capital Housing and Mortgage Partners, Inc. ST: Maryland IN: FIN SU: ERN

IH-KD -- DC019 -- 1516 03/01/93 14:29 EST
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