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CHAMPS REPORTS THIRD QUARTER RESULTS

 CHAMPS REPORTS THIRD QUARTER RESULTS
 ROCKVILLE, Md., Nov. 12 /PRNewswire/ -- Capital Housing and


Mortgage Partners, Inc. (CHAMPS) (AMEX: CAP), a self-liquidating real estate investment trust, said today that total cash flow for the three months ended Sept. 30, 1992, was approximately $6.8 million ($1.36 per share) vs. approximately $910,000 (18 cents per share) for the same period last year.
 Cash flow during the third quarter included net disposition proceeds of approximately $6.1 million ($1.21 per share) resulting from two involuntary mortgage dispositions that occurred during the quarter.
 The third quarter's two mortgage dispositions included 94 percent from the mortgages on Montpelier Woods Apartments and all of Lynnhaven Landing.
 The disposition of 94 percent of the Montpelier Woods Apartments mortgage resulted in net proceeds of approximately $1.02 per share, which was distributed to shareholders with the third quarter dividend paid on Sept. 30, 1992. CHAMPS expects to pay the remaining balance of the Montpelier Woods Apartments mortgage (approximately 6 cents per share) after receiving the proceeds and upon approval by the board of directors.
 The disposition of the Lynnhaven Landing mortgage resulted in net proceeds of approximately 19.5 cents per share, which is expected to be distributed to shareholders with the fourth quarter 1992 dividend, payable Dec. 31, 1992.
 The third quarter's two mortgage dispositions resulted in the receipt by CHAMPS of the face value of each mortgage. However, each mortgage disposition resulted in a loss primarily due to the write- off of unamortized acquisition costs, the loss of accrued interest and the payment of disposition fees.
 During the fourth quarter of 1992 or early 1993, CHAMPS expects the disposition of two additional mortgage investments plus the remainder of the Montpelier Woods Apartments mortgage investment.
 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.
 CHAMPS is a self-liquidating real estate investment trust which invests in government-insured mortgage loans, mortgage-backed securities, and participating mortgage investments.
 The CHAMPS portfolio consists of eight federally insured mortgages (including two mortgages held for disposition), cash, and participating mortgage investments. As of Sept. 30, 1992, the portfolio had a par value of approximately $30.8 million, or $6.19 per share. Management estimates the current net market value of the portfolio to be approximately $31.5 million, or $6.33 per share.
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 (Unaudited)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1992 1991 1992 1991
 Cash Flow
 Tax-basis income before
 mortgage dispositions $636,797 $521,004 $1,775,039 $2,054,614
 Other cash flow 107,740 388,938 652,651 659,817
 Cash flow from
 regular operations 744,537 909,942 2,427,690 2,714,431
 Losses from mortgage
 dispositions (186,936)(B) -- (376,066)(C) --
 Return of capital
 from mortgage
 dispositions 6,239,783(B) -- 11,825,190(C) --
 Net proceeds
 from mortgage
 dispositions 6,052,847 -- 11,449,124 --
 Total cash flow $6,797,384 $909,942 $13,876,814 $2,714,431
 Tax-basis income
 before mortgage
 dispositions $0.13 $0.10 $0.36 $0.41
 Other cash flow 0.02 0.08 0.13 0.13
 Cash flow from
 regular operations 0.15 0.18 0.49 0.54
 Losses from mortgage
 dispositions (0.04) -- (0.08) --
 Return of capital
 from mortgage
 dispositions 1.25 -- 2.37 --
 Net proceeds from
 mortgage dispositions 1.21 -- 2.29 --
 Total cash flow
 per share $1.36 $0.18 $2.78 $0.54
 Dividends paid
 per share(A) $2.537 $0.484(A)
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 (Unaudited)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1992 1991 1992 1991
 Net Income
 Gross income $729,361 $889,393 $2,456,059 $2,652,991
 Income before
 mortgage
 dispositions $552,142 $708,092 $1,860,655 $2,098,131
 Losses from
 mortgage
 dispositions (142,072)(D) -- (504,834)(E) --
 Net income $410,070 $708,092 $1,355,821 $2,098,131
 Net income per
 share $0.08 $0.14 $0.27 $0.42
 Weighted average
 shares outstanding 4,981,752 4,981,752 4,981,752 4,981,752
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 (Unaudited)
 As of Sept. 30,
 1992 1991
 Investment in mortgages
 and limited partnerships,
 net:
 Carrying value $25,412,964 $41,797,569
 Mortgage loans held
 for disposition $3,835,177 $ --
 Total assets $31,549,171 $43,230,258
 (A) For the eight-month period ended Aug. 31, 1992 and 1991, respectively. 1992 year-to-date dividend includes $2.10 per share for the disposition of the mortgages on Oak Hills Village, At the Lakes, and 94 percent of Montpelier Woods Apartments.
 (B) Resulting from two mortgage dispositions (94 percent Montpelier Woods Apartments and Lynnhaven Landing) recognized upon receipt of proceeds for tax purposes.
 (C) Resulting from four mortgage dispositions recognized upon receipt of proceeds.
 (D) Resulting from recognition of Lynnhaven Landing, adjustment to Montpelier Woods Apartments, Summit Chase Apartments and Stonebridge Apartments losses.
 (E) Resulting from recognition of four actual mortgage dispositions and two anticipated dispositions in accordance with GAAP.
 -0- 11/12/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CHAMPS.
 (CAP) CO: Capital Housing and Mortgage Partners, Inc. ST: Maryland IN: FIN SU: ERN


KD-TW -- DC004 -- 0058 11/12/92 09:44 EST
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