Centerbrook Financial Completes Its Second Resecuritization Transaction.

NEW YORK -- Centerbrook Financial LLC ("Centerbrook" or the "Company") today announced that the Company completed its second transaction, providing a pool of credit default swaps in connection with the re-securitization of approximately $175 million of CharterMac's (NYSE:CHC) existing multifamily revenue bonds. Since launching at the end of June, the Company has provided credit default swaps on over $979 million of CharterMac's bonds.

"Centerbrook continues to build its book of business, having completed close to $1 billion of credit default swaps in our first two months of operations," said Robert D. Maum, Chief Executive Officer of Centerbrook. "We are currently working on expanding our credit intermediation capabilities and developing additional products for the affordable multifamily finance industry."

About Centerbrook

Centerbrook Financial LLC ("Centerbrook") is a provider of credit intermediation products, including credit default swaps, to the affordable housing finance industry. Centerbrook Holdings LLC, which owns all of the equity interests in Centerbrook, is 90% owned by a subsidiary of CharterMac, one of the nation's leading real estate finance companies, and 10% owned by IXIS Capital Markets North America Inc., an affiliate of IXIS Corporate & Investment Bank and a member of Groupe Caisse d'Epargne, one of France's largest banks. For more information, please visit Centerbrook's website at http://www.centerbrookfinancial.com or contact the Company 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 CharterMac's most recent Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission, and include, among others, adverse changes in the real estate markets including, among other things, competition with other companies; interest rate fluctuations; general economic and business conditions, which will, among other things, affect the availability and credit worthiness of prospective tenants, lease rents and the terms and availability of financing for properties financed by mortgage revenue bonds we own; environment/safety requirements; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; risk of default associated with the mortgage revenue bonds and other securities held by us or our subsidiaries; risks associated with providing credit intermediation; risk of loss under mortgage banking loss sharing agreements; the risk that relationships with key investors and developers may not continue; our ability to generate fee income may not continue; and risks related to the form and structure of our financing arrangements. Such forward-looking statements speak only as of the date of this document. CharterMac 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 CharterMac's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.