CharterMac's Subsidiary, Related Capital Company, Closes $250 Million Tax Credit Fund.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CharterMac (the "Company") (AMEX AMEX See: American Stock Exchange :CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) today announced that its subsidiary, Related Capital Company ("RCC RCC - An extensible language. "), has closed a $250 million multi-investor corporate tax credit fund. The fund, Related Corporate Partners XXVII, L.P. ("RCP (networking, tool) rcp - (Remote copy) The Unix utility for copying files over Ethernet. Rcp is similar to FTP but uses the hosts.equiv user authentication method. Unix manual page: rcp(1). 27"), closed on September 30, 2004, and represents the second multi-investor corporate tax credit fund closed by RCC this year. "The closing of RCC's second multi-investor fund this year is indicative of the high level of investor demand for Low-Income Housing Tax Credits ("LIHTCs")," commented Marc D. Schnitzer, President of CharterMac. "Year-to-date, RCC's multi-investor corporate tax credit funds have raised $475 million of gross equity, and we are firmly on track to close a third multi-investor fund before the end of the year." RCP 27, which is comprised of LIHTC LIHTC Low-Income Housing Tax Credit (program) equity investments in more than 30 properties in 18 states across the country, was sold to seven institutional investors, the majority of which are Fortune 500 companies. About the Company CharterMac, through its subsidiaries, is one of the nation's leading financial services providers to the multifamily housing industry. CharterMac offers capital solutions to developers and owners of multifamily rental housing throughout the country and quality investment products to institutional and retail investors. For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Shareholder Services Department directly at (800) 831-4826. Certain statements in this press release may constitute forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Annual Report on Form 10-K for the period ended December 31, 2003, and in its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. 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. |
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