CharterMac Hires Neil P. Cullen to Lead Sales and Marketing Efforts at PW Funding; Opens Office in Washington, D.C.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 5, 2004

CharterMac (the "Company") (AMEX:CHC) today announced that its mortgage banking subsidiary, PW Funding Inc. ("PWF"), has hired Neil P. Cullen as a Managing Director and a member of PWF's Office of the President. In addition to the responsibilities of the Office of the President, which he will be sharing with William Hyman and Kelly Schnur, Mr. Cullen will oversee all of the sales and marketing efforts for market-rate loan production for PWF. Mr. Cullen will be joining PWF's newly opened Washington, D.C., office, along with Bryan C. Cullen, Tony Washington, and Terrence B. Cullen. The hiring of Mr. Cullen, together with the opening of this new office, is part of an ongoing commitment by the Company to expand PWF's nationwide origination efforts and build market share.

"Neil Cullen and his team bring a tremendous amount of industry knowledge and experience to PW Funding, and we are confident that they will add significant value to our organization," said Stuart J. Boesky, Chief Executive Officer of CharterMac and Chairman of PW Funding Inc. "We see a substantial opportunity to grow PW Funding's market share, and we believe that Mr. Cullen and his team will play a key role in helping us achieve this goal."

Mr. Cullen has been an important participant in the commercial real estate arena for over 20 years. Most recently, Mr. Cullen held the position of Principal and President of his own firm, The Cullen Companies, a commercial and multifamily mortgage banking consulting company based in Washington, D.C. Prior to opening his own industry-related enterprise, Mr. Cullen was with American Property Financing Inc. ("APF"), a nationwide multifamily and commercial real estate mortgage lender headquartered in New York, where he held the position of Principal and Senior Executive Vice President in APF's Bethesda, Maryland, regional office. During his seven years with APF, Mr. Cullen was responsible for the management of both sales and national advertising and marketing efforts for the company and was credited with APF's nationwide expansion of its previously primarily New York metro-based multifamily lending. APF's national Fannie Mae DUS(TM) sales grew from an annual total of $75 million at the start of Mr. Cullen's tenure with the company, to over $1.1 billion in multifamily sales by the middle of his term.

Prior to APF, Mr. Cullen co-founded two industry firms, AMI Capital, Inc. ("AMI"), a direct multifamily and commercial mortgage lender based in Bethesda, Maryland, and American Mortgages, Inc., a mortgage banker specializing in the financing of multifamily properties under the Federal Housing Administration's ("FHA's") loan programs. During Mr. Cullen's five years managing the production department at AMI, he oversaw the origination of $1 billion in Fannie Mae DUS(TM) business. AMI was named Fannie Mae's "1995 DUS(TM) Lender of the Year" and received Fannie Mae's "Top Gun Award in Recognition of Outstanding Production Performance" in 1994, 1995, and 1996, all under Mr. Cullen's direction. Mr. Cullen began his commercial real estate career in executive level positions in origination, marketing, and financial analysis in the Washington, D.C., headquarters of DRG Financial Corporation, a mortgage bank specializing in the financing of multifamily properties. Mr. Cullen is currently a member of the Mortgage Bankers Association of America and the National Multi Housing Council.

About the Company

CharterMac is one of the nation's leading full-service multifamily finance companies, providing capital solutions to developers and owners of multifamily rental housing throughout the country and offering quality investment products to institutional and retail investors. Collectively, the Company and its subsidiaries provide financing for every part of a multifamily property's capital structure. For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Shareholder Services Department directly at [phone].

Certain statements in this press release 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 prospectus supplement dated December 16, 2003, in connection with its recent offering of Series A Convertible Community Reinvestment Act Preferred shares, 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.