CharterMac Names Marc D. Schnitzer Chief Executive Officer.

NEW YORK -- CharterMac (NYSE:CHC) (the "Company") today announced that the Company's Board of Trustees has named Marc D. Schnitzer the Chief Executive Officer, effective immediately. Mr. Schnitzer, who has been the President of CharterMac since 2003, is also a managing trustee of the Company.

"Marc has been an exceptional leader during his tenure as President of the Company," said Stephen M. Ross, Chairman of CharterMac. "His strategic vision for CharterMac, combined with his operational and management skills, make Marc a strong and unifying force within our organization. He is a recognized and highly regarded figure within the real estate finance industry. Our belief that Marc was the best candidate to lead CharterMac was further verified by the search process conducted by a special committee of our Board of Trustees, which concluded that Marc was the clear choice for Chief Executive Officer of our Company."

Mr. Schnitzer will replace Mr. Ross, who has served as interim Chief Executive Officer since November, 2005. Mr. Ross will continue to serve as the Chairman of CharterMac.

Mr. Schnitzer, 45, joined CharterMac's predecessor in 1986. Over the past 20 years, Mr. Schnitzer has built the Company's fund management division into the nation's preeminent sponsor of tax credit investment funds. During his tenure, the Company raised more than $7 billion in equity from Fortune 500 companies for investment in tax credit properties. Mr. Schnitzer is a frequent speaker at industry conferences sponsored by the National Council of State Housing Agencies, the National Housing and Rehabilitation Association and the National Association of Homebuilders. He is a member of the Executive Committee of the Board of Directors of the National Multi Housing Council and a Vice President and member of the Executive Committee of the Affordable Housing Tax Credit Coalition. Mr. Schnitzer received his Master of Business Administration degree from The Wharton School of The University of Pennsylvania and his Bachelor of Science degree in business administration, summa cum laude, from the Boston University School of Management.

CharterMac, through its subsidiaries, is one of the nation's leading full-service real estate finance companies, with a strong core focus on the multifamily 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 [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 most recent Annual Report on Form 10-K, 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.