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CHAMPS DECLARES FOURTH QUARTER DIVIDEND OF 84 CENTS PER SHARE; MORTGAGE PREPAYMENTS RESULT IN REVISED ESTIMATE OF LIQUIDATION VALUE

 ROCKVILLE, Md., Dec. 10 /PRNewswire/ -- The board of directors of Capital Housing and Mortgage Partners, Inc. (CHAMPS) (AMEX: CHG), today declared a dividend of 84 cents per share for the four month period Sept. 1 through Dec. 31, 1993. This dividend will be paid on Dec. 30, 1993 to shareholders of record on Dec. 20, 1993. CHAMPS will begin trading ex-dividend on Dec. 14, 1993. This amount includes a return of capital of 68 cents from the prepayment of the mortgages on Stonebridge Apartments and Summit Chase Apartments.
 Mortgage Prepayments Result in Revised Estimate of Liquidation Value
 CHAMPS recently distributed a proxy statement in connection with a plan to completely liquidate CHAMPS' assets, distribute the liquidation proceeds to shareholders, and dissolve the corporation.
 To reflect these two mortgage prepayments, CHAMPS revised its estimate of the corporation's Sept. 30, 1993, proforma net asset value on a liquidation basis of accounting, as described in the proxy statement dated Nov. 29, 1993.
 -- The prior estimate, announced Nov. 29, 1993, was approximately $30.4 million, or approximately $6.11 per share (net of liquidation costs).
 -- The revised estimate is approximately $27 million, or approximately $5.42 per share (net of liquidation costs).
 There is no assurance that the liquidating distribution will equal the amount estimated in this news release. If the shareholders approve the liquidation plan at a special meeting of shareholders scheduled to be held on Dec. 22, 1993, CHAMPS is expected to sell or otherwise dispose of the rest of its mortgage investments by the end of 1993.
 -0- 12/10/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CHAMPS/
 (CHG)


CO: Capital Housing and Mortgage Partners, Inc. ST: Maryland IN: FIN SU: DIV

DC-KD -- DC030 -- 2729 12/10/93 15:21 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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