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CHAMPS REPORTS FIRST QUARTER CASH FLOW OF APPROXIMATELY 18 CENTS PER SHARE

 ROCKVILLE, Md., May 7 /PRNewswire/ -- Capital Housing and Mortgage Partners, Inc. (CHAMPS) (AMEX: CAP), a self-liquidating real estate investment trust, said today that total cash flow from operations for the three months ended March 31, 1993, was $879,407 (approximately 18 cents per share) vs. $782,373 (approximately 16 cents per share) for the same period in 1992.
 Total cash flow increased compared to last year's first quarter because, during the first quarter of this year, CHAMPS received final proceeds from the 1992 disposition of the mortgage on Montpelier Woods Apartments. Cash flow from regular operations decreased primarily due to the decreased mortgage base resulting from the four mortgage dispositions which occurred during 1992.
 Cash flow from operations, rather than net income, is the basis for paying shareholder dividends. Cash flow from operations is composed of regular interest income, principal from mortgage investments, amortization of deferred costs, and net proceeds form mortgage dispositions.
 Net income remained essentially unchanged: it was approximatley 9 cents per share for last year's first quarter and for this year's first quarter. Last year's first quarter net income included losses from the disposition of two mortgages. Total income was lower for this year's first quarter primarily due to the reduced mortgage base.
 The CHAMPS portfolio consists of eight federally insured mortgages (including two mortgages held for disposition), cash, and participating mortgage investments. As of March 31, 1993, the portfolio had a par value of approximately $30.1 million, or $6.03 per share. Management estimates the current net market value of the portfolio to be approximately $30.3 million, or $6.09 per share.
 CAPITAL HOUSING AND MORTGAGE PARTNERS, INC.
 (CHAMPS)
 For the three months
 ended March 31,
 (Unaudited)
 1993 1992
 Cash Flow:
 Cash flow from regular operations $ 580,281 $ 852,689
 Losses from mortgage dispositions (7,334) (70,316)
 Return of capital from
 mortgage dispositions 306,460 --
 Net proceeds from
 mortgage dispositions 299,126 (70,316)
 Total cash flow $ 879,407 $ 782,373
 Cash Flow Per Share:
 Cash flow from regular operations $ 0.12 $ 0.17
 Losses from mortgage dispositions (0.00) (0.01)
 Return of capital from
 mortgage dispositions 0.06 --
 Net proceeds from
 mortgage dispositions 0.06 (0.01)
 Total cash flow per share $ 0.18 $ 0.16
 Dividends 0aid per share(A) $ 0.08 $ 0.117
 Financial Statement Net Income:
 Total income $ 603,571 $ 898,708
 Income before mortgage dispositions $ 426,544 $ 687,342
 Losses from mortgage dispositions (843) (243,948)
 Net income $ 425,701 $ 443,394
 Net income per share $ 0.09 $ 0.09
 Weighted average shares
 outstanding 4,981,752 4,981,752
 As of March 31,
 (Unaudited)
 1993 1992
 Investment in mortgage
 and limited partnerships:
 Carrying value $25,046,279 $33,819,597
 Mortgage loans held
 for disposition $ 3,506,550 $ 7,610,848
 Total assets $30,117,599 $42,719,092
 (A) For the two-month period ended Feb. 28, 1993, and Feb. 29, 1992, respectively.
 -0- 5/7/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CHAMPS/
 (CAP)


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

TW-KD -- DC005 -- 5862 05/07/93 10:38 EDT
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Date:May 7, 1993
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