SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE

                       SECURITIES AND EXCHANGE ACT OF 1934

       Date of Report (Date of Earliest Event Reported): November 9, 2005


                                   CHARTERMAC
               (Exact Name of Registrant as Specified in Charter)



                                    Delaware
                 (State or other Jurisdiction of Incorporation)


        1-13237                                         13-3949418
(Commission File Number)                    (IRS Employer Identification Number)


                     625 Madison Avenue, New York, NY 10022
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (212) 317-5700

                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report



Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)


[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)


[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))


[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On November 9, 2005,  CharterMac  (the "Company")  (AMEX:  CHC) released a press
release  announcing  its  financial  results for the third  quarter and the nine
months ended  September  30,  2005. A copy of this press  release is attached to
this Current Report as Exhibit 99.1 and incorporated herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section or
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a).  Financial Statements
      --------------------


Not Applicable

(b).  Pro Forma Financial Information
      -------------------------------


Not Applicable

(c).  Exhibits
      --------


99.1 Press Release  dated  November 9, 2005,  "CharterMac  Reports Third Quarter
Financial Results".


<PAGE>



                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                      CharterMac
                                      (Registrant)

                                      BY:   /s/ Alan P. Hirmes
                                            ------------------
                                            Alan P. Hirmes
                                            Chief Financial Officer


November 9, 2005


<PAGE>



AT THE COMPANY
--------------
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826


               CHARTERMAC REPORTS THIRD QUARTER FINANCIAL RESULTS


NEW YORK, NY - NOVEMBER 9, 2005 - CharterMac (the "Company")  (AMEX:  CHC) today
announced  financial  results for the third  quarter  and the nine months  ended
September 30, 2005.

"CharterMac had an extremely  strong third quarter,  with our cash available for
distribution  ("CAD")  per  diluted  share  for the  first  nine  months of 2005
increasing  8.8% over the same  period  last  year,"  stated  Stephen  M.  Ross,
Chairman  and  Interim  Chief  Executive   Officer  of  the  Company.   "We  are
particularly  proud  of  our  financial   performance  as  it  demonstrates  the
sustainability  of our  dividend due to our  diversified  business  model.  Many
mortgage REITs have had to cut their dividends over the past few months,  as the
flattening yield curve has eroded their spreads,  which remain their sole source
of earnings.  While we are not a mortgage  REIT, we are  frequently  viewed with
them - an incorrect classification, given that over 50% of our CAD revenues come
from our fee-based  businesses.  Our fee-based businesses are operating well and
our origination volume in both the fund management and mortgage banking segments
are well on target to meet our goals for the year. While our portfolio investing
has been slightly  hampered due to the  flattening  of the yield curve,  we have
designed  our  operating  platform  to  perform  in a  wide  variety  of  market
environments.   We  believe  that  companies  with  strong  balance  sheets  and
experienced origination,  underwriting and risk management platforms will be the
ones to succeed in the long term. In addition, our ability to develop innovative
new products and to lower our cost of capital will continue to set us apart from
our competitors and will increase our return on equity."

Marc D. Schnitzer,  President of CharterMac,  added:  "Looking to the end of the
year,  we are well  positioned  for a solid finish in 2005.  We made  tremendous
progress  during the past nine  months  with the  integration  of Capri  Capital
Finance into our existing mortgage banking platform, and the Company is on track
to have a record year for  mortgage  banking  originations.  The overall  credit
quality  of  our  mortgage  bond  portfolio  remains  strong,   and  our  credit
performance  continues to outperform the industry. As we continue to analyze all
of the  issues  affecting  our  businesses,  such as  tightening  margins  and a
flattening yield curve, we are exploring several new growth  opportunities  that
are natural  extensions of our existing  business lines and that we look forward
to rolling out over the next few months."

FINANCIAL HIGHLIGHTS

CharterMac  reported total revenues of approximately $79.0 million for the three
months ended September 30, 2005.  Adjusted to exclude the impact of consolidated
partnerships,  as discussed  below,  total  revenues  were  approximately  $84.2
million, which represents an increase of 28.3% as compared to similarly adjusted
revenues of approximately $65.6 million for the three months ended September 30,
2004. For the nine months ended September 30, 2005  CharterMac's  total revenues
were  approximately  $216.5  million.  Adjusted  to  exclude  the  impact of the
consolidated  partnerships,  total  adjusted  revenues for the nine months ended
September  30, 2005 were  approximately  $230.8  million,  which  represents  an
increase of 30.4% as compared to similarly  adjusted  revenues of  approximately
$176.9 million for the nine months ended September 30, 2004.

For the three months ended September 30, 2005,  CharterMac  earned net income of
approximately  $18.7 million,  representing  an increase of 25.3% as compared to
approximately  $14.9 million for the three months ended September 30, 2004. On a
diluted  per share  basis,  net  income  was $0.31  for the three  months  ended
September 30, 2005,  representing  an increase of 19.2% as compared to $0.26 for
the three months ended  September 30, 2004. For the nine months ended  September
30,  2005,   CharterMac  earned  net  income  of  approximately  $52.9  million,
representing an increase of 16.2% as compared to approximately $45.5 million for
the nine months  ended  September  30, 2004.  On a diluted per share basis,  net
income was $0.89 for the nine months ended  September 30, 2005,  representing an
increase of 6.0% as compared to $0.84 for the nine months  ended  September  30,
2004.

For the three months ended September 30, 2005,  CharterMac's  Cash Available for
Distribution  ("CAD"), a performance  measure,  was approximately $33.5 million,
representing an increase of 21.1% as compared to approximately $27.6 million for


<PAGE>



the three months ended September 30, 2004. On a diluted per share basis, CAD was
$0.55 for the three months ended September 30, 2005, representing an increase of
14.6% as compared to $0.48 for the three months ended  September  30, 2004.  For
the nine months ended  September 30, 2005,  CharterMac's  CAD was  approximately
$88.3 million,  representing  an increase of 18.6% as compared to  approximately
$74.4  million for the nine months ended  September  30, 2004.  On a diluted per
share  basis,  CAD was $1.49  for the nine  months  ended  September  30,  2005,
representing  an increase of 8.8% as compared to $1.37 for the nine months ended
September 30, 2004.

CharterMac's  present  quarterly  dividend on an  annualized  basis is $1.64 per
share,  which  represents  an 8.3% yield based upon the $19.82 per share closing
price on November 8, 2005.  Assuming  the  Company's  income  during the year is
approximately  85% to 90% exempt from federal income tax and a shareholder is in
a 35% tax bracket,  the taxable equivalent yield would be approximately 12.1% to
12.3%. The precise  percentage of CharterMac's  tax-exempt  income for 2005 will
not be known until after the end of the year.

As previously reported,  CharterMac adopted FASB Interpretation 46(R), effective
March 31, 2004. As such,  earnings  results  include the results of partnerships
consolidated  pursuant to the accounting change as well as other partnerships we
control,  but in which we have little or no equity  interest.  As CharterMac has
virtually  no  equity  interest  in  these  partnerships,  the net  losses  they
generated were allocated almost entirely to their investors.  The consolidation,
therefore,   has  an  insignificant  impact  on  net  income,  although  certain
CharterMac revenues are eliminated in consolidation and revenues and expenses of
the  consolidated  partnerships  are  reflected  in the  income  statement.  The
reported revenue and expense totals may not be comparable to those of 2004 since
such  consolidated  partnerships  are  only  included  in the  income  statement
beginning April 1, 2004.

The  following is a summary of the  transaction  volume for each of our business
segments for the third quarter and nine months ended September 30, 2005:

PORTFOLIO INVESTING

During the three months ended September 30, 2005,  CharterMac  acquired mortgage
revenue bonds  totaling  approximately  $49.0  million in par value,  secured by
affordable  multifamily  properties aggregating 1,120 units. For the nine months
ended September 30, 2005,  CharterMac acquired and committed to acquire mortgage
revenue bonds totaling  approximately  $199.8  million in par value,  secured by
affordable multifamily properties aggregating 3,954 units.

As of September 30, 2005, CharterMac had ownership interests in mortgage revenue
bonds  with a fair  value of  approximately  $2.3  billion,  secured  by  48,633
multifamily  units in 27 states and the District of Columbia.  The mortgage bond
portfolio  has a weighted  average  interest  rate of 6.7%,  a weighted  average
maturity of 34 years, and a weighted average pre-payment lockout of 12 years.

FUND MANAGEMENT

During the three  months ended  September  30,  2005,  CharterMac's  subsidiary,
Related  Capital  Company  ("RCC"),  raised tax credit  equity of  approximately
$275.5  million and made equity  investments in tax credit  properties  totaling
$189.9  million.  For the nine months ended  September 30, 2005,  RCC raised tax
credit equity of $711.9  million and has made equity  investments  in tax credit
properties totaling $513.4 million.

Of the $275.5  million of tax credit equity raised in the third  quarter,  $64.6
million was in a credit enhanced fund Related  Capital Credit Enhanced  Partners
LP - Series C, Number 1 ("RCCEP"),  bringing the Company's  credit  enhanced Low
Income Housing Tax Credit ("LIHTC")  transaction total to $186.2 million for the
first nine months of 2005. IXIS Financial Products Inc. ("IXIS"), a highly rated
financial  institution,  provided  credit  intermediation  to  RCCEP in order to
provide  RCCEP's  investor with a minimum  internal rate of return.  Charter Mac
Corporation ("CM Corp."),  CharterMac's  wholly-owned subsidiary,  has agreed to
back-up  IXIS'  obligation,  and CM Corp.  and IXIS  will  each be paid a credit
intermediation  fee by RCCEP. This is the third credit enhanced fund closed with
IXIS as part of the strategic relationship that CharterMac and IXIS began at the
end of 2004.


<PAGE>



MORTGAGE BANKING

During the three months ended  September  30, 2005,  the  Company's  subsidiary,
CharterMac  Mortgage  Capital,  originated $382.2 million of loans. For the nine
months ended  September  30, 2005,  CharterMac  Mortgage  Capital had total loan
originations including forward commitments of $1,164.2 million.

As of September 30, 2005,  CharterMac Mortgage Capital serviced a loan portfolio
of approximately $9.2 billion.

CAPITAL MARKETS

During the third  quarter of 2005,  CharterMac  completed  the  Company's  first
offering  of  Cumulative  Perpetual  Convertible   Community   Reinvestment  Act
Preferred Shares, Series A-1 (the "Perpetual CRA Preferred Shares") to seventeen
financial  institutions.  The public offering price was $50.00 per Perpetual CRA
Preferred Share at 4.40%, and the Company raised gross proceeds of approximately
$108 million.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today at 11:00 a.m.  Eastern Time to
review the  Company's  third  quarter  financial  results  for the period  ended
September  30,  2005.  Callers  will be  invited  to ask  questions.  Investors,
brokers,  analysts,  and shareholders  wishing to participate  should call (800)
967-7185.  For  interested  individuals  unable to join the  conference  call, a
replay of the call will be available through Sunday, November 13, 2005, at (888)
203-1112  (Passcode  9940624)  or on our  website,  www.chartermac.com,  through
Wednesday, November 23, 2005.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial Package,  which will be available in the Investor Relations section of
the CharterMac website at www.chartermac.com.

ABOUT THE COMPANY

CharterMac,   through  its   subsidiaries,   is  one  of  the  nation's  leading
full-service  real  estate  finance  companies,  with a  strong  core  focus  on
multifamily  financing.  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   www.chartermac.com   or  contact  the
Shareholder Services Department directly at 800-831-4826.


<PAGE>



                           CHARTERMAC AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                                          ------------     ------------
                                                                          September 30,    December 31,
                                                                              2005             2004
                                                                          ------------     ------------
                                                                          (Unaudited)
<S>                                                                        <C>              <C>
Revenue bonds - at fair value                                              $2,074,786       $2,100,720
                                                                           ----------       ----------
Net addition to assets from consolidation of partnerships                  $3,213,056       $2,805,407
                                                                           ----------       ----------
Total assets                                                               $6,443,661       $5,737,239
                                                                           ----------       ----------

Liabilities:
  Financing arrangements                                                   $1,228,394       $1,068,428
                                                                           ----------       ----------
  Preferred shares of subsidiary (subject to mandatory repurchase)         $  273,500       $  273,500
                                                                           ----------       ----------
  Notes payable                                                            $  173,372       $  174,454
                                                                           ----------       ----------
  Liabilities of consolidated partnerships                                 $1,487,394       $1,307,093
                                                                           ----------       ----------

Total liabilities                                                          $3,342,939       $2,977,579
                                                                           ----------       ----------

Minority interests in subsidiaries                                         $  270,888       $  271,419
                                                                           ----------       ----------
Preferred shares of subsidiary (not subject to mandatory repurchase)       $  104,000       $  104,000
                                                                           ----------       ----------
Partners' interests in consolidated partnerships                           $1,725,319       $1,501,519
                                                                           ----------       ----------

Total shareholders' equity                                                 $1,000,515       $  882,722
                                                                           ----------       ----------

</TABLE>
<TABLE>
<CAPTION>

                                                    -------------------------------------------------------------------------------
                                                                                  Three Months Ended
                                                                                     September 30,
                                                    -------------------------------------------------------------------------------
                                                                     2005                                     2004
                                                    --------------------------------------    -------------------------------------
                                                                                       (Unaudited)
                                                        As                         As            As                        As
                                                     Reported  Adjustments(1)  Adjusted(1)    Reported  Adjustments(1)  Adjusted(1)
                                                     --------  --------------  -----------    --------  --------------  -----------
<S>                                                  <C>          <C>           <C>           <C>         <C>           <C>
Total revenues                                       $ 79,041     $  5,172      $ 84,213      $ 59,384    $  6,254      $ 65,638

Interest expense                                      (19,482)          --       (19,482)      (13,021)         --       (13,021)
General and administrative                            (29,348)          --       (29,348)      (26,253)         --       (26,253)
Depreciation and amortization                         (16,302)          --       (16,302)       (7,864)         --        (7,864)
Loss on impairment of assets                             (803)          --          (803)         (610)         --          (610)
Expenses and equity losses of consolidated
   partnerships                                       (86,130)      86,130            --       (63,920)     63,920            --
Equity and other income                                   612           (7)          605           611          --           611
Gain on sale of loans and repayment of
   revenue bonds                                        3,962           --         3,962           566          --           566

Income allocated to preferred shareholders and
   minority interests                                  (9,183)          --        (9,183)       (8,988)         --        (8,988)
Loss allocated to partners of consolidated
   partnerships                                        91,295      (91,295)           --        70,174     (70,174)           --
                                                     --------     --------      --------      --------    --------      --------

Income before income taxes                             13,662           --        13,662        10,079          --        10,079

Income tax benefit                                      5,016           --         5,016         4,832          --         4,832
                                                     --------     --------      --------      --------    --------      --------

Net income                                           $ 18,678     $     --      $ 18,678      $ 14,911    $     --      $ 14,911
                                                     ========     ========      ========      ========    ========      ========
     4.4% CRA Preferred dividend requirements            (832)          --          (832)           --          --            --
                                                     --------     --------      --------      --------    --------      --------
Net income available to shareholders                 $ 17,846     $     --      $ 17,846      $ 14,911    $     --      $ 14,911
                                                     ========     ========      ========      ========    ========      ========

Net income per share:
     Basic                                           $   0.31     $     --      $   0.31      $   0.26    $     --      $   0.26
                                                     ========     ========      ========      ========    ========      ========
     Diluted                                         $   0.31     $     --      $   0.31      $   0.26    $     --      $   0.26
                                                     ========     ========      ========      ========    ========      ========

Weighted average shares outstanding:
     Basic                                             58,059           --        58,059        57,708          --        57,708
                                                     ========     ========      ========      ========    ========      ========
     Diluted                                           61,040           --        61,040        58,112          --        58,112
                                                     ========     ========      ========      ========    ========      ========

</TABLE>


<PAGE>


                           CHARTERMAC AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                    -------------------------------------------------------------------------------
                                                                                   Nine Months Ended
                                                                                     September 30,
                                                    -------------------------------------------------------------------------------
                                                                     2005                                     2004
                                                    --------------------------------------    -------------------------------------
                                                                                      (Unaudited)
                                                        As                         As             As                         As
                                                     Reported  Adjustments(1)  Adjusted(1)     Reported  Adjustments(1)  Adjusted(1)
                                                    ---------  --------------  -----------    ---------- --------------  -----------
<S>                                                 <C>          <C>            <C>           <C>           <C>           <C>

Total revenues                                      $ 216,505    $  14,294      $ 230,799     $ 162,703     $  14,225     $ 176,928

Interest expense                                      (54,771)          --        (54,771)      (36,597)           --       (36,597)
General and administrative                            (88,168)          --        (88,168)      (71,236)           --       (71,236)
Depreciation and amortization                         (33,467)          --        (33,467)      (22,553)           --       (22,553)
Loss on impairment of assets                           (1,902)          --         (1,902)         (610)           --          (610)
Expenses and equity losses of consolidated
   partnerships                                      (241,341)     241,341             --      (127,767)      127,767            --
Equity and other income                                 2,062           (7)         2,055         1,731            --         1,731
Gain on sale of loans and repayment of
   revenue bonds                                       10,886           --         10,886         5,863            --         5,863

Income allocated to preferred shareholders and
   minority interests                                 (26,241)          --        (26,241)      (22,638)           --       (22,638)
Loss allocated to partners of consolidated
   partnerships                                       255,628     (255,628)            --       141,992      (141,992)           --
                                                    ---------    ---------      ---------     ---------     ---------     ---------

Income before income taxes                             39,191           --         39,191        30,888            --        30,888

Income tax benefit                                     13,716           --         13,716        14,644            --        14,644
                                                    ---------    ---------      ---------     ---------     ---------     ---------

Net income                                          $  52,907    $      --      $  52,907     $  45,532     $      --     $  45,532
                                                    =========    =========      =========     =========     =========     =========
     4.4% CRA Preferred dividend requirements            (832)          --           (832)           --            --            --
                                                    ---------    ---------      ---------     ---------     ---------     ---------
Net income available to shareholders                $  52,075    $      --      $  52,075     $  45,532     $      --     $  45,532
                                                    =========    =========      =========     =========     =========     =========

Net income per share:
     Basic                                          $    0.90    $      --      $    0.90     $    0.85     $      --     $    0.85
                                                    =========    =========      =========     =========     =========     =========
     Diluted                                        $    0.89    $      --      $    0.89     $    0.84     $      --     $    0.84
                                                    =========    =========      =========     =========     =========     =========

Weighted average shares outstanding:
     Basic                                             57,927           --         57,927        53,794            --        53,794
                                                    =========    =========      =========     =========     =========     =========
     Diluted                                           59,135           --         59,135        54,220            --        54,220
                                                    =========    =========      =========     =========     =========     =========

</TABLE>

   Reconciliation of Net Income to Cash Available for Distribution ("CAD")(2)
                                 (In thousands)

<TABLE>
<CAPTION>

                                                         ----------------------
                                                           Three months ended
                                                              September 30,
                                                         ----------------------
                                                           2005          2004
                                                         --------      --------
<S>                                                      <C>           <C>
Net Income                                               $ 18,678      $ 14,911
Revenues - amortization                                       771           744
Fees deferred for GAAP                                      3,302        10,410
Straight line yield                                          (848)         (820)
Depreciation and amortization expense                      16,302         7,864
Gain on sale of loans                                      (3,718)         (316)
Loss on impairment of assets                                  803           610
Tax adjustment                                             (2,546)       (6,624)
Compensation cost - stock-based compensation                1,523         2,727
Difference between Subsidiary Equity distributions
   and income allocated to Subsidiary Equity holders       (1,018)       (1,063)
Other, net                                                    224          (795)
                                                         --------      --------
CAD                                                      $ 33,473      $ 27,648
                                                         ========      ========

</TABLE>


<PAGE>



   Reconciliation of Net Income to Cash Available for Distribution ("CAD")(2)
                                 (In thousands)

<TABLE>
<CAPTION>

                                                         ----------------------
                                                            Nine months ended
                                                              September 30,
                                                         ----------------------
                                                           2005          2004
                                                         --------      --------
<S>                                                      <C>           <C>
Net Income                                               $ 52,907      $ 45,532
Revenues - amortization                                     2,256         2,067
Fees deferred for GAAP                                     21,758        23,350
Straight line yield                                        (2,916)       (2,032)
Depreciation and amortization expense                      33,467        22,553
Gain on sale of loans                                     (10,367)       (5,838)
Loss on impairment of assets                                           1,902610
Tax adjustment                                            (12,027)      (16,436)
Compensation cost - stock-based compensation                5,299         8,449
Difference between Subsidiary Equity distributions
   and income allocated to Subsidiary Equity holders       (4,372)       (4,364)
Other, net                                                    348           544
                                                         --------      --------
CAD                                                      $ 88,255      $ 74,435
                                                         ========      ========

</TABLE>

(1) As  previously  reported,  CharterMac  adopted  FASB  Interpretation  46(R),
effective  March 31,  2004.  As such,  earnings  results  include the results of
partnerships  consolidated  pursuant to the  accounting  change as well as other
partnerships  we control but in which we have little or no equity  interest.  As
CharterMac  has  virtually  no equity  interest in these  partnerships,  the net
losses generated by them were allocated almost entirely to their investors.  The
consolidation,  therefore,  has an insignificant impact on net income,  although
certain  CharterMac  revenues are eliminated in  consolidation  and revenues and
expenses of the consolidated partnerships are reflected in the income statement.
The reported  revenue and expense  totals may not be comparable to those of 2004
since such  consolidated  partnerships are only included in the income statement
beginning  April 1, 2004. The adjusted  figures  presented are not in accordance
with generally accepted accounting principles ("GAAP") but are presented for the
purpose of comparability.

(2) CharterMac believes that Cash Available for Distribution  ("CAD") is helpful
to investors in measuring the  performance  of our Company.  CAD  represents net
income (computed in accordance with GAAP), adjusted for:

o    Cash fees and other revenues received but deferred in accordance with GAAP.
     Fees recognized for CAD but deferred for GAAP purposes are generally earned
     over a period of time in connection with certain of our product lines, such
     as fund sponsorship and credit enhancement fees.
o    The effect of straight  line  revenue  recognition  of  interest  income on
     revenue bonds with fixed changes in interest rates.
o    Depreciation and amortization.
o    Non-cash gains  recognized on sale of mortgage loans when servicing  rights
     are retained.
o    Losses on sales of loans or repayment of revenue bonds.
o    Impairment losses.
o    The portion of tax benefit or provision that is not expected to be realized
     in cash.
o    Non-cash compensation expenses.
o    The  difference   between  earnings   allocated  to  Subsidiary  Equity  in
     accordance with GAAP and distributions to holders of that equity.

There is no generally accepted  methodology for computing CAD, and the Company's
computation of CAD may not be comparable to CAD reported by other companies. CAD
does not  represent  net cash  provided by operating  activities  determined  in
accordance  with GAAP and  should not be  considered  as an  alternative  to net
income  (determined  in accordance  with GAAP) as an indication of the Company's
performance,  as an alternative  to net cash provided from operating  activities
(determined  in accordance  with GAAP) as a measure of our  liquidity,  or as an
indication of our ability to make cash distributions.


<PAGE>


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  ANNUAL REPORT ON FORM 10-K FOR THE
PERIOD ENDED DECEMBER 31, 2004, 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.


                                       ###
[{"type": "8-K", "sequence": "1", "filename": "f8k_sept2005-charter.txt", "description": "CHARTERMAC PRESS RELEASE SEPTEMBER 2005", "secsgml_size_bytes": 37239}]
{"company-data": {"conformed-name": "CHARTERMAC", "cik": "0001043325", "assigned-sic": "6500", "irs-number": "133916825", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13237", "film-number": "051187896"}, "business-address": {"street1": "625 MADISON AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2124215333"}, "mail-address": {"street1": "625 MADISON AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO", "date-changed": "19970801"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE

                       SECURITIES AND EXCHANGE ACT OF 1934

       Date of Report (Date of Earliest Event Reported): November 9, 2005

                                   CHARTERMAC
               (Exact Name of Registrant as Specified in Charter)

                                    Delaware
                 (State or other Jurisdiction of Incorporation)

        1-13237                                         13-3949418
(Commission File Number)                    (IRS Employer Identification Number)

                     625 Madison Avenue, New York, NY 10022
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (212) 317-5700

                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On November 9, 2005,  CharterMac  (the "Company")  (AMEX:  CHC) released a press
release  announcing  its  financial  results for the third  quarter and the nine
months ended  September  30,  2005. A copy of this press  release is attached to
this Current Report as Exhibit 99.1 and incorporated herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section or
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a).  Financial Statements
      --------------------

Not Applicable

(b).  Pro Forma Financial Information
      -------------------------------

Not Applicable

(c).  Exhibits
      --------

99.1 Press Release  dated  November 9, 2005,  "CharterMac  Reports Third Quarter
Financial Results".
SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                      CharterMac
                                      (Registrant)

                                      BY:   /s/ Alan P. Hirmes
                                            ------------------
                                            Alan P. Hirmes
                                            Chief Financial Officer

November 9, 2005
AT THE COMPANY
--------------
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826

               CHARTERMAC REPORTS THIRD QUARTER FINANCIAL RESULTS

NEW YORK, NY - NOVEMBER 9, 2005 - CharterMac (the "Company")  (AMEX:  CHC) today
announced  financial  results for the third  quarter  and the nine months  ended
September 30, 2005.

"CharterMac had an extremely  strong third quarter,  with our cash available for
distribution  ("CAD")  per  diluted  share  for the  first  nine  months of 2005
increasing  8.8% over the same  period  last  year,"  stated  Stephen  M.  Ross,
Chairman  and  Interim  Chief  Executive   Officer  of  the  Company.   "We  are
particularly  proud  of  our  financial   performance  as  it  demonstrates  the
sustainability  of our  dividend due to our  diversified  business  model.  Many
mortgage REITs have had to cut their dividends over the past few months,  as the
flattening yield curve has eroded their spreads,  which remain their sole source
of earnings.  While we are not a mortgage  REIT, we are  frequently  viewed with
them - an incorrect classification, given that over 50% of our CAD revenues come
from our fee-based  businesses.  Our fee-based businesses are operating well and
our origination volume in both the fund management and mortgage banking segments
are well on target to meet our goals for the year. While our portfolio investing
has been slightly  hampered due to the  flattening  of the yield curve,  we have
designed  our  operating  platform  to  perform  in a  wide  variety  of  market
environments.   We  believe  that  companies  with  strong  balance  sheets  and
experienced origination,  underwriting and risk management platforms will be the
ones to succeed in the long term. In addition, our ability to develop innovative
new products and to lower our cost of capital will continue to set us apart from
our competitors and will increase our return on equity."

Marc D. Schnitzer,  President of CharterMac,  added:  "Looking to the end of the
year,  we are well  positioned  for a solid finish in 2005.  We made  tremendous
progress  during the past nine  months  with the  integration  of Capri  Capital
Finance into our existing mortgage banking platform, and the Company is on track
to have a record year for  mortgage  banking  originations.  The overall  credit
quality  of  our  mortgage  bond  portfolio  remains  strong,   and  our  credit
performance  continues to outperform the industry. As we continue to analyze all
of the  issues  affecting  our  businesses,  such as  tightening  margins  and a
flattening yield curve, we are exploring several new growth  opportunities  that
are natural  extensions of our existing  business lines and that we look forward
to rolling out over the next few months."

FINANCIAL HIGHLIGHTS

CharterMac  reported total revenues of approximately $79.0 million for the three
months ended September 30, 2005.  Adjusted to exclude the impact of consolidated
partnerships,  as discussed  below,  total  revenues  were  approximately  $84.2
million, which represents an increase of 28.3% as compared to similarly adjusted
revenues of approximately $65.6 million for the three months ended September 30,
2004. For the nine months ended September 30, 2005  CharterMac's  total revenues
were  approximately  $216.5  million.  Adjusted  to  exclude  the  impact of the
consolidated  partnerships,  total  adjusted  revenues for the nine months ended
September  30, 2005 were  approximately  $230.8  million,  which  represents  an
increase of 30.4% as compared to similarly  adjusted  revenues of  approximately
$176.9 million for the nine months ended September 30, 2004.

For the three months ended September 30, 2005,  CharterMac  earned net income of
approximately  $18.7 million,  representing  an increase of 25.3% as compared to
approximately  $14.9 million for the three months ended September 30, 2004. On a
diluted  per share  basis,  net  income  was $0.31  for the three  months  ended
September 30, 2005,  representing  an increase of 19.2% as compared to $0.26 for
the three months ended  September 30, 2004. For the nine months ended  September
30,  2005,   CharterMac  earned  net  income  of  approximately  $52.9  million,
representing an increase of 16.2% as compared to approximately $45.5 million for
the nine months  ended  September  30, 2004.  On a diluted per share basis,  net
income was $0.89 for the nine months ended  September 30, 2005,  representing an
increase of 6.0% as compared to $0.84 for the nine months  ended  September  30,
2004.

For the three months ended September 30, 2005,  CharterMac's  Cash Available for
Distribution  ("CAD"), a performance  measure,  was approximately $33.5 million,
representing an increase of 21.1% as compared to approximately $27.6 million for
the three months ended September 30, 2004. On a diluted per share basis, CAD was
$0.55 for the three months ended September 30, 2005, representing an increase of
14.6% as compared to $0.48 for the three months ended  September  30, 2004.  For
the nine months ended  September 30, 2005,  CharterMac's  CAD was  approximately
$88.3 million,  representing  an increase of 18.6% as compared to  approximately
$74.4  million for the nine months ended  September  30, 2004.  On a diluted per
share  basis,  CAD was $1.49  for the nine  months  ended  September  30,  2005,
representing  an increase of 8.8% as compared to $1.37 for the nine months ended
September 30, 2004.

CharterMac's  present  quarterly  dividend on an  annualized  basis is $1.64 per
share,  which  represents  an 8.3% yield based upon the $19.82 per share closing
price on November 8, 2005.  Assuming  the  Company's  income  during the year is
approximately  85% to 90% exempt from federal income tax and a shareholder is in
a 35% tax bracket,  the taxable equivalent yield would be approximately 12.1% to
12.3%. The precise  percentage of CharterMac's  tax-exempt  income for 2005 will
not be known until after the end of the year.

As previously reported,  CharterMac adopted FASB Interpretation 46(R), effective
March 31, 2004. As such,  earnings  results  include the results of partnerships
consolidated  pursuant to the accounting change as well as other partnerships we
control,  but in which we have little or no equity  interest.  As CharterMac has
virtually  no  equity  interest  in  these  partnerships,  the net  losses  they
generated were allocated almost entirely to their investors.  The consolidation,
therefore,   has  an  insignificant  impact  on  net  income,  although  certain
CharterMac revenues are eliminated in consolidation and revenues and expenses of
the  consolidated  partnerships  are  reflected  in the  income  statement.  The
reported revenue and expense totals may not be comparable to those of 2004 since
such  consolidated  partnerships  are  only  included  in the  income  statement
beginning April 1, 2004.

The  following is a summary of the  transaction  volume for each of our business
segments for the third quarter and nine months ended September 30, 2005:

PORTFOLIO INVESTING

During the three months ended September 30, 2005,  CharterMac  acquired mortgage
revenue bonds  totaling  approximately  $49.0  million in par value,  secured by
affordable  multifamily  properties aggregating 1,120 units. For the nine months
ended September 30, 2005,  CharterMac acquired and committed to acquire mortgage
revenue bonds totaling  approximately  $199.8  million in par value,  secured by
affordable multifamily properties aggregating 3,954 units.

As of September 30, 2005, CharterMac had ownership interests in mortgage revenue
bonds  with a fair  value of  approximately  $2.3  billion,  secured  by  48,633
multifamily  units in 27 states and the District of Columbia.  The mortgage bond
portfolio  has a weighted  average  interest  rate of 6.7%,  a weighted  average
maturity of 34 years, and a weighted average pre-payment lockout of 12 years.

FUND MANAGEMENT

During the three  months ended  September  30,  2005,  CharterMac's  subsidiary,
Related  Capital  Company  ("RCC"),  raised tax credit  equity of  approximately
$275.5  million and made equity  investments in tax credit  properties  totaling
$189.9  million.  For the nine months ended  September 30, 2005,  RCC raised tax
credit equity of $711.9  million and has made equity  investments  in tax credit
properties totaling $513.4 million.

Of the $275.5  million of tax credit equity raised in the third  quarter,  $64.6
million was in a credit enhanced fund Related  Capital Credit Enhanced  Partners
LP - Series C, Number 1 ("RCCEP"),  bringing the Company's  credit  enhanced Low
Income Housing Tax Credit ("LIHTC")  transaction total to $186.2 million for the
first nine months of 2005. IXIS Financial Products Inc. ("IXIS"), a highly rated
financial  institution,  provided  credit  intermediation  to  RCCEP in order to
provide  RCCEP's  investor with a minimum  internal rate of return.  Charter Mac
Corporation ("CM Corp."),  CharterMac's  wholly-owned subsidiary,  has agreed to
back-up  IXIS'  obligation,  and CM Corp.  and IXIS  will  each be paid a credit
intermediation  fee by RCCEP. This is the third credit enhanced fund closed with
IXIS as part of the strategic relationship that CharterMac and IXIS began at the
end of 2004.
MORTGAGE BANKING

During the three months ended  September  30, 2005,  the  Company's  subsidiary,
CharterMac  Mortgage  Capital,  originated $382.2 million of loans. For the nine
months ended  September  30, 2005,  CharterMac  Mortgage  Capital had total loan
originations including forward commitments of $1,164.2 million.

As of September 30, 2005,  CharterMac Mortgage Capital serviced a loan portfolio
of approximately $9.2 billion.

CAPITAL MARKETS

During the third  quarter of 2005,  CharterMac  completed  the  Company's  first
offering  of  Cumulative  Perpetual  Convertible   Community   Reinvestment  Act
Preferred Shares, Series A-1 (the "Perpetual CRA Preferred Shares") to seventeen
financial  institutions.  The public offering price was $50.00 per Perpetual CRA
Preferred Share at 4.40%, and the Company raised gross proceeds of approximately
$108 million.

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today at 11:00 a.m.  Eastern Time to
review the  Company's  third  quarter  financial  results  for the period  ended
September  30,  2005.  Callers  will be  invited  to ask  questions.  Investors,
brokers,  analysts,  and shareholders  wishing to participate  should call (800)
967-7185.  For  interested  individuals  unable to join the  conference  call, a
replay of the call will be available through Sunday, November 13, 2005, at (888)
203-1112  (Passcode  9940624)  or on our  website,  www.chartermac.com,  through
Wednesday, November 23, 2005.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial Package,  which will be available in the Investor Relations section of
the CharterMac website at www.chartermac.com.

ABOUT THE COMPANY

CharterMac,   through  its   subsidiaries,   is  one  of  the  nation's  leading
full-service  real  estate  finance  companies,  with a  strong  core  focus  on
multifamily  financing.  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   www.chartermac.com   or  contact  the
Shareholder Services Department directly at 800-831-4826.
CHARTERMAC AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)
------------     ------------
                                                                          September 30,    December 31,
                                                                              2005             2004
                                                                          ------------     ------------
                                                                          (Unaudited)
Revenue bonds - at fair value                                              $2,074,786       $2,100,720
                                                                           ----------       ----------
Net addition to assets from consolidation of partnerships                  $3,213,056       $2,805,407
                                                                           ----------       ----------
Total assets                                                               $6,443,661       $5,737,239
                                                                           ----------       ----------

Liabilities:
  Financing arrangements                                                   $1,228,394       $1,068,428
                                                                           ----------       ----------
  Preferred shares of subsidiary (subject to mandatory repurchase)         $  273,500       $  273,500
                                                                           ----------       ----------
  Notes payable                                                            $  173,372       $  174,454
                                                                           ----------       ----------
  Liabilities of consolidated partnerships                                 $1,487,394       $1,307,093
                                                                           ----------       ----------

Total liabilities                                                          $3,342,939       $2,977,579
                                                                           ----------       ----------

Minority interests in subsidiaries                                         $  270,888       $  271,419
                                                                           ----------       ----------
Preferred shares of subsidiary (not subject to mandatory repurchase)       $  104,000       $  104,000
                                                                           ----------       ----------
Partners' interests in consolidated partnerships                           $1,725,319       $1,501,519
                                                                           ----------       ----------

Total shareholders' equity                                                 $1,000,515       $  882,722
                                                                           ----------       ----------
-------------------------------------------------------------------------------
                                                                                  Three Months Ended
                                                                                     September 30,
                                                    -------------------------------------------------------------------------------
                                                                     2005                                     2004
                                                    --------------------------------------    -------------------------------------
                                                                                       (Unaudited)
                                                        As                         As            As                        As
                                                     Reported  Adjustments(1)  Adjusted(1)    Reported  Adjustments(1)  Adjusted(1)
                                                     --------  --------------  -----------    --------  --------------  -----------
Total revenues                                       $ 79,041     $  5,172      $ 84,213      $ 59,384    $  6,254      $ 65,638

Interest expense                                      (19,482)          --       (19,482)      (13,021)         --       (13,021)
General and administrative                            (29,348)          --       (29,348)      (26,253)         --       (26,253)
Depreciation and amortization                         (16,302)          --       (16,302)       (7,864)         --        (7,864)
Loss on impairment of assets                             (803)          --          (803)         (610)         --          (610)
Expenses and equity losses of consolidated
   partnerships                                       (86,130)      86,130            --       (63,920)     63,920            --
Equity and other income                                   612           (7)          605           611          --           611
Gain on sale of loans and repayment of
   revenue bonds                                        3,962           --         3,962           566          --           566

Income allocated to preferred shareholders and
   minority interests                                  (9,183)          --        (9,183)       (8,988)         --        (8,988)
Loss allocated to partners of consolidated
   partnerships                                        91,295      (91,295)           --        70,174     (70,174)           --
                                                     --------     --------      --------      --------    --------      --------

Income before income taxes                             13,662           --        13,662        10,079          --        10,079

Income tax benefit                                      5,016           --         5,016         4,832          --         4,832
                                                     --------     --------      --------      --------    --------      --------

Net income                                           $ 18,678     $     --      $ 18,678      $ 14,911    $     --      $ 14,911
                                                     ========     ========      ========      ========    ========      ========
     4.4% CRA Preferred dividend requirements            (832)          --          (832)           --          --            --
                                                     --------     --------      --------      --------    --------      --------
Net income available to shareholders                 $ 17,846     $     --      $ 17,846      $ 14,911    $     --      $ 14,911
                                                     ========     ========      ========      ========    ========      ========

Net income per share:
     Basic                                           $   0.31     $     --      $   0.31      $   0.26    $     --      $   0.26
                                                     ========     ========      ========      ========    ========      ========
     Diluted                                         $   0.31     $     --      $   0.31      $   0.26    $     --      $   0.26
                                                     ========     ========      ========      ========    ========      ========

Weighted average shares outstanding:
     Basic                                             58,059           --        58,059        57,708          --        57,708
                                                     ========     ========      ========      ========    ========      ========
     Diluted                                           61,040           --        61,040        58,112          --        58,112
                                                     ========     ========      ========      ========    ========      ========
CHARTERMAC AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)
-------------------------------------------------------------------------------
                                                                                   Nine Months Ended
                                                                                     September 30,
                                                    -------------------------------------------------------------------------------
                                                                     2005                                     2004
                                                    --------------------------------------    -------------------------------------
                                                                                      (Unaudited)
                                                        As                         As             As                         As
                                                     Reported  Adjustments(1)  Adjusted(1)     Reported  Adjustments(1)  Adjusted(1)
                                                    ---------  --------------  -----------    ---------- --------------  -----------
Total revenues                                      $ 216,505    $  14,294      $ 230,799     $ 162,703     $  14,225     $ 176,928

Interest expense                                      (54,771)          --        (54,771)      (36,597)           --       (36,597)
General and administrative                            (88,168)          --        (88,168)      (71,236)           --       (71,236)
Depreciation and amortization                         (33,467)          --        (33,467)      (22,553)           --       (22,553)
Loss on impairment of assets                           (1,902)          --         (1,902)         (610)           --          (610)
Expenses and equity losses of consolidated
   partnerships                                      (241,341)     241,341             --      (127,767)      127,767            --
Equity and other income                                 2,062           (7)         2,055         1,731            --         1,731
Gain on sale of loans and repayment of
   revenue bonds                                       10,886           --         10,886         5,863            --         5,863

Income allocated to preferred shareholders and
   minority interests                                 (26,241)          --        (26,241)      (22,638)           --       (22,638)
Loss allocated to partners of consolidated
   partnerships                                       255,628     (255,628)            --       141,992      (141,992)           --
                                                    ---------    ---------      ---------     ---------     ---------     ---------

Income before income taxes                             39,191           --         39,191        30,888            --        30,888

Income tax benefit                                     13,716           --         13,716        14,644            --        14,644
                                                    ---------    ---------      ---------     ---------     ---------     ---------

Net income                                          $  52,907    $      --      $  52,907     $  45,532     $      --     $  45,532
                                                    =========    =========      =========     =========     =========     =========
     4.4% CRA Preferred dividend requirements            (832)          --           (832)           --            --            --
                                                    ---------    ---------      ---------     ---------     ---------     ---------
Net income available to shareholders                $  52,075    $      --      $  52,075     $  45,532     $      --     $  45,532
                                                    =========    =========      =========     =========     =========     =========

Net income per share:
     Basic                                          $    0.90    $      --      $    0.90     $    0.85     $      --     $    0.85
                                                    =========    =========      =========     =========     =========     =========
     Diluted                                        $    0.89    $      --      $    0.89     $    0.84     $      --     $    0.84
                                                    =========    =========      =========     =========     =========     =========

Weighted average shares outstanding:
     Basic                                             57,927           --         57,927        53,794            --        53,794
                                                    =========    =========      =========     =========     =========     =========
     Diluted                                           59,135           --         59,135        54,220            --        54,220
                                                    =========    =========      =========     =========     =========     =========
Reconciliation of Net Income to Cash Available for Distribution ("CAD")(2)
                                 (In thousands)
----------------------
                                                           Three months ended
                                                              September 30,
                                                         ----------------------
                                                           2005          2004
                                                         --------      --------
Net Income                                               $ 18,678      $ 14,911
Revenues - amortization                                       771           744
Fees deferred for GAAP                                      3,302        10,410
Straight line yield                                          (848)         (820)
Depreciation and amortization expense                      16,302         7,864
Gain on sale of loans                                      (3,718)         (316)
Loss on impairment of assets                                  803           610
Tax adjustment                                             (2,546)       (6,624)
Compensation cost - stock-based compensation                1,523         2,727
Difference between Subsidiary Equity distributions
   and income allocated to Subsidiary Equity holders       (1,018)       (1,063)
Other, net                                                    224          (795)
                                                         --------      --------
CAD                                                      $ 33,473      $ 27,648
                                                         ========      ========
Reconciliation of Net Income to Cash Available for Distribution ("CAD")(2)
                                 (In thousands)
----------------------
                                                            Nine months ended
                                                              September 30,
                                                         ----------------------
                                                           2005          2004
                                                         --------      --------
Net Income                                               $ 52,907      $ 45,532
Revenues - amortization                                     2,256         2,067
Fees deferred for GAAP                                     21,758        23,350
Straight line yield                                        (2,916)       (2,032)
Depreciation and amortization expense                      33,467        22,553
Gain on sale of loans                                     (10,367)       (5,838)
Loss on impairment of assets                                           1,902610
Tax adjustment                                            (12,027)      (16,436)
Compensation cost - stock-based compensation                5,299         8,449
Difference between Subsidiary Equity distributions
   and income allocated to Subsidiary Equity holders       (4,372)       (4,364)
Other, net                                                    348           544
                                                         --------      --------
CAD                                                      $ 88,255      $ 74,435
                                                         ========      ========
(1) As  previously  reported,  CharterMac  adopted  FASB  Interpretation  46(R),
effective  March 31,  2004.  As such,  earnings  results  include the results of
partnerships  consolidated  pursuant to the  accounting  change as well as other
partnerships  we control but in which we have little or no equity  interest.  As
CharterMac  has  virtually  no equity  interest in these  partnerships,  the net
losses generated by them were allocated almost entirely to their investors.  The
consolidation,  therefore,  has an insignificant impact on net income,  although
certain  CharterMac  revenues are eliminated in  consolidation  and revenues and
expenses of the consolidated partnerships are reflected in the income statement.
The reported  revenue and expense  totals may not be comparable to those of 2004
since such  consolidated  partnerships are only included in the income statement
beginning  April 1, 2004. The adjusted  figures  presented are not in accordance
with generally accepted accounting principles ("GAAP") but are presented for the
purpose of comparability.

(2) CharterMac believes that Cash Available for Distribution  ("CAD") is helpful
to investors in measuring the  performance  of our Company.  CAD  represents net
income (computed in accordance with GAAP), adjusted for:

o    Cash fees and other revenues received but deferred in accordance with GAAP.
     Fees recognized for CAD but deferred for GAAP purposes are generally earned
     over a period of time in connection with certain of our product lines, such
     as fund sponsorship and credit enhancement fees.
o    The effect of straight  line  revenue  recognition  of  interest  income on
     revenue bonds with fixed changes in interest rates.
o    Depreciation and amortization.
o    Non-cash gains  recognized on sale of mortgage loans when servicing  rights
     are retained.
o    Losses on sales of loans or repayment of revenue bonds.
o    Impairment losses.
o    The portion of tax benefit or provision that is not expected to be realized
     in cash.
o    Non-cash compensation expenses.
o    The  difference   between  earnings   allocated  to  Subsidiary  Equity  in
     accordance with GAAP and distributions to holders of that equity.

There is no generally accepted  methodology for computing CAD, and the Company's
computation of CAD may not be comparable to CAD reported by other companies. CAD
does not  represent  net cash  provided by operating  activities  determined  in
accordance  with GAAP and  should not be  considered  as an  alternative  to net
income  (determined  in accordance  with GAAP) as an indication of the Company's
performance,  as an alternative  to net cash provided from operating  activities
(determined  in accordance  with GAAP) as a measure of our  liquidity,  or as an
indication of our ability to make cash distributions.
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  ANNUAL REPORT ON FORM 10-K FOR THE
PERIOD ENDED DECEMBER 31, 2004, 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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