Number: REE-1                                                        $2,275,000

             California Statewide Communities Development Authority
                        Multifamily Housing Revenue Bond
                  (Silvercrest at Clovis Project) Series 1998EE
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                                                                Initial
    Dated Date:                 Maturity Date:                Interest Rate:
    -----------                 --------------                --------------
    <S>                         <C>                           <C>

September 24, 1998            September 1, 2040                 7.125%
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Registered Owner:        CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY

Principal Amount:        TWO MIILLION TWO HUNDRED SEVENTY-FIVE THOUSAND
                         DOLLARS

           California Statewide Communities Development Authority (the
"Issuer"), a joint exercise of powers agency duly organized and existing under
the laws of the State of California (the "State"), for value received hereby
promises to pay to the registered owner hereof stated above, or registered
assigns, at the maturity date stated above, but only from the sources and as
hereinafter provided, upon presentation and surrender of this Bond at the
corporate trust office of U.S. Bank Trust National Association in St. Paul,
Minnesota, as agent for U.S. Bank Trust National Association, San Francisco,
California, or its successor as trustee (the "Trustee"), under the Indenture
(described below), the principal amount stated above, and to pay interest on
said principal amount at the interest rate set forth above, from and including
the date of issuance of this Bond until the principal amount shall have been
paid in accordance with the terms of this Bond and the Indenture, as and when
set forth below, but only from the sources and as hereinafter provided, by wire
transfer if there be one Owner of all of the Bonds or otherwise by check mailed
to the record Owners of Bonds as the same appear upon the books of registry to
be maintained by the Trustee, as registrar.

               This Bond is one of a series of bonds (the "Bonds") issued
pursuant to the provisions of Chapter 5 of Division 7 of Title 1 of the
California Government Code, together with the provisions of Chapter 7 of Part 
of Division 31 of the California Health and Safety Code, as the same may be
amended (collectively, the "Act"), and a Trust Indenture, dated as of September
1, 1998, between the Issuer and the Trustee (as amended and supplemented from
time to time, the "Indenture"). Reference is made to the Indenture and the Act
for a full statement of their respective terms. Capitalized terms used herein
and not otherwise defined herein have the respective meanings accorded such
terms in the Indenture, which are hereby incorporated herein by reference.
The Bonds issued under the Indenture are expressly limited to $2,275,000 in
aggregate principal amount at any time Outstanding and are all of like tenor,
except as to numbers and denominations, and are issued for the purposes of
providing construction and permanent financing for a qualified multifamily
rental housing development in the State and paying of certain expenses
incidental thereto.


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The Bonds shall be special and limited obligations of the Issuer payable only
from the sources provided in this Indenture and neither the State nor any other
political subdivision thereof shall be liable on the Bonds. Neither the State
nor any political subdivision thereof shall in any event be liable for the
payment of the principal of or interest on any Bonds, or for the performance of
any pledge, deed of trust, obligation or agreement of any kind whatsoever that
may be undertaken by the Issuer, and none of the Bonds or any of its agreements
or obligations shall be construed to constitute a debt or a pledge of the faith
and credit of the State or any political subdivision thereof within the meaning
of any constitutional or statutory provision whatsoever, and shall not directly,
indirectly or contingently obligate the State or any of its political
subdivisions to levy or to pledge any form of taxation whatsoever therefor or to
make an appropriation for the payment thereof; nor shall any breach of any such
pledge, deed of trust, obligation or agreement impose any pecuniary liability
upon any member, officer, employee or agent of the Issuer, or any charge upon
the general credit of the Issuer, or any pecuniary liability upon the Issuer
payable from any moneys, revenues, payments and proceeds other than those first
above specified.

        NEITHER THE MEMBERS OF THE ISSUER NOR ANY PERSONS EXECUTING THIS BOND
SHALL BE LIABLE PERSONALLY ON THE BONDS BY REASON OF THE ISSUANCE THEREOF. THE
BONDS SHALL NOT BE A DEBT OF THE STATE OR ANY POLITICAL SUBDIVISION THEREOF
(OTHER THAN THE ISSUER TO THE EXTENT PROVIDED HEREIN, AND NEITHER THE STATE NOR
ANY POLITICAL SUBDIVISION THEREOF (OTHER THAN THE ISSUER) SHALL BE LIABLE
THEREON, NOR IN ANY EVENT SHALL THE BONDS BE PAYABLE OUT OF ANY FUNDS OR
PROPERTIES OTHER THAN THOSE OF THE ISSUER SPECIFICALLY PLEDGED THERETO. THE
BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS WITHIN THE MEANING OF ANY
CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OR RESTRICTION. THE ISSUER HAS NO
TAXING POWER.

           Interest on the Bonds. The Bonds (including this Bond) shall bear
interest on the outstanding principal amount thereof, at a rate of seven and
one-eighth percent (7.125%) per annum, computed on the basis of a 360-day year
comprised of twelve 30-day months from the date of issuance of the Bonds to the
Maturity Date or upon earlier redemption or acceleration thereof.

           Limited Recourse. Pursuant to a Loan Agreement dated as of September
1, 1998, and a Promissory Note (the "Note") dated the date of issuance of the
Bonds, Clovis Seniors Limited, a California limited partnership (the
"Developer"), has agreed to make payments to the Issuer in amounts equal to
amounts of principal of and premium, if any, and interest on the Bonds. THE
OBLIGATIONS OF THE ISSUER ON THIS BOND ARE EXPRESSLY LIMITED TO AND ARE PAYABLE
SOLELY FROM (I) THE PAYMENTS MADE PURSUANT TO THE LOAN AGREEMENT AND THE NOTE BY
THE DEVELOPER, AND THE SECURITY THEREFOR PROVIDED BY THE FIRST DEED OF TRUST AND
SECURITY AGREEMENT FROM THE DEVELOPER TO THE BENEFIT OF THE TRUSTEE, TO BE DATED
AS OF SEPTEMBER 1, 1998, ALL OF WHICH HAVE BEEN ASSIGNED TO THE TRUSTEE PURSUANT
TO THE INDENTURE AND (II) ANY ADDITIONAL SECURITY PROVIDED IN THE INDENTURE.

           Registration and Transfer. This Bond is transferable by the
registered owner hereof in person or by his attorney duly authorized in writing
at the office of the Trustee as registrar, but only in the manner, subject to
the limitations and upon payment of the charges provided in the Indenture, and
upon surrender and cancellation of this Bond. Upon such transfer a new
registered Bond or Bonds, of any authorized denomination or denominations, of
the same maturity and for the same aggregate principal amount will be issued to
the transferee in exchange herefor. The Bonds are issuable as fully registered
Bonds in Authorized Denominations as provided in the Indenture.

                                        2

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           Redemption of Bonds. The Bonds are subject to optional and mandatory
redemption by the Issuer and purchase in lieu of redemption by the Developer
prior to maturity as a whole or in part at such time or times, under such
circumstances, at such redemption prices and in such manner as is set forth in
the Indenture.

           Enforcement. Only the Majority Owner shall have the right to enforce
the provisions of this Bond or the Indenture or to institute any action to
enforce the covenants herein or therein, or to take any action with respect to
any Event of Default under the Indenture, or to institute, appear in or defend
any suit or other proceedings with respect thereto, except as provided in the
Indenture. If an Event of Default occurs and is continuing, the principal of all
Bonds then outstanding may be declared due and payable by the Majority Owner
upon the conditions and in the manner and with the effect provided in the
Indenture. As provided in the Indenture, and to the extent permitted by law,
interest and a penalty rate of interest shall be payable on unpaid amounts due
hereon.

           Discharge. The Indenture prescribes the manner in which it may be
discharged and after which the Bonds shall be deemed to be paid and no longer be
secured by or entitled to the benefits of the Indenture, except for the purposes
of registration and exchange of Bonds and of such payment.

           Modifications. Modifications or alterations of the Indenture, or of
any supplements thereto, may be made only to the extent and in the circumstances
permitted by the Indenture.

           This Bond shall not be valid or obligatory for any purpose until it
shall have been signed on behalf of the Issuer and such signature attested, by
the officer, and in the manner, provided in the Indenture, and authenticated by
a duly authorized officer of the Trustee, as Authenticating Agent.

           It is hereby certified and recited that all conditions, acts and
things required by the statutes of the State or by the Act or the Indenture to
exist, to have happened or to have been performed precedent to or in the
issuance of this Bond exist, have happened and have been performed and that the
issue of the Bonds, together with all other indebtedness of the Issuer, is
within every debt and other limit prescribed by said statutes.

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           IN WITNESS WHEREOF, the Issuer has caused this Bond to be executed as
of the Dated Date stated above.

                                                CALIFORNIA STATEWIDE COMMUNITIES
                                                DEVELOPMENT AUTHORITY

                                                By:/s/ Gerald P. Burke
                                                  ------------------------------
                                                        Chairman
Attest:

By:/s/ Norma Lammers
  ------------------------------
          Secretary


                            CERTIFICATE OF AUTHENTICATION

   This Bond is one of the Bonds described in the within mentioned Indenture.

                                        U.S. BANK TRUST NATIONAL ASSOCIATION, as
                                        Trustee and Authenticating Agent

                                        By:/s/ Thomas M. Demchuk
                                          ------------------------------
                                               Authorized Signatory
Date of Authentication:    9/24/98
                       ----------------

                                        4



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                                   ASSIGNMENT

FOR  VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

_________ the within Bond and hereby authorizes the transfer of this Bond on the

registration books of the Trustee.

Dated:
      ------------------ 
                                                --------------------------------
                                                       Authorized Signature
                                                
                                                --------------------------------
                                                       Name of Transferee

Signature Guaranteed by:

---------------------------------------
Name of Bank 

By:
   ------------------------------------

Title:
     ----------------------------------

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