SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)


   X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-------  EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 2002


                                       OR


____   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934


                         Commission File Number 1-13237


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                  ---------------------------------------------
         (Exact name of Registrant as specified in its Trust Agreement)



                Delaware                                        13-3949418
--------------------------------------                       -----------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)



625 Madison Avenue, New York, New York                             10022
--------------------------------------                           -----------
(Address of principal executive offices)                          (Zip Code)


Registrant's telephone number, including area code (212) 421-5333


       Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes    X     No
                                               ------      -------


<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)

                                                     ============ ============
                                                       June 30,   December 31,
                                                         2002         2001
                                                     ------------ ------------
                                                     (Unaudited)
ASSETS
Revenue Bonds-at fair value                            $1,286,108   $1,137,715
Investment in ARCap                                        19,055       18,950
Guaranteed investment contracts                            23,412       18,406
Mortgage servicing rights - net                            35,708       33,708
Cash and cash equivalents                                 128,899      105,364
Cash and cash equivalents-restricted                        4,837        4,670
Interest receivable, net                                    7,964        6,458
Promissory notes and mortgages receivable                  46,475       45,022
Deferred costs, net                                        36,905       31,796
Goodwill                                                    1,203        9,842
Other intangible assets, net                               11,557        3,154
Other assets                                                3,164        3,104
                                                       ----------  -----------
Total assets                                           $1,605,287   $1,418,189
                                                        =========    =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
   Financing arrangements                              $  529,035   $  541,796
   Notes payable                                           64,873       56,586
   Interest rate derivatives                                4,005        2,958
   Accounts payable, accrued expenses and other
   liabilities                                              9,470       13,820
   Due to Manager and affiliates                            2,530        2,266
   Due to FNMA                                             23,412       18,406
   Distributions payable to preferred shareholders
     of subsidiary                                          4,052        3,693
   Deferred tax liability                                  11,415       10,251
   Distributions payable to Convertible CRA Shareholders      693          565
   Distributions payable to common shareholders            12,759       10,448
                                                       ----------  -----------

Total liabilities                                         662,244      660,789
                                                       ----------  -----------

Preferred shares of subsidiary (subject to mandatory
   repurchase)                                            273,500      218,500
                                                       ----------   ----------

Minority interest in consolidated subsidiary                4,403        3,652
                                                       ----------  -----------

Commitments and contingencies

Shareholders' equity:
   Beneficial owners' equity - convertible CRA
     shareholders (1,882,364 shares, issued and
     outstanding in 2002 and 2001, respectively)           25,751       25,522
   Beneficial owner's equity-manager                        1,375        1,069
   Beneficial owners' equity-other common shareholders
     (100,000,000 shares authorized; 41,161,138 issued
     and 41,152,738 outstanding and 34,834,308
     shares issued and 34,825,908 outstanding in
     2002 and 2001, respectively)                         607,450      511,456
   Treasury shares of beneficial interest (8,400
   shares)                                                   (103)        (103)
   Accumulated other comprehensive income (loss)           30,667       (2,696)
                                                       ----------  -----------
Total shareholders' equity                                665,140      535,248
                                                       ----------   ----------

Total liabilities and shareholders' equity             $1,605,287   $1,418,189
                                                        =========    =========


           See accompanying notes to consolidated financial statements
                                       2
<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                 (Dollars in thousands except per share amounts)
                                   (Unaudited)

                                    Three Months Ended      Six Months Ended
                                        June 30,                June 30,
                                  ---------------------   ---------------------
                                      2002       2001        2002       2001
                                  ---------------------   ---------------------

Revenues:
   Interest income:
     Revenue bonds                $  22,025  $   16,360    $  44,945   $ 32,701
     Temporary investments              575         391          795        615
     Promissory notes                   160         233          323        490
   Equity in earnings of ARCap          563          --        1,110         --
   Mortgage banking fees              1,394          --        3,050         --
   Servicing fees                     2,009          --        3,862         --
   Other income                       1,897         507        3,888        542
                                  ---------  ----------    ---------   --------
   Total revenues                    28,623      17,491       57,973     34,348
                                  ---------  ----------    ---------   --------

Expenses:
   Interest expense                   3,014       3,890        7,005      7,304
   Recurring fees relating to the
     Private Label Tender Option
     Program                            751         570        1,478      1,134
   Bond servicing                       878         595        1,644      1,137
   General and administrative         5,953         730       11,552      1,472
   Amortization                       1,760         202        4,000        401
   Income (loss) allocated to
     minority interest                  (49)         --          253         --
   Provision for loss under FNMA
     DUS product line                   202          --          528         --
   Loss on impairment of
     revenue bonds                       --         400           --        400
                                  ---------  ----------    ---------   --------

     Total expenses                  12,509       6,387       26,460     11,848
                                  ---------  ----------    ---------   --------

Income before gain on repayment
   of revenue bonds and sale of
   loans                             16,114      11,104       31,513     22,500

Gain on sale of loans                 3,321          --        6,934         --

Gain on repayment of revenue bonds      222          --        3,979        102
                                  ---------  ----------    ---------   --------

Income before allocation to
preferred shareholders of
   subsidiary                       19,657      11,104       42,426     22,602

Income allocated to preferred
   shareholders of subsidiary       (4,053)     (2,962)      (7,817)    (5,924)
                                  ---------  ----------    ---------   --------

Income before provision for
   income taxes                     15,604       8,142       34,609     16,678
   Provision for income taxes        1,457          --        1,638         --
                                  ---------  ----------    ---------   --------
Net Income                        $ 14,147   $   8,142     $ 32,971    $16,678
                                  =========  ==========    =========   ========

Allocation of net income to:
   Special distribution to
   Manager                        $   1,240  $      866    $   2,328   $  1,694
                                  =========  ==========    =========   ========
   Manager                        $     129  $       73    $     306   $    150
                                  =========  ==========    =========   ========
   Common shareholders            $  12,234  $    6,548    $  28,941   $13,398
   Convertible CRA shareholders         544         655        1,396     1,436
                                  ---------  ----------    ---------   --------
     Total for shareholders       $  12,778  $    7,203    $  30,337   $ 14,834
                                  =========  ==========    =========   ========

Net income per share
   Basic                          $     .30  $      .24    $     .74   $    .54
                                  =========  ==========    =========   ========
   Diluted                        $     .30  $      .24    $     .74   $    .54
                                  =========  ==========    =========   ========

Weighted average shares
   outstanding :

   Basic                         43,035,102  29,607,203   40,920,033 27,460,354
                                 ==========  ==========   ========== ==========
   Diluted                       43,107,175  29,664,418   40,988,572 27,520,773
                                 ==========  ==========   ========== ==========


           See accompanying notes to consolidated financial statements
                                       3
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CHANGES IN
                              SHAREHOLDERS' EQUITY
                             (Dollars in Thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                          Beneficial
                                           Owners'                   Beneficial                               Accumulated
                                           Equity -    Beneficial     Owners'       Treasury                     Other
                                         Convertible     Owner's      Equity-      Shares of                    Compre-
                                             CRA        Equity -       Other       Beneficial   Comprehensive   hensive
                                         Shareholders   Manager     Shareholders    Interest       Income     (Loss)Income   Total
                                         ------------   -------     ------------    --------       ------     ------------   -----
<S>                                          <C>          <C>         <C>            <C>       <C>             <C>         <C>
Balance at January 1, 2002                   $25,522      $1,069      $511,456       $(103)                    $(2,696)    $535,248
Comprehensive income:
Net income                                     1,396       2,634        28,941          --     $    32,971                   32,971
                                                                                                ----------
Other comprehensive gain (loss):
  Net unrealized loss on                                                                            (1,263)
   interest rate derivatives
  Net unrealized gain on revenue bonds:
  Net unrealized holding gain arising                                                               38,605
   during the period
  Add:  Reclassification adjustment
for net gain included in net income                                                                 (3,979)
                                                                                                ----------

Total other comprehensive gain                                                                      33,363      33,363       33,363
                                                                                                ----------
Comprehensive income                                                                           $    66,334
                                                                                                ==========
Issuance of common shares                         --          --        92,570          --                          --       92,570
Distributions                                 (1,167)     (2,328)      (25,517)         --                          --      (29,012)
                                          ----------   ---------     ---------     -------                   ---------    ---------
Balance at June 30, 2002                 $    25,751   $   1,375    $  607,450    $   (103)                 $   30,667   $  665,140
                                          ==========    ========     =========     =======                   =========    =========
</TABLE>


          See accompanying notes to consolidated financial statements.


                                       4
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)

                                                     ==========================
                                                          Six Months Ended
                                                              June 30,
                                                     --------------------------
                                                         2002           2001
                                                     ------------- ------------

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                          $   32,971    $   16,678
   Adjustments to reconcile net income to net cash
     provided by operating activities:
   Gain on repayment of revenue bonds                      (3,979)         (137)
   Loss on impairment of revenue bonds                         --           400
   Other amortization                                         495           401
   Amortization of other intangible assets                    237           235
   Amortization of bond selection costs                     1,845         1,301
   Amortization of mortgage servicing rights                3,437            --
   Accretion of deferred income and purchase
     accounting adjustment                                    (23)          (45)
   Income allocated to preferred shareholders
     of subsidiary                                          7,817         5,923
   Equity in earnings of ARCap, in excess of
     distributions received                                  (105)           --
   Increase in mortgage servicing rights                   (5,965)           --
   Increase in provision for loss under FNMA DUS
     product line                                             528            --
   Income allocated to minority interest                      253            --
   Issuance of shares of subsidiary as compensation expense   498            --
   Changes in operating assets and liabilities:
     Interest receivable                                   (1,506)         (169)
     Other assets                                             (61)         (171)
     Increase in due to FNMA                                5,006            --
     Increase in guaranteed investment contracts           (5,006)           --
     Accounts payable, accrued expenses and
       other liabilities                                   (4,224)          413
     Deferred tax liability                                 1,165            --
     Due to Manager and
       affiliates                                             380           165
                                                     ------------- ------------
Net cash provided by operating activities                  33,763        24,994
                                                     ------------- ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Proceeds from repayment of revenue bonds                86,130        21,645
   Periodic principal payments of revenue bonds             3,392           746
   Proceeds from repayment of note                          6,600             5
   Purchase of revenue bonds                             (199,013)      (87,050)
   Increase in deferred bond selection costs               (5,397)       (1,950)
   Increase in promissory notes                            (1,409)       (3,065)
   Increase in cash and cash equivalents - restricted        (167)           --
   Increase in notes receivable                            (8,287)           --
   Principal payments received from loans
     made to properties                                     1,643            99
                                                     ------------- ------------
Net cash used in investing activities                    (116,508)      (69,570)
                                                     ------------- ------------


           See accompanying notes to consolidated financial statements
                                       5
<PAGE>


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)


                                                       ========================
                                                           Six Months Ended
                                                               June 30,
                                                       ------------------------
                                                          2002          2001
                                                       ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions paid to the Manager and Common
     shareholders                                         (25,321)      (14,114)
   Distributions paid to preferred shareholders
     of subsidiary                                         (7,457)       (5,923)
   Distributions paid to Convertible CRA
     shareholders                                          (1,148)       (1,271)
   Proceeds from financing arrangements                    54,500        53,413
   Principal repayments of financing arrangements         (67,261)      (90,944)
   Increase in notes payable - warehouse lines              8,287            --
   Increase in deferred costs relating to the
     Private Label Tender Option Program                     (298)         (101)
   Issuance of common shares                               92,539       115,750
   Retirement of Convertible CRA Shares                        --        (8,987)
   Increase in fair value of interest rate cap               (216)           --

   Issuance of preferred stock of subsidiary               55,000            --
   Increase in deferred costs relating to
     the preferred shares offering                         (1,922)           --
   Increase in other deferred costs                          (423)           --
                                                       ----------    ----------
Net cash provided by financing activities                 106,280        47,823
                                                       ----------    ----------

Net increase in cash and cash equivalents                  23,535         3,247
Cash and cash equivalents at the
   beginning of the period                                105,364        36,116
                                                       ----------    ----------
Cash and cash equivalents at the
   end of the period                                  $   128,899   $    39,363
                                                       ==========    ==========

SUPPLEMENTAL INFORMATION:
   Interest paid                                      $     4,372   $     2,494
                                                       ==========    ==========

Reclassification of goodwill to intangible assets:

   Decrease in goodwill                               $(8,639,142)
   Increase in intangible assets                        8,639,142
                                                       ----------

                                                      $        --
                                                       ----------


          See accompanying notes to consolidated financial statements

                                        6
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


NOTE 1 - General

Charter  Municipal  Mortgage  Acceptance  Company (the  "Company") is a Delaware
business trust principally engaged in the acquisition and ownership (directly or
indirectly) of tax-exempt  multifamily  housing revenue bonds ("Revenue  Bonds")
and other investments that produce tax-exempt income, issued by various state or
local governments, agencies, or authorities. Revenue Bonds are primarily secured
by  participating  and  non-participating  first  mortgage  loans on  underlying
properties ("Underlying Properties").

The Company is governed by a board of trustees  comprised  of three  independent
managing  trustees and five managing  trustees who are  affiliated  with Related
Capital Company ("Related"), a nationwide, fully integrated real estate services
firm. Charter Mac, through Charter Mac Corporation,  a wholly-owned  subsidiary,
has engaged Related Charter L.P. (the  "Manager"),  an affiliate of Related,  to
manage its day-to-day affairs. Charter Mac has also directly engaged the Manager
to provide additional management services.

The consolidated  financial  statements  include the accounts of Charter Mac and
four  subsidiary  business  trusts which it controls  and/or  majority  owns: CM
Holding Trust,  Charter Mac Equity Issuer Trust, Charter Mac Origination Trust I
and  Charter Mac Owner Trust I, and one  wholly-owned  corporation,  Charter Mac
Corporation.  Charter Mac Corporation owns 80% of PW Funding Inc. ("PWF"), which
is also included in the  consolidated  financial  statements.  All  intercompany
accounts  and  transactions  have  been  eliminated  in  consolidation.   Unless
otherwise  indicated,  the  "Company",  as hereinafter  used,  refers to Charter
Municipal Mortgage Acceptance Company and its consolidated subsidiaries.

The accompanying  interim financial statements have been prepared without audit.
In the opinion of management,  the financial  statements contain all adjustments
(consisting of only normal  recurring  adjustments)  necessary to present fairly
the financial statements of the interim periods.  However, the operating results
for the interim periods may not be indicative of the results for the full year.

Certain  information  and  footnote  disclosures  normally  included  in  annual
financial statements prepared in accordance with accounting principles generally
accepted  in the  United  States of  America  ("GAAP")  have been  condensed  or
omitted.  It is  suggested  that these  financial  statements  should be read in
conjunction  with the financial  statements  and notes  thereto  included in the
Company's Form 10-K for the year ended December 31, 2001.

The  consolidated  financial  statements  of the Company are prepared  using the
accrual method of accounting in conformity with GAAP, which requires the Manager
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the  financial  statements  as well as the  reported  amounts of revenues and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  Significant  estimates  in  the  financial  statements  include  the
valuation of the Company's  investments  in Revenue  Bonds,  mortgage  servicing
rights and interest rate swaps.

Certain  amounts in the 2001  financial  statements  have been  reclassified  to
conform to the 2002 presentation.


                                       7
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


New Pronouncements
------------------

In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
No. 141, "Business Combinations" (SFAS 141) and Statement No. 142, "Goodwill and
Other Intangible  Assets" (SFAS 142).  These statements  establish new standards
for  accounting  and  reporting for business  combinations  and for goodwill and
intangible assets resulting from business combinations.  SFAS 141 applies to all
business  combinations  initiated  after June 30, 2001. The Company  implemented
SFAS 142 on January 1, 2002.  Implementation  of these statements did not have a
material impact on the Company's financial statements.

In June 2001,  the FASB issued  SFAS No. 143  "Accounting  for Asset  Retirement
Obligations.  SFAS No. 143  requires  the fair value of a liability  or an asset
retirement  obligation  be recorded in the period in which it is incurred.  SFAS
No. 143 does not become effective until January 1, 2003. Management believes the
implementation  of SFAS No. 143 will not have a material impact on the Company's
financial statements.

In August 2001, the FASB issued SFAS No. 144  "Accounting  for the Impairment or
Disposal of Long Lived  Assets".  SFAS No. 144  supercedes  existing  accounting
literature dealing with impairment and disposal of long-lived assets,  including
discontinued operations. It addresses financial accounting and reporting for the
impairment of long-lived assets and for long-lived assets to be disposed of, and
expands current reporting for discontinued  operations to include disposals of a
"component"  of an entity that has been disposed of or is classified as held for
sale. The Company implemented SFAS No. 144 on January 1, 2002. Implementation of
this  statement  did not  have a  material  impact  on the  Company's  financial
statements.

In April 2002, the FASB issued SFAS No. 145  "Rescission of FASB  Statements No.
4, 44 and 64, Amendment of FASB Statement No. 13 and Technical Corrections. SFAS
No. 145, among other things,  rescinds SFAS No. 4,  "Reporting  Gains and Losses
from Extinguishment of Debt", and accordingly,  the reporting of gains or losses
from the  early  extinguishments  of debt as  extraordinary  items  will only be
required if they meet the specific  criteria of extraordinary  items included in
Accounting   Principles  Board  Opinion  No.  30,   "Reporting  the  Results  of
Operations".  The revision of SFAS No. 4 is effective  January 2003.  Management
believes the  implementation  of SFAS No. 145 will not have a material impact on
the Company's financial statements.

In July 2002, the FASB issued SFAS No. 146 "Accounting for Costs Associated with
Exit  or  Disposal  Activities".   SFAS  No.  146  replaces  current  accounting
literature  and  requires  the  recognition  of costs  associated  with  exit or
disposal  activities  when  they  are  incurred  rather  than  at the  date of a
commitment to an exit or disposal plan.  SFAS No. 146 does not become  effective
until January 1, 2003.  Management  believes the  implementation of SFAS No. 146
will not have a material impact on the Company's financial statements.


NOTE 2 - Revenue Bonds

The Company accounts for its investments in Revenue Bonds as  available-for-sale
debt  securities  under the  provisions  of Statement  of  Financial  Accounting
Standards  No.  115,  "Accounting  for  Certain  Investments  in Debt and Equity
Securities".  Accordingly, the Revenue Bonds are carried at their estimated fair
values, with unrealized gains and losses reported in other comprehensive income.


                                        8
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


The  weighted  average  interest  rates  recognized  on the face  amount  of the
portfolio of Revenue  Bonds for the six months ended June 30, 2002 and 2001 were
7.71% and  7.33%,  respectively,  based on  weighted  average  face  amounts  of
approximately $1,165,370,000 and $890,132,000, respectively.

The amortized cost basis of the Company's portfolio of Revenue Bonds at June 30,
2002 and December 31, 2001 was $1,251,219,735 and $1,137,453,098,  respectively.
The net  unrealized  gain on Revenue Bonds in the amount of  $34,888,267 at June
30, 2002  consisted  of gross  unrealized  gains and losses of  $45,728,048  and
$10,839,781,  respectively. The net unrealized loss on Revenue Bonds of $261,902
at  December  31,  2001  consisted  of gross  unrealized  gains  and  losses  of
$20,202,713 and $19,940,811, respectively.

2002 Transactions
-----------------

The following table  summarizes the Company's  acquisition  activity for the six
months ended June 30, 2002.

                                                 Weighted    Weighted
                                    Aggregate    Average      Average    Number
                                    Purchase   Construction  Permanent     of
                       Face Amount   Price       Interest     Interest  Revenue
                                                   Rate         Rate     Bonds
--------------------------------------------------------------------------------
Non-participating      (Dollars in
Revenue Bonds           Thousands)
Construction/
  rehabilitation
  properties             $199,013   $204,410       7.35%        7.17%     30


During  the six months  ended June 30,  2002,  nine  Revenue  Bonds were sold or
repaid.  The Revenue Bonds had an aggregate face amount of  approximately  $95.5
million and a carrying value of $95.9 million. Additionally, one note was repaid
at par in the amount of $6.6 million.


NOTE 3 - Deferred Costs

The components of deferred costs are as follows:
                                                 (Dollars in Thousands)
                                                 June 30,   December 31,
                                                   2002         2001
                                                 --------     --------
Deferred bond selection costs                   $  28,644    $  25,356
Deferred costs relating to the Private
  Label Tender Option Program                       7,087        6,788
  Deferred costs relating to the issuance
  of preferred shares of subsidiary                10,298        8,377
Deferred financing costs PWF acquisition
   and warehouse debt                                 982          332
Other Deferred Costs                                  800           --
                                                 --------     --------
                                                   47,811       40,853

Less: Accumulated amortization                    (10,906)      (9,057)
                                                 --------     --------

                                                $  36,905    $  31,796
                                                 ========     ========


                                        9
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


NOTE 4 - Goodwill and Intangible Assets

The Company  adopted  SFAS 141 on July 1, 2001 and SFAS 142, on January 1, 2002.
The Company has determined that the amounts  previously  capitalized as goodwill
relating to the initial formation of the Company and to the merger of ATEBT meet
the  criteria  in SFAS 141 for  recognition  as  intangible  assets  apart  from
goodwill,  and  accordingly  will continue to be amortized over their  remaining
useful lives, subject to impairment testing.

During the quarter ended June 30, 2002, PWF engaged a third party valuation firm
to evaluate PWF's  licenses with Fannie Mae,  Freddie Mac, FHA, GNMA and various
private  investors.  As a result of this process  approximately $8.6 million has
been  reclassified from goodwill to intangible  assets,  representing the market
value of PWF's licenses. These licenses have an indefinite life, and as a result
are not being amortized.

The  following  table  provides  further  information  regarding  the  Company's
intangible assets:


                                     (Dollars in Thousands)

                             Initial    ATEBT       PWF        Total
                            Formation   Merger    Licenses
                            ---------- ---------- ---------- ----------

Balance at June 30, 2002    $3,107     $1,320     $8,639       $13,066
Accumulated Amortization    (1,294)      (215)         -        (1,509)
                            ------     ------     ------       -------
Net balance at June 30,
  2002                      $1,813     $1,105     $8,639       $11,557
                            ======     ======     ======       =======
Amortization Expense for
  6 months ended June 30,
  2002                       $ 171      $  65      $   -        $  236
                            ======     ======     ======       =======
Estimated amortization
  expense per year for next
  five years                 $ 345      $ 132       $  -        $  477
                            ======     ======     ======       =======

The amortization is included as an offset to Revenue Bond interest.

The amount indicated as goodwill in the accompanying  financial statements as of
June 30,2002 is related to the acquisition,  on December 31, 2001, of PW Funding
Inc. This amount represents goodwill under SFAS 142, and therefore, is not being
amortized.


NOTE 5 - Related Party Transactions

Pursuant  to the  management  agreement  and  other  servicing  agreements  with
subsidiaries,  the  Manager  receives  (inclusive  of fees paid  directly to the
Manager by subsidiaries of the Company) certain fees for its ongoing  management
and operations of the Company and subsidiaries as follows:

   Fees/Compensation         Amount
   -----------------         ------
  I.  Bond selection fees    2% of the face amount of each asset  invested in or
                             acquired by the Company.

 II.  Special distributions  .375% per annum of the total invested assets of the
                             Company.

III.  Bond servicing fees    .25% per annum of the  outstanding  face  amount of
                             Revenue  Bonds  or other  investments  owned by the
                             Company.

IV.  Liquidation fees        1.5% based on the gross  sales price of assets sold
                             by the Company.


                                       10
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


 V. Expense  reimbursement   in an  amount  not to  exceed  $741,932  per  annum
                             (subject to  increases  based on  increases  in the
                             Company's assets and to annual increases based upon
                             increases in the Consumer Price Index).

VI. Incentive share options  The  Manager   may   receive   options  to  acquire
                             additional  shares of the  Company  pursuant to the
                             incentive   share   option   plan  to  the   extent
                             distributions in any year exceed $0.9517 per common
                             share,  and  the  compensation   committee  of  the
                             Company's  board of  trustees  determines  to grant
                             such options.

Fees  payable to the Manager  which are based on Revenue  Bonds or assets of the
Company  include such Revenue Bonds or assets which are held either  directly by
the Company or held by other entities to which the Company has transferred  such
Revenue  Bonds or assets to  facilitate  financing.  In  addition,  the  Manager
receives  bond  placement  fees directly from the borrower in an amount equal to
1.0% to 1.5% of the principal  amount of each Revenue Bond or other  investment.
In  addition,  affiliates  of the Manager are part of a joint  venture  that has
development   services   agreements  with  the  owners  of  certain   Underlying
Properties.

The term of each of Charter Mac's management agreements is one year. The term of
each of  Charter  Mac's  subsidiaries'  management  agreements  is  five  years;
provided that if Charter Mac's  management  agreement with Related Charter LP is
terminated  or  not  renewed,  each  of  the  management  agreements  with  such
subsidiaries would terminate as of such date. Each of the management  agreements
may be renewed,  subject to evaluation of the  performance of the manager by the
relevant entity's board of trustees. Each management agreement may be terminated
(i)  without  cause by the  manager,  or (ii) for  cause  by a  majority  of the
applicable entity's independent  trustees, in each case without penalty and upon
60 days prior written notice to the non-terminating party.

The costs,  expenses and the special  distributions  incurred to the Manager and
its affiliates for the six months ended June 30, 2002 and 2001 were as follows:

                           Six Months Ended      Three Months Ended
                                 June 30,             June 30,
                        (Dollars in Thousands) (Dollars in Thousands)
                            2002       2001        2002      2001
                        ---------------------  ----------------------

Bond selection fees     $    3,980 $    1,631  $    3,412 $    1,441
Expense reimbursement          431        327         122        162
Bond servicing fees          1,644      1,137         878        595
Special distribution         2,328      1,694       1,240        866
                        ---------- ----------  ---------- ----------
                        $    8,383 $    4,789  $    5,652 $    3,064
                        ========== ==========  ========== ==========

Certain of the Revenue  Bonds held by the Company have various  guarantees  from
affiliates of the Company.

During the quarter  ended June 30,  2002,  River Run, a bond held by the Company
was repaid.  The general  partner of the owner of the  underlying  property  was
comprised  of  affiliates  of the  Company.  River Run was repaid at par of $7.2
million.  The Company has recognized a loss of approximately  $38,000 due to the
write-off of unamortized  acquisition  costs associated with


                                       11
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


River  Run,  included  in Gain on  repayment  of  Revenue  Bonds,  and  received
approximately $767,000 in contingent interest, included in Revenue Bond interest
income.


NOTE 6 - Earnings Per Share

Net income per share is computed  in  accordance  with  Statement  of  Financial
Accounting  Standards  No. 128,  Earnings  Per Share.  Basic income per share is
calculated  by  dividing   income   allocated  to  common  and  convertible  CRA
shareholders  ("shareholders")  by the  weighted  average  number of common  and
convertible CRA shares outstanding during the period. The convertible CRA shares
are included in both the basic and dilutive  calculation  of shares because they
are entitled to the same  economic  benefits as common  shareholders,  including
receipt of the same  dividends  per share pari passu with  common  shareholders.
Diluted  income per share is  calculated  using the weighted  average  number of
shares  outstanding  during the period plus the  additional  dilutive  effect of
common share  equivalents.  The dilutive effect of outstanding  share options is
calculated  using the treasury stock method.  Because each convertible CRA share
is  convertible  into not more than one common share,  the potential  conversion
would be antidilutive.

Pursuant to the Company's  trust  agreement and the  management  agreement,  the
Manager is entitled,  pursuant to the terms of the Trust Agreement, to a special
distribution  equal to .375% per annum of the Company's  total  invested  assets
(which  equals  the face  amount of the  Revenue  Bonds and other  investments),
payable  quarterly.  After  allocation  of the  special  distributions,  the net
remaining  profits or losses,  after a special  allocation of 1% to the Manager,
are  then  allocated  to  shareholders  in  accordance  with  their   percentage
interests.


                                       12
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2002
                                   (Unaudited)


<TABLE>
<CAPTION>

                                          Three Months Ended June 30, 2002                      Six Months Ended June 30, 2002
                                       --------------------------------------              ----------------------------------------
                                        Income       Shares         Per Share               Income         Shares        Per Share
                                       Numerator   Denominator       Amount                Numerator     Denominator       Amount
                                       ---------   -----------      ---------              ----------     ----------      ---------
<S>                                   <C>           <C>            <C>                     <C>            <C>            <C>
Net income allocable to
   shareholders (Basic EPS)           $   12,778    43,035,102     $      .30              $   30,337     40,920,033     $      .74
                                                                    =========                                             =========
   Effect of dilutive securities
     228,262 stock options                     -        72,073                                      -         68,539
                                      ----------   -----------                              ---------     ---------
Diluted net income allocable to
   shareholders (Diluted EPS)         $   12,778    43,107,175     $      .30              $   30,337     40,988,572     $      .74
                                       =========   ===========      =========               =========     ==========      =========

<CAPTION>


                                          Three Months Ended June 30, 2001                      Six Months Ended June 30, 2001
                                      ---------------------------------------              ----------------------------------------
                                        Income       Shares        Per Share                 Income        Shares        Per Share
                                       Numerator   Denominator      Amount                  Numerator    Denominator       Amount
                                       ---------   -----------      ------                 ----------    -----------       ------
<S>                                   <C>           <C>            <C>                     <C>            <C>            <C>

Net income allocable to
   shareholders (Basic EPS)            $   7,203    29,607,203     $      .24              $   14,834     27,460,354     $      .54
                                                                    =========                                             =========
   Effect of dilutive securities
     297,830 stock options                     -        57,215                                      -         60,419
                                       ---------   -----------                              ---------     ----------
Diluted net income allocable to
   shareholders (Diluted EPS)          $   7,203    29,664,418     $      .24              $   14,834     27,520,773     $      .54
                                       =========   ===========      =========               =========     ==========      =========
</TABLE>


                                       13
<PAGE>






                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


NOTE 7 - Commitments and Contingencies

The  Company is subject to routine  litigation  and  administrative  proceedings
arising in the  ordinary  course of business.  Management  does not believe that
such matters will have a materially  adverse  impact on the Company's  financial
position, results of operations or cash flows.

The Company, through PWF, originates and services multifamily mortgage loans for
Fannie Mae,  Freddie Mac and FHA. Under the Fannie Mae DUS program,  the Company
oversees  responsibility for a portion of any loss that may result from borrower
defaults,  based on the Fannie Mae loss sharing formula. The Company maintains a
loan loss allowance,  which was approximately $3.8 million at June 30, 2002, for
loans  originated  under this program which  management  believes is adequate to
provide for estimated losses.

The Company has entered into a credit enhancement transaction with Merrill Lynch
Capital  Services  ("MLCS")  pursuant  to which the  Company  receives a fee for
assuming  MLCS's $46.9 million  first loss position on a $351.9  million pool of
tax-exempt  weekly  variable  rate  multifamily   mortgage  loans.  The  Related
Companies,  L.P. has provided the Company with an indemnity  covering 50% of any
losses incurred by the Company. The Company monitors the portfolio on an ongoing
basis and at June 30, 2002, does not anticipate any losses to be incurred.

Fees related to the credit enhancement  transaction for the three and six months
ended June 30, 2002, included in other income,  were approximately  $315,000 and
$627,000, respectively. Income is recognized monthly as the fees are received.


NOTE 8 - Financial Risk Management and Derivatives

The Company's  Revenue  Bonds  generally  bear fixed rates of interest,  but the
P-FLOATS and TOP financing  programs  incur  interest  expense at variable rates
re-set  weekly,  so the  Company is  exposed to  interest  rate  risks.  Various
financial  vehicles exist which would allow Company  management to hedge against
the  impact of  interest  rate  fluctuations  on the  Company's  cash  flows and
earnings. Prior to December 31, 2000, upon management's analysis of the interest
rate environment and the costs and risks of such strategies, the Company had not
engaged in any of these hedging strategies.

Subsequent  to December 31,  2000,  the Company  entered into two interest  rate
swaps in order to reduce the  Company's  growing  exposure to  increases  in the
floating  interest  rate on its TOP and P-FLOATS  programs.  Under such interest
rate swap  agreements,  the Company is required  to pay  Merrill  Lynch  Capital
Services  (the"Counterparty")  a fixed  rate on a  notional  amount of debt.  In
return,  the Counterparty will pay the Company a floating rate equivalent to The
BMA Municipal Swap Index, an index of weekly tax-exempt  variable rate issues on
which the Company's  variable rate financing  programs are based.  On January 5,
2001, the Company entered into a five-year interest rate swap that fixes the BMA
index to 3.98% on a notional  amount of $50  million.  On February 5, 2001,  the
Company entered into a three-year interest rate swap that fixes the BMA index to
3.64% on an additional notional amount of $100 million.

The  average  BMA rate for the  quarter  ended June 30,  2002 and the year ended
December 31, 2001 was 1.36% and 2.61%, respectively.  Net swap payments received
by the Company, if any, will be taxable income to the Company and,  accordingly,
to  shareholders.  A  possible  risk of such  swap  agreements  is the  possible
inability  of the  Counterparty  to meet  the  terms of the  contracts  with the
Company; however, there is no current indication of such an inability.


                                       14
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


The Company  adopted  statement of Financial  Accounting  Standards  No. 133, as
amended  and  interpreted,  on January 1, 2001.  Accordingly,  the  Company  has
documented  its  established  policy for risk  management and its objectives and
strategies for the use of derivative  instruments  to potentially  mitigate such
risks.  Currently,  the Company has a strategy to reduce its interest  rate risk
through the use of interest  rate swaps.  At inception,  the Company  designated
these interest rate swaps as cash flow hedges on the variable  interest payments
on its  floating  rate  financing.  Accordingly,  the  interest  rate  swaps are
recorded at their fair market  values each  accounting  period,  with changes in
market values being  recorded in other  comprehensive  income to the extent that
the hedge is effective in achieving offsetting cash flows. The Company assesses,
both at the  inception  of the hedge and on an ongoing  basis  whether  the swap
agreements are highly  effective in offsetting  changes in the cash flows of the
hedged financing. Any ineffectiveness in the hedging relationship is recorded in
earnings.  There was no ineffectiveness in the hedging  relationship  during the
first  two  quarters  of  2002,  and the  Company  expects  that  these  hedging
relationships  will be highly effective in achieving  offsetting changes in cash
flow throughout  their terms.  Net amounts payable or receivable  under the swap
agreements are recorded as adjustments to interest expense.

At June 30, 2002,  the combined fair market value of the two interest rate swaps
was a liability  of  approximately  $4.2  million,  included  in  interest  rate
derivatives on the  consolidated  balance sheet.  Interest paid or payable under
the terms of the swaps, of approximately  $1.7 million,  is included in interest
expense.

During  January  2002,  the Company  entered into an interest rate cap agreement
with Fleet  Bank,  with a cap of 8% on a  notional  amount of $30  million.  The
Company has not designated  this interest rate cap as a hedging  derivative.  At
June 30, 2002,  the fair market value of this  interest rate cap was an asset of
$139,000  included in interest  rate  derivatives  in the  consolidated  balance
sheet.  Because the Company has not designated this  derivative as a hedge,  the
change in fair market value flows through the Consolidated  Statement of Income,
where it is included in interest income, in the amounts of $215,500 and $139,000
for the three and six months ended June 30, 2002, respectively.


NOTE 9 - Shareholders' Equity

During the first  quarter of 2002,  the  Company  sold to the public 6.3 million
Common  Shares  at a price of  $15.47  per  share.  The net  proceeds  from this
offering,  approximately  $92.5  million,  have  been  used to  fund  additional
investments  in Revenue  Bonds.  The  underwriters  for this  offering  were UBS
Warburg,  Robertson Stephens, Legg Mason Ward Walker,  Wachovia Securities,  RBC
Capital Markets and Hilliard Lyons, Inc.

In June 2002, a subsidiary of the Company  issued 60 6.80% Series A-3 cumulative
preferred shares and 50 7.2% Series B-2 subordinate cumulative preferred shares,
raising net proceeds of approximately  $53 million.  Each of preferred shares is
subject to mandatory  repurchase in 2052 at a liquidation amount of $500,000 per
share.


NOTE 10 - Business Segments

As a result  of the  December  2001  acquisition  of PWF,  the  Company  has two
reportable business segments: an investing segment and an operating segment.


                                       15
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


The investing  segment consists of subsidiaries  holding  investments in Revenue
Bonds producing primarily tax-exempt interest income.

The  operating  segment  generates  taxable  interest  and fee  income.  Taxable
interest  income is generated  through the ownership of taxable  bonds,  certain
taxable  loans  and  other   investments.   Taxable  fee  income  includes  loan
origination  and loan  servicing  fees  (through  PWF) on  portfolios  for third
parties,  fees earned and  associated  with the  acquisition  or  origination of
Revenue Bonds, and fees for credit enhancement and guaranty services.

Segment results include all direct and contractual revenues and expenses of each
segment and  allocations of indirect  expenses based on specific  methodologies.
The reportable  segments are strategic  business  units that primarily  generate
revenue  streams  that  are  distinctly  different  and  are  generally  managed
separately.  Segment  reporting  is  applicable  beginning  with the year  ended
December  31,  2001;  prior  to the  year  ended  December  31,  2001 all of the
Company's operations were attributable to the investing segment.

The following table provides more information regarding the Company's segments:

<TABLE>
<CAPTION>
                          Six Months Ended June 30, 2002      Three Months Ended June 30, 2002
                     -------------------------------------   ------------------------------------
                              (Dollars in thousands)               (Dollars in Thousands)
                     -------------------------------------   ------------------------------------
                       Investing   Operating     Total       Investing     Operating       Total
                     ------------ ----------  ------------   ---------    -----------     -------
<S>                  <C>          <C>         <C>              <C>        <C>             <C>
Revenues             $     48,613 $    9,360  $     57,973     $24,123    $    4,500      $28,623
Net Income (loss)    $     31,958 $    1,013  $     32,971     $14,344    $     (197)     $14,147
Identifiable Assets  $  1,487,630 $  117,657  $  1,605,287
</TABLE>


NOTE 11 - Subsequent Events

LIHTC Guarantee
---------------
On July 18, 2002, the Company  entered into an agreement with Merrill Lynch (the
"Primary Guarantor") to guarantee an agreed upon internal rate of return ("IRR")
for a pool of 11  multifamily  properties  being  developed  by Related  Capital
Guaranteed  Corporate  Partners  II, L.P.  ("RCGCP")  for which the Company will
receive a guarantee fee totaling approximately $5.9 million.

The  transaction  was  structured  as two  separate  guarantees,  one  primarily
guaranteeing  the IRR through the lease-up phase of the properties and the other
guaranteeing the IRR through the operating phase of the properties.  The fee for
the first guarantee,  in the amount of approximately  $3.6 million,  was paid in
July  2002 at  closing.  The fee for the  second  guarantee  will be paid in two
installments.  The  first  installment,  in the  amount  of  approximately  $1.7
million, will be paid in October 2003, and the final installment,  in the amount
of  approximately  $566,000,  will be paid in February 2004.  These fees will be
recognized in income on a straight line basis over the period of the  respective
guarantees.  The total  potential  liability  to the  Company  pursuant  to this
guarantee is  approximately $ 44 million.  The Company has analyzed the expected
operations of the underlying properties and believes there is no risk of loss at
this time.


                                       16
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


RCGCP is a fund sponsored by Related Capital Company ("RCC") an affiliate of the
Company's Advisor. The 11 properties were financed, in part, with $125.3 million
of tax-exempt  and taxable  debt,  $70.3 million of which are revenue bonds that
have been acquired by the Company.

In connection with the transaction,  the Company posted $12.1 million of revenue
bonds as  collateral  to the  Primary  Guarantor,  which will be reduced to $1.1
million  over  a  12-year  period  as the  properties  reach  certain  operating
benchmarks.  In addition,  the Company agreed to subordinate  25% of each of the
bonds  it  acquired  that  are  secured  by  the  properties  and  not  use  the
subordinated  portion  of such  bonds  as  collateral  in  connection  with  any
borrowings.

To mitigate risk, the Company is the  beneficiary of a guarantee  against losses
associated  with  construction  and  operating  stabilization  for  each  of the
properties  in RCGCP,  which is capped at $15 million.  The  guarantee  has been
provided by The Related  Companies  L.P.  ("TRCLP"),  an affiliate of RCC. As of
December 31, 2001,  TRCLP had a GAAP net worth of  approximately  $179.3 million
with liquid assets of approximately $54.9 million.  In addition,  the developers
of each of the properties  have also been required to give recourse  completion,
stabilization  and  operating  deficit  guarantees.  TRCLP has also  agreed,  if
needed, after construction completion and property stabilization,  to fund up to
the first $2.5 million of operating deficits of the underlying properties or any
amounts required to pay the guaranteed IRR to the investor.

Chief Financial Officer
-----------------------
On August 8, 2002,  the Company  announced  that  effective  September  3, 2002,
Stuart  Rothstein  will become the Chief  Financial  Officer and Executive  Vice
President of the Company.  Mr. Rothstein joins the Company with approximately 11
years of professional  experience,  including  seven years of direct  experience
with Spieker Properties, a San Francisco-based office REIT that was purchased by
Equity Office  Properties  in July 2001. On September 3, 2002,  Alan Hirmes will
step down  from the  position  of  interim  Chief  Financial  Officer,  but will
continue  in his  position  of  Executive  Vice  President  and  Director of the
Company.

Convertible CRA Shares
----------------------
In July 2002, the Company issued  approximately  1.4 million of its  Convertible
CRA Shares,  at $15.43 per share,  raising net  proceeds  of  approximately  $23
million.  The  Company  intends  to use the  proceeds  to invest  in  additional
tax-exempt Revenue Bonds and for general corporate purposes, including reduction
of the Company's indebtedness.

New Acquisitions
----------------
On August 8, 2002, the Company  acquired three  tax-exempt  Revenue Bonds in the
face amount of  $2,835,000,  $660,000  and  $680,000,  all secured by a 128-unit
multi-family  affordable housing apartment complex located in Fort Smith, AK, to
be known as  Briarwood.  The bonds  mature in  February 1, 2039 and May 1, 2023,
respectively and all have a stated interest rate of 6.25%

On August 13, 2002,  the company  acquired two  tax-exempt  Revenue Bonds in the
face  amount  of  $6,245,000  and   $1,015,000,   both  secured  by  a  133-unit
multi-family affordable housing apartment complex located in Pasadena, CA, to be
known as Community  Arms.  The bonds mature in October 1, 2038 and  September 1,
2014, respectively and both have a stated interest rate of 7%.


                                       17
<PAGE>



                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  June 30, 2002
                                   (Unaudited)


Other
-----

On August 9,  2002,  the  Kingsbury  loan was  repaid in full.  The  outstanding
balance of the loan at June 30, 2002 was $114,500.

During  July of 2002,  CM  Corp.  made an  additional  payment  to the  original
shareholders of PWF of approximately $3 million ("the True-Up payment") pursuant
to the original acquisition  agreement.  The True-Up payment was based on i) the
increase in value of servicing rights due to certain loans closing, ii) positive
changes in the audited  balance  sheets used for the initial  purchase price and
the  audited  balance  sheet at  December  31,  2001,  iii)  payments of certain
servicing fees, iv) forward conversions of loans previously committed,  and v) a
payment  to  one  shareholder  for  PWF  stock  used  to  be  used  as  employee
compensation.


                                       18
<PAGE>



Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.

General
-------

Charter  Municipal  Mortgage  Acceptance  Company (the  "Company") is a Delaware
business trust  principally  engaged in the  acquisition  and ownership  (either
directly  or  indirectly)  of  tax-exempt   multifamily  housing  revenue  bonds
("Revenue Bonds") and other instruments that produce tax-exempt  income,  issued
by various state or local governments,  agencies, or authorities.  Revenue Bonds
are secured by  participating  and  non-participating  first  mortgage  loans on
underlying properties ("Underlying Properties").

In  order  to  generate  tax-exempt  income  to pass  through  to the  Company's
shareholders and, as a result, enhance the value of the Company's Common Shares,
the Company primarily invests in or acquires tax-exempt Revenue Bonds secured by
multifamily properties. The Company believes that it can earn above market rates
of interest on its Revenue Bond  acquisitions by focusing its efforts  primarily
on  affordable  housing.  The  Manager  estimates  that  nearly  50% of all  new
multifamily  development  contains an affordable  component  which  produces tax
credits  pursuant to Section 42 of the Internal  Revenue Code.  The  traditional
methods of  financing  affordable  housing  with  tax-exempt  Revenue  Bonds are
complex   and  time   consuming,   and  involve   the   participation   of  many
intermediaries.  Through the Manager,  the process has been streamlined with the
"Direct  Purchase  Program".  The Company's  Direct Purchase Program removes all
intermediaries from the financing process (except the governmental issuer of the
Revenue Bond) and enables  developers to deal directly with one source.  Because
the Company  purchases its Revenue Bonds directly from the governmental  issuer,
the  need for  underwriters  and  their  counsel,  rating  agencies  and  costly
documentation  is eliminated.  This reduces the financing  life cycle,  often by
several  months,  and also reduces the bond  issuance  costs,  usually by 30% or
more. In dealing  directly with the Company,  developers feel more certain about
the terms and timing of their  financing.  The Company  believes  the savings in
time and up-front costs and the certainty of execution that the Direct  Purchase
Program offers to developers allows the Company to receive above-market rates of
interest on the Company's Revenue Bonds.

The Company  believes that it is well  positioned to market its Direct  Purchase
Program as a result of the Manager's  affiliation  with Related  Capital Company
("Related"),  a nationwide,  fully integrated real estate services firm, because
the Manager is able to utilize  Related's  resources  and  relationships  in the
multifamily affordable housing finance industry to source potential borrowers of
Revenue  Bonds.  Related  and its  predecessor  companies  have  specialized  in
offering  debt  and  equity  products  to  mid-market   multifamily  owners  and
developers  for over 26 years.  According  to the 2000  National  Multi  Housing
Council  survey,  Related is the third largest owner of apartments in the United
States.

As a result of the  acquisition of PWF, the Company has diversified the range of
the  Company's  investment  products and is able to offer  developers  fixed and
floating rate tax-exempt and taxable  financing  through Fannie Mae, Freddie Mac
and,  to a  lesser  extent,  FHA for  affordable  and  market  rate  multifamily
properties.  Combining  this with the  Company's  core  business of investing in
Revenue Bonds and its affiliation with Related  Capital,  the Company is able to
provide  developers with financing for all aspects of their  property's  capital
structure.  In addition,  the Company has  diversified  its revenues  with a fee
business  that will grow in value over time and will  insulate  the Company from
the vagaries of the capital markets.

On January 14, 2002, the Company announced that its Board of Trustees had formed
a special committee to explore  strategic  alternatives for the Company's future
management  structure,  including  internalization  of  management,  and ways to
further diversify the Company's revenue sources.  The special committee consists
of the independent  members of the Board of Trustees,


                                       19
<PAGE>



Peter T. Allen,  Arthur P. Fisch and Charles L. Edson.  On April 17,  2002,  the
special  committee  retained Dresdner  Kleinwort  Wasserstein as their financial
advisor.

Liquidity and Capital Resources
-------------------------------

In order for the Company to fund its investments in Revenue Bonds and facilitate
growth,  the Company has primarily  used two sources of capital:  collateralized
debt  securitization  and equity  offerings.  To date,  the  primary  sources of
long-term  liquidity  has come from the  Company's  Private  Label Tender Option
Program (TOP),  common equity  offerings and preferred  equity  offerings by the
Company or a subsidiary.

During the first quarter of 2002, the Company issued  6,325,000 common shares of
beneficial  interest  at  $15.47  per  share,   resulting  in  net  proceeds  of
approximately $92.5 million.

During  the six  months  ended June 30,  2002 cash and cash  equivalents  of the
Company and its consolidated subsidiaries increased approximately $23.5 million.
The increase was primarily due to cash provided by operating  activities,  $33.8
million,  proceeds from the repayment of nine Revenue Bonds and one Note,  $92.7
million, the issuance of new common shares, $92.5 million, issuance of preferred
stock, $55.0 million and increased borrowings under finance arrangements,  $54.5
million,  less funds used to  purchase  Revenue  Bonds,  $204.4  million,  , net
principal  payments of secured  borrowings,  $67.3 million and  distributions to
common, convertible CRA and preferred shareholders, $33.9 million.

In July and  August  2002,  distributions  declared  in June  2002  were paid to
Preferred Shareholders as shown in the table below:

                                                        Liquidation
                    Distribution per      Total            Value
      Series              Share        Distribution      per share
      ------              -----        ------------      ---------
         A                $33,125       $1,490,625     $2,000,000
         A-1                8,875          426,000        500,000
         A-2                7,875          488,250        500,000
         A-3                2,550          153,000        500,000
         B                  9,500        1,045,000        500,000
         B-1                8,500          314,500        500,000
         B-2                2,700          135,000        500,000

Also paid were  distributions  of  $13,342,358  ($.31 per  share) to  holders of
common and convertible CRA shares.  All  distributions  were paid from cash flow
from operations.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way.

Acquisitions
------------

During the period January 1, 2002 through June 30, 2002, the Company acquired 23
tax-exempt  Revenue Bonds,  seven taxable Revenue Bonds and one bridge loan with
an aggregate  face amount of  approximately  $202 million,  not  including  bond
selection fees and expenses of approximately $4 million.

Results of Operations
---------------------

For the three and six months  ended June 30,  2002 as  compared  to 2001,  total
revenues,  total expenses and net income  increased due to the net result of the
acquisition  of 64 Revenue Bonds during 2002 and 2001, and the repayment of nine
Revenue  Bonds and one Note.  Total  reve-


                                       20
<PAGE>



nues and  expenses  and net  income  also  increased  due to the  December  2001
acquisition of PWF and the CMC credit enhancement transaction.

Interest  income from Revenue  Bonds  increased  approximately  $5.7 million and
$12.2  million  for the three and six months  ended June 30, 2002 as compared to
2001.  This  increase  was  primarily  due to an increase in interest  income of
approximately  $12.5 million on new Revenue Bonds acquired during 2001 and 2002,
partially  off-set by the sale or  repayment of Revenue  Bonds of  approximately
$0.8 million.

Total  revenues for the three and six months  ended June 30, 2002,  increased by
approximately  $11.1  million and $23.6  million,  respectively,  including  the
increases in interest  income from Revenue  Bonds noted above,  and increases of
approximately  $563,000 and $1.1 million equity interest in the income of ARCap,
approximately  $4.9  million and $9.4  million  from PWF,  and  $627,000 in fees
related to the CMC credit enhancement transaction.

Interest  expense  and  recurring  fees  decreased  approximately  $876,000  and
$299,000  for the three and six months  ended June 30,  2002,  respectively,  as
compared to 2001,  primarily due to lower interest  associated  primarily to the
TOP refinement,  partially  off-set by higher interest  expense on the swaps and
interest associated with the PWF Acquisition loan.

Bond servicing fees increased  approximately $283,000 and $507,000 for the three
and six months  ended June 30,  2002 as compared  to 2001  primarily  due to new
acquisitions  and the  corresponding  increase  in the  Revenue  Bond  portfolio
serviced.

General and  administrative  expenses  increased  approximately $5.2 million and
$10.1  million  for the three and six months  ended June 30, 2002 as compared to
2001 primarily due to the addition of PWF's expenses.

The provision for possible DUS losses of $202,000 and $528,000 for the three and
six months ended June 30, 2002, is related to PWF's DUS line of business.

Minority interest expenses of approximately  $253,000 represents PWF's continued
20% ownership.

Amortization increased approximately $1.6 million and $3.6 million for the three
and six months ended June 30, 2002  primarily  due to  amortization  of mortgage
servicing rights at PWF.

Income  allocated to preferred  shareholders of subsidiary for the three and six
months  ended  June 30,  2002  increased  approximately  $1.1  million  and $1.9
million,  respectively, due to the preferred offerings consummated on October 9,
2001 and June 4, 2002.

During the six months ended June 30, 2002, the Company  recorded a provision for
income taxes of approximately  $1.6 million,  related to the activity of PWF and
CM Corp.

During the three and six months ended June 30, 2002, the Company  recognized net
gains of approximately $222,000 and $3.9 million, respectively,  versus $102,000
for  2001,  due to the  number  and  size  of  Revenue  Bonds  repaid  or  sold.
Additionally,  the Company  recognized  gains on sales of loans of approximately
$3.3 million and $6.9 million due to PWF's activities.

During the three months ended June 30, 2001,  the Company wrote down one Revenue
Bond $400,000. There was no similar item in 2002.


                                       21
<PAGE>



Forward-Looking Statements
--------------------------

Certain   statements  made  in  this  report  may  constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended,  and Section 21E of the  Securities  Exchange Act of 1934,  as amended.
Such forward-looking  statements include statements regarding the intent, belief
or current  expectations of the Company and its management and involve known and
unknown  risks,  uncertainties  and other  factors  which  may cause the  actual
results,  performance or achievements of the Company to be materially  different
from any future  results,  performance or  achievements  expressed or implied by
such forward-looking  statements.  Such factors include, among other things, the
following:  general  economic and business  conditions,  which will, among other
things,  affect the availability and  creditworthiness  of prospective  tenants,
lease rents and the terms and availability of financing for properties  financed
by Revenue  Bonds  owned by the  Company;  adverse  changes  in the real  estate
markets including,  among other things,  competition with other companies; risks
of  real  estate   development  and   acquisition;   governmental   actions  and
initiatives; and environment/safety  requirements.  Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date hereof.

Inflation
---------

Inflation  did not have a  material  effect  on the  Company's  results  for the
periods presented.

Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------

The  nature  of the  Company's  investments  and the  instruments  used to raise
capital  for their  acquisition  expose  the  Company to gains and losses due to
fluctuations  in  market  interest  rates.  Market  interest  rates  are  highly
sensitive  to  many  factors,  including  governmental  policies,  domestic  and
international  political  considerations and other factors beyond the control of
the Company.

Revenue Bonds generally bear interest at fixed rates, or pay interest  according
to the cash flows of the  Underlying  Properties,  which do not  fluctuate  with
changes in market interest rates. In contrast,  payments  required under the TOP
program and on the secured  borrowings  under the P-FLOATS program vary based on
market  interest  rates  based on the Bond  Market  Association  ("BMA") and are
re-set weekly.


Various  financial  vehicles  exist  which  would allow  Company  management  to
mitigate the impact of interest rate  fluctuations  on the Company's  cash flows
and earnings.  Prior to December 31, 2000,  management  did not engage in any of
these hedging  strategies.  However,  beginning in 2001,  and upon  management's
analysis  of the  interest  rate  environment  and the  costs  and risks of such
strategies,  the Company  entered into two interest rate swaps in order to hedge
against  increases  in the  floating  interest  rate  on its  TOP  and  P-FLOATS
programs.  Under such interest rate swap agreements,  the Company is required to
pay  Merrill  Lynch  Capital  Services  (the  "Counterparty")  a fixed rate on a
notional  amount of debt.  In return,  the  Counterparty  will pay the Company a
floating rate  equivalent to the BMA  Municipal  Swap Index,  an index of weekly
tax-exempt  variable rate issues on which the Company's  variable rate financing
programs  are based.  On January 5, 2001,  the Company  entered into a five-year
interest rate swap that fixes the BMA index to 3.98% on a notional amount of $50
million.  On February 5, 2001,  the Company  entered into a three-year  interest
rate swap that fixes the BMA index to 3.64% on an additional  notional amount of
$100  million.  This  effectively  fixes $50  million  and $100  million  of the
Company's secured  borrowings at 3.98% and 3.64%,  respectively,  protecting the
Company in the event the BMA Municipal  Swap Index rises.  For the quarter ended
June 30, 2002,  the Company's  cost to borrow funds through the TOP and P-FLOATS
programs averaged 2.32% and 2.39%, respectively.


                                       22
<PAGE>



With respect to the portion of the Company's  floating rate  financing  programs
which  are not  hedged,  a change  in BMA rate  would  result  in  increased  or
decreased payments under the financing programs,  without a corresponding change
in cash flows from the investments in Revenue Bonds.  For example,  based on the
unhedged $379 million  outstanding  under these  financing  programs at June 30,
2002,  the  Company  estimates  that an  increase  of 1.0% in the BMA rate would
decrease annual net income by approximately $3.8 million. Conversely, a decrease
in market interest rates would generally  benefit the Company in the same amount
described above, as a result of decreased interest expense without corresponding
decreases in interest received on the Revenue Bonds.

Changes in market  interest  rates would also impact the estimated fair value of
the Company's  portfolio of Revenue Bonds. The Company  estimates the fair value
for each Revenue Bond as the present value of its expected  cash flows,  using a
discount rate for comparable tax-exempt and taxable investments.  Therefore,  as
market  interest  rates for  tax-exempt and taxable  investments  increase,  the
estimated fair value of the Company's Revenue Bonds will generally decline,  and
a decline in  interest  rates  would be expected to result in an increase in the
estimated fair values.  For example,  the Company projects that a 1% increase in
market rates for tax-exempt and taxable investments would decrease the estimated
fair value of its  portfolio  of Revenue  Bonds from its June 30,  2002 value of
$1,286,108,000 to approximately  $1,151,964,000.  A 1% decline in interest rates
would  increase  the  value of the  June 30,  2002  portfolio  to  approximately
$1,463,944,000.  Changes in the estimated fair value of the Revenue Bonds do not
impact the Company's reported net income,  earnings per share,  distributions or
cash flows,  but are reported as  components of other  comprehensive  income and
affect reported shareholders' equity.

The  assumptions  related to the  foregoing  discussion  of market risk  involve
judgments   involving  future  economic  market  conditions,   future  corporate
decisions and other interrelating  factors, many of which are beyond the control
of the Company and all of which are  difficult  or  impossible  to predict  with
accuracy.  Although the Company  believes that the  assumptions  underlying  the
forward-looking  information  are reasonable,  any of the  assumptions  could be
inaccurate and,  therefore,  there can be no assurance that the  forward-looking
information  included  herein will prove to be accurate.  Due to the significant
uncertainties  inherent in  forward-looking  information,  the inclusion of such
information  should not be regarded as a representation  of the Company that the
objectives and plans of the Company would be achieved.


                                       23
<PAGE>



                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

         The Company is not a party to any material pending legal proceedings.

Item 2.  Changes in Securities and Use of Proceeds - None.

         See  Note  9 of  the  financial  statements  regarding  the  sale  by a
subsidiary   of  the  Company  of  preferred   shares  for  gross   proceeds  of
approximately $55 million.

Item 3.  Defaults Upon Senior Securities - None

Item 4.  Submission of Matters to a Vote of Security Holders

         A proxy  and  proxy  statement  soliciting  the  vote of the  Company's
shareholders  for the  Company's  annual  meeting  of  shareholders  was sent to
shareholders on or about April 30, 2002. Such meeting was held on June 11, 2002.
Charles  Edson,  Alan Hirmes and Thomas  White were  re-elected  as trustees for
three-year  terms. The three individuals  elected,  and the number of votes cast
for and abstaining, with respect to each of them, is as follows:

                                For         Abstain
                              ---------     -------
         Alan P. Hirmes      35,611,560    1,323,002

         The Company's  Amended and Restated Trust Agreement was further amended
to increase the number of authorized shares from 50,000,000 to 100,000,000.  The
number of votes cast for, against and abstaining is as follows:

         Charles L. Edson    36,496,473     438,090
         Thomas W. White     36,513,028     421,534

              For             Against       Abstain
         -------------        -------       -------
          35,131,998         1,326,618      475,946

Item 5.  Other Information

         On August 8, 2002,  the Company  announced the selection of a new Chief
Financial Officer and Executive Vice President,  Stuart Rothstein. Mr. Rothstein
was previously CFO of Speiker Properties.

Item 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits:

         991.Chief  Executive  Officer  certification   pursuant  to  18  U.S.C.
             Section   1350,   as  adopted   pursuant  to  Section  906  of  the
             Sarbanes-Oxley Act of 2002.

         992.Chief  Financial  Officer  certification   pursuant  to  18  U.S.C.
             Section   1350,   as  adopted   pursuant  to  Section  906  of  the
             Sarbanes-Oxley Act of 2002.

         (b) Reports on Form 8-K

             Current report on form 8-K relating to the Company making available
             unauditedsupplemental  data  regarding its operation for the fourth
             quarter of 2001, dated April 10, 2002 and filed April 12, 2002.


                                       24
<PAGE>



             Current report on form 8-K relating to the Company making available
             unaudited  supplemental data regarding its operations for the first
             quarter of 2002, dated and filed July 2, 2002.


                                       25
<PAGE>



                                   SIGNATURES

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


                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                                     (Registrant)




Date:  August 14, 2002               By: /s/ Stuart J. Boesky
                                         -------------------------------
                                         Stuart J. Boesky
                                         Managing Trustee, President and
                                         Chief Executive Officer




Date:  August 14, 2002               By: /s/ Alan Hirmes
                                         -------------------------------
                                         Alan Hirmes
                                         Chief Financial Officer and Chief
                                         Accounting Officer