Exhibit 10 (aaaaac)

                 THE TRANSFER OF THIS BOND IS SUBJECT TO CERTAIN
                   RESTRICTIONS AS SET FORTH IN THE INDENTURE

                            UNITED STATES OF AMERICA
                                STATE OF ARKANSAS
                     Pulaski County Public Facilities Board
                   Multifamily Housing Revenue Refunding Bond
                      (Chapel Ridge of Little Rock Project)
                                   Series 1999

Dated Date: August 12, 1999
Maturity Date: August 1, 2039
Registered Owner: Charter MAC Equity Issuer Trust
Principal Amount: $5,600,000
Interest Rate: 7.125%

      The Pulaski County Public Facilities Board (the "Issuer"), a public
facilities board of the State of Arkansas (the "State"), created and existing
under and by virtue of the laws of the State, hereby acknowledges itself
indebted and for value received 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 principal office of Bank of Oklahoma, N.A. in Oklahoma City,
Oklahoma, 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 dated date hereof 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 or draft 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,
and is subject to, the Trust Indenture dated as of August 1, 1999 between the
Issuer and the Trustee (as amended and supplemented from time to time, the
"Indenture"), and the "Public Facilities Boards Act," Act No. 142 of the General
Assembly of the State of Arkansas for the year 1975, as amended (the "Act").
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 $5,600,000 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 qualified multifamily rental housing units in the State and of
paying certain expenses incidental thereto. Pursuant to a Loan Agreement dated
as of August 1, 1999, and a Promissory Note (the "Note") dated the date of
issuance of the Bonds, Little Rock Housing Associates, an Arkansas limited
partnership (the "Developer"), has agreed to make payments to
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the Issuer in amounts equal to amounts of principal of and premium, if any, and
interest on the Bonds.

      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. THE
OBLIGATIONS OF THE ISSUER ON THIS BOND ARE EXPRESSLY LIMITED TO AND ARE PAYABLE
SOLELY FROM (1) THE PAYMENTS MADE PURSUANT TO THE LOAN AGREEMENT AND THE NOTE BY
THE DEVELOPER, AND THE SECURITY THEREFOR PROVIDED BY THE FIRST MORTGAGE AND
SECURITY AGREEMENT FROM THE DEVELOPER FOR THE BENEFIT OF THE TRUSTEE, DATED AS
OF AUGUST 1. 1999, AND THE ASSIGNMENT OF LEASES, RENTS AND OTHER INCOME FROM THE
DEVELOPER TO THE TRUSTEE, DATED AS OF AUGUST 1, 1999, ALL OF WHICH HAVE BEEN
ASSIGNED TO THE TRUSTEE PURSUANT TO THE INDENTURE, AND (II) ANY ADDITIONAL
SECURITY PROVIDED IN THE INDENTURE. Neither the State of Arkansas 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 of Arkansas or any political subdivision thereof within the
meaning of any constitutional or statutory provision whatsoever, and shall not
directly, indirectly or contigently obligate the State of Arkansas 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.

      THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM
REVENUES AND RECEIPTS SPECIFICALLY PLEDGED THEREFOR. IN NO EVENT SHALL THE BONDS
CONSTITUTE AN INDEBTEDNESS FOR WHICH THE FAITH AND CREDIT, OR ANY OF THE
REVENUES, OF PULASKI COUNTY, ARKANSAS, THE STATE OF ARKANSAS OR ANY POLITICAL
SUBDIVISION THEREOF, WITHIN THE MEANING OF ANY PROVISION OF THE CONSTITUTION OF
LAWS OF THE STATE OF ARKANSAS, ARE PLEDGED. THE ISSUER HAS NO TAXING POWER.

      Interest on the Bonds

      The Bonds (including this Bond) shall bear interest on the outstanding
principal amount thereof from and including the dated date hereof to the date of
maturity or redemption or acceleration prior to maturity at a rate of 7.125%
comprised of twelve 30-day months. The interest payable on the Bonds as provided
above shall be payable on the first day of each month commencing September 1,
1999, and on each Bond Payment Date.


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<PAGE>

      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. The Issuer, the Trustee, and any other person may treat the
person in whose name this Bond is registered on the books of registry as the
Owner hereof for the purpose of receiving payment as herein provided and for all
other purposes, whether or not this Bond be overdue, and no person shall be
affected by notice to the contrary.

      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.


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<PAGE>

      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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<PAGE>

                               FORM OF ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto __________________ the within and hereby authorizes the transfer of this
Bond on the registration books of the Trustee.


Dated:                                By
      ------------------------------     -------------------------------------
                                           Authorized Signature


-----------------------------------------
Name of Transferee

-----------------------------------------
Signature Guaranteed by

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


By
  ---------------------------------------
Title
     ------------------------------------
<PAGE>

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

                                         PULASKI COUNTY PUBLIC FACILITIES
                                         BOARD


                                         By /s/ Ro Arrington
                                            -----------------------------------
                                            Chairman
(SEAL)                                          Ro Arrington

ATTEST:


/s/ Brooks McRae
-------------------------------
      Brooks McRae


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<PAGE>

                      FORM OF CERTIFICATE OF AUTHENTICATION

      This Bond is one of the Bonds described in the within mentioned Indenture
and is one of the Multifamily Housing Revenue Refunding Bonds (Chapel Ridge of
Little Rock Project) Series 1999 of the Pulaski County Public Facilities Board.


                                         BANK OF OKLAHOMA, N.A.,
                                         as Trustee and Authenticating Agent


                                         By /s/ W. Mark McCoy
                                            ----------------------------------
                                            Authorized Signatory

Date of Authentication: August 12, 1999     W. Mark McCoy


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