Exhibit 10 (aaaaak)

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

                            UNITED STATES OF AMERICA
                                STATE OF ARKANSAS
                     Arkansas Development Finance Authority
                       Multifamily Housing Revenue Bonds
                       (Chapel Ridge of Texarkana Project)
                                  Series 1999G

Number: R- 1
Dated Date: September 29, 1999
Maturity Date: September 1, 2041
Registered Owner: Charter Mac Equity Issuer Trust
Principal Amount: $5,800,000
Interest Rate: 7.375%

      The Arkansas Development Finance Authority (the "Issuer"), a public body
corporate and politic 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 September 1, 1999 between the Issuer
and the Trustee (as amended and supplemented from time to time, the
"Indenture"), and the Arkansas Development Finance Authority Act, as amended,
Arkansas Code Annotated Sections 15-5-101 et seq. (Repl. 1994; Supp. 1997) (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 $5,800.000 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 September 1,
<PAGE>

1999, and a Promissory Note (the "Note") dated the date of issuance of the
Bonds. Texarkana Housing Associates, an Arkansas limited partnership (the
"Developer"), has agreed to make payments to the Issuer in amounts equal to
amounts of principal of and premium, if any, and interest on the Bonds.

      The 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 (I) 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 SEPTEMBER 1, 1999, AND THE ASSIGNMENT OF LEASES, RENTS AND OTHER INCOME FROM
THE DEVELOPER TO THE TRUSTEE, DATED AS OF SEPTEMBER 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 contingently 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 THE STATE OF ARKANSAS OR ANY POLITICAL SUBDIVISION THEREOF, WITHIN
THE MEANING OF ANY PROVISION OF THE CONSTITUTION OF LAW'S 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 7.375%
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 November 1,
1999, and on each Bond Payment Date.


                                       A-2
<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.


                                       A-3
<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.


                                       A-4
<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:___________________________________


                                             ___________________________________
                                                   Authorized Signature


                                             ___________________________________
                                                   Name of Transferee


___________________________________
Signature Guaranteed by


___________________________________
Name of Bank

By:________________________________

Title:_____________________________


                                        5
<PAGE>

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

                                             ARKANSAS DEVELOPMENT FINANCE
                                             AUTHORITY


                                             By /s/ Robert D. Ferguson, Jr.
                                                --------------------------------
                                                Chairman
(SEAL)
                                                    ROBERT D. FERGUSON, JR.
ATTEST:

/s/ Rush Deacon
------------------------------
    RUSH DEACON
<PAGE>

                         CERTIFICATE OF AUTHENTICATION

      This Bond is of the Multifamily Housing Revenue Bonds (Chapel Ridge of
Texarkana Project) Series 1999G of the Arkansas Development Finance Authority.


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


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

Date of Authentication: September 29, 1999            W. MARK MCCOY


                                      A-2
<PAGE>

                                   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 __________________________