Exhibit 31.2


                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002


I, Stuart A. Rothstein, hereby certify that:

      1.    I have  reviewed this  quarterly  report on Form 10-Q for the period
            ending September 30, 2003 of Charter Municipal  Mortgage  Acceptance
            Company;

      2.    Based on my knowledge,  this  quarterly  report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary  in  order to make the  statements  made,  in light of the
            circumstances  under which such statements were made, not misleading
            with respect to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the  registrant as of, and for, the periods  presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining  disclosure controls and procedures (as
            defined in  Exchange  Act Rules  13a-15(e)  and  15d-15(e))  for the
            registrant and we have:

            a) designed such  disclosure  controls and procedures or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure the  material  information  relating  to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this quarterly report is being prepared;

            b)  evaluated  the  effectiveness  of  the  registrant's  disclosure
            controls and procedures and presented in this report our conclusions
            about the effectiveness of the disclosure controls and procedures as
            of the end of the period covered by this  quarterly  report based on
            such evaluation; and

            c) disclosed in this quarterly report any change in the registrant's
            internal  control over financial  reporting that occurred during the
            registrant's   most  recent  fiscal   quarter  that  has  materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting;

      5.    The  registrant's  other  certifying  officers and I have disclosed,
            based on our most recent  evaluation,  to the registrant's  auditors
            and the  audit  committee  of  registrant's  board of  directors  or
            persons performing the equivalent functions:

            a) all  significant  deficiencies  and  material  weaknesses  in the
            design or operation of internal  control  over  financial  reporting
            which are  reasonably  likely to adversely  affect the  registrant's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

            b) any fraud,  whether or not material,  that involves management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.


Date:   November 14, 2003                         By: /s/ Stuart A. Rothstein
        -----------------                             --------------------------
                                                      Stuart A. Rothstein
                                                      Chief Financial Officer