Exhibit 10 (aaaaal)

                            UNITED STATES OF AMERICA
                            COMMONWEALTH OF VIRGINIA

                  City of Virginia Beach Development Authority
                        Multifamily Housing Revenue Bond
                         (Tallwood Project), Series 1999

Number:              R-1
Dated Date:          September 30, 1999
Maturity Date:       October 15, 2041
Registered Owner:    Charter Mac Equity Issuer Trust
Principal Amount:    $6,205,000.00
Interest Rate:       7.25%

      The City of Virginia Beach Development Authority (the "Issuer"), a
political subdivision of the Commonwealth of Virginia (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 First Union National Bank in
Richmond, Virginia, 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 Chapter 643 of the Virginia Acts of Assembly of 1964, as
amended, 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 $6,205,000.00 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, 1999, and a Promissory
Note (the "Note") dated the date of issuance of the Bonds, Tallwood, L.P., a
Virginia 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.


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<PAGE>

      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, ANTI) THE SECURITY THEREFOR PROVIDED BY THE FIRST DEED OF TRUST
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 nor any
political subdivision thereof, including the City of Virginia Beach, Virginia
(the "City"), shall in any event be liable for the payment of the principal of
or interest on any Bonds, or for the performance of any pledge, deed of trust,
obligation or agreement of any kind whatsoever that may be undertaken by the
Issuer, and none of the Bonds or any of its agreements or obligations shall be
construed to constitute a debt or a pledge of the faith and credit of the State
or any political subdivision thereof, including the City, within the meaning of
any constitutional or statutory provision whatsoever, and shall not directly,
indirectly or contingently obligate the State or any of its political
subdivisions, including the City, 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 commissioner, 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.

      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 seven and 25/100 percent (7.25%), such interest to be calculated
based upon a year comprised of twelve 30-day months. The interest payable on the
Bonds as provided above shall be payable on the fifteenth day of each month
commencing October 15, 1999, and on each Bond Payment Date.

      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.


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

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

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

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

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

      It is hereby certified and recited that all conditions, acts and things
required by the statutes of the State or by the Act or the Indenture to exist,
to have happened or to have been performed precedent to or in the issuance of
this Bond exist, have happened and have been performed.

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

                                       CITY OF VIRGINIA BEACH
                                       DEVELOPMENT AUTHORITY


(SEAL)                                 By: /s/ Stephen W. Burke
                                           -------------------------------------
                                                     Chairman

                                               STEPHEN W. BURKE

Attest:


/s/ Robert G. Jones
------------------------------
Assistant Secretary

ROBERT G. JONES


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                      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 Bonds (Tallwood Project), Series
1999 of the City of Virginia Beach Development Authority.

                                       FIRST UNION NATIONAL BANK,
                                       as and Authenticating Agent

                                       By: /s/ Patricia A. Welling
                                           -------------------------------------
                                                 Authorized Signatory
Date of Authentication:
                                                 PATRICIA A. WELLING
September 30, 1999
----------------------------


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                               FORM OF ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ___________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
SSN or TIN: ____________ the within Bond and hereby authorizes the transfer
of this Bond on the registration books of the Trustee.


                                        Dated: _________________________________
                                                    Authorized Signature

Name of Transferor:


________________________________
Signature Guaranteed by


________________________________
Name of Bank


By: ____________________________
Title: _________________________


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