UNITED STATES OF AMERICA
                                STATE OF FLORIDA
            Housing Finance Authority of Miami-Dade County (Florida)
                        Multifamily Mortgage Revenue Bond
                     (Jubilee Courtyards Apartments Project)
                                  Series 1998-5

Number: R-1
Dated Date: September 15, 1998
Maturity Date: September 1, 2040
Registered Owner: CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
Principal Amount: $4,150,000
Interest Rate: 7.00% per annum to, but not including, October 1, 2000, and
               7.125% per annum thereafter

           The Housing Finance Authority of Miami-Dade County (Florida) (the
"Issuer"), a public body corporate and politic organized and existing under the
laws of the State of Florida (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 designated office of The Bank of New York in Jacksonville, Florida
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, 1998 between
the Issuer and the Trustee (as amended and supplemented from time to time, the
"Indenture"), and Chapter 159, Part IV, Florida Statues, 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 $4,150,000 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.

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               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.
NEITHER THE STATE OF FLORIDA 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 FLORIDA 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 FLORIDA 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.

           Interest on the Bonds. The Bonds (including this Bond) shall bear
interest on the outstanding principal amount thereof from September 1, 1998, but
not including October 1, 2000 at a rate of 7.00 percent per annum, and
thereafter to the date of maturity or redemption or acceleration prior to
maturity at a rate of 7.125 percent (7.125%) per annum comprised of twelve
30-day months. The interest payable on the Bonds as provided above shall be
payable on the first business day of each month, commencing October 1, 1998,
and on each Bond Payment Date.

           Limited Recourse. Pursuant to a Loan Agreement dated as of September
1, 1998, and a Promissory Note (the "Note") dated the date of issuance of the
Bonds, Jubilee Courtyards Associates, Ltd., a Florida 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
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 MORTGAGE AND SECURITY
AGREEMENT FROM THE DEVELOPER FOR THE BENEFIT OF THE TRUSTEE, DATED AS OF
SEPTEMBER 1, 1998, AND THE ASSIGNMENT OF LEASES, RENTS AND OTHER INCOME FROM THE
DEVELOPER TO THE TRUSTEE, DATED AS OF SEPTEMBER 1, 1998, ALL OF WHICH HAVE BEEN
ASSIGNED TO THE TRUSTEE PURSUANT TO THE INDENTURE, (II) PAYMENTS MADE UNDER THE
COOPERATION AGREEMENT AND (III) ANY ADDITIONAL SECURITY PROVIDED IN THE
INDENTURE.


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           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.

        NOTWITHSTANDING ANYTHING IN THIS BOND OR THE INDENTURE TO THE CONTRARY,
NO BOND SHALL BE ACCEPTED FOR TRANSFER UNDER THE INDENTURE UNLESS THERE SHALL
FIRST HAVE BEEN DELIVERED TO THE TRUSTEE BY THE PROPOSED TRANSFEREE A DULY
EXECUTED INVESTMENT LETTER SUBSTANTIALLY IN THE FORM APPENDED AS EXHIBIT C
THERETO.

           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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           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.

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

                                   HOUSING FINANCE AUTHORITY OF MIAMI-DADE
                                   COUNTY (FLORIDA)



                                   By: /s/ Milton J. Wallace
                                       -----------------------------------------
                                           Milton J. Wallace, Chairman

(SEAL)

Attest:

/s/ Shalley Jones
-------------------------
Shalley Jones, Secretary


Approved as to form and legal sufficiency


/s/ Gerald Hefferman
-------------------------
Assistant County Attorney





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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 Mortgage Revenue Bonds (Jubilee
Courtyards Apartments Project) Series 1998-5 of the Housing Finance Authority of
Miami-Dade County (Florida).

                                        THE BANK OF NEW YORK, 
                                        as Trustee and Authenticating Agent

                                         By: /s/ Elizabeth R. Feezor
                                            ------------------------------------
                                            Authorized Signatory

Date of Authentication: September 15, 1998



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                                  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
                                        
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Signature Guaranteed by

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Name of Bank


By:
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Title:
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