Number: RBB-l                                                        $13,250,000

             California Statewide Communities Development Authority
                        Multifamily Housing Revenue Bond
                   (Northpointe Village Project) Series 1998BB
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                                                               Initial
   Dated Date:                Maturity Date:                Interest Rate:
   -----------                --------------                --------------
   <S>                        <C>                           <C>   

August 25, 1998               August 1, 2040                  7.965%
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Registered Owner:        CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY

Principal Amount:        THIRTEEN MILLION TWO HUNDRED FIFTY THOUSAND
                         DOLLARS

        California Statewide Communities Development Authority (the "Issuer"), a
joint exercise of powers agency duly organized and existing under the laws of
the State of California (the "State"), for value received hereby 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 corporate trust
office of U.S. Bank Trust National Association in St. Paul, Minnesota, as agent
for U.S. Bank Trust National Association, San Francisco, California, 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 date of issuance of
this Bond 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 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
the provisions of Chapter 5 of Division 7 of Title 1 of the California
Government Code, together with the provisions of Chapter 7 of Part 5 of Division
31 of the California Health and Safety Code, as the same may be amended
(collectively, the "Act"), and a Trust Indenture, dated as of August 1, 1998,
between the Issuer and the Trustee (as amended and supplemented from time to
time, the "Indenture"). 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 $13,250,000 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 a qualified multifamily rental housing development in
the State and paying of 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 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 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 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.

        NEITHER THE MEEMBERS OF THE ISSUER NOR ANY PERSONS EXECUTING THIS BOND
SHALL BE LIABLE PERSONALLY ON THE BONDS BY REASON OF THE ISSUANCE THEREOF. THE
BONDS SHALL NOT BE A DEBT OF THE STATE OR ANY POLITICAL SUBDIVISION THEREOF
(OTHER THAN THE ISSUER TO THE EXTENT PROVIDED HEREIN), AND NEITHER THE STATE NOR
ANY POLITICAL SUBDIVISION THEREOF (OTHER THAN THE ISSUER) SHALL BE LIABLE
THEREON, NOR IN ANY EVENT SHALL THE BONDS BE PAYABLE OUT OF ANY FUNDS OR
PROPERTIES OTHER THAN THOSE OF THE ISSUER SPECIFICALLY PLEDGED THERETO. THE
BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS WITHIN THE MEANING OF ANY
CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OR RESTRICTION. THE ISSUER HAS NO
TAXING POWER.

        Interest on the Bonds. The Bonds (including this Bond) shall bear
interest on the outstanding principal amount thereof at a rate of seven and
965/1000 percent (7.965%) per annum calculated on the basis of a 360-day year
comprised of twelve 30-day months from the date of issuance of the Bonds to the
Completion Date, and thereafter at a rate of seven and 34/100 (7.34%) per annum
calculated on the basis of a 360-day year comprised of twelve 30-day months,
until paid on the Maturity Date or upon earlier redemption or acceleration. The
interest payable on the Bonds as provided above shall be payable on the first
day of each month, commencing October 1, 1998, and on each Bond Payment Date. In
the event the Issuer issues on or before March 1, 1999, multifamily housing
revenue bonds for the benefit of the Carrington Pointe Apartments located in Los
Banos, California (the "Carrington Point Bonds"), and the Carrington Pointe
Bonds are purchased by the Majority Owner, then the interest rate on the Bonds,
calculated as aforesaid, from and after the closing date for the Carrington
Point Bonds, shall be 8.125% until the completion date for such project and
thereafter shall be 7.5%.

        Limited Recourse. Pursuant to a Loan Agreement dated as of August 1,
1998, and a Promissory Note (the "Note") dated the date of issuance of the
Bonds, Fresno Northpointe Limited, a California 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


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THE NOTE BY THE DEVELOPER, AND THE SECURITY THEREFOR PROVIDED BY THE FIRST DEED
OF TRUST AND SECURITY AGREEMENT FROM THE DEVELOPER TO THE BENEFIT OF THE
TRUSTEE, TO BE DATED AS OF AUGUST 1, 1998, ALL OF WHICH HAVE BEEN ASSIGNED TO
THE TRUSTEE PURSUANT TO THE INDENTURE AND (II) ANY ADDITIONAL SECURITY PROVIDED
IN THE INDENTURE.

        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.

        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.

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

                                        CALIFORNIA STATEWIDE COMMUNITIES
                                        DEVELOPMENT AUTHORITY

                                        By: /s/ Gerald P. Burke
                                            ------------------------------------
                                                    Chairman

Attest:

/s/ Norma Lammers
-------------------------
Secretary

                          CERTIFICATE OF AUTHENTICATION

This Bond is one of the Bonds described in the within mentioned Indenture.

                               U.S. BANK TRUST NATIONAL ASSOCIATION, as
                               Trustee and Authenticating Agent

                                            By: /s/ James V. Myers
                                                --------------------------------
                                                     Authorized Signatory


Date of Authentication:        8/25/98
                         ---------------------




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                                   ASSIGNMENT

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


Dated:
      -------------------------

                                                  ------------------------------
                                                       Authorized Signature


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

Signature Guaranteed by:


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Name of Bank 



By: 
   ----------------------------


Title:
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