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                                     Exhibit 99.2

AT CHARTERMAC                     FINANCIAL RELATIONS BOARD/BSMG WORLDWIDE
Brenda Abuaf                      Joseph Calabrese - General Info (212) 445-8434
Director of Shareholder Services  Maura Gedid - Analyst Info (212) 445-8434
(800) 831-4826

FOR IMMEDIATE RELEASE

                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
                           TO ACQUIRE PW FUNDING, INC.

NEW YORK, NY- OCTOBER 26, 2001- Charter Municipal Mortgage Acceptance Company
("CharterMac", or "the Company") (AMEX: CHC) one of the nation's leading
investors in tax-exempt multifamily housing bonds, announced today that its
taxable subsidiary, Charter Mac Corporation, has entered into a definitive
agreement to acquire approximately 80% of the issued and outstanding capital
stock of PW Funding, Inc. ("PWF"). PWF is a national mortgage banking firm based
in Mineola, New York that has produced more than $4 billion in multifamily and
commercial loans since 1988.

The announcement was made today by Stuart J. Boesky, President and Chief
Executive Officer of CharterMac, and Raymond J. Reisert, Jr., Chairman and CEO
of PW Funding, following approval by the CharterMac Board of Trustees and the
stockholders of PW Funding.

The agreement provides for a purchase price in the range of $37 million - $47
million (subject to adjustment for new servicing on mortgage loans that are
expected to close before the end of the year). The purchase price reflects a
set-aside for estimated future portfolio loss risk. A portion of the cash
purchase price will be financed through an acquisition facility.

It is anticipated that Charter Mac Corporation will acquire the remaining 20% of
the issued and outstanding capital stock of PWF over the next 24 to 36 months.
Under the agreement, the stockholders of PWF have been granted the right to put
their remaining 20% stock interest to Charter Mac Corporation after an initial
period of 24 to 36 months. The agreement also grants Charter Mac Corporation the
right to call the remaining 20% stock interest of PWF from PWF's stockholders
after the same initial period of 24 to 36 months.

PWF is a privately held mortgage banking firm specializing in multifamily
apartment financing. The company was founded in 1971 and became one of the
original Fannie Mae Delegated Underwriting and Servicing ("DUS") lenders in
1988. In 2000, PWF acquired Larson Financial Resources, Inc., one of the top
Freddie Mac Program Plus Seller/Servicers in the Northeast and a leading
commercial loan correspondent for life insurance companies (LFR). Together, PWF
and LFR, its wholly owned subsidiary, currently service a $2.9 billion loan
portfolio including about $1.5 billion in Fannie Mae DUS loans and $600 million
in Freddie Mac loans. Over the past 5 years, PWF and LFR have averaged
approximately $530 million annually in loan originations.

After the closing PWF will operate as a subsidiary of Charter Mac Corporation
under the current management structure. Mr. Reisert will continue as CEO and T.
Michael Forney will remain as President.

The two parties expect to complete the transaction by year-end, subject to
receipt of required regulatory approvals from Fannie Mae and Freddie Mac and
satisfaction of customary closing conditions.

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"CharterMac is very excited about the opportunities this acquisition offers for
long-term growth and increased shareholder value," said Mr. Boesky. "CharterMac
and PWF are a perfect fit. This acquisition will transform CharterMac into one
of the nation's leading participants in the multifamily finance industry. It is
also a major step forward in providing the clients of both CharterMac and PWF
with a full compliment of products and services for their multifamily finance
needs. We're also delighted to become associated with Fannie Mae and Freddie
Mac, who are the consistent leaders in the multifamily finance business."

Ray Reisert, Chairman of PW Funding, commented, "Our company is already doing
business in 31 states, but becoming a part of CharterMac will position us as the
nation's premiere apartment lender because of CharterMac's broad and active
national developer base and its affiliation with Related Capital Company -- a
national real estate financial services firm. Access to CharterMac's products
and our Fannie Mae and Freddie Mac programs will provide both CharterMac's and
PWF's customers with an exceptional array of innovative financing solutions for
their real estate needs."

The proposed acquisition will enable CharterMac to:

     -    provide a full compliment of tax-exempt and, through PWF, taxable
          financing for multifamily developers without significantly changing
          the tax-exempt nature of CharterMac's dividend. This, in turn, will
          make CharterMac one of the nation's leading "Full Service" investors
          in multifamily debt, offering developers of multifamily housing (in
          conjunction with Related Capital Company) financing options for all
          aspects of a property's capital structure;

     -    cross market loan products with PWF and thereby increase each
          company's respective market share;

     -    create new and innovative products by combining CharterMac's capital
          with agency executions;

     -    have a fee business that will grow in value over time and will
          insulate CharterMac from the vagaries of the capital markets.

The acquisition will be immediately accretive to CharterMac's Cash Available for
Distribution. Charter Mac will be entitled to a cumulative preferential
distribution out of PWF's cash available for distribution equal to 10% of its
invested capital and the remaining cash available for distribution will be
distributed approximately 80% to Charter Mac and 20% to the other stockholders.
Charter Mac will also be entitled to an additional cumulative priority equal to
4.3% of its invested capital prior to the purchase payments to PWF's
stockholders on exercise of the put or call options.

Charter Mac Corporation, the taxable subsidiary of CharterMac, owns most of the
Company's taxable investments and revenue bonds and is the vehicle through which
CharterMac conducts its taxable business. The fee income generated by PWF will
be taxable income. However, Charter Mac Corporation incurs expenses that can be
used to offset a portion of this taxable income. As a result, CharterMac does
not expect that the taxable portion of its distributions will increase
proportionately with the amount of taxable income generated.

CharterMac is a leading investor in tax-exempt multifamily bonds. (For more
information visit: http://www.chartermac.com)

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CERTAIN ITEMS IN THIS PRESS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS WITHIN
THE MEANING OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. THESE STATEMENTS ARE BASED ON MANAGEMENT'S CURRENT
EXPECTATIONS AND BELIEFS AND ARE SUBJECT TO A NUMBER OF FACTORS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS
SPEAK ONLY AS OF THE DATE OF THIS PRESS RELEASE. CHARTERMAC EXPRESSLY DISCLAIMS
ANY OBLIGATION TO RELEASE PUBLICLY ANY UPDATES OR REVISIONS TO ANY
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN
CHARTERMAC'S EXPECTATIONS WITH REGARD THERETO OR CHANGE IN EVENTS, CONDITIONS OR
CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED.

Media Contacts:

CharterMac:                                                   PW Funding:
Brenda Abuaf, 800-831-4826                           Anna Ferguson, 516-663-5694

At the Marino Organization:
Russell Freeman, (212) 889-0808