EX-10.(aaaay)

                            UNITED STATES OF AMERICA
                                STATE OF FLORIDA

              Housing Finance Authority of Alachua County, Florida
                        Multifamily Housing Revenue Bond
                                  Series 1999
                       (Lewis Place at Ironwood Project)

Dated Date: June 22, 1999
Maturity Date: June 1, 2041

Registered Owner: Charter Municipal Mortgage Acceptance Company

Principal Amount: $4,000,000

Interest Rate: 6.75% until and including May 31, 2001; 7.00% thereafter

      The Housing Finance Authority of Alachua County, Florida (the "Issuer"), a
public body corporate and politic of the State of Florida (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 SunTrust Bank, Central
Florida, National Association in Orlando, 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 June 1, 1999 between the
Issuer and the Trustee (as amended and supplemented from time to time, the
"Indenture"), and the provisions of Chapter 159, Part IV, Florida Statutes, 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 $4,000,000 in aggregate principal
amount at any time Outstanding and are all of like tenor, except as to series,
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 June 1, 1999, and a Promissory Note (the "Note")
dated the date of issuance of the Bonds, Lewis Place Associates, Ltd.,

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a Florida limited partnership (the "Borrower"), 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 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 BORROWER, AND THE SECURITY THEREFOR PROVIDED BY THE FIRST MORTGAGE AND
SECURITY AGREEMENT FROM THE BORROWER FOR THE BENEFIT OF THE TRUSTEE, DATED AS OF
JUNE 1, 1999, AND THE ASSIGNMENT OF LEASES, RENTS AND OTHER INCOME FROM THE
BORROWER TO THE TRUSTEE, DATED AS OF JUNE 1, 1999, ALL OF WHICH HAVE BEEN
ASSIGNED TO THE TRUSTEE PURSUANT TO THE INDENTURE, AND (II) ANY ADDITIONAL
SECURITY PRO VIDED IN THE INDENTURE. 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,
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 and including the dated date
hereof to and including May 31, 2001 at a rate of six and three-quarters percent
(6.75%) per annum and thereafter at a rate of seven percent (7.00%) per annum,
in each case computed 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 August 1, 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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<PAGE>

      Redemption of Bonds. The Bonds are subject to optional and mandatory
redemption by the Issuer and purchase in lieu of redemption by the Borrower
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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<PAGE>

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

                                        HOUSING FINANCE AUTHORITY OF
                                        ALACHUA COUNTY, FLORIDA

(SEAL)

                                        By: /s/ Fred Schilffarth
                                            ------------------------------------
                                                Chairman

                                                Fred Schilffarth

ATTEST:


/s/ Kenneth McGurn
----------------------------
Secretary

      Kenneth McGurn

<PAGE>

                     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, Series 1999 (Lewis Place at
Ironwood Project) of the Housing Finance Authority of Alachua County, Florida.

                                        SUNTRUST BANK, CENTRAL
                                        FLORIDA, NATIONAL ASSOCIATION,
                                        as Trustee and Authenticating Agent


                                        By: /s/ Janet Davis
                                            ------------------------------------
                                            Authorized Signatory

                                            Janet Davis

Date of Authentication:


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<PAGE>

                               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 Signatory



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



                                        ----------------------------------------
Signature Guaranteed by



-------------------------------
Name of Bank


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

Title:
      -------------------------


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