R-1                                                                  $10,100,000

                            UNITED STATES OF AMERICA
                                STATE OF FLORIDA
                       FLORIDA HOUSING FINANCE CORPORATION
                              HOUSING REVENUE BONDS
                                  1998 SERIES F
                        (COLLEGE PARK APARTMENTS PROJECT)
<TABLE>
<CAPTION>

        Interest Rate                Maturity Date         Dated Date
        -------------                -------------         ----------
        <S>                          <C>                   <C> 
Prior to Conversion Date: 7.00%      July 1, 2040          July 15, 1998
After Conversion Date: 7.25%                                          
</TABLE>

REGISTERED OWNER:           CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CORPORATION

PRINCIPAL AMOUNT:           TEN MILLION, ONE HUNDRED THOUSAND AND NO/100 DOLLARS

        The FLORIDA HOUSING FINANCE CORPORATION ("Florida Housing" or the
"Corporation"), a public corporation and a public body corporate and politic
duly created, organized and existing under the laws of the State of Florida (the
"State"), for value received, hereby promises to pay (but only out of the
revenues and other assets hereinafter referred to) to the registered owner
specified above or registered assigns (subject to any right of prior redemption
hereinafter mentioned), on the Maturity Date specified above, the Principal
Amount specified above, and to pay interest thereon, at the rate per annum
specified above, payable monthly on the first Business Day of each month,
commencing August 3, 1998, to the person whose name appears on the registration
books as of the 15th day of the month next preceding any Bond Payment Date (a
"Record Date"). Principal of, and premium, if any, on this Bond are payable in
such coin or currency of the United States as at time of payment is legal tender
for payment of private and public debts, at the designated corporate trust
office of The Bank of New York Trust Company of Florida, N.A., a national
banking association duly organized, existing and authorized under the laws of
the United States of America, with trust powers, as trustee, registrar and
paying agent, in Jacksonville, Florida (the "Trustee," "Registrar" and "Paying
Agent"), or its successor in trust. Interest on this Bond shall be computed on
the basis of a 360-day year comprised of twelve 30-day months. Payment of
principal of premium, if any, and interest on the Bonds shall be made by check
or draft mailed to the address of the person entitled thereto as such address
shall appear on the registration books (hereinafter defined), except in the case
of the Significant Bondholder or the owners of $1,000,000 or more in

<PAGE>



to the Trustee prior to the Record Date preceding any Bond Payment Date. The
Principal Amount hereof shall be paid at maturity or upon redemption upon
presentation and surrender of this Bond.

        This Bond represents an issue of duly authorized Florida Housing Finance
Corporation Housing Revenue Bonds, 1998 Series F (College Park Apartments
Project), of Florida Housing, in the aggregate principal amount of $10,100,000
(the "Bonds"), issued under and pursuant to the Constitution and laws of the
State, particularly the Florida Housing Finance Corporation Act, Sections
420.501-420.517, Florida Statutes, as amended (the "Act"). The Bonds are being
issued for the purpose of making a loan (the "Mortgage Loan") pursuant to a loan
agreement (the "Loan Agreement") to College Park Holdings, Ltd., a limited
partnership organized pursuant to the laws of the State of Florida (the
"Developer"), to acquire, construct and equip a multifamily residential
development in Collier County, Florida (the "Project"), This Bond is issued
under and is secured by a Trust Indenture, dated as of July 1, 1998 (the
"Indenture"), between Florida Housing and the Trustee, pursuant to which the
Trustee will act as payee and mortgagee for the Developer's nonrecourse
promissory note in the aggregate principal amount of $10,100,000 (the "Note").
The Note will be secured by a mortgage and security agreement granting a first
lien on the Project in favor of Florida Housing (the "Mortgage"). Reference is
hereby made to the Indenture and to all amendments and supplements thereto for a
description of the property pledged and assigned to the Trustee and of the
provisions, among others, with respect to the nature and extent of the security,
the rights, duties and obligations of Florida Housing and the Trustee, the terms
on which the Bonds are issued and secured, the rights of the owners of the Bonds
and the provisions for defeasance of such rights.

        FLORIDA HOUSING HAS NO TAXING POWER. THE BONDS SHALL NOT CONSTITUTE AN
OBLIGATION, EITHER GENERAL OR SPECIAL, OF FLORIDA HOUSING, THE STATE OR ANY
POLITICAL SUBDIVISION THEREOF; AND NEITHER FLORIDA HOUSING, THE STATE, NOR ANY
POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE THEREON. NEITHER THE FAITH,
REVENUES, CREDIT NOR TAXING POWER OF THE STATE OR ANY POLITICAL SUBDIVISION
THEREOF SHALL BE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM IF ANY, OR
INTEREST ON THE BONDS. THE BONDS ARE PAYABLE, AS TO PRINCIPAL, PREMIUM OF, IF
ANY, AND INTEREST, SOLELY OUT OF THE TRUST ESTATE WHICH IS THE SOLE ASSET OF
FLORIDA HOUSING PLEDGED THEREFOR.

        The Bonds are secured under the Indenture which assigns to the Trustee
for the benefit of Owners all the right, title and interest of Florida Housing
in and under the Loan Agreement, the Note, the Mortgage, certain funds and
accounts held by the Trustee under the Indenture, payments made pursuant to the
Loan Agreement, leases and rentals of the Project and other funds and moneys
initially or subsequently pledged as part of the trust estate (the "Trust
Estate"), and any deed in lieu of foreclosure delivered pursuant to the
Indenture.

                                        2
<PAGE>



Sinking Fund Redemption

        The Bonds are subject to mandatory redemption in part by operation of a
sinking fund. Florida Housing shall redeem on each Bond Payment Date commencing
on first Bond Payment Date following the Conversion Date, as defined in the
Indenture, a principal amount of the Bonds in the amounts determined from the
amortization table attached hereto as Schedule A; provided, however, that the
amortization schedule shall be reduced pro rata across all payments by the
principal amount of any Bonds which (i) had been purchased (other than pursuant
to the provisions of Section 4.09 of the Indenture) or redeemed by the Developer
or the Trustee and canceled by the Trustee prior to the next Bond Payment Date
and (ii) had not previously formed the basis for such reduction.

        The redemption price for any such redemption shall be 100% of the
principal amount of the Bonds or portions thereof so redeemed, plus accrued
interest, if any, to the sinking fund payment date, and without premium. The
particular Bonds or portions thereof to be redeemed on each particular sinking
fund payment date shall be selected by the Trustee by lot or as otherwise
instructed in the Indenture, or in the absence thereof, by such other random
means as the Trustee shall determine in its discretion.

Optional Redemption

        The Bonds are subject to optional redemption, as follows: (a) one time,
after the Conversion Date, on a date and in a principal amount to be specified
by the Significant Bondholder (as defined in the Indenture) in a written notice
to the Trustee, in part at a redemption price of par plus accrued interest to
the redemption date, and (b) prior to maturity on or after the date occurring 60
months after the Conversion Date, as defined in the Indenture, in whole but not
in part on any date, at the direction of the Developer from amounts prepaid on
the Loan pursuant to the Agreement solely to the extent of any optional
prepayment by the Developer of the Note, or from proceeds of refunding bonds or
otherwise from other sources at the redemption prices (expressed as percentages
of the principal amount) plus accrued interest to the date of redemption, as
follows:

<TABLE>
<CAPTION>
        Period in Which Redeemed                       Redemption Price
        <S>                                                  <C>
        Fifth year following Conversion Date                 105%
        Sixth year following Conversion Date                 104%
        Seventh year following Conversion Date               103%
        Eighth year following Conversion Date                102%
        Ninth year following Conversion Date                 101%
        Thereafter                                           100%
</TABLE>


Mandatory Redemption from the Project Fund

        The Bonds are subject to mandatory redemption on the first Business Day
following receipt of the Certificate of Completion (as defined in the Indenture)
for which thirty (30) days' notice of

                                        3
<PAGE>



redemption can be given, in whole or in part, from proceeds of the Bonds
remaining on deposit in the Mortgage Loan Account and Capitalized Interest
Account in the Project Fund attributable to moneys not needed to complete the
acquisition, construction and equipping of the Project and pay for all Project
Costs as provided in, and upon the satisfaction of the conditions set forth in,
Section 6.02(a) of the Indenture.

        If so called for redemption, the Bonds shall be redeemed at a redemption
price equal to 100% of the principal amount thereof, without premium, plus
accrued interest to the date fixed for redemption.

Extraordinary Mandatory Redemption Upon Damage, Destruction or Condemnation and
Upon Certain Prepayments of the Note and When Sufficient Moneys are Available to
Redeem the Bonds in Whole or in Part

The Bonds are subject to extraordinary mandatory redemption:

               (a) In whole or in part, at par, in the event and to the extent
the Note is prepaid after the Project or any portion of it is damaged or
destroyed or is taken in a condemnation proceeding to the extent of net proceeds
of any insurance or condemnation award not used for the repair or restoration of
the Project, as further described below;

               (b) In whole, at par, when any amounts in the Bond Fund not being
held therein to redeem Bonds for which notice of redemption has previously been
given, is sufficient to pay any unpaid amounts required to be paid by Article V
of the Indenture and to redeem all Outstanding Bonds.

        If so called for redemption in whole, the Bonds shall be redeemed on the
first Business Day for which thirty (30) days' notice of redemption can be given
at a redemption price equal to 100% of the principal amount thereof, without
premium, plus accrued interest to the date fixed for redemption.

        If, as a result of fire or other casualty, the Project or any part
thereof is damaged, destroyed or condemned or acquired for public use, the
Developer, with the consent of the Significant Bondholder, which shall not be
unreasonably withheld, delayed or conditioned, is required to repair or restore
the Project in accordance with requirements of the Mortgage and Section 5.04 of
the Agreement. The Trustee, within ten (10) days of receipt of written notice of
such damage, destruction or condemnation, shall provide written notice to the
Developer, Florida Housing, the Significant Bondholder and the Servicer, shall
confirm that the Developer has complied with the provisions of the Mortgage
applicable to such occurrence.

        If the conditions for repair or restoration of the Project, as provided
in Section 5.04 of the Agreement are not satisfied, the Trustee at the direction
of the Significant Bondholder, will apply the net proceeds of any insurance or
condemnation to the prepayment of the Note. In such event, the Trustee shall
deposit such net proceeds in the Redemption Fund and apply such moneys to the
redemption of Bonds in accordance with the terms described above.

                                        4
<PAGE>



Mandatory Redemption Resulting from Event of Intervention or Default

        The Bonds shall be subject to mandatory redemption in whole at the
direction of the Trustee, pursuant to the exercise of remedies under the Loan
Documents, at the earliest time for which notice hereunder can be given upon the
occurrence of an Event of Intervention as set forth in Section 8.01 of the
Indenture at a redemption price equal to the principal amount of Bonds
Outstanding plus accrued interest due thereon.

        Upon the giving of notice of redemption of the Bonds under Section 4.05
of the Indenture, the Bonds shall become payable on the date specified in such
notice of redemption and in the amount specified in the preceding paragraph.

Mandatory Purchase

        Any holder of Outstanding Bonds will have the opportunity to present all
or a portion of its Bonds for purchase by the Trustee from moneys provided to
the Trustee by the Developer at any time after the 300th month after the
Conversion Date (the "Mandatory Purchase Date"). In order for the Bonds to be
eligible for purchase, holders of Outstanding Bonds must provide notice to the
Trustee, Florida Housing and the Developer, of their intent to present their
Bonds for mandatory purchase not later than six months prior to the Mandatory
Purchase Date. The Trustee shall notify the Developer within 5 Business Days of
such demand for payment and the amount of Bonds to be presented for purchase on
the Mandatory Tender Date, and pursuant to Section 4.17 of the Loan Agreement,
the Developer shall be required to provide moneys in the amount of the principal
amount so designated by the Trustee plus accrued interest thereon. The Trustee
shall be required to purchase Bonds presented on the Mandatory Purchase Date
only to the extent there are moneys on deposit in the Purchase Fund pursuant to
Section 5.09 of the Indenture for such purpose.

Mandatory Redemption Upon Determination of Taxability.

        The Bonds are subject to mandatory redemption in whole at a redemption
price equal to the principal amount of Bonds being redeemed with accrued
interest to the redemption date upon a Determination of Taxability (as defined
in the Indenture) if the Owner of a Bond presents his Bond or Bonds for
redemption, on any date selected by such Owner, specified in a notice in writing
delivered to the Trustee, the Developer and Florida Housing at least ten
Business Days prior to such date.

Selection of Bonds to be Redeemed or Purchased

        To the extent that the Bonds are subject to partial redemption
(including but not limited to mandatory sinking fund redemption) and there
exists more than one (1) registered Owner of the Bonds, the Trustee shall redeem
the Bonds in the following manner (unless otherwise directed in writing by the
Significant Bondholder and Florida Housing): the Trustee shall determine the
ratio (expressed as a fraction) that the principal amount of Bonds held by each
Bondholder bears to the

                                        5
<PAGE>



total aggregate principal amount of Bonds Outstanding. The Trustee shall
multiply the amount of money available for the partial redemption by the ratio
as determined above and call for redemption the principal amounts of Bonds so
held by each registered Owner by the respective product determined above. Such
partial redemptions may result in an Owner holding a principal amount of Bonds
in less than an Authorized Denomination or integral multiple of $5,.000. Any
fractional part of one cent shall be ignored (unless otherwise directed in
writing by the Significant Bondholder and Florida Housing) by the Trustee.

        Except as otherwise provided in the Indenture, notice of redemption is
required to be given by first class mail, postage prepaid, not less than thirty
(30) nor more than forty-five (45) days prior to the redemption date to the
registered owners hereof to be redeemed at the address of such registered owners
as shown on the bond register. Receipt of such notice of redemption shall not be
a condition precedent to such redemption and failure so to notify the registered
owner shall not affect the validity of the proceedings for the redemption of
this Bond. Such notice shall be given in the name of Florida Housing, shall be
dated, shall set forth the principal amount of the Bonds Outstanding which shall
be called for redemption and shall specify the redemption date and the
redemption price. If less than all of the Bonds shall be called for redemption,
the notice shall set forth the Bonds Outstanding to be redeemed and the portion
of the principal amount thereof to be redeemed. Such notice shall further state
that on the redemption date the Bonds will be payable at the Payment Office of
the Trustee or Paying Agent or as otherwise provided in the Indenture and from
such date interest shall cease to accrue.

        Notice of redemption having been given as provided in the preceding
paragraph and all conditions precedent, if any, specified in such notice having
been satisfied, the Bonds or the portion thereof so to be redeemed shall become
due and payable on the date fixed for redemption at the redemption price
specified therein plus any accrued interest to the redemption date, and upon
presentation and surrender thereof at the place specified in such notice or as
otherwise provided in the Indenture. On and after the redemption date (unless
Florida Housing shall default in the payment of the redemption price and accrued
interest payable on the redemption date), (i) such Bonds (or portion thereof)
shall cease to bear interest and (ii) such Bonds (or portion thereof) shall no
longer be considered as Outstanding under the Indenture.

        The registered owner of this Bond shall have no right to enforce the
provisions of the Indenture or to institute action to enforce the covenants
therein, or to take any action with respect to any event of default thereunder,
or to institute, appear in or defend any suit or other proceeding with respect
thereto, except as provided in the Indenture.

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

        This Bond may be exchanged, and its transfer may be effected, only by
the registered owner hereof in person or by his attorney duly authorized in
writing at the designated corporate trust office of the Trustee, 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 exchange
or registration of such transfer a new registered bond or Bonds of the same
series, maturity and interest

                                        6
<PAGE>



rate and of Authorized Denomination denominations for the same aggregate
principal amount will be issued in exchange therefor.

        Florida Housing and the Trustee shall deem and treat the person in whose
name this Bond shall be registered on the bond register, as the absolute owner
hereof for the purpose of receiving payment of or on account of principal hereof
and interest due hereon and for all other purposes and neither Florida Housing
nor the Trustee shall be affected by any notice to the contrary.

        All acts, conditions and things required by the Constitution and the
laws of the State to exist, happen and be performed precedent to and in the
execution and delivery of the Indenture (hereinafter defined) and the issuance
of this Bond do exist, have happened and have been performed in due time, form
and manner as required by law.

        No covenant or agreement contained in this Bond or the Indenture shall
be deemed to be a covenant or agreement of any official, officer, agent or
employee of Florida Housing in his or her individual capacity, and neither the
members of Florida Housing, nor any official executing this Bond, shall be
liable personally on this Bond or be subject to any personal liability or
accountability by reason of the issuance or sale of this Bond.

        This Bond shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose until the Registrar shall have executed the
Certificate of Authentication appearing hereon.

        IN WITNESS WHEREOF, Florida Housing has caused this Bond to be executed
in its name by the manual or facsimile signature of its Chairman or Vice
Chairman and the facsimile of its seal to be hereunto affixed, impressed,
imprinted or reproduced hereon and attested by the manual or facsimile signature
of its Secretary all as of July 15, 1998.

                                            FLORIDA HOUSING FINANCE CORPORATION

[SEAL]

[SEAL OF THE FLORIDA HOUSING FINANCE AGENCY]

ATTEST:                                     By:  /s/ Clark D. Bennett
                                                     Chairman

/s/ Susan J. Leigh
Secretary

                                        7
<PAGE>



                          CERTIFICATE OF AUTHENTICATION

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

Date of Authentication:                THE BANK OF NEW YORK TRUST 
                                       COMPANY OF FLORIDA, N.A.,
                                       as Registrar


                                       By: /s/ Paula R. Williams
                                           Authorized Signatory

                            CERTIFICATE OF VALIDATION

This Bond is one of a series of Bonds which were validated by Judgment of the
Circuit Court of the Second Judicial Circuit in and for Leon County, Florida,
rendered on November 12, 1997.

                                       /s/ Clark D. Bennett
                                       Clark D. Bennett, Chairman of the Florida
                                       Housing Finance Corporation

                                       8
<PAGE>



                           [Form of Assignment for Transfer]

                                            FOR VALUE RECEIVED, the undersigned,
hereby sells, assigns and transfers unto __________________________________ (Tax
Identification or Social Security No. ____________) the within bond and all
rights thereunder, and hereby irrevocably constitutes and appoints
______________________________ attorney to transfer the within bond on the books
kept for registration thereof, with full power or substitution in the premises.

Date: ____________________________          Signature

Signature Guaranteed:

<TABLE>
<CAPTION>
<S>                                                     <C>
NOTICE: Signature(s) must be Guaranteed by a            NOTICE: The signature to this assignment must
signature guarantor institution that is a               correspond with the name of the registered owner of
participant in a nationally recognized signature        the within bond as it appears on the face hereof in
guarantor program.                                      every particular, without alteration or enlargement
                                                        or any change whatever, and the Social Security number 
                                                        or federal employer identification must be supplied.
</TABLE>

                                       9
<PAGE>




                                   SCHEDULE A

                          Sinking Fund Payment Schedule0





                                       10
<PAGE>



                                  College Park
                                   Apartments

                             Mandatory Sinking Fund

                                    Schedule

<TABLE>
<CAPTION>
  Date      Principal              Date          Principal
             Amount                                Amount

<S>           <C>                <C>               <C>  
1-Aug-00      3,586              1-Nov-04          4,876
1-Sep-00      3,608              1-Dec-04          4,905
1-Oct-00      3,629              1-Jan-05          4,935
1-Nov-00      3,651              1-Feb-05          4,965
1-Dec-00      3,673              1-Mar-05          4,995
1-Jan-01      3,696              1-Apr-05          5,025
1-Feb-01      3,718              1-May-05          5,055
1-Mar-01      3,740              1-Jun-05          5,086
1-Apr-01      3,763              1-Jul-05          5,116
1-May-01      3,786              1-Aug-05          5,147
1-Jun-01      3,809              1-Sep-05          5,178
1-Jul-01      3,832              1-Oct-05          5,210
1-Aug-01      3,855              1-Nov-05          5,241
1-Sep-01      3,878              1-Dec-05          5,273
1-Oct-01      3,902              1-Jan-06          5,305
1-Nov-01      3,925              1-Feb-06          5,337
1-Dec-01      3,949              1-Mar-06          5,369
1-Jan-02      3,973              1-Apr-06          5,401
1-Feb-02      3,997              1-May-06          5,434
1-Mar-02      4,021              1-Jun-06          5,467
1-Apr-02      4,045              1-Jul-06          5,500
1-May-02      4,070              1-Aug-06          5,533
1-Jun-02      4,094              1-Sep-06          5,566
1-Jul-02      4,119              1-Oct-06          5,600
1-Aug-02      4,144              1-Nov-06          5,634
1-Sep-02      4,169              1-Dec-06          5,868
1-Oct-02      4,194              1-Jan-07          5,702
1-Nov-02      4,219              1-Feb-07          5,737
1-Dec-O2      4,245              1-Mar-07          5,771
1-Jan-03      4,270              1-Apr-07          5,806
1-Feb-03      4,296              1-May-07          5,841
1-Mar-03      4,322              1-Jun-07          5,877
1-Apr-03      4,348              1-Jul-07          5,912
1-May-03      4,375              1-Aug-07          5,948
1-Jun-03      4,401              1-Sep-07          5,984
1-Jul-03      4,428              1-Oct-07          6,020
1-Aug-03      4,454              1-Nov-07          6,056
1-Sep-03      4,481              1-Dec-07          6,093
1-Oct-03      4,508              1-Jan-08          6,130
1-Nov-03      4,536              1-Feb-08          6,167
1-Dec-03      4,563              1-Mar-08          6,204
1-Jan-04      4,591              1-Apr-08          6,241
1-Feb-04      4,618              1-May-08          6,279
1-Mar-04      4,646              1-Jun-08          6,317
1 Apr-04      4,674              1-Jul-08          6,355
1-May-04      4,703              1-Aug-08          6,394
1-Jun-04      4,731              1-Sep-08          6,432
1-Jul-04      4,760              1-Oct-08          6,471
1-Aug-04      4,788              1-Nov-08          6,510
1-Sep-04      4,817              1-Dec-08          6,550
1-Oct-04      4,846              1-Jan-09          6,589
</TABLE>

<PAGE>



                             College Park Apartments

                             Mandatory Sinking Fund

                                    Schedule

<TABLE>
<CAPTION>
  Date      Principal               Date         Principal
             Amount                                Amount

<S>           <C>                 <C>              <C>  
1-Feb-09      6,629               1-May-13         9,013
1-Mar-09      6,669               1-Jun-13         9,067
1-Apr-09      6,709               1-Jul-13         9,122
1-May-09      6,750               1-Aug-13         9,177
1-Jun-09      6,791               1-Sep-13         9,233
1-Jul-09      6,832               1-Oct-13         9,288
1-Aug-09      6,873               1-Nov-13         9,344
1-Sep-09      6,914               1-Dec-13         9,401
1-Oct-09      6,956               1-Jan-14         9,458 
1-Nov-09      6,998               1-Feb-14         9,515   
1-Dec-09      7,040               1-Mar-14         9,572   
1-Jan-10      7,083               1-Apr-14         9,630   
1-Feb-10      7,126               1-May-14         9,688   
1-Mar-10      7,169               1-Jun-14         9,747   
1-Apr-10      7,212               1-Jul-14         9,806   
1-May-10      7,256               1-Aug-14         9,865   
1-Jun-10      7,300               1-Sep-14         9,925   
1-Jul-10      7,344               1-Oct-14         9,985   
1-Aug-10      7,388               1-Nov-14        10,045  
1-Sep-10      7,433               1-Dec-14        10,106  
1-Oct-10      7,478               1-Jan-15        10,167  
1-Nov-10      7,523               1-Feb-15        10,228  
1-Dec-10      7,588               1-Mar-15        10,290  
1-Jan-11      7,614               1-Apr-15        10,352  
1-Feb-11      7,660               1-May-15        10,415  
1-Mar-11      7,706               1-Jun-15        10,477  
1-Apr-11      7,753               1-Jul-15        10,541  
1-May-11      7,800               1-Aug-15        10,604  
1-Jun-11      7,847               1-Sep-13        10,669  
1-Jul-11      7,894               1-Oct-15        10,733  
1-Aug-11      7,942               1-Nov-15        10,798  
1-Sep-11      7,990               1-Dec-15        10,863  
1-Oct-11      8,038               1-Jan-16        10,929  
1-Nov-11      8,087               1-Feb-16        10,995  
1-Dec-11      8,136               1-Mar-16        11,061  
1-Jan-12      8,185               1-Apr-16        11,128  
1-Feb-12      8,234               1-May-16        11,195  
1-Mar-12      8,284               1-Jun-16        11,263  
1-Apr-12      8,334               1-Jul-16        11,331  
1-May-12      8,384               1-Aug-16        11,399  
1-Jun-12      8,435               1-Sep-16        11,468  
1-Jul-12      8,486               1-Oct-16        11,538  
1-Aug-12      8,537               1-Nov-16        11,607  
1-Sep-12      8,589               1-Dec-16        11,677  
1-Oct-12      8,641               1-Jan-17        11,748  
1-Nov-12      8,693               1-Feb-17        11,819  
1-Dec-12      8,745               1-Mar-17        11,890  
1-Jan-13      8,798               1-Apr-17        11,962  
1-Feb-13      8,851               1-May-17        12,034  
1-Mar-13      8,905               1-Jun-17        12,107  
1-Apr-13      8,959               1-Jul-17        12,180  
</TABLE>

<PAGE>



                                  College Park
                                   Apartments

                             Mandatory Sinking Fund

                                    Schedule
<TABLE>
<CAPTION>
   Date       Principal             Date          Principal
               Amount                               Amount
               
<S>            <C>                <C>              <C>   
 1-Aug-17      12,254             1-Nov-21         16,660
 1-Sep-17      12,328             1-Dec-21         16,761
 1-Oct-17      12,402             1-Jan-22         16,862
 1-Nov-17      12,477             1-Feb-22         16,964
 1-Dec-17      12,553             1-Mar-22         17,067
 1-Jan-18      12,628             1-Apr-22         17,170
 1-Feb-18      12,705             1-May-22         17,274
 1-Mar-18      12,782             1-Jun-22         17,378
 1-Apr-18      12,859             1-Jul-22         17,483
 1-May-18      12,936             1-Aug-22         17,589
 1-Jun-18      13,015             1-Sep-22         17,695
 1-Jul-18      13,093             1-Oct-22         17,802
 1-Aug-18      13,172             1-Nov-22         17,909
 1-Sep-18      13,252             1-Dec-22         18,017
 1-Oct-18      13,332             1-Jan-23         18,126
 1-Nov-18      13,413             1-Feb-23         18,236
 1-Dec-18      13,494             1-Mar-23         18,346
 1-Jan-19      13,575             1-Apr-23         18,457
 1-Feb-19      13,657             1-May-23         18,568
 1-Mar-19      13,740             1-Jun-23         18,681
 1-Apr-19      13,823             1-Jul-23         18,793
 1-May-19      13,906             1-Aug-23         18,907
 1-Jun-19      13,990             1-Sep-23         19,021
 1-Jul-19      14,075             1-Oct-23         19,136
 1-Aug-19      14,160             1-Nov-23         19,252
 1-Sep-19      14,245             1-Dec-23         19,368
 1-Oct-19      14,331             1-Jan-24         19,485
 1-Nov-19      14,418             1-Feb-24         19,603
 1-Dec-19      14,505             1-Mar-24         19,721
 1-Jan-20      14,593             1-Apr-24         19,840
 1-Feb-20      14,681             1-May-24         19,960
 1-Mar-20      14,770             1-Jun-24         20,081
 1-Apr-20      14,859             1-Jul-24         20,202
 1-May-20      14,949             1-Aug-24         20,324
 1-Jun-20      15,039             1-Sep-24         20,447 
 1-Jul-20      15,130             1-Oct-24         20,670 
 1-Aug-20      16,221             1-Nov-24         20,695 
 1-Sep-20      15,313             1-Dec-24         20,820 
 1-Oct-20      15,406             1-Jan-25         20,946  
 1-Nov-20      15,499             1-Feb-25         21,072  
 1-Dec-20      15,592             1-Mar-25         21,199  
 1-Jan-21      15,687             1-Apr-25         21,328  
 1-Feb-21      15,781             1-May-25         21,456  
 1-Mar-21      15,877             1-Jun-25         21,586  
 1-Apr-21      15,973             1-Jul-25         21,716  
 1-May-21      16,069             1-Aug-25         21,848  
 1-Jun-21      16,166             1-Sep-25         21,980  
 1-Jul-21      16,264             1-Oct-25         22,112  
 1-Aug-21      16,362             1-Nov-25         22,246  
 1-Sep-21      16,461             1-Dec-25         22,380  
 1-Oct-21      16,560             1-Jan-26         22,516  
</TABLE>

<PAGE>


                                  College Park
                                   Apartments

                             Mandatory Sinking Fund

                                    Schedule

<TABLE>
<CAPTION>
 Date       Principal               Date        Principal
             Amount                               Amount

<S>          <C>                  <C>             <C>   
1-Feb-26     22,652               1-May-30        30,797
1-Mar-26     22,789               1-Jun-30        30,984
1-Apr-26     22,926               1-Jul-30        31,171
1-May-26     23,065               1-Aug-30        31,359
1-Jun-26     23,204               1-Sep-30        31,548
1-Jul-26     23,344               1-Oct-30        31,739
1-Aug-26     23,485               1-Nov-30        31,931
1-Sep-26     23,627               1-Dec-30        32,124
1-Oct-26     23,770               1-Jan-31        32,318
1-Nov-26     23,914               1-Feb-31        32,513     
1-Dec-26     24,058               1-Mar-31        32,710    
1-Jan-27     24,203               1-Apr-31        32,907    
1-Feb-27     24,350               1-May-31        33,106    
1-Mar-27     24,497               1-Jun-31        33,306    
1-Apr-27     24,645               1-Jul-31        33,507    
1-May-27     24,794               1-Aug-31        33,710    
1-Jun-27     24,943               1-Sep-31        33,913    
1-Jul-27     25,094               1-Oct-31        34,118    
1-Aug-27     25,246               1-Nov-31        34,324    
1-Sep-27     25,398               1-Dec-31        34,532    
1-Oct-27     25,552               1-Jan-32        34,740    
1-Nov-27     25,706               1-Feb-32        34,950    
1-Dec-27     25,861               1-Mar-32        35,161     
1-Jan-28     26,018               1-Apr-32        35,374    
1-Feb-28     26,175               1-May-32        35,588     
1-Mar-28     26,333               1-Jun-32        35,803     
1-Apr-28     26,492               1-Jul-32        36,019    
1-May-28     26,652               1-Aug-32        30,236    
1-Jun-28     26,813               1-Sep-32        36,456    
1-Jul-28     26,976               1-Oct-32        36,676    
1-Aug-28     27,138               1-Nov-32        36,897    
1-Sep-28     27,302               1-Dec-32        37,120    
1-Oct-28     27,467               1-Jan-33        37,344    
1-Nov-28     27,633               1-Feb-33        37,570    
1-Dec-28     27,800               1-Mar-33        37,797    
1-Jan-29     27,968               1-Apr-33        38,025    
1-Feb-29     28,137               1-May-33        38,255    
1-Mar-29     28,307               1-Jun-33        38,486     
1-Apr-29     28,478               1-Jul-33        38,719         
1-May-29     28,650               1-Aug-33        38,953     
1-Jun-29     28,823               1-Sep-33        39,188     
1-Jul-29     28,997               1-Oct-33        39,425     
1-Aug-29     29,172               1-Nov-33        39,663     
1-Sep-29     29,349               1-Dec-33        39,903   
1-Oct-29     29,526               1-Jan-34        40,144     
1-Nov-29     29,704               1-Feb-34        40,386     
1-Dec-29     29,884               1-Mar-34        40,630     
1-Jan-30     30,064               1-Apr-34        40,876     
1-Feb-30     30,246               1-May-34        41,123     
1-Mar-30     30,429               1-Jun-34        41,371     
1-Apr-30     30,612               1-Jul-34        41,621      
</TABLE>

<PAGE>



                                  College Park
                                   Apartments

                             Mandatory Sinking Fund

                                    Schedule

<TABLE>
<CAPTION>
 Date      Principal               Date          Principal
            Amount                                Amount

<S>          <C>                 <C>              <C>   
1-Aug-34     41,873              1-Nov-38         56,930
1-Sep-34     42,125              1-Dec-38         57,274
1-Oct-34     42,380              1-Jan-39         57,620
1-Nov-34     42,636              1-Feb-39         57,968
1-Dec-34     42,894              1-Mar-39         58,319
1-Jan-35     43,153              1-Apr-39         58,671
1-Feb-35     43,413              1-May-39         59,025
1-Mar-35     43,676              1-Jun-39         59,382
1-Apr-35     43,940              1-Jul-39         59,741
1-May-35     44,205              1-Aug-39         60,102
1-Jun-35     44,472              1-Sep-39         60,465
1-Jul-35     44,741              1-Oct-39         60,830  
1-Aug-35     45,011              1-Nov-39         61,198 
1-Sep-35     45,283              1-Dec-39         61,567 
1-Oct-35     45,557              1-Jan-40         61,939         
1-Nov-35     45,832              1-Feb-40         62,314 
1-Dec-35     46,109              1-Mar-40         62,690 
1-Jan-36     46,387              1-Apr-40         63,069  
1-Feb-36     46,668              1-May-40         63,450 
1-Mar-36     44,960              1-Jun-40         63,833  
1-Apr-36     47,233              1-Jul-40         64,219 
1-May-36     47,519                                      
1-Jun-36     47,806              
1-Jul-36     48,095 
1-Aug-36     48,385 
1-Sep-36     48,677 
1-Oct-36     48,972 
1-Nov-36     49,267 
1-Dec-36     49,565 
1-Jan-37     49,865 
1-Feb-37     50,166 
1-Mar-37     50,469 
1-Apr-37     50,774
1-May-37     51,081 
1-Jun-37     51,389 
1-Jul-37     51,700 
1-Aug-37     52,012 
1-Sep-37     52,326 
1-Oct-37     52,642 
1-Nov-37     52,960 
1-Dec-37     53,280 
1-Jan-38     53,602 
1-Feb-38     53,926 
1-Mar-38     54,252 
1-Apr-38     54,580 
1-May-38     54,910 
1-Jun-38     55,241 
1-Jul-38     55,575 
1-Aug-38     55,911 
1-Sep-38     56,249 
1-Oct-38     56,588 
</TABLE>