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                                                                 Exhibit 99.3

AT CHARTERMAC                        AT THE FINANCIAL RELATIONS BOARD
-------------                        ---------------------------------
Brenda Abuaf                         Joe Calabrese - General Info (212) 661-8030
Director of Shareholder Services     Maura Gedid - Analyst Info (212) 661-8030
 (800) 831-4826

                  CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
            ANNOUNCES THE PUBLIC OFFERING OF 7,900,000 COMMON SHARES

NEW YORK,  NY - May 11, 2001 - Charter  Municipal  Mortgage  Acceptance  Company
("CharterMac")  (AMEX:  CHC) today  announced  the public  offering of 7,900,000
common shares of beneficial interest at a price of $14.64 per share.

Stuart J. Boesky,  Chief Executive  Officer of CharterMac  stated,  "We are very
proud  to  announce  our  first  common  equity  offering  since  the  Company's
inception.  We believe  that this  offering is an important  step in  furthering
CharterMac' s business plan and we are very enthusiastic about the opportunities
that will become available to us through the consummation of this transaction."

"The proceeds from this offering will be used to pay down outstanding debt, fund
new investments and continue our growth," Boesky continued.

Net proceeds of the offering to CharterMac will be  approximately  $109 million.
The underwriters, led by UBS Warburg, also include First Union Securities, Inc.,
and Legg Mason Wood  Walker  Incorporated.  The  underwriters  have an option to
purchase an additional 1,185,000 shares to cover over-allotments.  If the option
is exercised in full, the net proceeds to CharterMac would then be approximately
$125  million.  The  offering is expected  to close on May 15,  2001.  A written
prospectus  supplement prepared in connection with this offering may be obtained
from the underwriters.

CharterMac  invests  in  tax-exempt  bonds,  the  proceeds  of which are used to
finance and  refinance the  development  and  ownership of  multifamily  housing
nationwide.  The  Company's  portfolio  is  currently  comprised  of direct  and
indirect  ownership  interests in tax-exempt  multifamily  bonds in 19 states as
well as in the District of Columbia.

For more information, please visit us at www.chartermac.com.

The enclosed materials 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.  You should review the risk factors contained in the
prospectus  supplement issued in connection with the offering  described in this
press  release  for a  discussion  of the  risks  related  to the  ownership  of
CharterMac's  common shares.  CharterMac  expressly  disclaims any obligation or
undertaking 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 such statement is based.