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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.