R-1                                                                   $3,500,000


                            UNITED STATES OF AMERICA
                                STATE OF FLORIDA
                       FLORIDA HOUSING FINANCE CORPORATION
                              HOUSING REVENUE BONDS
                                  1998 SERIES H
                             (GULFSTREAM APARTMENTS)

<TABLE>
<CAPTION>
Interest Rate           Maturity Date             Dated Date
-------------           -------------             ----------
<S>                     <C>                       <C> 
7.25%                   July 1, 2038              July 22, 1998
</TABLE>

REGISTERED OWNER: CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY

PRINCIPAL AMOUNT: THREE MILLION FIVE HUNDRED THOUSAND 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 commencing on September 1, 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 First Union National Bank, 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 interest 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 owners of $1,000,000 or more in
aggregate principal amount of bonds which may be payable by wire transfer upon
written instruction 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 H (Gulfstream Apartments), of
Florida Housing, in the aggregate principal amount of $3,500,000 (the "Bonds"),
issued under and pursuant to the

<PAGE>



Constitution and laws of the State, particularly the Florida Housing Finance
Corporation Act, Sections 420.501-420.516, 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 RHF
Gulfstream Associates, Ltd., a limited partnership organized pursuant to the
laws of the State of Florida (the "Developer"), to acquire and substantially
rehabilitate a multifamily residential development in Broward 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
$3,500,000 (the "Note"). The Note will be secured by a mortgage and security
agreement granting a second 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 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.

Sinking Fund Redemption

        (a) The Bonds are subject to mandatory redemption in part by operation
of a sinking fund. Florida Housing shall redeem on the applicable sinking fund
payment date a principal amount of the Bonds in the amounts determined from the
table attached as Exhibit B to the Indenture; provided, however, that the
principal amount of the Bonds to be redeemed on any particular sinking fund
payment date shall be reduced (i) by the principal amount of any Bonds of the
applicable maturity (treating each sinking fund payment as a separate maturity
for such purposes) which (A) had been

                                        2


<PAGE>



purchased (other than pursuant to the provisions of Section 4.10 of the
Indenture) or redeemed by the Developer or the Trustee and canceled by the
Trustee at least sixty (60) days prior to such sinking fund payment date and (B)
had not previously formed the basis for such reduction and (ii) pro rata by each
maturity (treating each sinking fund payment as a separate maturity for such
purposes) to the extent of each redemption pursuant to Section 4.01(b) of the
Indenture.

        (b) The Bonds are subject to further redemption in part by operation of
a sinking fund from and to the extent of Available Cash Flow up to an amount
equal to $30,000 in each calender year which amount shall accumulate if and to
the extent not paid in any calender year, payable semiannually on each May and
November 1 beginning November 1, 2000.

        (c) 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. Upon a
redemption pursuant to Section 4.01(b) of the Indenture each monthly sinking
fund redemption pursuant to Section 4.01(a) shall be reduced pro rata.

Optional Redemption

        The Bonds are subject to optional redemption, prior to maturity on or
after April 1, 2005, in whole on any date, but not in part, 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, the
particular Bonds to be designated by the Developer, 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>
         Redemption Dates                             Redemption Price
         ----------------                             ----------------
<S>                                                             <C> 
April 1, 2005 through March 31, 2006                            105%
April 1, 2006 through March 31, 2007                            104
April 1, 2007 through March 31, 2008                            103
April 1, 2008 through March 31, 2009                            102
April 1, 2009 through March 31, 2010                            101
April 1, 2010 and thereafter                                    100
</TABLE>

Mandatory Redemption from the Project Fund and the Debt Service Reserve Fund

        The Bonds are subject to mandatory redemption on the first Business Day
following payment in full to the Construction Lender of the amount owing under
the Construction Loan Documents for which thirty (30) days' notice of redemption
can be given, in whole or in part, from proceeds of the Bonds remaining in the
Project Fund attributable to moneys not needed to complete the

                                        3
<PAGE>



substantial rehabilitation 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

The Bonds are subject to extraordinary mandatory redemption in whole or in part,
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 any Insurance Proceeds or Condemnation Award not used for the
repair or restoration of the Project, as further described below.

        If so called for redemption, 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 may elect to repair or
restore the Project in accordance with requirements of the Mortgage and Section
6.04 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
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 Mortgage and Section 6.04 of the Agreement are not satisfied or if the
Significant Bondholder has not consented to such repairs or restorations, the
Trustee will apply the net proceeds of any insurance or condemnation to the
reduction of indebtedness under 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.

Determination of Taxability

The Bonds shall be subject to mandatory redemption, and shall be redeemed, prior
to maturity at a redemption price equal to par plus accrued interest to the date
of redemption upon a Determination of Taxability if the Owner of a Bond presents
its Bond or Bonds for redemption, on any date selected by such Owner, specified
in a notice in writing delivered to the Developer, the Trustee and Florida
Housing at least five (5) Business Days prior to such date.

                                        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 with the consent of the Significant Bondholder,
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 lesser of the amount of Bonds Outstanding plus the accrued interest
due thereon or the amount of the Trust Estate or proceeds of sale, to be
distributed in accordance with Section 8.04 of the Indenture, from a
distribution of the Trust Estate as a result of the realization by the Trustee
of its rights and remedies hereunder with respect to the Trust Estate.

        Upon the giving of notice of redemption of the Bonds pursuant to Section
4.06 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, provided the actual payment in redemption shall be due and actually
payable only at such time and to the extent funds are available therefor to the
Trustee, and upon either payment in full of the principal amount of Bonds
Outstanding plus the accrued interest due thereon or full distribution of either
the Trust Estate or the proceeds of the sale of the Project, in accordance with
Section 8.04 of the Indenture, such payment or distribution shall be in full
satisfaction of the amount of principal and interest due on the Bonds.

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 on any Business Day after the 192nd month after
April 1, 2000 upon six (6) months written notice to the Developer and the
Trustee (the "Mandatory Purchase Date"). In order for the Bonds to be eligible
for purchase, holders of Outstanding Bonds must provide notice to the Trustee of
their intent to present their Bonds for mandatory purchase not sooner than 12
months prior to the Mandatory Purchase Date and not later than 6 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 5.02(c) of
the Agreement, the Developer shall be required to provide Available Moneys in
the amount of the principal amount so designated by the Trustee plus accrued
interest thereon. The Trustee shall only be required to purchase Bonds presented
on the Mandatory Purchase Date to the extent there are Available Moneys on
deposit in the Redemption Fund pursuant to Section 5.07 of the Indenture, for
such purpose.

Selection of Bonds to be Redeemed

        If less than all the Bonds are to be redeemed, the particular Bonds or
portions of Bonds to be redeemed shall be selected by the Trustee, on a pro rata
basis based as nearly as practicable on the Outstanding principal amount of
Bonds of each maturity (treating each sinking fund payment

                                        5
<PAGE>



as a separate maturity for such purposes) and the Bonds of each such maturity
will be selected by lot in such manner as the Trustee in its discretion may deem
fair and appropriate.

        In making such selection by lot, the Trustee may treat each Bond to be
redeemed as representing that number of Bonds of the lowest Authorized
Denominations as is obtained by dividing the principal amount of such Bond by
such denomination.

        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 designated
corporate trust office of the Trustee or Paying Agent 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. 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 or
unless the Bonds shall be purchased in lieu of the redemption pursuant to
Section 4.09 of the Indenture), (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

                                        6
<PAGE>



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

        Florida Housing and the Trustee may 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.

                                        7
<PAGE>



        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 or Assistant Secretary all as of July 22, 1998.

                                          FLORIDA HOUSING FINANCE CORPORATION

[SEAL]
ATTEST:                                  By:  /s/ Clark D. Bennett
                                              -----------------------------
                                              Chairman

Susan J. Leigh
--------------------------
 Secretary

                                       8
<PAGE>



                          CERTIFICATE OF AUTHENTICATION

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

Date of Authentication:
         July 22, 1998

                                        FIRST UNION NATIONAL BANK, 
                                        as Registrar

                                        By: /s/ Brandon Devorak
                                           ------------------------
                                           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/ Lawton Chiles
                                        LAWTON CHILES
                                                                                
                                        Lawton Chiles, Governor of the State of
                                        Florida, as Chairman of the Governing
                                        Board of the Division of Bond Finance of
                                        the State Board of Administration of
                                        Florida

                                       9

<PAGE>



                        [Form of Assigmnent 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:




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