FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * SCHNITZER MARC   2. Issuer Name and Ticker or Trading Symbol CHARTERMAC [CHC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) C/O CHARTERMAC,, 625 MADISON AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 11/29/2004 (Street) NEW YORK,, NY 10022 4. If Amendment, Date Original Filed(Month/Day/Year) 11/29/2004 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common shares 11/29/2004   P   1,739 A $ 11.5625 22,594 D   Common shares               21,157 I By RelCap Holdings Company, LLC (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-qualified share option

$ 11.5625

11/29/2004

M(2)

1,739

11/29/2004

05/10/2010

Common Shares

1,739

$ 11.5625

0

D

Special Common Units

(3)

(3)

(3)

Common shares

1,079,229

1,079,229

I

By Marc Associates, L.P (4)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SCHNITZER MARC C/O CHARTERMAC, 625 MADISON AVENUE NEW YORK,, NY 10022	X		President

Signatures

/s/ Marc Schnitzer		06/16/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Mr. Schnitzer owns indirectly 9.69% of RelCap Holdings Company, LLC.
(2)	On November 29, 2004, Mr. Schnitzer exercised 1,739 options at the strike price of $11.5625 per share.
(3)	Not applicable.
(4)	Marc Associates, L.P., of which Mr. Schnitzer is a 100% equity owner, owns 1,079,229 Special Common Units of CharterMac Capital Company, LLC, which are exchangeable on a one-to-one basis into Common Shares of CharterMac (subject to anti-dilution).
Remarks: This amended Form 4 is being filed to correct the reporting of Mr. Schnitzer's beneficial ownership in Table 1 and Table 2.  The original Form 4 filed on November 29, 2004 mistakenly included Mr. Schnitzer's ownership of 1,079,229 Special Common Units in column 5 of Table 1 rather than column 9 of Table 2.  This amended Form 4 corrects the beneficial ownership amount in column 5 of Table 1 and column 9 of Table 2 of the November 29, 2004 Form 4 and all subsequently filed Form 4s which reflect the beneficial ownership of Mr. Schnitzer's 1,079,229 in  column 5 of Table 1 rather than column 9 of Table 2.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.