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

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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) 08/19/2005 (Street) NEW YORK,, NY 10022 4. If Amendment, Date Original Filed(Month/Day/Year) 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 08/19/2005   C   10,000 (1) A (2) 49,961 D   Common shares 08/19/2005   S   6,600 D $ 21.75 43,361 D   Common shares 08/19/2005   S   1,200 D $ 21.8 42,161 D   Common shares 08/19/2005   S   400 D $ 21.82 41,761 D   Common shares 08/19/2005   S   600 D $ 21.88 41,161 D   Common shares 08/19/2005   S   1,200 D $ 21.9 39,961 D   Common shares               21,157 I (3) By: RelCap Holdings Company, LLC

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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

Special Common Units of CharterMac Capital Company, LLC

(2)

08/19/2005

08/19/2005

C

10,000

11/17/2004

(4)

Common Shares

10,000

(2)

979,229

I

By Marc Associates L.P. (5)

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		08/19/2005
**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)	On August 19, 2005 Mr. Schnitzer exchanged 10,000 Special Common Units for an equal number of common shares. The 10,000 common shares were then sold pursuant to Mr. Schnitzer's existing 10b5-1 Plan.
(2)	The Special Common Units are exchangeable on a one-to-one basis into common shares.
(3)	RelCap Holdings Company, LLC owns 21,157 common shares. Mr. Schnitzer is a 9.69% indirect equity owner of RelCap Holdings Company, LLC.
(4)	Not applicable.
(5)	The Special Common Units are held by Marc Associates L..P., of which Mr. Schnitzer is the 100% equity owner.

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