SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Duggins James L

(Last)

(First)

(Middle)

625 MADISON AVENUE

(Street)

NEW YORK,

10022

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/15/2006

3. Issuer Name and Ticker or Trading Symbol
CHARTERMAC [ CHC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		CEO of ARCap REIT, Inc.

5. If Amendment, Date of 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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	255,003⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Special Common Interests	08/15/2006	⁽²⁾	Common Shares	156,750	⁽²⁾	D

Explanation of Responses:

1. CharterMac granted the indicated restricted common shares to Mr. Duggins pursuant to its Amended and Restated Incentive Share Plan (the "Restricted Shares"), with an effective date of August 15, 2006. The Restricted Shares will vest over four years in four equal cumulative installments of 25%, with one fourth vesting on the first anniversary of the effective date.

2. The Special Common Interests ("SCIs") in ARCap Investors LLC are convertible, at any time, at Mr. Duggin's option into cash or, at the discretion of CharterMac, on a one-for-one basis (subject to anti-dilution). Of the SCIs, 14,351 are being held in escrow as security for certain obligations of Mr. Duggins and other sellers under that certain Securities Purchase Agreement among CharterMac, ARCap Investors, L.L.C., Mr. Duggins and others, as more fully described in CharterMac's Current Report on Form 8-K (filed August 21, 2006).

Remarks:

	/s/ James L. Duggins	08/21/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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