Exhibit 99.1


             AMERICAN MORTGAGE ACCEPTANCE COMPANY REVISES FINANCIAL
                      GUIDANCE FOR SECOND QUARTER AND YEAR


NEW YORK, NY - July 17, 2003 - American Mortgage Acceptance Company ("AMAC" or
the "Company") (AMEX: AMC) today stated that it has revised its second quarter
and full-year earnings guidance for 2003.

AMAC has revised its second quarter earnings estimate to $0.32-$0.33 per share,
which is lower than the Company's initial guidance of $0.37 per share for the
quarter ended June 30, 2003. AMAC has also revised its full-year estimate to
$1.58-$1.60 per share, from the Company's initial guidance of $1.65-$1.70 per
share.

AMAC's revised earnings guidance is based upon its expectation that it will not
receive interest on four mezzanine loans that are currently in default. The
mezzanine loans have an aggregate principal amount of $10.5 million, which
comprises approximately 4% of the Company's total assets. The Company adds that
it is taking steps to preserve its investment in these loans and believes that
it is adequately collateralized and does not expect to experience a loss of
principal. More information will be provided on its upcoming conference call to
discuss second quarter financial results.

Although the declaration of dividends is subject to the continued discretion of
AMAC's Board of Trustees, the inability to collect interest on these loans will
not affect the Company's ability to continue to pay a quarterly dividend at a
rate equal to the most recently declared dividend of $0.40 per share.

About the Company

AMAC is a real estate investment trust that specializes in multifamily housing
finance. AMAC originates and acquires mezzanine loans, bridge loans, and
government-insured first mortgages secured by multifamily housing properties
throughout the United States. For more information, please visit our website at
www.americanmortgageco.com or contact the Shareholder Services Department
directly at (800) 831-4826.

Certain statements in this press release may constitute 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
risks 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. AMAC 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 AMAC's expectations with regard thereto or change in events,
conditions, or circumstances on which any such statement is based.


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