1059142--3/13/2008--AMERICA_FIRST_TAX_EXEMPT_INVESTORS_LP

related topics
{loan, real, estate}
{tax, income, asset}
{investment, property, distribution}
{interest, director, officer}
{loss, insurance, financial}
{stock, price, share}
{operation, natural, condition}
The value of the properties is the only source of repayment of our tax-exempt mortgage revenue bonds. There are a number of risks related to the construction of multifamily apartment properties that may affect the tax-exempt bonds issued to finance these properties. There are a number of risks related to the lease-up of newly constructed or renovated properties that may affect the tax-exempt bonds issued to finance these properties. There is additional credit risk when we make a taxable loan on a property. The properties financed by our tax-exempt bonds are not completely insured against damages from hurricanes and other major storms. The Company may be adversely impacted by economic factors beyond its control and may incur impairment charges to its investment portfolio. We may suffer adverse consequences from changing interest rates. There are risks associated with our participation in the P-Float program. Our tax-exempt mortgage revenue bonds are illiquid assets and their value may decrease. We could be adversely affected if counterparties are unable to fulfill their obligations under our derivative agreements. The rent restrictions and occupant income limitations imposed on affordable housing properties may limit the revenues of such properties. The MF Properties and the properties securing our revenue bonds may be subject to liability for environmental contamination and thereby increase the risk of default on such bonds. Direct ownership of apartment properties will subject the Partnership to all of the risks normally associated with the ownership of commercial real estate. We have assumed certain potential liability relating to recapture of tax credits on MF Properties. Any future issuances of additional BUCs could cause their market value to decline. The Company is not registered under the Investment Company Act. The Company engages in transactions with related parties. BUC holders may incur tax liability if any of the interest on our tax-exempt mortgage revenue bonds is determined to be taxable.

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