1059142--3/31/2006--AMERICA_FIRST_TAX_EXEMPT_INVESTORS

related topics

{investment, property, distribution}

{tax, income, asset}

{loan, real, estate}

{operation, natural, condition}

{loss, insurance, financial}

There is additional credit risk when the Partnership makes a taxable loan on a property. The Properties financed by the Partnership s tax-exempt bonds are not completely insured against damages from hurricanes and other major storms. The Partnership may suffer adverse consequences from changing interest rates. There are risks associated with the Partnership s participation in the P-Float program. The Partnership s tax-exempt mortgage revenue bonds are illiquid assets and their value may decrease. In the event that counterparties are unable to fulfill their obligations under the derivative agreements, the Partnership could be adversely affected. The rent restrictions and occupant income limitations imposed on properties financed by tax-exempt mortgage revenue bonds may limit the revenues of the properties financed by the Partnership s tax-exempt mortgage revenue bonds.

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1059142--3/31/2006--AMERICA_FIRST_TAX_EXEMPT_INVESTORS_LP