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America First Tax Exempt Investors L.P. Announces Recent Investment Activity

OMAHA, Neb., July 12, 2010 (GLOBE NEWSWIRE) -- During the second quarter of 2010, America First Tax Exempt Investors, L.P. (Nasdaq:ATAX) (the "Company") raised approximately $41.8 million in net proceeds from an underwritten public offering of Beneficial Ownership Units ("BUCs") to provide funding for new investments. Recent credit and real estate market conditions have created significant investment opportunities which the Company intends to aggressively pursue. 

"The Company continues to evaluate opportunities to invest in quality tax-exempt mortgage bonds and other multi-family real estate assets at attractive pricing," stated Chad Daffer, Fund Manager. "The recent investment transactions are examples of the Company's ability to acquire quality assets at attractive valuations for the long-term benefit of our investors."

Recent Investment Activity

During the second quarter of 2010, the Company acquired two new tax-exempt mortgage bond investments. 

In May 2010, the Company acquired the tax-exempt mortgage revenue bond for a 261 unit multi-family apartment complex in San Antonio, Texas known as The Villages at Lost Creek for approximately $16.4 million which represented 100% of the bond issuance. The bond par value is $18.5 million with an annual interest rate of 6.25%. The bond purchase price results in a yield to maturity of approximately 7.55% per annum. The bond matures in June 2041.

In June 2010, the Company acquired 100% of the $18.3 million tax-exempt mortgage revenue bonds issued by the Ohio Housing Finance Agency as part of a plan of financing for the acquisition and rehabilitation of Crescent Village, Post Woods (I and II) and Willow Bend apartments in Ohio (the "Ohio Properties"). The tax-exempt mortgage bonds secured by the Ohio Properties were acquired by the Company at par and consisted of two series. The Series A bond has a par value of $14.7 million and bears interest at an annual rate of 7.0%. The Series B bond has a par value of $3.6 million and bears interest at an annual interest rate of 10.0%. Both series of bonds mature in June 2050. The Company had previously acquired a 99% interest in the Ohio Properties as part of its strategy of acquiring existing multifamily apartment properties that it expects will be partially financed with new tax-exempt mortgage bond at the time the properties become eligible for the issuance of additional low-income housing tax credits. In connection with the issuance of the new tax-exempt bonds, the Ohio properties were sold to an unaffiliated party who financed the acquisition through the issuance of the new bonds and tax credits. The Ohio properties were sold for a total purchase price of $16.2 million. Proceeds from the sale were used to retire the $12.8 million mortgage debt associated with the Ohio Properties.

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