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

OMAHA, Neb., Feb. 19, 2013 (GLOBE NEWSWIRE) -- America First Tax Exempt Investors, L.P. (Nasdaq:ATAX) (the "Company") acquired at par six tax-exempt bonds secured by three properties located in San Antonio, Texas on February 14, 2013. The bond purchases are as follows: a $13.8 million par value Series A and a $3.2 million par value Series B tax-exempt mortgage revenue bond secured by the Huebner Oaks Apartments, a 344 unit multifamily apartment complex; an $8.9 million par value Series A and a $2 million par value Series B tax-exempt mortgage revenue bonds secured by the Las Colinas Apartments a 232 unit multifamily apartment complex; and an $8.8 million par value Series A and $1.7 million par value Series B tax-exempt mortgage revenue bonds secured by Perrin Crest Apartments, a 200 unit multifamily apartment complex. The three Series A tax-exempt senior mortgage revenue bonds each carry an annual interest rate of 6.0% and mature on March 1, 2050. The three Series B tax-exempt subordinate mortgage revenue bonds each carry an annual cash interest rate of 9% plus allow for an additional 3% of interest calculated on each related property's available cash flow after debt service and mature on April 1, 2050. 

On December 20, 2012, the Company purchased at par a $6,049,000 tax-exempt subordinate mortgage revenue bond and a $934,000 taxable subordinate mortgage revenue bond both secured by the Vantage at Judson Apartments. This 288 unit property, also located in San Antonio, Texas, is currently under construction with expected completion in the spring of 2014. Both bonds mature on February 1, 2053 and carry an annual cash interest rate of 9% plus allow for an additional 3% of interest calculated on the property's cash flows after debt service. The Vantage at Judson apartments has a construction loan with an unrelated bank and the Company's bonds are second lien borrowings to that construction loan. Under the terms of a Forward Delivery Bond Purchase Agreement, the Company has the right to purchase a new tax-exempt mortgage revenue bond of up to $26,687,000 ("Series B Bonds") which will be delivered by the Issuer once the property meets specific obligations and occupancy rates. The Series B Bonds will have a stated annual interest rate of 6.0% and bond proceeds must be used to pay off the construction loan to the Bank and all or a portion of the $6,049,000 tax-exempt subordinate mortgage revenue bond.

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