AMERICA FIRST MULTIFAMILY INVESTORS, L.P. - FORM 8-K - EX-99.1

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8-K - 8-K - AMERICA FIRST MULTIFAMILY INVESTORS, L.P.	atax-8k_20170912.htm

Exhibit 99.1

Supplemental Financial Report for

Quarter Ended June 30, 2017

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

All statements in this document other than statements of historical facts, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This document may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this supplement and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings “Item 1A Risk Factors” in our 2016 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. These forward-looking statements are subject to various risks and uncertainties and America First Multifamily Investors, L.P. expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Most, but not all, of the selected financial information furnished herein is derived from the America First Multifamily Investors, L.P.’s (“ATAX” or “Partnership”) consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Forms 10-K and 10-Q. The Partnership’s annual consolidated financial statements were subject to independent audit, dated March 3, 2017. The second quarter 2017 Form 10-Q materials are dated August 7, 2017 and the Partnership does not undertake to update the materials after that date.

Disclosure Regarding Non-GAAP Measures

This document refers to certain financial measures that are identified as non-GAAP. We believe these non-GAAP measures are helpful to investors because they are the key information used by management to analyze our operations. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures.

Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. Our GAAP consolidated financial statements can be located upon searching for the Partnership’s filings at www.sec.gov.

PARTNERSHIP FINANCIAL INFORMATION

TABLE OF CONTENTS

		Pages
	Supplemental Letter from the CEO	4
	Quarterly Fact Sheet	5
	Financial Performance Trend Graphs	6-11
	Other Partnership Information	12
	Partnership Financial Statements	13-15
	Partnership Financial Measures and Schedules	16-20

AMERICA FIRST MULTIFAMILY INVESTORS L.P.

SUPPLEMENTAL LETTER FROM THE CEO

During Q2 2017, ATAX continued to focus its efforts on “fine tuning” its Balance Sheet. To forward this effort we have successfully executed on the following transactions during the quarter:

•

Sold one parcel of Land held for development for $3.0 million,

•

Invested approximately $1.6 million in Investment in unconsolidated entities,

•

Increased the maximum amount of ATAX’s Line of Credit to $10 million and extended its maturity to May 2019,

•

Extended the maturity of ATAX’s $50 million Unsecured Line of Credit to May 2019, and

•

Extended the maturity of two MF Property mortgage loans of approximately $7.2 million to June 2019.

We also focused on reducing the impact of increases in interest rates on our variable rate debt financing. In June 2017, ATAX “rolled down” its existing interest rate cap arrangements that hedge its TEBS II and TEBS III variable rate financing arrangements. Two Corridor Cap Agreements with a 1.5% - 3% cap range were acquired with notional values of $92.6 million and $83.4 million and maturity dates of August 15, 2019 and August 15, 2020, respectively. The recent movement in interest rates has allowed us to successfully execute the two Cap Agreements at favorable terms to ATAX and its Unitholders.

In addition to the transactions above, the following results were realized in the second quarter of 2017:

•

Total revenue increased approximately 8.7% to $16.2 million, compared to $14.9 million in the second quarter of 2016, and

•

Total assets increased to $1.02 billion at June 30, 2017, compared to $944.1 million at December 31, 2016.

We continue to execute on our strategy of “fine tuning” our assets owned and remain focused on managing the Partnership for the benefit of our Unitholders.

We remain encouraged by ATAX’s direction and would like to thank all of our Unitholders for their continued support.

Chad Daffer

Chief Executive Officer


	4

SECOND QUARTER 2017 FACT SHEET

PARTNERSHIP DETAILS			We were formed for the primary purpose of acquiring a portfolio of mortgage revenue bonds (“MRBs”) that are issued to provide construction and/or permanent financing of multifamily residential properties. We continue to expect most of the interest paid on these MRBs is excludable from gross income for federal income tax purposes. We continue to pursue a business strategy of acquiring additional MRBs and other investments on a leveraged basis. We also invest in other securities which, if not secured by a direct or indirect interest in a property, must be rated in one of the four highest rating categories by at least one nationally recognized securities rating agency. We have also acquired interests in multifamily apartments (“MF Properties”) in order to position ourselves for future investments in mortgage revenue bonds issued to finance these properties. In addition, we have invested in equity interests of multifamily, market rate, projects throughout the U.S.
(As of June 30, 2017)
Symbol (NASDAQ)		ATAX
Annual Distribution	$	0.50
Price	$	5.95
Yield		8.4%

Units Outstanding (including Restricted Units)		60,252,928
Market Capitalization	$	358,504,922
52-week Unit price range		$5.30 to $6.09

Partnership Financial Information for the Q2 2017 (amounts in thousands, except per Unit)


Total Revenue	$	16,234
Net Income – ATAX Partnership	$	4,109
Total Assets	$	1,024,827
Ratio of Debt to Total Assets at Par and Cost		66%
Cash Available for Distribution (“CAD”)¹	$	5,886
Distribution Declared per unit²	$	0.125

¹	Management utilizes a calculation of Cash Available for Distribution (“CAD”) to assess the Partnership’s operating performance. This is a non-GAAP financial measure and a reconciliation of our GAAP net income to its CAD is provided on page 16 of the Supplement herein.

The most recent distribution was paid on July 31, 2017 for Unitholders of record as of June 30, 2017. The distribution is payable to Unitholders of record as of the last business day of the quarter end and ATAX trades ex-dividend two days prior to the record date, with a payable date of the last business day of the subsequent month.


	5

ATAX ASSET PROFILE

•

Total mortgage revenue bonds, core assets of ATAX, have increased to 75% of Total Assets at June 30, 2017, from 35% of Total Assets at December 31, 2012.


	6

ATAX FINANCING PROFILE

TOTAL DEBT ($ in 000’s)


	7

ATAX ASSETS HELD - $ AND LEVERAGE %’s

Total outstanding debt divided by total assets using the carrying value of the MRBs, PHC Certificates, initial finance costs and the MF Properties at cost.


	8

REVENUE AND OTHER INCOME TRENDS

Revenue and other income decreased year-over-year due to a large gain on sale in the second quarter of 2016.

Highlighted transactions recorded during the past eight quarters include the following:

•

During the second quarter of 2017, we recognized contingent interest of approximately $87,000,

•

During the first quarter of 2017, we recognized a gain on the sale of Northern View (an MF Property) of approximately $3.2 million, net of income taxes and Tier 2 income paid to the general partner, and before direct and indirect expense, and contingent interest of approximately $133,000,

•

During the fourth quarter of 2016, we recognized contingent interest of approximately $1.7 million,

•

During the third quarter of 2016, we recognized a gain of approximately $1.1 million, net of tax, on the sale of Woodland Park, an MF Property, and contingent interest of $90,000,

•

During the second quarter of 2016, we recognized a gain of approximately $8.3 million, net of tax, on the sale of the Arboretum, an MF Property, and contingent interest income of approximately $45,000,

•

During the first quarter of 2016, we recognized contingent interest income of approximately $174,000,

•

During the fourth quarter of 2015, we recognized contingent interest and note interest income of approximately $6.2 million from the sale of the Consolidated VIEs, and

•

During the third quarter of 2015, we recognized a gain of approximately $1.2 million on the sale of Glynn Place, an MF Property.


	9

OPERATING EXPENSE TRENDS

•

Since September 30, 2015, the ratio of “Salaries and benefits” and “General and administrative” expenses has averaged approximately 0.47% of Total Assets.


	10

PERFORMANCE TRENDS

•

In 2017, we realized approximately $219,000 of contingent interest, of which $55,000 was due to the General Partner. In addition, we reported the sale of Northern View, which resulted in a gain of approximately $4.3 million, net of tax, of which approximately $1.1 million was due to the General Partner. There was approximately $3.3 million that was allocated to the Unitholders.

•

In 2016, we realized approximately $2.0 million of contingent interest, of which $505,000 was due the General Partner. In addition, we reported the sale of the Arboretum and Woodland Park which resulted in gains of approximately $8.3 million and $1.1 million, respectively, net of tax, of which approximately $2.4 million was due the General Partner. There was approximately $8.6 million that was allocated to the Unitholders.

•

In 2015, we realized approximately $4.8 million of contingent interest, of which approximately $1.2 million was due the General Partner. In addition, we reported the sale of Glynn Place and The Colonial which resulted in gains of approximately $1.2 million and $3.4 million, respectively, of which approximately $297,000 and $854,000, respectively, was due the General Partner. There was approximately $7.0 million that was allocated to the Unitholders.


	11


OTHER PARTNERSHIP INFORMATION

Corporate Office:		Transfer Agent:
1004 Farnam Street		American Stock Transfer & Trust Company
Suite 400		59 Maiden Lane
Omaha, NE 68102		Plaza Level
Phone:	402-444-1630	New York, NY 10038
Investor Services:	402-930-3098		Phone: 718-921-8124
K-1 Services:	855-4AT-AXK1		888-991-9902
Fax:	402-930-3047		Fax:718-236-2641
Web Site:	www.ataxfund.com
K-1 Services Email:	k1s@ataxfund.com
Ticker Symbol:	ATAX

Corporate Counsel:		Independent Accountants:
Barnes & Thornburg LLP		PwC
11 S. Meridian Street		1 North Wacker Drive
Indianapolis, IN 46204		Chicago, Illinois 60606

Burlington Capital LLC, General Partner of the General Partner for ATAX Board of Managers

Michael B. Yanney		Chairman Emeritus of the Board
Lisa Y. Roskens		Chairman of the Board
Mariann Byerwalter		Manager
Dr. William S. Carter		Manager
Patrick J. Jung		Manager
George Krauss		Manager
Dr. Gail Yanney		Manager
Walter K. Griffith		Manager
Senator Michael Johanns		Manager

Corporate Officers
Chief Executive Officer – Chad L. Daffer
Chief Financial Officer – Craig S. Allen


	12

Partnership Financial

Statements and Information

Schedules

AMERICA FIRST MULTIFAMILY INVESTORS, L.P. BALANCE SHEETS

		June 30, 2017				December 31, 2016
Assets
Cash and cash equivalents	$		15,371,898		$		20,748,521
Restricted cash			6,641,289				6,757,699
Interest receivable			6,397,508				6,983,203
Mortgage revenue bonds, held in trust			741,181,807				590,194,179
Mortgage revenue bonds			26,947,851				90,016,872
Public housing capital fund trusts			55,791,371				57,158,068
Real estate assets:
Land and improvements			10,729,217				17,354,587
Buildings and improvements			105,178,529				113,089,041
Real estate assets before accumulated depreciation			115,907,746				130,443,628
Accumulated depreciation			(16,367,265	)			(16,217,028	)
Net real estate assets			99,540,481				114,226,600
Investment in equity interests			31,950,493				19,470,006
Property loans, net			31,603,970				29,763,334
Other assets			9,400,100				8,795,192
Total Assets	$		1,024,826,768		$		944,113,674

Liabilities
Accounts payable, accrued expenses and other liabilities	$		7,197,103		$		7,255,327
Distribution payable			7,623,425				8,017,950
Unsecured lines of credit			-				40,000,000
Secured line of credit, net			-				19,816,667
Debt financing, net			597,465,241				495,383,033
Mortgages payable and other secured financing, net			50,778,452				51,379,512
Derivative swaps			1,283,437				1,339,283
Total Liabilities			664,347,658				623,191,772
Redeemable preferred units			56,894,600				40,788,034
Partners' Capital
General Partner			351,751				102,536
Beneficial Unit Certificate holders			303,232,759				280,026,669
Total Partners' Capital			303,584,510				280,129,205
Noncontrolling interest			-				4,663
Total Capital			303,584,510				280,133,868
Total Liabilities and Partners' Capital	$		1,024,826,768		$		944,113,674


	14

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP INCOME STATEMENTS

	For The Three Months Ended June 30, 2017			For The Three Months Ended June 30, 2016			For The Six Months Ended June 30, 2017			For The Six Months Ended June 30, 2016
Revenues:
Investment income	$	12,174,215		$	9,009,907		$	23,644,401		$	18,167,141
Property revenues		3,306,722			4,994,868			7,036,500			10,068,972
Contingent interest income		86,567			45,000			219,217			219,396
Other interest income		666,796			883,346			1,311,933			1,397,471
Other Income		-			-			62,637			-
Total Revenues		16,234,300			14,933,121			32,274,688			29,852,980
Expenses:
Real estate operating (exclusive of items shown below)		1,621,084			2,369,455			4,105,300			5,006,132
Impairment charge		-			61,506			-			61,506
Depreciation and amortization		1,270,379			1,806,732			2,863,205			3,931,630
Amortization of deferred financing costs		562,585			392,493			1,302,823			924,680
Interest expense		5,841,327			4,322,054			11,283,580			9,092,189
General and administrative		2,876,450			2,764,981			6,007,330			5,097,352
Total Expenses		12,171,825			11,717,221			25,562,238			24,113,489
Other Income:
Gain on sale of MF Properties		(16,075	)		12,442,929			7,152,512			12,442,929
Gain on sale of securities		-			-			-			8,097
Income before income taxes		4,046,400			15,658,829			13,864,962			18,190,517
Income tax expense		(63,000	)		4,653,000			2,395,047			4,653,000
Net income before noncontrolling interest		4,109,400			11,005,829			11,469,915			13,537,517
Income (loss) attributable to noncontrolling interest		-			(101	)		71,653			(113	)
Net income - ATAX Partnership	$	4,109,400		$	11,005,930		$	11,398,262		$	13,537,630

Net income - ATAX Partnership		4,109,400			11,005,930			11,398,262			13,537,630
Redeemable preferred unit distributions and accretion		(432,550	)		(124,982	)		(757,192	)		(126,666	)
Net income available to Partners	$	3,676,850		$	10,880,948		$	10,641,070		$	13,410,964

Selected Segment Data (Partnership):
Revenue and Other Income
Mortgage Revenue Bond Investments	$	11,059,940		$	8,790,823		$	21,648,438		$	17,577,974
MF Properties		3,290,647			17,437,797			14,251,649			22,511,901
Public Housing Capital Fund Trusts		719,182			722,990			1,427,968			1,453,892
MBS Securities Investments		-			-			-			48,755
Other Investments		1,148,456			424,440			2,099,145			711,484
Total Revenue and Other Income	$	16,218,225		$	27,376,050		$	39,427,200		$	42,304,006
Total Expenses:
Mortgage Revenue Bond Investments	$	8,467,172		$	6,570,100		$	16,826,617		$	13,326,958
MF Properties		3,272,600			9,465,475			10,488,057			14,807,382
Public Housing Capital Fund Trusts		369,053			334,545			714,264			635,265
MBS Securities Investments		-			-			-			(3,229	)
Other Investments		-			-			-			-
Total	$	12,108,825		$	16,370,120		$	28,028,938		$	28,766,376
Net Income (loss) – ATAX Partnership:
Mortgage Revenue Bond Investments	$	2,592,768		$	2,220,723		$	4,821,821		$	4,251,016
MF Properties		18,047			7,972,322			3,763,592			7,704,519
Public Housing Capital Fund Trusts		350,129			388,445			713,704			818,627
MBS Securities Investments		-			-			-			51,984
Other Investments		1,148,456			424,440			2,099,145			711,484
Income from continuing operations	$	4,109,400		$	11,005,930		$	11,398,262		$	13,537,630


	15

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP CASH AVAILABLE FOR DISTRIBUTION AND OTHER PERFORMANCE MEASURES

FOR THE THREE MONTHS ENDED

The following table contains reconciliations of the Partnership’s GAAP net income to its CAD:

	June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Partnership only net income	$	4,109,400		$	7,288,862		$	5,623,335		$	4,623,542		$	11,005,930		$	2,531,700		$	9,549,326		$	2,514,338
Change in fair value of derivatives and interest rate derivative amortization		181,420			121,349			(1,395,730	)		(263,684	)		531,389			1,110,407			(153,039	)		1,254,564
Depreciation and amortization expense (Partnership only)		1,270,379			1,592,826			1,569,641			1,361,259			1,806,732			2,124,898			2,208,551			1,405,696
Impairment charge		-			-			-			-			61,506			-			-			-
Amortization of deferred financing costs		562,585			740,238			512,309			425,520			392,493			532,187			554,128			423,330
Restricted units compensation expense		438,893			170,840			802,092			31,050			-			-			-			-
Deferred income taxes		(201,000	)		(164,000	)		(51,000	)		(136,000	)		553,000			-			-			-
Redeemable preferred unit distribution and accretion		(432,550	)		(324,642	)		(274,772	)		(181,969	)		(124,982	)		(1,684	)		-			-
Bond purchase discount accretion (net of cash received)		(26,741	)		(23,507	)		(27,770	)		(147,033	)		33,668			34,696			171,717			380,644
Tier 2 Income distributable to the General Partner		(16,224	)		(1,104,401	)		(426,774	)		(291,295	)		(2,096,982	)		(43,599	)		(1,187,639	)		(296,952	)
Provision for (recovery of) loss on receivable		-			-			-			-			-			-			-			(98,431	)
Amortization related to discontinued operations		-			-			-			-			-			-			1,344			2,023
CAD	$	5,886,162		$	8,297,565		$	6,331,331		$	5,421,390		$	12,162,754		$	6,288,605		$	11,144,388		$	5,585,212

Weighted average number of units outstanding, basic		59,862,969			60,037,687			59,995,789			60,176,937			60,252,928			60,252,928			60,252,928			60,252,928

Partnership Only:
Net income, basic and diluted, per unit	$	0.06		$	0.10		$	0.09		$	0.07		$	0.15		$	0.04		$	0.14		$	0.04
CAD per unit, basic	$	0.10		$	0.14		$	0.11		$	0.09		$	0.20		$	0.10		$	0.19		$	0.09

Distributions declared, per unit	$	0.125		$	0.125		$	0.125		$	0.125		$	0.125		$	0.125		$	0.125		$	0.125


	16

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE JUNE 30, 2017

			Base
		Maturity	Interest			Principal		Estimated
Property Name	Location	Date	Rate			Outstanding		Fair Value
15 West Apartments	Vancouver, WA	7/1/2054		6.25	%	$	9,826,657	$	11,408,877
Arbors at Hickory Ridge	Memphis, TN	1/1/2049		6.25	%		11,295,071		12,772,442
Ashley Square	Des Moines, IA	12/1/2025		6.25	%		5,009,000		5,036,602
Avistar on the Boulevard - Series A	San Antonio, TX	3/1/2050		6.00	%		16,190,599		17,822,192
Avistar at Chase Hill - Series A	San Antonio, TX	3/1/2050		6.00	%		9,797,642		10,211,947
Avistar at Copperfield - Series A	Houston, TX	5/1/2054		5.75	%		10,000,000		10,491,288
Avistar at Copperfield - Series B	Houston, TX	6/1/2054		12.00	%		4,000,000		4,024,939
Avistar at the Crest - Series A	San Antonio, TX	3/1/2050		6.00	%		9,503,712		10,505,833
Avistar (February 2013 Acquisition) - Series B (3 Bonds)	San Antonio, TX	4/1/2050		9.00	%		2,153,135		2,167,329
Avistar at the Oak - Series A	San Antonio, TX	8/1/2050		6.00	%		7,673,015		8,537,680
Avistar in 09 - Series A	San Antonio, TX	8/1/2050		6.00	%		6,625,352		7,214,254
Avistar on the Hill - Series A	San Antonio, TX	8/1/2050		6.00	%		5,301,268		5,898,662
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	San Antonio, TX	9/1/2050		9.00	%		1,002,877		1,049,934
Avistar at the Parkway - Series A	San Antonio, TX	5/1/2052		6.00	%		13,290,665		14,205,816
Avistar at the Parkway - Series B	San Antonio, TX	6/1/2052		12.00	%		124,981		156,117
Avistar at Wilcrest - Series A	Houston, TX	5/1/2054		5.75	%		3,775,000		3,976,007
Avistar at Wilcrest - Series B	Houston, TX	6/1/2054		12.00	%		1,550,000		1,559,782
Avistar at Wood Hollow - Series A	Austin, TX	5/1/2054		5.75	%		31,850,000		33,414,751
Avistar at Wood Hollow - Series B	Austin, TX	6/1/2054		12.00	%		8,410,000		8,465,645
Bella Vista	Gainesville, TX	4/1/2046		6.15	%		6,295,000		6,326,115
Bridle Ridge	Greer, SC	1/1/2043		6.00	%		7,500,000		7,617,210
Brookstone	Waukegan, IL	5/1/2040		5.45	%		9,028,534		9,334,127
Bruton	Dallas, TX	8/1/2054		6.00	%		18,108,276		20,870,767
Columbia Gardens	Columbia, SC	12/1/2050		5.50	%		15,000,000		15,039,401
Companion at Thornhill Apartments	Lexington, SC	1/1/2052		5.80	%		11,457,334		12,593,684
Concord at Gulfgate - Series A	Houston, TX	2/1/2032		6.00	%		19,185,000		21,760,473
Concord at Little York - Series A	Houston, TX	2/1/2032		6.00	%		13,440,000		15,311,771
Concord at Williamcrest - Series A	Houston, TX	2/1/2032		6.00	%		20,820,000		23,614,962
Copper Gate Apartments	Lafayette, IN	12/1/2029		6.25	%		5,145,000		5,997,946
Courtyard Apartments - Series A	Fullerton, CA	12/1/2033		5.00	%		10,230,000		11,220,190
Courtyard Apartments - Series B	Fullerton, CA	12/1/2018		5.50	%		6,228,000		6,216,722
Cross Creek	Beaufort, SC	3/1/2049		6.15	%		8,214,257		9,212,225
Crossing at 1415 - Series A	San Antonio, TX	12/1/2052		6.00	%		7,590,000		7,548,255
Crossing at 1415 - Series B	San Antonio, TX	1/1/2053		12.00	%		335,000		337,191
Decatur Angle	Fort Worth, TX	1/1/2054		5.75	%		22,873,696		25,688,323
Glenview - Series A	Cameron Park, CA	12/1/2031		5.75	%		4,648,920		5,294,599
Greens of Pine Glen - Series A	Durham, NC	10/1/2047		6.50	%		8,168,000		9,452,012
Greens of Pine Glen - Series B	Durham, NC	10/1/2047		9.00	%		938,985		1,158,863
Harden Ranch - Series A	Salinas, CA	3/1/2030		5.75	%		6,879,738		7,985,721
Harmony Court Bakersfield - Series A	Bakersfield, CA	12/1/2033		5.00	%		3,730,000		4,052,268
Harmony Court Bakersfield - Series B	Bakersfield, CA	12/1/2018		5.50	%		1,997,000		1,993,232
Harmony Terrace - Series A	Simi Valley, CA	1/1/2034		5.00	%		6,900,000		7,607,627
Harmony Terrace - Series B	Simi Valley, CA	1/1/2019		5.50	%		7,400,000		7,399,539
Heights at 515 - Series A	San Antonio, TX	12/1/2052		6.00	%		6,435,000		6,657,833
Heights at 515 - Series B	San Antonio, TX	1/1/2053		12.00	%		510,000		513,686
Heritage Square - Series A	Edinburg, TX	9/1/2051		6.00	%		11,112,914		12,338,148
Lake Forest Apartments	Daytona Beach, FL	12/1/2031		6.25	%		8,573,000		10,099,928
Las Palmas II - Series A	Coachella, CA	11/1/2033		5.00	%		1,695,000		1,849,318
Las Palmas II - Series B	Coachella, CA	11/1/2018		5.50	%		1,770,000		1,768,274


	17

Live 929	Baltimore, MD	7/1/2049	5.78	%		40,030,000		45,019,717
Montclair - Series A	Lemoore, CA	12/1/2031	5.75	%		2,518,580		2,923,723
Oaks at Georgetown - Series A	Georgetown, TX	1/1/2034	5.00	%		12,330,000		12,958,904
Oaks at Georgetown - Series B	Georgetown, TX	1/1/2019	5.50	%		5,512,000		5,500,346
Ohio Bond - Series A	Ohio	6/1/2050	7.00	%		14,166,998		15,255,477
Ohio Bond - Series B	Ohio	6/1/2050	10.00	%		3,543,079		3,757,098
Pro Nova - 2014-1	Knoxville, TN	5/1/2034	6.00	%		10,000,000		10,278,840
Renaissance - Series A	Baton Rouge, LA	6/1/2050	6.00	%		11,294,718		12,951,771
Runnymede	Austin, TX	10/1/2042	6.00	%		10,200,000		10,446,902
Santa Fe - Series A	Hesperia, CA	12/1/2031	5.75	%		3,051,165		3,582,962
San Vicente - Series A	Soledad, CA	11/1/2033	5.00	%		3,495,000		3,724,245
San Vicente - Series B	Soledad, CA	11/1/2018	5.50	%		1,825,000		1,820,311
Seasons at Simi Valley - Series A	Simi Valley, CA	9/1/2032	5.75	%		4,376,000		5,159,712
Seasons at Simi Valley - Series B	Simi Valley, CA	9/1/2017	8.00	%		1,944,000		1,944,175
Seasons Lakewood - Series A	Lakewood, CA	1/1/2034	5.00	%		7,350,000		8,065,034
Seasons Lakewood - Series B	Lakewood, CA	1/1/2019	5.50	%		5,260,000		5,250,076
Seasons San Juan Capistrano - Series A	San Juan Capistrano, CA	1/1/2034	5.00	%		12,375,000		13,321,779
Seasons San Juan Capistrano - Series B	San Juan Capistrano, CA	1/1/2019	5.50	%		6,574,000		6,558,105
Silver Moon - Series A	Albuquerque, NM	8/1/2055	6.00	%		7,906,826		8,775,380
Southpark	Austin, TX	12/1/2049	6.13	%		13,435,000		15,188,493
Summerhill - Series A	Bakersfield, CA	12/1/2033	5.00	%		6,423,000		7,011,222
Summerhill - Series B	Bakersfield, CA	12/1/2018	5.50	%		3,372,000		3,370,507
Sycamore Walk - Series A	Bakersfield, CA	1/1/2033	5.25	%		3,632,000		4,049,047
Sycamore Walk - Series B	Bakersfield, CA	1/1/2018	8.00	%		1,815,000		1,813,092
The Palms at Premier Park	Columbia, SC	1/1/2050	6.25	%		19,330,703		21,976,749
Tyler Park Townhomes	Greenfield, CA	1/1/2030	5.75	%		5,995,219		6,761,473
Vantage at Judson	San Antonio, TX	1/1/2053	9.00	%		26,241,102		29,239,454
Vantage at Harlingen	San Antonio, TX	9/1/2053	9.00	%		24,426,694		26,399,400
The Village at Madera - Series A	Madera, CA	12/1/2033	5.00	%		3,085,000		3,335,649
The Village at Madera - Series B	Madera, CA	12/1/2018	5.50	%		1,719,000		1,715,626
Westside Village Market	Shafter, CA	1/1/2030	5.75	%		3,917,864		4,528,479
Willow Run	Columbia, SC	12/1/2050	5.50	%		15,000,000		15,330,447
Woodlynn Village	Maplewood, MN	11/1/2042	6.00	%		4,289,000		4,334,956
					$	706,021,576	$	768,129,658

OTHER INVESTMENTS JUNE 30, 2017

	Weighted	Weighted Avg.				Principal			Estimated
Name	Average Lives	Coupon Rate				Outstanding			Fair Value
Public Housing Capital Fund Trust Certificate I	7.81		5.36	%	$		24,913,137	$		25,643,092
Public Housing Capital Fund Trust Certificate II	7.15		4.32	%			10,936,848			10,499,374
Public Housing Capital Fund Trust Certificate III	8.32		5.45	%			20,043,767			19,648,905
					$		55,893,752	$		55,791,371


	18

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE DECEMBER 31, 2016

			Base
		Maturity	Interest			Principal		Estimated
Property Name	Location	Date	Rate			Outstanding		Fair Value
15 West Apartments	Vancouver, WA	7/1/2054		6.25	%	$	9,850,000	$	11,434,281
Arbors at Hickory Ridge	Memphis, TN	1/1/2049		6.25	%		11,351,321		12,352,993
Ashley Square	Des Moines, IA	12/1/2025		6.25	%		5,039,000		5,377,556
Avistar on the Boulevard - Series A	San Antonio, TX	3/1/2050		6.00	%		16,268,850		17,552,122
Avistar at Chase Hill - Series A	San Antonio, TX	3/1/2050		6.00	%		9,844,994		10,434,017
Avistar at the Crest - Series A	San Antonio, TX	3/1/2050		6.00	%		9,549,644		10,302,911
Avistar (February 2013 Acquisition) - Series B (3 Bonds)	San Antonio, TX	4/1/2050		9.00	%		2,158,382		2,302,595
Avistar at the Oak - Series A	San Antonio, TX	8/1/2050		6.00	%		7,709,040		8,272,178
Avistar in 09 - Series A	San Antonio, TX	8/1/2050		6.00	%		6,656,458		7,016,020
Avistar on the Hill - Series A	San Antonio, TX	8/1/2050		6.00	%		5,326,157		5,749,653
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	San Antonio, TX	9/1/2050		9.00	%		1,005,226		1,091,418
Avistar at the Parkway - Series A	San Antonio, TX	5/1/2052		6.00	%		13,300,000		13,221,251
Avistar at the Parkway - Series B	San Antonio, TX	6/1/2052		12.00	%		125,000		121,659
Bella Vista	Gainesville, TX	4/1/2046		6.15	%		6,365,000		6,865,162
Bridle Ridge	Greer, SC	1/1/2043		6.00	%		7,535,000		8,052,881
Brookstone	Waukegan, IL	5/1/2040		5.45	%		9,076,558		8,920,018
Bruton	Dallas, TX	8/1/2054		6.00	%		18,145,000		18,494,886
Columbia Gardens	Columbia, SC	12/1/2050		5.50	%		15,000,000		14,287,193
Companion at Thornhill Apartments	Lexington, SC	1/1/2052		5.80	%		11,500,000		12,145,552
Concord at Gulfgate - Series A	Houston, TX	2/1/2032		6.00	%		19,185,000		20,385,246
Concord at Little York - Series A	Houston, TX	2/1/2032		6.00	%		13,440,000		14,484,752
Concord at Williamcrest - Series A	Houston, TX	2/1/2032		6.00	%		20,820,000		22,122,534
Copper Gate Apartments	Lafayette, IN	12/1/2029		6.25	%		5,145,000		5,673,855
Courtyard Apartments - Series A	Fullerton, CA	12/1/2033		5.00	%		10,230,000		10,230,000
Courtyard Apartments - Series B	Fullerton, CA	12/1/2018		5.50	%		6,228,000		6,228,000
Cross Creek	Beaufort, SC	3/1/2049		6.15	%		8,258,605		8,778,042
Crossing at 1415 - Series A	San Antonio, TX	12/1/2052		6.00	%		7,590,000		7,544,445
Crossing at 1415 - Series B	San Antonio, TX	1/1/2053		12.00	%		335,000		332,386
Decatur Angle	Fort Worth, TX	1/1/2054		5.75	%		22,950,214		22,659,229
Glenview - Series A	Cameron Park, CA	12/1/2031		5.75	%		4,670,000		4,802,402
Greens of Pine Glen - Series A	Durham, NC	10/1/2047		6.50	%		8,210,000		9,054,585
Greens of Pine Glen - Series B	Durham, NC	10/1/2047		9.00	%		940,479		1,058,695
Harden Ranch - Series A	Salinas, CA	3/1/2030		5.75	%		6,912,535		7,282,273
Harmony Court Bakersfield - Series A	Bakersfield, CA	12/1/2033		5.00	%		3,730,000		3,735,159
Harmony Court Bakersfield - Series B	Bakersfield, CA	12/1/2018		5.50	%		1,997,000		2,021,093
Harmony Terrace - Series A	Simi Valley, CA	1/1/2034		5.00	%		6,900,000		6,900,000
Harmony Terrace - Series B	Simi Valley, CA	1/1/2019		5.50	%		7,400,000		7,400,000
Heights at 515 - Series A	San Antonio, TX	12/1/2052		6.00	%		6,435,000		6,396,377
Heights at 515 - Series B	San Antonio, TX	1/1/2053		12.00	%		510,000		506,023
Heritage Square - Series A	Edinburg, TX	9/1/2051		6.00	%		11,161,330		12,066,785
Lake Forest Apartments	Daytona Beach, FL	12/1/2031		6.25	%		8,639,000		9,538,694
Las Palmas II - Series A	Coachella, CA	11/1/2033		5.00	%		1,695,000		1,695,000
Las Palmas II - Series B	Coachella, CA	11/1/2018		5.50	%		1,770,000		1,785,139
Live 929	Baltimore, MD	7/1/2049		5.78	%		40,085,000		44,275,418
Montclair - Series A	Lemoore, CA	12/1/2031		5.75	%		2,530,000		2,638,608
Oaks at Georgetown - Series A	Georgetown, TX	1/1/2034		5.00	%		12,330,000		12,330,000
Oaks at Georgetown - Series B	Georgetown, TX	1/1/2019		5.50	%		5,512,000		5,512,000


	19

Ohio Bond - Series A	Ohio	6/1/2050	7.00	%		14,215,000		16,542,468
Ohio Bond - Series B	Ohio	6/1/2050	10.00	%		3,549,780		3,998,848
Pro Nova - 2014-1	Knoxville, TN	5/1/2034	6.00	%		10,000,000		10,727,500
Renaissance - Series A	Baton Rouge, LA	6/1/2050	6.00	%		11,348,364		12,174,733
Runnymede	Austin, TX	10/1/2042	6.00	%		10,250,000		11,024,285
Santa Fe - Series A	Hesperia, CA	12/1/2031	5.75	%		3,065,000		3,242,093
San Vicente - Series A	Soledad, CA	11/1/2033	5.00	%		3,495,000		3,457,646
San Vicente - Series B	Soledad, CA	11/1/2018	5.50	%		1,825,000		1,832,334
Seasons at Simi Valley - Series A	Simi Valley, CA	9/1/2032	5.75	%		4,376,000		4,684,335
Seasons at Simi Valley - Series B	Simi Valley, CA	9/1/2017	8.00	%		1,944,000		1,971,727
Seasons Lakewood - Series A	Lakewood, CA	1/1/2034	5.00	%		7,350,000		7,350,000
Seasons Lakewood - Series B	Lakewood, CA	1/1/2019	5.50	%		5,260,000		5,260,000
Seasons San Juan Capistrano - Series A	San Juan Capistrano, CA	1/1/2034	5.00	%		12,375,000		12,375,000
Seasons San Juan Capistrano - Series B	San Juan Capistrano, CA	1/1/2019	5.50	%		6,574,000		6,574,000
Silver Moon - Series A	Albuquerque, NM	8/1/2055	6.00	%		7,933,259		8,398,641
Southpark	Austin, TX	12/1/2049	6.13	%		13,435,000		15,038,064
Summerhill - Series A	Bakersfield, CA	12/1/2033	5.00	%		6,423,000		6,261,324
Summerhill - Series B	Bakersfield, CA	12/1/2018	5.50	%		3,372,000		3,358,695
Sycamore Walk - Series A	Bakersfield, CA	1/1/2033	5.25	%		3,632,000		3,762,431
Sycamore Walk - Series B	Bakersfield, CA	1/1/2018	5.50	%		1,815,000		1,750,568
The Palms at Premier Park	Columbia, SC	1/1/2050	6.25	%		19,826,716		21,611,102
Tyler Park Townhomes	Greenfield, CA	1/1/2030	5.75	%		6,024,120		6,261,702
Vantage at Judson	San Antonio, TX	1/1/2053	9.00	%		26,356,498		28,015,005
Vantage at Harlingen	San Antonio, TX	9/1/2053	9.00	%		24,529,580		25,447,299
The Village at Madera - Series A	Madera, CA	12/1/2033	5.00	%		3,085,000		3,007,346
The Village at Madera - Series B	Madera, CA	12/1/2018	5.50	%		1,719,000		1,712,217
Westside Village Market	Shafter, CA	1/1/2030	5.75	%		3,936,750		4,039,391
Willow Run	Columbia, SC	12/1/2050	5.50	%		15,000,000		14,296,235
Woodlynn Village	Maplewood, MN	11/1/2042	6.00	%		4,310,000		4,604,976
Total Mortgage Revenue Bonds					$	648,439,860	$	680,211,051

OTHER INVESTMENTS DECEMBER 31, 2016

	Weighted		Weighted Avg.				Principal			Estimated
Name	Average Lives		Coupon Rate				Outstanding			Fair Value
Public Housing Capital Fund Trust Certificate I		8.31		5.36	%	$		24,923,137	$		26,749,255
Public Housing Capital Fund Trust Certificate II		7.65		4.31	%			10,938,848			10,685,723
Public Housing Capital Fund Trust Certificate III		8.79		5.42	%			20,468,767			19,723,090
						$		56,330,752	$		57,158,068


	20

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