America First Tax Exempt Investors, L.P. (the Partnership) is engaged in acquiring, holding, selling and otherwise dealing with a portfolio of federally tax-exempt mortgage revenue bonds, which have been issued to provide construction and/or permanent financing of multifamily residential apartments. The Partnership operates in three segments, Tax-Exempt Bond Investments, MF Properties, and Consolidated variable interest entities. On December 31, 2011, the Partnership owned 20 federally tax-exempt mortgage revenue bonds. These bonds were issued by various state and local housing authorities in order to provide construction and/or permanent financing of 20 multifamily residential apartments containing a total of 3,959 rental units located in the states of Florida, Illinois, Iowa, Kansas, Kentucky, Minnesota, Ohio, South Carolina, Tennessee, and Texas. On July 7, 2011, the Partnership repurchased the Autumn Pines.