America First Tax Exempt Investors L.P. Announces Public Offering

OMAHA, Neb., May 18, 2009 (GLOBE NEWSWIRE) -- America First Tax Exempt
Investors, L.P. (Nasdaq:ATAX) (the "Company") and its subsidiaries today
announced that it plans to sell 4,000,000 shares representing assigned limited
partnership interests in an underwritten public offering. The Company will also
grant the underwriters an option to purchase up to an additional 600,000 shares
to cover over-allotments, if any. All of the shares will be issued under the
Company's currently effective shelf registration statement filed with the
Securities and Exchange Commission.

The Company intends to utilize the net proceeds from the offering to acquire
additional tax-exempt revenue bonds and other investments meeting its investment
criteria and for general working capital needs.

Deutsche Bank Securities will be the lead book-running manager for the offering
and RBC Capital Markets will be the co-manager. A copy of the prospectus
relating to these securities may be obtained, when available, from Deutsche Bank
Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City,
New Jersey 07311, telephone: (800) 503-4611 or e-mail at
prospectusrequest@list.db.com, or from RBC Capital Markets Corporation, Three
World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098,
Attention: Equity Syndicate, (212) 428-6670.

This press release does not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. The offering may
be made only by means of a prospectus and related prospectus supplement.

About America First Tax Exempt Investors, L.P.

America First Tax Exempt Investors, L.P. was formed for the primary purpose of
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 Company is
pursuing a business strategy of acquiring additional tax-exempt mortgage revenue
bonds on a leveraged basis in order to: (i) increase the amount of tax-exempt
interest available for distribution to its investors; (ii) reduce risk through
asset diversification and interest rate hedging; and (iii) achieve economies of
scale. The Company seeks to achieve its investment growth strategy by investing
in additional tax-exempt mortgage revenue bonds and related investments, taking
advantage of attractive financing structures available in the tax-exempt
securities market and entering into interest rate risk management instruments.
America First Tax Exempt Investors, L.P. press releases are available on the
World Wide Web at www.ataxfund.com.

Safe Harbor Statement

Information contained in this press release contains "forward-looking
statements," including statements related to the offering and the expected use
of the net proceeds, which are based on current expectations, forecasts and
assumptions that involve risks and uncertainties that could cause actual
outcomes and results to differ materially. These risks and uncertainties
include, but are not limited to, risks involving current maturities of our
financing arrangements and our ability to renew or refinance such maturities,
fluctuations in short-term interest rates, collateral valuations, bond
investment valuations and the overall negative economic and credit market
conditions. For a further list and description of such risks, see the reports
and other filings made by the Company with the Securities and Exchange
Commission, including its Annual Reports on Form 10-K for the year ended
December 31, 2008 and its Quarterly Report on Form 10-Q for the three months
ended March 31, 2009. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

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CONTACT: America First Tax Exempt Investors, L.P.
Chad Daffer
Andy Grier
800/283-2357