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EXHIBIT 24 POWER OF ATTORNEY POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc.
America First Tax Exempt Investors, L.P. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 26th day of
January, 2005. /s/ Michael B. YanneyMichael B. Yanney




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 4th day of
February, 2005. /s/ George J. BehringerGeorge J. Behringer




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 4th day of
February, 2005. /s/ George V. JanzenGeorge V. Janzen




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc.
America First Tax Exempt Investors, L.P. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 10th day of
February, 2005. /s/ George H. KraussGeorge H. Krauss




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 29th day of
January, 2005. /s/ Gregor MedingerGregor Medinger




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc.
America First Tax Exempt Investors, L.P. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 29th day of
January, 2005. /s/ Lisa Y. RoskensLisa Y. Roskens




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POWER OF ATTORNEY The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the
purpose of executing and filing all reports on Form 10-K relating to the year ending December 31,
2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission
by the following companies:  America First Apartment Investors, Inc. IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 29th day of
January, 2005. /s/ Steven W. SelineSteven W. Seline