FORM 10-Q

               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549


 X   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
 Act of 1934

For the quarterly period ended March 31, 2000 or

     Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

For the transition period from               to

Commission File Number:  0-20737

             AMERICA FIRST APARTMENT INVESTORS, L.P.
     (Exact name of registrant as specified in its charter)

Delaware                                                47-0797793
(State or other jurisdiction                            (IRS Employer
of incorporation or organization)                       Identification No.)


Suite 400, 1004 Farnam Street, Omaha, Nebraska          68102
(Address of principal executive offices)                (Zip Code)


(402) 444-1630
(Registrant's telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                YES   X                  NO

































<PAGE>                               - i -
Part I.  Financial Information
  Item 1.  Financial Statements
AMERICA FIRST APARTMENT INVESTORS, L.P.
CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                      	  				Mar. 31, 2000       Dec. 31, 1999
																																																																																															(unaudited)
                                                                                             --------------      --------------
<S>                                                                                          <C>                 <C>
Assets
 Cash and temporary cash investments, at cost which
  approximates market value
		 Unrestricted																																																																														$			13,707,088						$		14,436,672
   Restricted (Note 5) 																																																																											1,837,000										1,837,000
 Investment in real estate, net of accumulated depreciation (Note 4)                            112,666,155								113,643,708
 Other assets                                                                                    	2,078,406										2,089,160
                                                                                             --------------      --------------
                                                                                             $  130,288,649      $ 132,006,540
                                                                                             ==============      ==============
Liabilities and Partners' Capital
 Liabilities
  Accounts payable and accrued expenses (Note 6)                                             $   	4,670,443      $   4,940,569
  Bonds and mortgage notes payable (Note 5)                                                     	68,870,875									69,092,444
  Distribution payable (Note 3)                                                                    	   -															372,928
                                                                                             --------------      --------------
                                                                                                	73,541,318									74,405,941
                                                                                             --------------      --------------
 Partners' Capital
  General Partner                                                                                    45,051													39,200
  Beneficial Unit Certificate Holders
  ($10.97 per BUC in 2000 and $11.04 in 1999)                                                 			56,702,280									57,561,399
                                                                                             --------------      --------------
                                                                                              			56,747,331								 57,600,599
                                                                                             --------------      --------------
                                                                                             $ 	130,288,649	     $ 132,006,540
                                                                                             ==============      ==============

The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>



































<PAGE>                               - 1 -
AMERICA FIRST APARTMENT INVESTORS, L.P.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
                                                           																											       For the Three       For the Three
                                                     																																	        Months Ended        Months Ended
                                                    																																									Mar. 31, 2000    	  Mar. 31, 1999
                                                    																																			     ---------------     ---------------
<S>                                                 																							                 <C>                 <C>
Income
 Rental income                                      																																		      $  			5,559,996     $    4,584,250
 Interest income 																													             																											      								267,163    							 168,602
                                                    																																			     ---------------     ---------------
                                                         																													      	    	5,827,159   	 	    4,752,852
                                                    																																				    ---------------     ---------------
Expenses
 Real estate operating expenses                          																														          	2,642,199          2,113,404
 Depreciation                                             																												           	1,082,813         		 933,901
 Interest expense                                         																												           	1,035,216	         		793,736
 General and administrative expenses (Note 6)              																											           		 386,852         		 433,478
                                                    																																			     ---------------     ---------------
                                                        																													          		 5,147,080          4,274,519
                                                    																																			     ---------------     ---------------
Net income and net comprehensive income                                             					   $   				680,079    	$   		 478,333
                                                    																																			     ===============     ===============


Net income allocated to:
 General Partner                                    																																		      $       	17,629     $       14,122
 BUC Holders                                             																														       	  		 662,450        		  464,211
                                                    																																			     ---------------     ---------------
                                                    																																		      $    			680,079     $   		 478,333
                                                    																																			     ===============     ===============
Net income, basic and diluted, per BUC              																																		      $          	.13     $          .09
                                                    																																			     ===============     ===============
Weighted average number of BUCs outstanding             	 																												          	 5,193,234          5,212,167
                                                    																																			     ===============     ===============
</TABLE>

The accompanying notes are an integral part of the consolidated statements.



































<PAGE>                               - 2 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
																																																																		Beneficial Unit Certificate Holders
																																																																		-----------------------------------
                                                        General					# of BUCs
                                                        Partner    Outstanding										Amount 												Total
                                                    ------------   ------------		------------------- 	---------------
<S>                                                 <C>            <C>  									<C>                 	<C>
Partners' Capital
Balance at December 31, 1999                        $    39,200   			 5,212,167		$							57,561,399 		$		57,600,599
Net income                                               17,629      					 -			 		 									662,450									680,079
Cash distributions paid or accrued (Note 3)
 Income                                                 (11,778)        		 -																(83,220) 						 (94,998)
 Return of capital                                         -           				-													(1,082,813)  			(1,082,813)
Purchase of BUCs																																											-												(41,000)											(355,536)							(355,536)
                                                   	------------   ------------		-------------------  --------------
Balance at March 31, 2000					                      $    45,051  					5,171,167		$ 					 56,702,280			$ 	56,747,331
                                                    ============   ============		=================== 	==============

The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>


















































<PAGE>                               - 3 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
                                                                            																	 For the Three    	  For the Three
                                                                            																			Months Ended        Months Ended
                                                                         																					Mar. 31, 2000   		  Mar. 31, 1999
                                                                        																				---------------     ---------------
<S>                                                                     																				<C>                 <C>
Cash flows from operating activities
 Net income 						                                                      																				$   				680,079					$					478,333
  Adjustments to reconcile net income to net cash
   provided by operating activities
				Depreciation                                                             																				 1,082,813											933,901
    Decrease (increase) in other assets                                        																						10,754										(283,882)
    Decrease in accounts payable and accrued expenses											               																				(270,126)										(80,780)
                                                                        																				---------------     ---------------
 Net cash provided by operating activities                              																				    		1,503,520									1,047,572
                                                                        																				---------------     ---------------
Cash flows from investing activities
 Real estate capital improvements                                           																			  		(105,260)											(2,586)
	Acquisition of real estate                                                																			 							 -														(15,837)
                                                                        																				---------------     ---------------
 Net cash used in investing activities                    																																	  		 			(105,260)								  (18,423)
                                                                        																				---------------     ---------------
Cash flows from financing activities
 Distributions paid                                                         																					(1,550,739)							(1,053,489)
 Principal payments on bonds and mortgage notes payable                                   									(221,569)									(173,992)
 Purchase of BUCs																																																																																		(355,536)													-
                                                                        																				---------------     ---------------
 Net cash used by financing activities     														            																							  			(2,127,844)							(1,227,481)
                                                                        																				---------------     ---------------
Net decrease in cash and temporary cash investments 												            																						 (729,584)									(198,332)
Cash and temporary cash investments at beginning of period                  																	  		14,436,672								19,694,420
                                                                        																				---------------     ---------------
Cash and temporary cash investments at end of period                    																				$   	13,707,088					$		19,496,088
                                                                        																				===============     ===============
Supplemental disclosure of cash flow information:
 Cash paid during the period for interest                                 																		$     1,334,795					$					835,584
                                                                        																				===============     ===============

The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>































<PAGE>                               - 4 -
AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)

1. Organization

America First Apartment Investors, L.P. (the Partnership) was formed on March
7, 1996, under the Delaware Revised Uniform Limited Partnership Act for the
purpose of acquiring, holding, operating, selling or otherwise dealing with
multifamily residential properties and other types of commercial real estate
and interests therein.  The Partnership commenced operations on August 20,
1996, when it merged with America First Tax Exempt Mortgage Fund 2 Limited
Partnership (the Prior Partnership).  The Partnership will terminate on
December 31, 2016, unless terminated earlier under the provisions of its
Partnership Agreement.  The General Partner of the Partnership is America
First Capital Associates Limited Partnership Four (AFCA 4).

2. Summary of Significant Accounting Policies

 A) Financial Statement Presentation
    The consolidated financial statements include the accounts of the
    Partnership and its subsidiaries.  All significant intercompany
    transactions and accounts have been eliminated in consolidation.

    The consolidated financial statements of the Partnership are prepared
    without audit on the accrual basis of accounting in accordance with
    generally accepted accounting principles.  The consolidated financial
    statements should be read in conjunction with the consolidated financial
			 statements and notes thereto included in the Partnership's Annual Report
			 on Form 10-K for the year ended December 31, 1999.  In the opinion of
				management, all normal and recurring adjustments necessary to present
				fairly the financial position at March 31, 2000, and results of operations
			 for all periods presented have been made.

    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make estimates and
    assumptions that affect the reported amounts of assets and liabilities and
    disclosure of contingent assets and liabilities at the date of the
    financial statements and the reported amounts of revenues and expenses
    during the reporting period.  Actual results could differ from those
    estimates.

 B) Investment in Real Estate
				Each real estate property is recorded at the lower of the Partnership's
				cost or fair value.

				Management reviews each property for impairment whenever events or
				changes in circumstances indicate that the carrying value of a property
				may not be recoverable.  The review of recoverability is based on an
				estimate of undiscounted future cash flows expected to result from its use
				and eventual disposition.  If impairment exists due to the inability to
				recover the carrying value of a property, an impairment loss is recorded
				to the extent that the carrying value of the property exceeds its
				estimated fair value.  There were no impairment losses recorded for the
				three months ended March 31, 2000 or 1999.

    Depreciation of real estate is based on the estimated useful life of the
    property (27-1/2 years on multifamily residential apartments and 31-1/2
    years on The Exchange at Palm Bay) using the straight-line method.
    Depreciation of real estate improvements on The Exchange at Palm Bay is
    based on the term of the related tenant lease using the straight-line
    method.













<PAGE>                               - 5 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)

	C) Revenue Recognition
				The Partnership leases multifamily rental units under operating leases
				with terms of one year or less.  Rental revenue is recognized as earned net
				of any vacancy losses and rental concessions offered.  Rental income on
				commercial property is recognized on a straight-line basis over the term
				of each operating lease.

 D) Income Taxes
    No provision has been made for income taxes since Beneficial Unit
    Certificate (BUC) Holders are required to report their share of the
    Partnership's taxable income for federal and state income tax purposes.

 E) Cash and Temporary Cash Investments
    Cash and temporary cash investments include cash on hand and highly liquid
			 investments purchased with original maturities of three months or less.

				Restricted cash and temporary cash investments represent amounts which
				serve as collateral for certain of the Partnership's bonds payable.

 F) Net Income per BUC
    Net income per BUC has been calculated based on the weighted average
    number of BUCs outstanding during each period presented.

 G) New Accounting Pronouncement
				In June, 1998, the Financial Accounting Standards Board issued Statement
				of Financial Accounting Standards No. 133, "Accounting for Derivative
				Instruments and Hedging Activities" (SFAS 133).  This statement provides
				new accounting and reporting standards for the use of derivative
				instruments.  Adoption of this statement, as amended, is required by the
				Partnership effective January 1, 2001.  Management is currently evaluating
			 the effects of adopting this statement.

3. Partnership Income, Expenses, Cash Distributions and Capital

The Partnership Agreement contains provisions for the distribution of Net
Operating Income, Net Sale Proceeds and Liquidation Proceeds and for the
allocation of income and expenses for tax purposes among AFCA 4 and BUC
Holders.

Cash distributions were made on a monthly basis through December 31, 1999.
However, effective January 1, 2000, the Partnership began paying quarterly
distritutions with the first such distribution paid on March 31, 2000 to
holders of record as of March 15, 2000.  Cash distributions included in the
financial statements represent the actual cash distributions made during each
period and the cash distributions accrued at the end of each period.

On January 11, 2000, management announced its intent to purchase and cancel up
to $1 million of Beneficial Unit Certificates (BUCs) as they become
available in the open market.  Through March 31, 2000, 41,000 BUCs had been
acquired at a cost of $355,536.




















<PAGE>                               - 6 -
AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)

4. Investment in Real Estate

The Partnership's investment in real estate is comprised of the following:
<TABLE>
<CAPTION>
                                                                                                 Building
                                                               Number                                 and             Carrying
  Property Name                        Location               of Units   	         Land      Improvements               Amount
  ---------------------------------    --------------------   --------     -------------   ---------------    -----------------
  <S>                                  <C>                    <C>          <C>             <C>                <C>
  Covey at Fox Valley(1)               Aurora, IL                216       $  1,320,000    $   10,028,338     $   	  11,348,338
  The Exchange at Palm Bay             Palm Bay, FL           72,002(2)       1,296,002         4,200,121             5,496,123
  The Park at Fifty Eight(1)   	       Chattanooga, TN           196            231,113         4,122,226             4,353,339
  Shelby Heights(1)                    Bristol, TN               100            175,000         2,952,847             3,127,847
  Coral Point(1)                       Mesa, AZ                  336          2,240,000         8,960,000            11,200,000
  Park at Countryside(1)               Port Orange, FL           120            647,000         2,616,648             3,263,648
  The Retreat(3)                       Atlanta, GA               226          1,800,000         7,315,697             9,115,697
  Jackson Park Place(1)                Fresno, CA                296          1,400,000        10,709,534            12,109,534
  Park Trace Apartments(1)             Norcross, GA              260          2,246,000        11,789,810            14,035,810
		Littlestone at Village Green (1)					Gallatin, TN														200												621,340								 9,942,188											 10,563,528
		St. Andrews	at Westwood Apartments(1)Orlando, FL															259										1,617,200								14,262,540  				     	15,879,740
		The Hunt Apartments	(1)														Oklahoma City, OK									216												550,000									7,095,049												 7,645,049
		Greenbriar Apartments	(1)												Tulsa, OK																	120												648,000									3,697,643												 4,345,643
		Oakwell Farms Apartments (1)									Nashville, TN													414										1,946,000								15,758,907											 17,704,907
                                                                                                              -----------------
                                                                                                                   	130,189,203
  Less accumulated depreciation                                                                                    	(17,523,048)
                                                                                                              -----------------
  Balance at March 31, 2000                                                                              	 			$					112,666,155
                                                                                                              =================
</TABLE>
(1) Property is encumbered as described in Note 5.
(2) Represents square feet.
(3) Property serves as collateral for $12,200,000 of multifamily revenue
    refunding bonds issued on Jefferson Place, a multifamily residential
				property located in Olathe, Kansas.  The Partnership is an affiliate
				of the general partner of the partnership which owns Jefferson Place.


































<PAGE>                               - 7 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)

5.  Bonds Payable and Mortgage Notes Payables

Bonds and mortgage notes payable were originated by the Partnership through
the issuance of tax-exempt refunding bonds or were originated or assumed by
the Partnership in connection with the acquisition of multifamily housing
properties.  Bonds and mortgage notes payable at March 31, 2000, consists
of the following:

<TABLE>
<CAPTION>
                        Effective 		Final
                        Interest  		Maturity                                      Annual            	         	Carrying
Collateral              Rate      		Date      Payment Schedule                    Payments    		      				       Amount
----------------------- --------- 		--------  ----------------------------------- ---------------------   -------------
<S>                     <C>       		<C>       <C>                                 <C>                     <C>
Bonds Payable:
The Park at Fifty Eight   6.65%   		3/1/2021  semiannual payments of              range from $224,000     $  	2,515,000
 					    																																				principal and/or interest           to $228,000
                                      		      are due each March 1 and September 1

Shelby Heights and	       6.10%   		3/1/2022  semiannual payments of              range from $266,000         3,235,000
 Park at Countryside               		         principal and/or interest           to $276,000
                                    		        are due each March 1 and September 1

Covey at Fox Valley       5.30%  			11/1/2007 semiannual payments of              $658,000 								        		12,410,000
 and Park Trace Apartments         		         interest are due each May 1
                                   		         and November 1

Jackson Park Place        5.80%					12/1/2007 monthly payment of                  $611,901                   	8,251,971
                                  		          principal and interest
                                  		          are due the 1st of each month

Coral Point and 										4.96%  			3/1/2008		semiannual payments of 													$650,033																			13,090,000
	St. Andrews at																															interest are due each
	Westwood Apartments																										March 1 and September 1

The Hunt Apartments							4.17%(1)		7/1/2004		semiannual payments of interest					interest only															6,930,000
																																														are due each Jan. 1 and July 1

Greenbriar Apartments					4.17%(1)		7/1/2004		semiannual payments of interest					interest only															3,980,000
																																														are due each Jan. 1 and July 1
																																																																																																										-------------
																																																																																																													50,411,971

Mortgage Notes Payable:
Littlestone															7.68%					9/15/2005	Monthly payment of 																	$542,921																				5,594,476
 at Village Green																													principal and interest
																																														are due the 15th of each month


Oakwell Farms 												6.935%				5/01/2009	Monthly payments of principal							$1,029,088																	12,864,428
 Apartments																																			and interest are due the 1st
																																														of each month
																																																																																																										-------------
																																																																																																													18,458,904
                                                              																						                    		-------------
Balance at March 31, 2000				 																																														 			                    						$		68,870,875
																																																																																																										=============

(1) The bonds payable were reissued on July 13, 1999.  There was no gain or
				loss recorded on the reissuances.  In connection with the reissuance, the
				Partnership entered into an interest swap transaction with a third party
				under which the difference between the fixed rate of the bonds and the
				Bond Market Association (BMA) rate plus .6%, is returned to the
				Partnership as a reduction of interest expense.  For the three months ended
				March 31, 2000, the rate averaged 4.17%.  The bonds payable are also
				collateralized by cash of $1,166,495 and $670,505 for The Hunt Apartments
			 and Greenbriar Apartments, respectively.


<PAGE>                               - 8 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2000
(UNAUDITED)

6. Transactions with Related Parties

Substantially all of the Partnership's general and administrative expenses are
paid by AFCA 4 or an affiliate and reimbursed by the Partnership.  The amount
of general and administrative expenses reimbursed to AFCA 4 for the three
months ended March 31, 2000, was $232,569.  The reimbursed expenses are
presented on a cash basis and do not reflect accruals made at quarter end.

Pursuant to the Limited Partnership Agreement, AFCA 4 is entitled to an
administrative fee from the Partnership based on the original amount of the
mortgage bonds which were foreclosed on by the Partnership and the purchase
price of any additional properties acquired by the Partnership.  The amount of
such fees paid to AFCA 4 for the three months ended March 31, 2000,
was $193,450.

Pursuant to the terms of the Limited Partnership Agreement, AFCA 4 is entitled
to receive a property acquisition fee from the Partnership in connection with
the identification, evaluation and acquisition of additional properties and
the financing thereof.  There were no acquisition fees incurred during the
three months ended March 31, 2000.

An affiliate of AFCA 4 was retained to provide property management services
for the multifamily properties owned by the Partnership.  The fees for
services provided represent the lower of (i) costs incurred in providing
management of the property, or (ii) customary fees for such services
determined on a competitive basis and amounted to $246,897 for
the three months ended March 31, 2000.











































<PAGE>                               - 9 -

     Item 2.  Management's Discussion and Analysis of Financial Condition and
														Results of Operations

Liquidity and Capital Resources

The Partnership's principal capital resources at March 31, 2000 consisted
of 13 apartment complexes and one office/warehouse facility which had a
combined depreciated cost of $112,666,155 as of that date.  The following table
sets forth certain information regarding the Partnership's real estate as of
March 31, 2000:


</TABLE>
<TABLE>
<CAPTION>
                                                                                          Number      Percentage
                                                                           Number       of Units        of Units
Property Name                          Location                          of Units       Occupied        Occupied
-------------------------------        -----------------------          ----------     ----------     -----------
<S>                                    <C>                              <C>            <C>            <C>
Jackson Park Place                     Fresno, CA                           296            290             98%
Covey at Fox Valley                    Aurora, IL                           216            208        			  96%
The Park at Fifty Eight                Chattanooga, TN                      196            192        			  98%
Shelby Heights                         Bristol, TN                          100            100            100%
Coral Point                            Mesa, AZ                             336            319             95%
Park at Countryside                    Port Orange, FL                      120            115													96%
The Retreat                            Atlanta, GA                          226            221													98%
Park Trace Apartments                  Norcross, GA                         260            257													99%
Littlestone at Village Green 										Gallatin, TN																									200												194													97%
St. Andrews at Westwood Apartments					Orlando, FL																										259												258													99%
The Hunt Apartments																				Oklahoma City, OK																				216												214													99%
Greenbriar Apartments																		Tulsa, OK																												120												113													94%
Oakwell Farms	Apartments															Nashville, TN																								414												394													95%
                                                                        ----------     ----------     -----------
                                                                          2,959          2,875													97%
                                                                        ==========     ==========     ===========
The Exchange at Palm Bay               Palm Bay, FL                      72,002(1)      46,783(1)          65%
                                                                        ==========     ==========     ===========
</TABLE>
(1) Represents square feet.

The Partnership anticipates that future property acquisitions will be financed
by the assumption of existing indebtedness on properties to be acquired or the
origination of new debt.

At March 31, 2000, the Partnership had debt obligations under nine financing
arrangements with an aggregate principal balance outstanding of approximately
$68,900,000.  Such debt obligations consisted of seven tax-exempt mortgage
bonds with an aggregate principal balance outstanding of approximately
$50,400,000 and two mortgage notes payable with a combined principal amount
outstanding of approximately $18,500,000.  Five of the debt obligations which
total approximately $32,500,000 require monthly, semiannual or annual payments
of principal and interest while four bonds with an aggregate principal amount
of approximately $36,400,000 require only semiannual payments of interest.
Maturity dates range from July 2004 to March 2022.  Approximately 84% of the
Partnership's financing arrangements are fixed-rate obligations with a
weighted average interest rate of 5.99% at March 31, 2000.  The remaining 16%
of the financing arrangements have variable rates which are based on the Bond
Market Association (BMA) rate index plus .6%.  For the three months ended
March 31, 2000, such variable rates averaged 4.17%.  Each financing
arrangement is a "non-recourse" obligation that is secured by a first mortgage
or deed of trust on one or two of the Partnership's apartment complexes.
Principal and interest payments on debt obligations are made solely from the
net cash flow and/or net sale or refinancing proceeds of the mortgaged
properties.

On January 11, 2000, management announced its intent to purchase and cancel up
to $1 million of Beneficial Unit Certificates (BUCs) as they become
available in the open market.  Through March 31, 2000, 41,000 BUCs had been
acquired at a cost of $355,536.







<PAGE>                               - 10 -

In addition to making property acquisitions, the Partnership requires cash to
pay its operating expenses, make periodic distributions to its BUC holders and
acquire Partnership BUCs.  The following table sets forth information
regarding cash distributions paid or accrued to BUC holders for the periods
shown:

<TABLE>
<CAPTION>
                                                                                        	 For the Three     		  For the Three
                                                                                           Months Ended          Months Ended
                                                                                       		 Mar. 31, 2000      		 Mar. 31, 1999
                                                                                         ---------------       ---------------
<S>                                                                                      <C>                   <C>
Regular cash distributions
	Income                                                                                  $        .0161      		$        .0209
	Return of capital                                                                           					.2089                 .1792
                                                                                         ---------------       ---------------
                                                                                         $        .2250	      	$        .2001
                                                                                         ===============       ===============
Distributions
	Paid out of current and prior undistributed cash flow                                   $        .2250		      $        .2001
                                                                                         ===============       ===============
</TABLE>
As previously announced, effective January 1, 2000, the Partnership will pay
quarterly distributions at an annual rate of $.90 per BUC.  The first quarterly
distribution was paid on March 30, 2000, to record holders as of March 15,
2000.  Future quarterly distributions will be made on/or about the 15th of the
month following the end of a quarter to record holders as of the last day of
such quarter.

The principal sources of cash available for the payment of expenses and
distributions and for the purchase of Partnership BUCs are:  (i) net rental
revenues generated by the Partnership's real estate, (ii) interest income
earned on investments and (iii) undistributed cash held by the Partnership.
Future distributions to BUC holders will depend on the amount of net rental
income and interest income earned by the Partnership and the amount of
undistributed cash.  The Partnership believes that cash-on-hand and cash
provided by net rental income and interest income will be adequate to meet its
projected short-term and long-term liquidity requirements.  Under the terms of
its Partnership Agreement, the Partnership has the authority to enter into
short-term and long-term debt financing arrangements.  However, the
Partnership currently does not anticipate entering into such arrangements for
purposes of paying expenses and making distributions.  However, in connection
with the acquisition of additional real estate, the Partnership does expect to
borrow additional amounts through the issuance of tax-exempt mortgage bonds,
through the assumption of existing taxable mortgage debt or the origination of
new long-term debt.  The Partnership is not authorized to issue additional
BUCs to meet short-term or long-term liquidity requirements.

Asset Quality

It is the policy of the Partnership to make a periodic review of its real
estate, and adjust, when necessary, the carrying value of such real estate.
Each real estate property held by the Partnership is recorded at the lower of
cost or fair value.

The fair value of all real estate owned by the Partnership is based on
management's best estimate of the fair value of the properties which may vary
from the ultimate value realized from these properties.

Management reviews each property for impairment whenever events or changes in
circumstances indicate that the carrying value of a property may not be
recoverable.  The review of recoverability is based on an estimate of
undiscounted future cash flows expected to result from its use and eventual
disposition.  If impairment exists due to the inability to recover the
carrying value of a property, an impairment loss is recorded to the extent
that the carrying value of the property exceeds its estimated value.

Based on the foregoing methodology, internal valuation and reviews performed
during the three months ended March 31, 2000 indicated that the carrying value
of the Partnership's real estate recorded on the balance sheet at March 31,
2000, required no adjustment.



<PAGE>                               - 11 -

Results of Operations

The table below compares the results of operations for each period shown.

<TABLE>
<CAPTION>
                                                                      	 For the Three  		  	For the Three         	 	Increase
                                                                     	   Months Ended       	Months Ended           (Decrease)
																																																																								Mar. 31, 2000							Mar. 31, 1999											From 1999
                                                                       ---------------     ---------------     ---------------
<S>                                                                    <C>                 <C>                 <C>
Rental income                                                          $   	 5,559,996  	  $    4,584,250      $   				975,746
Interest income on temporary cash investments                                		267,163           	168,602           			 98,561
                                                                       ---------------     ---------------     ---------------
                                                                           		5,827,159       	  4,752,852         		 1,074,307
                                                                       ---------------     ---------------     ---------------
Real estate operating expenses                                             		2,642,199          2,113,404           		 528,795
Depreciation                                                                	1,082,813         		 933,901         		  	148,912
Interest expense                                                            	1,035,216         		 793,736          			 241,480
General and administrative expenses                                         		 386,852     		     433,478            	 (46,626)
																																																																							---------------     ---------------     ---------------
                              																																														 5,147,080          4,274,519        			   872,561
                                                                       ---------------     ---------------     ---------------
Net income                                                            	$   				680,079   	 $  			 478,333    		$ 		   	201,746
                                                                       ===============     ===============     ===============
</TABLE>

Rental income increased $975,746 for the three months ended March 31, 2000,
compared to the same period in 1999. This increase is attributable to:  (i) a
$716,000 increase resulting from the acquisition of Oakwell Farms Apartments
in April 1999 and (ii) a $260,000 increase resulting from increases in average
occupancy at most of the Partnership's properties and increases in rental
rates at several properties.

Interest income increased $98,561 for the three months ended March 31, 2000,
compared to the same period in 1999 due to an increase in the average
undistributed cash balance and an increase in the average interest rate earned
on such balances.

Real estate operating expenses increased $528,795 for the three months ended
March 31, 2000, compared to the same period in 1999.  This increase is
attributable to:  (i) a $320,000 increase resulting from the acquisition of
Oakwell Farms Apartments in April 1999; (ii) a $107,000 increase in repairs
and maintenance expenses and capital improvements at eight of the Partnerships
properties; (iii) a $55,000 increase in salaries and related expenses at seven
properties and (iv) a $47,000 increase in other property operating expenses.

Depreciation expense increased $148,912 for the three months ended March 31,
2000, compared to the same period in 1999.  This increase is primarily
attributable to the acquisition of Oakwell Farms Apartments in April 1999.

Interest expense increased $241,480 for the three months ended March 31, 2000,
compared to the same period in 1999.  This increase is primarily due to: (i)
interest of $227,000 incurred on the mortgage note payable on Oakwell Farms
Apartments; (ii) an increase of approximately $33,000 on the Partnership's
variable rate financings of The Hunt Apartments and Greenbriar Apartments,
partially offset by (iii) a decrease of approximately $19,000 in interest
expense on the Partnership's other mortgage obligations.

General and administrative expenses decreased $46,626 for the three months
ended March 31, 2000 compared to the same period in 1999.  This decrease is
primarily due to:  (i) a decrease of $52,000 in salaries and related expenses
(ii) a decrease of $20,000 in other general and administrative expenses.
These decreases were partially offset by an increase of $26,000 in
administrative fees resulting from the acquisition of Oakwell Farms Apartments.










<PAGE>                               - 12 -

Funds from operations (net income plus depreciation of real estate assets)
increased approximately $351,000 or 25% for the three months ended March 31,
2000, compared to the same period in 1999.  Funds from operations was
$1,762,892 for the three months ended March 31, 2000 compared to $1,412,234
for the same period of 1999.

Forward Looking Statements

This report contains forward looking statements that reflect management's
current beliefs and estimates of future economic circumstances, industry
conditions, the Partnership's performance and financial results.  All
statements, trend analysis and other information concerning possible or
assumed future results of operations of the Partnership and the real estate
investments it has made (including, but not limited to, the information
contained in "Management's Discussion and Analysis of Financial Condition and
Results of Operations"), constitute forward-looking statements.  BUC holders
and others should understand that these forward looking statements are subject
to numerous risks and uncertainties and a number of factors could affect the
future results of the Partnership and could cause those results to differ
materially from those expressed in the forward looking statements contained
herein.  These factors include local and national economic conditions, the
amount of new construction, interest rates on single-family home mortgages,
government regulation, price inflation, the level of real estate and other
taxes imposed on the properties, labor problems and natural disasters.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes in the Partnership's market risk since
December 31, 1999.















































<PAGE>                               - 13 -

PART II.  OTHER INFORMATION

     Item 6.   Exhibits and Reports on Form 8-K

          (a)  Exhibits

															The following exhibits are filed as part of this report.
															Exhibit numbers refer to the paragraph numbers under Item 601
															of Regulation S-K:

               3.   Articles of Incorporation and Bylaws of America First
                    Fiduciary Corporation Number Eight (incorporated by
                    reference to Form S-11 Registration Statement filed May 8,
                    1986, with the Securities and Exchange Commission by
                    America First Tax Exempt Mortgage Fund 2 Limited
                    Partnership (Commission File No. 33-5521)).

               4(a) Form of Certificate of Beneficial Unit Certificate
                    incorporated by reference to Exhibit 4.1 to Registration
                    Statement on Form S-4 (Commission File No. 333-2920) filed
                    by the Registrant on March 29, 1996).

               4(b) Agreement of Limited Partnership of the Registrant
                    (incorporated by reference to Exhibit 4(b) to Form 8-K
                    (Commission File No. 0-20737) filed by the Registrant on
                    August 23, 1996).

              10(a) Settlement Agreement among the Registrant and Jackson Park
                    Place, Artel Farms, Inc., and David A. Dyck dated April
                    11, 1997 (incorporated herein by reference to Form 10-Q
                    dated September 30, 1997 filed pursuant to Section 13 or
																			 15(d) of the Securities Exchange Act of 1934 by America
																			 First Apartment Investors, L.P. (Commission File No.
																				0-20737)).

              10(b) $12,410,000 Promissory Note, dated December 11, 1997,
                    from Park Trace Apartments Limited Partnership to the City
                    of Aurora, Illinois (The Covey at Fox Valley Apartment
                    Project) Series 1997 (incorporated herein by reference to
                    Form 10-K dated December 31, 1997 filed pursuant to
                    Section 13 or 15(d) of the Securities Exchange Act of 1934
                    by America First Apartment Investors, L.P.  (Commission
                    File No. 0-20737)).

              10(c) Loan Agreement, dated December 1, 1997, between Park
                    Trace Apartments Limited Partnership and City of Aurora,
                    Illinois (The Covey at fox Valley Apartment Project)
                    Series 1997 (incorporated herein by reference to Form 10-K
                    dated December 31, 1997 filed pursuant to Section 13 or
                    15(d) of the Securities Exchange Act of 1934 by America
                    First Apartment Investors, L.P.  (Commission File No.
                    0-20737)).

              10(d) Indenture of Trust, dated December 1, 1997, between City
                    of Aurora, Illinois and UMB Bank, National Association
                    (The Covey at Fox Valley Apartment Project) Series 1997
                    (incorporated herein by reference to Form 10-K dated
                    December 31, 1997 filed pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934 by America First
                    Apartment Investors, L.P.  (Commission File No.
                    0-20737)).

              10(e) $1,385,000 Promissory Note, dated April 2, 1998, from
                    Arizona Coral Point Apartments Limited Partnership to The
                    Industrial Development authority of the county of Maricopa
                    (Coral Point Apartments Project) Series 1998A and 1998B.
                    (incorporated herein by reference to Form 10-Q dated
																			 June	30, 1998 filed pursuant to Section 13 or 15(d) of the
																				Securities Exchange Act of 1934 by America First Apartment
																				Investors, L.P. (Commission File No. 0-20737))





<PAGE>                              - 14 -

              10(f) $11,705,000 Promissory Note, dated April 2, 1998, from
                    Arizona Coral Point Apartments Limited Partnership to The
                    Industrial Development authority of the county of Maricopa
                    (Coral Point Apartments Project) Series 1998A and 1998B.
                    (incorporated herein by reference to Form 10-Q dated
																			 June	30, 1998 filed pursuant to Section 13 or 15(d) of the
																				Securities Exchange Act of 1934 by America First Apartment
																				Investors, L.P. (Commission File No. 0-20737))

              10(g) Loan Agreement, dated March 1, 1998, between The
                    Industrial Development Authority of the County of Maricopa
                    and Arizona Coral Point Apartments Limited Partnership
                    (Coral Point Apartments Project) Series 1998A and 1998B.
                    (incorporated herein by reference to Form 10-Q dated
																			 June	30, 1998 filed pursuant to Section 13 or 15(d) of the
																				Securities Exchange Act of 1934 by America First Apartment
																				Investors, L.P. (Commission File No. 0-20737))

              10(h) Indenture of Trust, dated March 1, 1998, between The
                    Industrial Development Authority of the County of Maricopa
                    and UMB Bank, N.A. (Coral Point Apartments Project) Series
                    1998A and 1998B.  (incorporated herein by reference to Form
																			 10-Q dated June	30, 1998 filed pursuant to Section 13 or
																				15(d) of the	Securities Exchange Act of 1934 by America
																				First Apartment Investors, L.P. (Commission File No.
																				0-20737))

														27.  	Financial Data Schedule

          (b)  Reports on Form 8-K

               The Registrant did not file a report on Form 8-K during
               the quarter for which this report is filed.










































<PAGE>                              - 15 -
	                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated:  May 11, 2000					    AMERICA FIRST APARTMENT INVESTORS, L.P.

                              By America First Capital
                                   Associates Limited
                                   Partnership Four, General
                                   Partner of the Registrant

                              By America First Companies L.L.C.,
                                   General Partner of America First Capital
                                   Associates Limited Partnership Four

                              By /s/ Michael Thesing
                                   Michael Thesing
                                   Vice President and Principal
                                   Financial Officer























































<PAGE>                               - 16 -