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 September 30, 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>
                                                                                      	  				Sept. 30, 2000       Dec. 31, 1999
																																																																																															(unaudited)
                                                                                             --------------      --------------
<S>                                                                                          <C>                 <C>
Assets
 Cash and temporary cash investments, at cost which
  approximates market value
		 Unrestricted																																																																														$			14,941,573						$		14,436,672
   Restricted  																																																																																			1,837,000										1,837,000
 Investment in real estate, net of accumulated depreciation (Note 3)                            110,983,742								113,643,708
 Other assets                                                                                    	1,877,190										2,089,160
                                                                                             --------------      --------------
                                                                                             $  129,639,505      $ 132,006,540
                                                                                             ==============      ==============
Liabilities and Partners' Capital
 Liabilities
  Accounts payable and accrued expenses (Note 5)                                             $   	5,044,289      $   4,940,569
  Bonds and mortgage notes payable (Note 4)                                                     	68,683,018									69,092,444
  Distribution payable                                                                     	 					1,150,333												372,928
                                                                                             --------------      --------------
                                                                                                	74,877,640									74,405,941
                                                                                             --------------      --------------
 Partners' Capital
  General Partner                                                                                    56,830													39,200
  Beneficial Unit Certificate Holders
  ($10.81 per BUC in 2000 and $11.04 in 1999)                                                 			54,705,035									57,561,399
                                                                                             --------------      --------------
                                                                                              			54,761,865								 57,600,599
                                                                                             --------------      --------------
                                                                                             $ 	129,639,505	     $ 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             For the        For the Nine        For the Nine
                                                     Quarter Ended       Quarter Ended        Months Ended        Months Ended
                                                    Sept. 30, 2000      Sept. 30, 1999      Sept. 30, 2000      Sept. 30, 1999
                                                    ---------------     ---------------     ---------------     ---------------
<S>                                                 <C>                 <C>                 <C>                 <C>
Income
 Rental income                                      $ 		 	5,683,119    	$    5,545,131      $  		16,885,443     $   15,312,290
 Interest income 																													             	235,775            159,253             	721,103            435,942
                                                    ---------------     ---------------     ---------------     ---------------
                                                         	5,918,894          5,704,384           17,606,546         15,748,232
                                                    ---------------     ---------------     ---------------     ---------------
Expenses
 Real estate operating expenses                          	2,783,321          2,699,080           	8,053,086          7,175,815
 Depreciation                                             1,063,199          1,111,550           	3,224,300          3,077,413
 Interest expense                                        	1,042,367          1,028,895           	3,126,241          2,770,792
 General and administrative expenses (Note 5)              	381,388            334,434           	1,182,871          1,183,636
                                                    ---------------     ---------------     ---------------     ---------------
                                                         	5,270,275          5,173,959           15,586,498         14,207,656
                                                    ---------------     ---------------     ---------------     ---------------
Net income and comprehensive income																	$							648,619					$						530,425						$					2,020,048				$				1,540,576
                                                    ===============     ===============     ===============     ===============


Net income allocated to:
 General Partner                                    $       	17,118     $       16,420      $       	52,443     $       46,180
 BUC Holders                                             			631,501          		514,005        		  1,967,605          1,494,396
                                                    ---------------     ---------------     ---------------     ---------------
                                                    $    			648,619     $    		530,425      $    	2,020,048     $    1,540,576
                                                    ===============     ===============     ===============     ===============
Net income, basic and diluted, per BUC              $          	.12     $          .10      $          	.38     $          .29
                                                    ===============     ===============     ===============     ===============
Weighted average number of BUCs outstanding             	 5,066,734          5,212,167          	 5,121,778          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 NINE MONTHS ENDED SEPTEMBER 30, 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                                               52,443      					 -			 		 							1,967,605							2,020,048
Cash distributions paid or accrued
 Income                                                 (34,813)        		 -															(222,182) 					 (256,995)
 Return of capital                                         -           				-													(3,224,300)  			(3,224,300)
Purchase of BUCs																																											-											(150,700)									(1,377,487)					(1,377,487)
                                                   	------------   ------------		-------------------  --------------
Balance at September 30, 2000                      	$    56,830  					5,061,467		$ 					 54,705,035			$ 	54,761,865
                                                    ============   ============		=================== 	==============

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 Nine     		 For the Nine
                                                                            																			Months Ended        Months Ended
                                                                         																				Sept. 30, 2000  		  Sept. 30, 1999
                                                                        																				---------------     ---------------
<S>                                                                     																				<C>                 <C>
Cash flows from operating activities
 Net income 						                                                      																				$   		2,020,048					$			1,540,576
  Adjustments to reconcile net income to net cash
   provided by operating activities
				Depreciation                                                             																				 3,224,300									3,077,413
    Decrease in other assets                                        																																211,970											379,427
    Increase in accounts payable and accrued expenses											               																					103,720											273,089
                                                                        																				---------------     ---------------
 Net cash provided by operating activities                              																				    		5,560,038									5,270,505
                                                                        																				---------------     ---------------
Cash flows from investing activities
 Real estate capital improvements                                           																			  		(564,334)											(62,707)
	Acquisition of real estate                                                																			 							 -											(17,932,029)
                                                                        																				---------------     ---------------
 Net cash used in investing activities                    																																	  		 			(564,334)					  (17,994,736)
                                                                        																				---------------     ---------------
Cash flows from financing activities
 Distributions paid                                                         																					(2,703,890)							(3,269,292)
 Principal payments on bonds and mortgage notes payable                                   									(409,426)									(393,186)
 Purchase of BUCs																																																																																(1,377,487)													-
 Bond issuance and line of credit costs paid																																																											-													(168,036)
 Proceeds from issuance of bonds and mortgage notes payable																								       													-											12,975,000
                                                                        																				---------------     ---------------
 Net cash (used in) provided by financing activities     														          											  			(4,490,803)								9,144,486
                                                                        																				---------------     ---------------
Net increase (decrease) in cash and temporary cash investments 												            												 504,901								(3,579,745)
Cash and temporary cash investments at beginning of period                  																	  		14,436,672								19,694,420
                                                                        																				---------------     ---------------
Cash and temporary cash investments at end of period                    																				$   	14,941,573					$		16,114,675
                                                                        																				===============     ===============
Supplemental disclosure of cash flow information:
 Cash paid during the period for interest                                 																		$     3,275,644					$			2,694,035
                                                                        																				===============     ===============

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
SEPTEMBER 30, 2000
(UNAUDITED)


1. Basis of 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 accompanying interim unaudited consolidated financial statements have
				been prepared according to the rules and regulations of the Securities and
				Exchange Commission.  Certain information and footnote disclosures
				normally included in financial statements prepared in accordance with
				generally accepted accounting principles have been condensed or omitted
				according to such rules and regulations, although management believes that
				the disclosures are adequate to make the information presented not
				misleading.  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
				September 30, 2000, and results of operations for all periods presented have
			 been made.  The results of operations for the three and nine-month periods
				ended September 30, 2000 are not necessarily indicative of the results to
			 be expected for the full year.

    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.

2. Stock Repurchase Plan

			In connection with the Partnership's plan to repurchase up to $2,000,000 of
			the Partnership's Beneficial Unit Certificates (BUCs),	the Partnership
			purchased and cancelled, in open market transactions, 150,700 BUCs at an
			aggregate cost of $1,377,487 during	the nine months ended September 30, 2000
			(12,400 BUCs at an aggregate cost of $120,002 for the quarter ended
			September	30, 2000).































<PAGE>                               - 5 -
AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(UNAUDITED)

3. 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			               Aurora, IL                216       $  1,320,000    $   10,156,135    $   	  11,476,135
  The Exchange at Palm Bay             Palm Bay, FL           72,002(1)       1,296,002         4,368,158            5,664,160
  The Park at Fifty Eight			   	       Chattanooga, TN           196            231,113         4,122,226            4,353,339
  Shelby Heights			                    Bristol, TN               100            175,000         2,952,847            3,127,847
  Coral Point			                       Mesa, AZ                  336          2,240,000         9,029,284           11,269,284
  Park at Countryside			               Port Orange, FL           120            647,000         2,616,648            3,263,648
  The Retreat			                       Atlanta, GA               226          1,800,000         7,315,697            9,115,697
  Jackson Park Place			                Fresno, CA                296          1,400,000        10,777,135           12,177,135
  Park Trace Apartments			             Norcross, GA              260          2,246,000        11,789,810           14,035,810
		Littlestone at Village Green 								Gallatin, TN														200												621,340								 9,942,197										 10,563,537
		St. Andrews	at Westwood Apartments			Orlando, FL															259										1,617,200								14,262,540  			     	15,879,740
		The Hunt Apartments																		Oklahoma City, OK									216												550,000									7,095,049											 7,645,049
		Greenbriar Apartments																Tulsa, OK																	120												648,000									3,697,643											 4,345,643
		Oakwell Farms Apartments 												Nashville, TN													414										1,946,000								15,785,253										 17,731,253
                                                                                                             -----------------
                                                                                                                  	130,648,277
  Less accumulated depreciation                                                                                   	(19,664,535)
                                                                                                             -----------------
  Balance at September 30, 2000                                                                            	 $					110,983,742
                                                                                                             =================
</TABLE>
(1) Represents square feet.







































<PAGE>                               - 6 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(UNAUDITED)

4.  Bonds Payable and Mortgage Notes Payables

Bonds and mortgage notes payable at September 30, 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                   	8,191,127
                                  		          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							4.66%(1)		7/1/2004		semiannual payments of interest					interest only															6,930,000
																																														are due each Jan. 1 and July 1

Greenbriar Apartments					4.66%(1)		7/1/2004		semiannual payments of interest					interest only															3,980,000
																																														are due each Jan. 1 and July 1
																																																																																																										-------------
																																																																																																													50,351,127

Mortgage Notes Payable:
Littlestone															7.68%					9/15/2005	monthly payment of 																	$542,921																				5,536,930
 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																	12,794,961
 Apartments																																			and interest are due the 1st
																																														of each month
																																																																																																										-------------
																																																																																																													18,331,891
                                                              																						                    		-------------
Balance at September 30, 2000				 																																														 			                  				$		68,683,018
																																																																																																										=============

(1) The bonds payable bear interest at a floating rate which averaged 4.66%
				for the nine months ended September 30, 2000.  The bonds payable are also
				collateralized by cash of $1,166,495 and $670,505 for The Hunt Apartments
			 and Greenbriar Apartments, respectively.










<PAGE>                               - 7 -

AMERICA FIRST APARTMENT INVESTORS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(UNAUDITED)

5. Transactions with Related Parties

Substantially all of the Partnership's general and administrative expenses are
paid by the general partner of the Partnership, America First Capital
Associates Limited Partnership Four (AFCA 4), or an affiliate and reimbursed by
the Partnership.  The amount of general and administrative expenses reimbursed
to AFCA 4 for the quarter and nine months ended September 30, 2000, was
$189,533 and $634,598 respectively.  The reimbursed expenses included in this
footnote are presented on a cash basis and do not reflect accruals made at
quarter end which are reflected in the accompanying financial statements.

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 quarter and nine months ended September 30, 2000,
was $193,450 and $580,350, respectively.

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
quarter or nine months ended September 30, 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 $249,242 and $748,047 for
the quarter and nine months ended September 30, 2000.








































<PAGE>                               - 8 -
     Item 2.  Management's Discussion and Analysis of Financial Condition and
														Results of Operations

The following discussion should be read in conjunction with all of the
financial statements and notes included in Item 1 of this report as well as
the Partnerships' Annual Report on Form 10-K for the year ended December 31,
1999.

At September 30, 2000, the Partnership owned 13 apartment complexes containing
2,959 units located in seven states and one office/warehouse facility.  The
following table sets forth certain information regarding the Partnership's
real estate as of September 30, 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            292             99%
Covey at Fox Valley                    Aurora, IL                           216            209        			  97%
The Park at Fifty Eight                Chattanooga, TN                      196            169        			  86%
Shelby Heights                         Bristol, TN                          100           		88            	88%
Coral Point                            Mesa, AZ                             336            307             91%
Park at Countryside                    Port Orange, FL                      120            120												100%
The Retreat                            Atlanta, GA                          226            221													98%
Park Trace Apartments                  Norcross, GA                         260            254													98%
Littlestone at Village Green 										Gallatin, TN																									200												172													86%
St. Andrews at Westwood Apartments					Orlando, FL																										259												239													92%
The Hunt Apartments																				Oklahoma City, OK																				216												216												100%
Greenbriar Apartments																		Tulsa, OK																												120												119													99%
Oakwell Farms	Apartments															Nashville, TN																								414												402													97%
                                                                        ----------     ----------     -----------
                                                                          2,959          2,808													95%
                                                                        ==========     ==========     ===========
The Exchange at Palm Bay               Palm Bay, FL                      72,002(1)     	61,125(1)          85%
                                                                        ==========     ==========     ===========
</TABLE>
(1) Represents square feet.

Liquidity and Capital Resources

The Partnership's short-term liquidity needs include the payment of operating
expenses, current debt service requirements, distributions to BUC holders and
the acquisition of Partnership BUCs.  The Partnership's long-term liquidity
requirements consist of funding acquisitions and repayment of maturing secured
debt.  While the Partnership anticipates that cash-on-hand and cash provided
by operating and investing activities will be sufficient to meet most of its
short-term and long-term liquidity requirements, including distributions to
BUC holders, the Partnership does anticipate that future property acquisitions
will be financed by the assumption of existing taxable mortgage debt on
properties to be acquired, the origination of new debt or the issuance of
tax-exempt mortgage bonds.  The Partnership currently does not anticipate
entering into short-term and long-term arrangements for purposes of paying
expenses and making distributions; however, the Partnership has the authority
to enter into such arrangements.  The Partnership is not authorized to issue
additional BUCs to meet short-term or long-term liquidity requirements.


















<PAGE>                               - 9 -

At September 30, 2000, the Partnership had debt obligations under nine
financing arrangements with an aggregate principal balance outstanding of
approximately $68,700,000.  Such debt obligations consisted of seven
tax-exempt mortgage bonds with an aggregate principal balance outstanding of
approximately $50,351,000 and two mortgage notes payable with a combined
principal amount outstanding of approximately $18,332,000.  Five of the debt
obligations which total approximately $32,300,000 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
September 30, 2000.  The remaining 16% of the financing arrangements have
variable rates which averaged 4.66% for the nine months ended September 30,
2000.  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.

In connection with the Partnership's plan to repurchase up to $2,000,000 of
the Partnership's Beneficial Unit Certificates (BUCs), The Partnership
purchased and cancelled, in open market transactions, through September 30,
2000, 150,700 BUCs at an aggregate cost of $1,377,487 and an average cost of
$9.14 per unit.

Cash distributions paid or accrued to BUC holders for the periods
shown were as follows:

<TABLE>
<CAPTION>
                                                                                        	 	For the Nine     	 		 For the Nine
                                                                                           Months Ended          Months Ended
                                                                                       	 Sept. 30, 2000      	 Sept. 30, 1999
                                                                                         ---------------       ---------------
<S>                                                                                      <C>                   <C>
Regular cash distributions
	Income                                                                                  $        .0435		    		$        .0347
	Return of capital                                                                           					.6315			              .5904
                                                                                         ---------------       ---------------
                                                                                         $        .6750				   	$        .6251
                                                                                         ===============       ===============
Distributions
	Paid out of current and prior undistributed cash flow                                   $        .6750			   	 $        .6251
                                                                                         ===============       ===============
</TABLE>

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.

Results of Operations

Comparison of the Quarters Ended September 30, 2000 and September 30, 1999

Rental income increased $137,988 (approximately 2%) for the quarter ended
September 30, 2000, compared to the same period in 1999.  Such increase is the
net result of increased rental income of $287,582 earned by nine of the
Partnership's 14 properties which was partially offset by decreased rental
income of $149,594 earned by five properties.  Rental income increases for the
nine properties averaged 8.1% while rental income decreases for the five
properties averaged 6%.  Average occupancy for the quarter ended September 30,
2000, was 96% compared to 97% for the comparable period of 1999.

Interest income increased $76,522 (approximately 48%) for the quarter ended
September 30, 2000, compared to the same period in 1999 primarily due to an
increase in the average undistributed cash balance and an increase in the
average interest rate earned on such balances.







<PAGE>                               - 10 -

Real estate operating expenses increased $84,241 (approximately 3%) for the
quarter ended September 30, 2000, compared to the same period in 1999.  This
increase is attributable to:  (i) an increase of $65,421 for Coral Point
Apartments due to higher repairs and maintenance expenses and salaries and
related expenses and (ii) increases of $46,913 and $29,823 for The Retreat and
St. Andrews at Westwood Apartments primarily due to increased repairs and
maintenance expenses and (iii) net increases of $8,073 for the Partnership's
other properties partially offset by (iv) decreases of $38,692 and $27,297 for
Covey at Fox Valley and Oakwell Farms Apartments primarily attributable to a
decrease in repairs and maintenance expenses.

Depreciation expense decreased $48,351 (approximately 4%) for the quarter
ended September 30, 2000, compared to the same period in 1999.  This decrease
is primarily attributable to certain assets at the Partnership's commercial
property becoming fully depreciated.

Interest expense increased $13,472 (approximately 1%) for the quarter ended
September 30, 2000, compared to the same period in 1999.  This increase is
primarily due to:  (i) an increase of $19,549 on the variable-rate borrowings
for The Hunt Apartments and Greenbriar Apartments due to an increase in the
average interest rate on such financings partially offset by (ii) a decrease
of $6,077 on other borrowings due to the slight amortization of principal
balances on such borrowings.

General and administrative expenses increased $46,904 (approximately 1%) for
the quarter ended September 30, 2000, compared to the same period in 1999.
This increase is primarily due to an increase in salaries and related
expenses.

Comparison of the Nine Months Ended September 30, 2000 and September 30, 1999

Rental income increased $1,573,153 (approximately 10%) for the nine months
ended September 30, 2000, compared to the same period in 1999.  Approximately
$1,019,550 of such increase is due to the acquisition of Oakwell Farms
Apartments in April 1999.  The remaining $553,603 increase is the net result
of increased rental income of $575,170 earned by 11 of the Partnership's other
13 properties which was partially offset by decreased rental income of $21,567
earned by two properties.  Rental income increases for the 11 properties
averaged 11.8% while rental income decreases for the two properties averaged
1.6%.  Average occupancy for the nine months ended September 30, 2000, was 97%
compared to 96% for the comparable period of 1999.

Interest income increased $285,161 (approximately 65%) for the nine months
ended September 30, 2000, compared to the same period in 1999 primarily 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 $877,271 (approximately 12%) for the
nine months ended September 30, 2000, compared to the same period in 1999.
This increase is attributable to:  (i) an increase of $509,152 due to the
acquisition of Oakwell Farms Apartments in April 1999; (ii) a $109,120
increase for Coral Point due primarily to higher repairs and maintenance
expenses and salaries and related expenses; (iii) a $78,563 increase for The
Hunt Apartments due primarily to estimated taxes, higher salaries and related
expenses, and increased repairs and maintenance expenses; (iv) increases of
approximately $60,000 each for Jackson Park Place and St. Andrews at Westwood
Apartments due primarily to higher repairs and maintenance expenses,  salaries
and related expenses and taxes and (v) net increases of approximately $60,000
for the Partnership's other properties.

Depreciation expense increased $146,887 (approximately 5%) for the nine months
ended September 30, 2000, compared to the same period in 1999.  This increase
is primarily attributable to depreciation incurred on Oakwell Farms Apartments
which was acquired in April 1999, partially offset by a decrease in
depreciation expense by the Partnership's commercial property during the
quarter ended September 30, 2000, due to certain assets becoming fully
depreciated.

Interest expense increased $355,449 (approximately 13%) for the nine months
ended September 30, 2000, compared to the same period in 1999.  This increase
is primarily due to: (i) an increase of $289,880 due to the acquisition of
Oakwell Apartments in April 1999 and (ii) an increase of $84,445 on the
variable-rate borrowings of The Hunt Apartments and Greenbriar Apartments due
to an increase in the average interest rate on such borrowings partially

<PAGE>                              - 11 -

offset by (iii) a decrease of $18,876 on other borrowings due to the slight
amortization of principal balances on such borrowings.

General and administrative expenses remained relatively constant for
the nine months ended September 30, 2000 compared to the same period in 1999.

Funds from Operations

Funds from operations, (FFO) which, for the Partnership, consists of net
income plus depreciation of real estate assets, increased approximately
$69,843 or 4% for the quarter ended September 30, 2000, compared to the same
period in 1999.  Funds from operations was $1,711,818 for the quarter ended
September 30, 2000 compared to $1,641,975 for the same period of 1999.  FFO
increased approximately $626,359 or 14% for the nine months ended September
30, 2000, compared to the same period in 1999.  Funds from operations was
$5,244,348 for the nine months ended September 30, 2000 compared to $4,617,989
for the same period of 1999.  FFO is not defined by generally accepted
accounting principles nor should it be considered as an alternative to net
income as an indication of operating performance or to net cash provided by
operating, investing and financing activities as a measure of liquidity.  The
Partnership believes that FFO is helpful in understanding the Partnership's
results of operations in that such calculation reflects the Partnership's
ability to support interest payments and general operating expenses before the
impact of certain activities such as changes in other assets and accounts
payable.  The Partnership's calculation of FFO may differ from the methodology
for calculating FFO utilized by other entities and, accordingly, may not be
comparable to such other entities.

New Accounting Pronouncement

The Partnership plans to adopt Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS 133)
effective January 1, 2001.  Management is currently evaluating the effects of
adopting this statement and does not anticipate that such adoption will have a
material impact on the financial statements of the Partnership.

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>                               - 12 -

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>                              - 13 -

              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>                              - 14 -
	                                  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:  November 10, 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>                               - 15 -