EXHIBIT 24

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following companies:

America First Apartment Investors, Inc.
America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 26th day of January 2005.

     
/s/
  Michael B. Yanney
  Michael B. Yanney

63


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as her agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 3rd day of February 2005.

     
/s/
  Mariann Byerwalter
  Mariann Byerwalter

64


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 6th day of February, 2005.

     
/s/
  William S. Carter M.D.
  William S. Carter M.D.

65


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 30th day of January, 2005.

     
/s/
  Patrick J. Jung
  Patrick J. Jung

66


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following companies:

America First Apartment Investors, Inc.
America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 10th day of February, 2005.

     
/s/
  George H. Krauss
  George H. Krauss

67


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004, and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 23rd day of January, 2005.

     
/s/
  Martin A. Massengale
  Martin A. Massengale

68


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as her agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 5th day of February, 2005.

     
/s/
  Gail Walling Yanney
  Gail Walling Yanney

69


 

POWER OF ATTORNEY

     The undersigned hereby appoints Michael J. Draper as his agent and attorney-in-fact for the purpose of executing and filing all reports on Form 10-K relating to the year ending December 31, 2004 and any amendments thereto, required to be filed with the Securities and Exchange Commission by the following company:

America First Tax Exempt Investors, L.P.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney on the 31st day of January, 2005.

     
/s/
  Clayton K. Yeutter
  Clayton K. Yeutter

70