Exhibit 99.1

May 2, 2016

America First Multifamily Investors, L.P. Reports First Quarter 2016 Earnings

Omaha, Nebraska – On May 2, 2016, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the “Partnership”) reported the following operating results:

The Partnership reported the following notable transactions during the first quarter of 2016:

Additionally, in March 2016, the Partnership issued, in a private placement, 1.0 million newly-designated non-cumulative, non-voting, non-convertible Series A Preferred Units pursuant to a subscription agreement with a financial institution resulting in $10.0 million in aggregate proceeds.  The units were issued as a private placement of up to a maximum of 10 million Series A Preferred Units at a subscription price of $10.00 per Unit.  The Partnership will use the proceeds received in the private placement to acquire mortgage revenue bonds that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily and student housing and commercial properties.

“This is a significant liquidity event for ATAX”, said Chad Daffer, Chief Executive Officer of America First Multifamily Investors, L.P.  “We have been able to attract new investors to the Partnership while not diluting our existing unitholders.  We intend to complete the private placement of the remainder of the Series A Preferred Units and reinvest the proceeds into core assets that will benefit our unitholders.”

In March 2016, through its wholly owned subsidiary, the Partnership closed on an investment to provide equity in a Limited Liability Company (“LLC”) totaling approximately $9.6 million, when fully invested, to build a new 288-unit multifamily residential property in Corpus Christi, Texas.  During Q1 2016, the Partnership has invested approximately $2.4 million.  The Partnership is the only limited equity investor in this LLC and it will account for

its investment by the equity method of accounting.  “We are encouraged by these equity investments as they align with the Partnership’s investment strategy and contribute to growth in CAD and total revenue”, said Daffer.

“As we look back at the first quarter of 2016’s results, we are pleased with the 11.1% increase in CAD,” said Daffer.  “We continue to “fine-tune” our overall strategy, execute on our business model and will continue to seek out new investment sources to attract non-dilutive capital to the Partnership.  We have successfully completed some key initiatives in the first quarter of 2016 that will enhance the return to our unitholders.  We will continue to seek out new investment opportunities that will benefit our unitholders throughout 2016.”

Disclosure Regarding Non-GAAP Measures

This report refers to Cash Available for Distribution, or CAD, which is identified as a non-GAAP financial measure.  The Partnership utilizes CAD as a means to determine our ability to make distributions to unitholders.  We believe CAD provides relevant information about our operations and is necessary along with net income for understanding our operating results.  Net income is the GAAP measure most comparable to CAD.  There is no generally accepted methodology for computing CAD, and our computation of CAD may not be comparable to CAD reported by other companies.  Although we consider CAD to be a useful measure of our operating performance, CAD is a non-GAAP measure and should not be considered as an alternative to net income or net cash flows from operating activities which are calculated in accordance with GAAP, or any other measures of financial performance or liquidity presented in accordance with GAAP.  See the table at the end of this press release for a reconciliation of our net income as determined in accordance with GAAP and our CAD for the periods set forth.

Nasdaq Bell Ringing and Earnings Webcast/ Conference Call

On May 3, 2016, the Partnership will visit the Nasdaq MarketSite in Times Square to ring the Nasdaq Stock Market Opening Bell in celebration of its 30^th anniversary as a Nasdaq listed company.  A live stream is available to watch ATAX “ring the bell” at http://livestream.com/Nasdaq/live.

In addition, the Partnership will host a webcast/earnings call for investors on Tuesday, May 3, 2016, at 10:30 a.m. Eastern Daylight Time to discuss its First Quarter 2016 results.  Participants can access the First Quarter 2016 Earnings Presentation in one of two ways:

Following the completion of the call, a recorded replay will be available on the Partnership’s Investor relations website at www.ataxfund.com.

About America First Multifamily Investors, L.P.

America First Multifamily Investors, L.P. was formed on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily and student housing properties and commercial properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis in order to (i) increase the amount of interest available for distribution to our unitholders; (ii) reduce risk through asset diversification and interest rate hedging; and (iii) achieve economies of scale.  The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes.  The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by the Partnership’s Amended and Restated Limited Partnership Agreement, dated September 15, 2015, taking advantage of attractive financing structures available in the securities

market, and entering into interest rate risk management instruments.  America First Multifamily Investors, L.P. press releases are available on the World Wide Web at www.ataxfund.com.

Safe Harbor Statement

Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2015. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GAAP to Non-GAAP Reconciliation of Partnership Net Income

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income as determined in accordance with GAAP to its CAD):