Exhibit 99.1

Supplemental Financial Report for the

Quarter Ended March 31, 2021

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

All statements in this document other than statements of historical facts, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This document may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this supplement and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings “Item 1A Risk Factors” in our 2020 Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements are subject to various risks and uncertainties and America First Multifamily Investors, L.P. (“ATAX” or “Partnership”) expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Most, but not all, of the selected financial information furnished herein is derived from the America First Multifamily Investors, L.P.’s consolidated financial statements and related notes prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Forms 10-K and 10-Q. The Partnership’s annual consolidated financial statements were subject to an independent audit, dated February 25, 2021.

Disclosure Regarding Non-GAAP Measures

This document refers to certain financial measures that are identified as non-GAAP. We believe these non-GAAP measures are helpful to investors because they are the key information used by management to analyze our operations. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures.

Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q.  Our GAAP consolidated financial statements can be located upon searching for the Partnership’s filings at www.sec.gov.

PARTNERSHIP FINANCIAL INFORMATION

TABLE OF CONTENTS

AMERICA FIRST MULTIFAMILY INVESTORS L.P.

LETTER FROM THE CEO

I am very pleased with our operating results for our first quarter, as we continued to increase our shorter-term construction financing transactions and realized a gain on the redemption of one of our Vantage investments.

We reported the following financial results as of and for the three months ended March 31, 2021:

We reported the following notable transactions during the first quarter of 2021:

We continue to see consistent operating results from the properties underlying our MRB investments, with all such MRBs being current on contractual principal and interest payments as of March 31, 2021, and having received no requests for forbearance to date.

Our MRB investment in the Live 929 Apartments student housing property continues to operate under a forbearance agreement and is focused on lease-up for the upcoming Fall 2021 semester. Johns Hopkins University has announced that they expect a broad resumption of in-person classes this fall and will also require students returning to campus to have received a COVID-19 vaccination. The borrower on the Provision proton therapy center MRB filed for Chapter 11 bankruptcy in the fourth quarter of 2020 and we continue to work with the other bondholders and the bond trustee to protect our rights and maximize the value of our investment.

In our Vantage investment portfolio, we continue to see attractive investment opportunities and closed on a new investment for a property in Loveland, CO in April of 2020. We continue to see good leasing activity at the seven properties where construction is complete, with two properties having achieved over 90% physical occupancy and another one having achieved over 85% physical occupancy. We continue to see no material supply chain or labor disruptions on the Vantage properties under construction.  As we have seen in the past, the Vantage group, as the managing member of each property-owning entity, will position a property for sale upon stabilization. 

Our two student housing MF Properties have continued to perform consistently with 2020.  Both are covering all their obligations from property cash flow. Both the University of Nebraska and San Diego State University have announced their intentions for the Fall 2021 semester to be primarily in-person, on-campus learning.  Our two property managers are actively pre-leasing units for the fall semester.

Since we are still in a relatively low interest rate environment, we continue to be mindful of the absolute level of rates where we can originate new fixed income investments.  We have continued our focus on shorter duration investments where matched funding is more readily available and hedging is less costly. We will continue to look to strategically work with our strongest sponsors on new investment opportunities where traditional sources of capital may not currently be available. 

Thank you for your continued support of ATAX!

Kenneth C. Rogozinski

Chief Executive Officer

FIRST QUARTER 2021 FACT SHEET

ATAX ASSET PROFILE

ATAX MORTGAGE INVESTMENT PROFILE

¹ Mortgage Investments include the Partnership’s Mortgage Revenue Bonds and Governmental Issuer Loans.

ATAX DEBT AND EQUITY PROFILE

DEBT FINANCING, NET ($’s in 000’s)

INTEREST RATE SENSITIVITY ANALYSIS ⁽¹⁾

⁽¹⁾ Represents the change over the next 12 months assuming an immediate shift in rates and management does not adjust its strategy in response.

TOTAL REVENUE & GAIN ON SALE TRENDS

OPERATING EXPENSE TRENDS

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CASH AVAILABLE FOR DISTRIBUTION (CAD) AND OTHER PERFORMANCE MEASURES

The following table contains reconciliations of the Partnership’s GAAP net income to its CAD:

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

TAX INCOME INFORMATION RELATED TO BENEFICIAL UNIT CERTIFICATES

The following table summarizes tax-exempt and taxable income as percentages of total income allocated to the Partnership’s BUCs on Schedule K-1 for tax years 2018 to 2020. This disclosure relates only to income allocated to the Partnership’s BUCs and does not consider an individual unitholder’s basis in the BUCs or potential return of capital as such matters are dependent on the individual unitholders’ specific tax circumstances.