UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): ~~December~~March 215, ~~2006~~2007

America First Apartment Investors, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)


Maryland	000-49986	470858301
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

Suite 100, 1004 Farnam Street, Omaha, Nebraska		68102
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


Registrant’s telephone number, including area code:		(402) 557-6360

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.0102 ~~Completion~~Results of ~~Acquisition~~Operations orand ~~Disposition~~Financial ~~of Assets~~Condition.

On ~~December~~March 215, ~~2006~~2007, America First Apartment Investors, Inc. ~~(the~~issued ~~"Registrant"),~~a ~~through~~press arelease ~~wholly-owned~~announcing ~~subsidiary~~America First Apartment Investors, ~~closed~~Inc.’s onfinancial results for the ~~purchase~~full ofyear ~~the~~and ~~Cornerstone~~fourth ~~Apartments~~quarter ended December 31, a2006. A ~~420-unit~~copy ~~Apartment~~of ~~complex~~the ~~located~~press inrelease ~~Independence,~~is ~~Missouri~~being ~~pursuant~~furnished toherewith aas ~~purchase~~Exhibit ~~and~~99 ~~sale~~to ~~agreement~~this ~~with~~Current Report on Form 8-K.The ~~R&S~~information ~~Apartment~~referenced ~~Land~~in ,this ~~LLC,~~Current aReport ~~Missouri~~on ~~limited~~Form ~~liability~~8-K ~~company,~~(including ~~dated~~Exhibit ~~October~~99 ~~24,~~referenced ~~2006~~in Item 9.01 ~~The~~below) ~~purchase~~is ~~price~~being of"furnished" ~~the~~under ~~Cornerstone~~"Item ~~Apartments~~2.02. Results of ~~$37.5~~Operations ~~million~~and ~~was~~Financial ~~funded~~Condition" ~~with~~and, ~~approximately~~as ~~$12~~such, ~~million~~shall ofnot ~~cash~~be ~~and~~deemed ato ~~$25.5~~be ~~million~~"filed" ~~mortgage~~for ~~loan~~the ~~drawn~~purposes ~~upon~~of Section 18 of the ~~Registrant's~~Securities ~~credit~~Exchange ~~facility~~Act ~~with~~of ~~Wells~~1934, ~~Fargo~~as ~~Bank~~amended (the "Exchange Act"), ~~N.A.~~or ~~and~~otherwise ~~Fannie~~subject ~~Mae. The~~to ~~cash~~the ~~portion~~liabilities of ~~the~~that ~~purchase~~Section. The ~~price~~information ~~was~~set ~~funded~~forth byin ~~the~~this ~~November~~Current ~~2006~~Report ~~sale~~on ofForm ~~Delta~~8-K ~~Crossing~~(including ~~and~~Exhibit ~~the~~99 ~~release~~referenced ofin ~~cash~~Item ~~collateral~~9.01 nobelow) ~~longer~~shall ~~required~~not onbe ~~one~~incorporated ofby ~~the~~reference ~~Registrant's~~into ~~mortgage~~any ~~bonds.~~registration ~~There~~statement ~~are~~or noother ~~material~~document ~~relationships~~pursuant ~~between~~to the ~~Registrant~~Securities ~~and~~Act ~~its~~of ~~subsidiaries~~1933, onas ~~one~~amended ~~hand~~(the "Securities Act"), ~~and~~except ~~The~~as ~~R&S~~shall ~~Apartment~~be ~~Land,~~expressly ~~LLC~~set ~~and~~forth ~~its~~by ~~affiliates~~specific onreference ~~the~~in ~~other~~such ~~hand~~filing.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 28, 2006, the Registrant entered into a Master Credit Facility and Reimbursement Agreement (the "Facility") with Wells Fargo Bank, N.A. and Fannie Mae. The Facility was initially established for $70.5 million and may be expanded, with the consent of the lenders, by an additional $49.5 million (for a total of $120 million). The Facility provides the Registrant the ability to borrow to fund conventional mortgage loans at either fixed or variable interest rates. In addition, the Registrant can use the Facility to provide Fannie Mae credit enhancement for tax-exempt bond financings.In connection with the acquisition of the Cornerstone Apartments described in item 2.01 of this report, the Registrant drew down $25.5 million as conventional financing on the Facility. These borrowings mature on January 1, 2017, bear interest at a fixed rate of 5.44% and are secured by mortgages on the Cornerstone Apartments and the Registrant's other properties included within the Facility. For additional information regarding the Facility, see the Registrant's current report on Form 8-K filed on October 4, 2006.

Item 8.01 Other Events.

On December 21, 2006, the Registrant issued a press release announcing the completed acquisition of the Cornerstone Apartments. A copy of the press release is being furnished herewith as Exhibit 99 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a) The financial statements required by this item will be filed by amendment to this current report no later than 71 calendar days after December 28, 2006. (b) The pro forma financial information required by this item will be filed by amendment to this current report no later than 71 calendar days after December 28, 2006. (d) Exhibits (10) Multifamily Deed of Trust dated December 21, 2006. (99) Press release dated ~~December~~March 215, ~~2006~~2007, announcing America First Apartment Investors, Inc.'’s ~~completed~~financial ~~acquisition~~results offor the ~~Cornerstone~~full ~~Apartments~~year and quarter ended December 31, 2006.

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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 hereunto duly authorized.

	America First Apartment Investors, Inc.
December 28, 2006	By:	/s/ John H. Cassidy
March 7, 2007	By:	/s/ John H. Cassidy
		Name: John H. Cassidy
		Title: President and Chief Executive Officer

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Exhibit Index

Exhibit No.		Description
10		Multifamily Deed of Trust dated December 21, 2006.
99		Press release dated March 5, 2007, announcing America First Apartment Investors, Inc.'s financial results for the fourth quarter and full year ended December 31, 2006.
99		Press release dated December 21, 2006, announcing America First Apartment Investors, Inc.'s completed acquisition of the Cornerstone Apartments for $37.5 million.

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