-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IwByFjIk7N4KqNgmA1ZiaBcjqlPK7TY9FkeBvNhCK6E61ymcLLCmlkG0/deeZZ7b
 Yf72y/3MoBDJJhQ7EYf0fw==

<SEC-DOCUMENT>0001209191-08-018028.txt : 20080313
<SEC-HEADER>0001209191-08-018028.hdr.sgml : 20080313
<ACCEPTANCE-DATETIME>20080313171527
ACCESSION NUMBER:		0001209191-08-018028
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080312
FILED AS OF DATE:		20080313
DATE AS OF CHANGE:		20080313

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICA FIRST TAX EXEMPT INVESTORS LP
		CENTRAL INDEX KEY:			0001059142
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				470810385
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1004 FARNAM ST
		STREET 2:		STE 400
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102
		BUSINESS PHONE:		4024441630

	MAIL ADDRESS:	
		STREET 1:		1004 FARNAM ST
		STREET 2:		STE 400
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			YANNEY MICHAEL B
		CENTRAL INDEX KEY:			0001178655

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24843
		FILM NUMBER:		08686866

	BUSINESS ADDRESS:	
		STREET 1:		C/O RCN CORP
		STREET 2:		105 CARNEGIE CENTER
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540
		BUSINESS PHONE:		6097343700
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c24854_01mby.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-03-12</periodOfReport>

    <issuer>
        <issuerCik>0001059142</issuerCik>
        <issuerName>AMERICA FIRST TAX EXEMPT INVESTORS LP</issuerName>
        <issuerTradingSymbol>ATAXZ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001178655</rptOwnerCik>
            <rptOwnerName>YANNEY MICHAEL B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1004 FARNAM STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>OMAHA</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle>Chairman of GP of GP</officerTitle>
            <otherText>Director of GP of GP</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Beneficial Unit Certificates</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2008-03-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3100</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.5476</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>53100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Burlington Capital Group, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Beneficial Unit Certificates</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by The Burlington Capital Group, LLC, the general partner of the general partner of America First Tax Exempt Investors L.P.  The reporting person has a beneficial ownership interest in, and is a director and Chairman of the Burlington Capital Group, LLC and is deemed to have a pecuniary interest in the Beneficial Unit Certificates due to her ownership interest in The Burlington Capital Group, LLC.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael B. Yanney</signatureName>
        <signatureDate>2008-03-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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