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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-_____
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As filed with the Securities and Exchange Commission on June&nbsp;23, 2006

</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Registration Statement<BR>
Under the Securities Act of 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">AMERICA FIRST APARTMENT INVESTORS, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">47-0858301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Suite&nbsp;100, 1004 Farnam Street</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Omaha, Nebraska
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">68102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AMERICA FIRST APARTMENT INVESTORS, INC.</B><BR>
<U><B>2006 EQUITY INCENTIVE PLAN</B></U></DIV>

<DIV align="center" style="font-size: 10pt">(Full title of the plan)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John H. Cassidy<BR>
President &#038; Chief Executive Officer<BR>
America First Apartment Investors, Inc.<BR>
Suite&nbsp;100, 1004 Farnam Street</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Omaha, Nebraska 68102
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(402) 557-6360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Name and address of agent for service)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Telephone number, including area</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">code, of agent for service)</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U> Copies to: </U><BR>
Steven P. Amen<BR>
Kutak Rock LLP<BR>
1650 Farnam Street<BR>
Omaha, Nebraska 68102<BR>
(402)&nbsp;346-6000</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calculation of Registration Fee</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to Be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering Price</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate Offering</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Share</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price<SUP style="font-size: 85%; vertical-align: text-top">)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration Fee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $0.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000" nowrap>750,000 shares previously registered<SUP style="font-size: 85%; vertical-align: text-top">(1)</sup></TD>
    <TD style="border-right: 2px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">N/A</TD>
    <TD nowrap style="border-top: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">N/A</TD>
    <TD nowrap style="border-top: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">N/A</TD>
    <TD nowrap style="border-top: 1px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement is (i)&nbsp;a new Registration Statement; and (ii)&nbsp;a
Post-Effective Amendment No.&nbsp;1 to the Registrant&#146;s registration statement on Form S-8 (File No.
333-104433), as filed with the Securities and Exchange Commission on April&nbsp;10, 2003 (the &#147;2003
Registration Statement&#148;). Pursuant to the 2003 Registration Statement, 750,000 shares of the
Registrant&#146;s Common Stock were registered for issuance under the Registrant&#146;s 2002 Stock Option
Plan (the &#147;2002 Plan&#148;).
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement registers up to 750,000 shares of Common Stock
which were previously registered under the 2003 Registration Statement for offer or sale under the
2002 Plan and which may be offered or sold under the 2006 Plan (the &#147;Carried Forward Shares&#148;). In
addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement also covers such additional shares of Common Stock as may be
offered or issued to prevent dilution resulting from stock splits, stock dividends and similar
transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Carried Forward Shares were previously registered under the 2003
Registration Statement and a fee was paid with such 2003 Registration Statement; therefore, no
filing fee with respect to the Carried Forward Shares is required pursuant to Interpretation 89
under Section&nbsp;G of the Securities and Exchange Commission Division of Corporate Finance Manual of
Publicly Available Telephone Interpretations (July&nbsp;1997) and Instruction E to the General
Instructions to Form S-8. The Post-Effective Amendment to the 2003 Registration Statement is filed
here to reallocate the Carried Forward Shares from the 2003 Registration Statement and to carry
over the registration fees paid for the Carried Forward Shares from the 2003 Registration
Statement.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="d37290exv5.htm">Opinion/Consent of Kutak Rock LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="d37290exv23wxby.htm">Consent of Deloitte & Touche LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="d37290exv23wxcy.htm">Consent of KPMG LLP</A></TD></TR>
</TABLE>
</CENTER>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY STATEMENT PURSUANT TO GENERAL INSTRUCTION E TO<BR>
FORM S-8</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;America First Apartment Investors, Inc. (the &#147;Registrant&#148;) has filed this Registration
Statement to register under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) the offer
and sale of 750,000 shares of Common Stock, par value $0.01 per share, of the Registrant, which
were previously registered (as further described below), pursuant to the America First Apartment
Investors, Inc. 2002 Stock Option Plan (the &#147;2002 Plan&#148;). This Registration Statement is (i)&nbsp;a new
Registration Statement; and (ii)&nbsp;a Post-Effective Amendment No.&nbsp;1 to the Registrant&#146;s registration
statement on Form S-8 (File No.&nbsp;333-104433), as filed with the Securities and Exchange Commission
on April&nbsp;10, 2003 (the &#147;2003 Registration Statement&#148;). The 750,000 shares of the Registrant&#146;s
Common Stock registered hereby were previously registered for issuance under the Registrant&#146;s 2003
Registration Statement for offer and sale pursuant to the Registrant&#146;s 2002 Stock Option Plan (the
&#147;2002 Plan&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Board of Directors adopted, subject to stockholder approval, amendments to
the 2002 Plan and renamed it the America First Apartment Investors, Inc. 2006 Equity Incentive Plan
(as amended, the &#147;2006 Plan&#148;). On May&nbsp;9, 2006, the 2006 Plan was approved by the stockholders at
the Registrant&#146;s annual meeting of stockholders. The Registrant desires to have the shares of
Common Stock registered hereunder and issuable pursuant to the 2006 Plan to include those shares of
Common Stock described above whose offer and sale were registered under the 2003 Registration
Statement. The shares carried over from the 2003 Registration Statement are no longer available for
new awards under the 2002 Plan. The maximum number of shares of the Registrant&#146;s common stock that
can be issued under the 2006 Plan (in conjunction with shares issued under the 2002 Plan) may not
exceed 750,000 which is the maximum number that could be issued under the 2002 Plan. This
Registration Statement registers up to 750,000 shares of Common Stock which were previously
registered under the 2003 Registration Statement for offer or sale under the 2002 Plan and which
may be offered or sold under the 2006 Plan (the &#147;Carried Forward Shares&#148;). Pursuant to Rule 416(a)
of the Securities Act, this Registration Statement also covers any additional shares of the
Registrant&#146;s Common Stock that become issuable under the 2006 Plan and the 2002 Plan by reason of
any stock dividend, stock split, recapitalization or other similar transaction effected without
receipt of consideration that increases the number of outstanding shares of the Registrant&#146;s Common
Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently, in accordance with the Interpretation 89 under Section&nbsp;G of the Securities and
Exchange Commission Division of Corporate Finance Manual of Publicly Available
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone Interpretations (July&nbsp;1997) and Instruction E to the General Instructions to Form
S-8: (a)&nbsp;the Registrant is carrying over the Carried Forward Shares from the 2003 Registration
Statement, of all which shares may be offered and sold under the 2006 Plan pursuant to this
Registration Statement; (b)&nbsp;the registration fee allocable to the Carried Forward Shares carried
over from the 2003 Registration Statement and paid in connection with the 2003 Registration
Statement is carried over in this Registration Statement; and (c)&nbsp;the 2003 Registration Statement
is being amended on a post-effective basis to disclose that all shares of Common Stock will be
carried forward from the 2003 Registration Statement to this Registration Statement.
</DIV>
<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>
<!-- link2 "Item&nbsp;1. Plan Information" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. </B><I>Plan Information.*</I>
</DIV>

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;2. </B><I>Registrant Information and Employee Plan Annual Information</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* As permitted by Rule&nbsp;428 under the Securities Act, this Registration Statement omits the
information specified in Part&nbsp;I of Form S-8. The documents containing the information specified in
Part&nbsp;I will be delivered to the participants in the plan covered by this Registration Statement as
required by Rule&nbsp;428(b). Such documents are not being filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act.
</DIV>

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. </B><I>Incorporation of Documents by Reference</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, previously filed with the Securities and Exchange Commission by
America First Apartment Investors, Inc. (the &#147;Registrant&#148;) pursuant to Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), are incorporated herein by reference:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registrant&#146;s Annual Report on Form 10-K filed for the year ended December&nbsp;31,
2005;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31,
2006;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Exchange Act since December&nbsp;31, 2005; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the description of the Registrant&#146;s Capital Stock contained in Amendment No.&nbsp;4 to
the Registrant&#146;s Registration Statement on Form S-4 (Registration No.&nbsp;333-90690) filed with
the Securities and Exchange Commission on September&nbsp;20, 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each document filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">post-effective amendment that indicates that all securities offered herein have been sold or
that deregisters all such securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the respective date of filing
such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document that also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4</B>. <I>Description of Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. </B><I>Interests of Named Experts and Counsel.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. </B><I>Indemnification of Directors and Officers</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by MGCL, Article&nbsp;Eighth, Paragraph (a)(5) of the Registrant&#146;s Amended and
Restated Articles of Incorporation provides for indemnification of the Registrant&#146;s directors and
officers, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may provide any indemnification permitted by the general laws of
Maryland and shall indemnify current and former directors, officers, agents and employees as
follows: (i)&nbsp;the Corporation shall indemnify its directors and officers, whether serving the
Corporation, or at its request, any other entity, to the full extent required or permitted
by the general laws of the State of Maryland now or hereafter in force, including the
advance of expenses under the procedures and to the full extent permitted by law and (ii)
the Corporation shall indemnify other employees and agents, whether serving the Corporation
or at its request any other entity, to such extent as shall be authorized by the Board of
Directors or the Corporation&#146;s Bylaws and be permitted by law. The foregoing rights of
indemnification shall not be exclusive of any other rights to which those seeking
indemnification may be entitled. The Board of Directors may take such action as is
necessary to carry out these indemnification provisions and is expressly empowered to adopt,
approve and amend from time to time such bylaws, resolutions or contracts implementing such
provisions or such further indemnification arrangements as may be permitted by law. No
amendment of the Charter of the Corporation or repeal of any of its provisions shall limit
or eliminate the right to indemnification provided hereunder with respect to acts or
omissions occurring prior to such amendment or repeal or shall limit or eliminate the rights
granted under indemnification agreements entered into by the Corporation and its directors,
officers, agents and employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Bylaws contain indemnification procedures that implement those of the
Registrant&#146;s Articles of Incorporation. The MGCL permits a corporation to indemnify its directors
and officers, among others, against judgments, penalties, fines, settlements and
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made a party by reason of their service in those or other capacities, unless it is
established that (a)&nbsp;the act or omission of the director or officer was material to the matter
giving rise to the proceeding and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was the result of active
and deliberate dishonesty, (b)&nbsp;the director or officer actually received an improper personal
benefit or profit in money, property or services, or (c)&nbsp;in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the action or omission was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the MGCL, Article&nbsp;Eighth, Paragraph (a)(6) of the Registrant&#146;s Articles of
Incorporation provides for limitation of liability of the Registrant&#146;s directors and officers as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by Maryland statutory or decisional law, as amended or
interpreted, no current and former director or officer of the Corporation shall be
personally liable to the Corporation or its stockholders for money damages. No amendment of
the Charter of the Corporation or repeal of any of its provisions shall limit or eliminate
the benefits provided to directors and officers under this provision with respect to any act
or omission which occurred prior to such amendment or repeal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL permits the charter of a Maryland corporation to include a provision limiting the
liability of its directors and officers to the corporation and its stockholders for money damages,
except to the extent that (i)&nbsp;it is proved that the person actually received an improper personal
benefit or profit in money, property or services, or (ii)&nbsp;a judgment or other final adjudication is
entered in a proceeding based on a finding that the person&#146;s action, or failure to act, was the
result of active and deliberate dishonesty and was material to the cause of action adjudicated in
the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted under Section&nbsp;2-418(k) of the MGCL, we have purchased and maintain insurance on
behalf of the Registrant&#146;s directors and officers against any liability asserted against such
directors and officers in their capacities as such. The general effect to investors of any
arrangement under which any of the Registrant&#146;s controlling persons, directors or officers are
insured or indemnified against liability is a potential reduction in dividends resulting from the
Registrant&#146;s payment of premiums associated with insurance or payments of indemnification amounts.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. </B><I>Exemption from Registration Claimed.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. </B><I>Exhibits.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a complete list of exhibits filed as part of this Registration Statement.
Exhibit numbers correspond to the numbers in the Exhibit&nbsp;Table of Item&nbsp;601 of Regulation&nbsp;S-K.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Certificate of the Registrant&#146;s Common Stock, par value
$0.01 per share (incorporated by reference to Exhibit&nbsp;4.1 of the
Registrant&#146;s Registration
Statement on Form&nbsp;S-4 (Commission file No.
333-90690) dated June&nbsp;18, 2002)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s 2006 Equity Incentive Plan (incorporated by reference to Exhibit&nbsp;B of the Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed with the Commission on April&nbsp;4, 2006)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kutak Rock LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kutak Rock LLP (contained in its opinion filed as Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. </B><I>Undertakings</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any material
change to such information in this registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however</I>, That:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for purposes of determining any liability under the Securities Act, each
filing of the Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act that is incorporated by reference in this Registration Statement
shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) That, insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the Registrant as
described in Item&nbsp;6 hereof or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on June&nbsp;23,
2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AMERICA FIRST APARTMENT<BR>
INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John H. Cassidy
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John H. Cassidy,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities indicated as of June&nbsp;23, 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael Yanney
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael Yanney
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John H. Cassidy
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John H. Cassidy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer <BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul L. Beldin
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul L. Beldin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer (Principal Financial Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ George J. Behringer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George J. Behringer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ George V. Janzen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George V. Janzen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George H. Krauss
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gregor Medinger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Lisa Y. Roskens
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Lisa Y. Roskens
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven W. Seline
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven W. Seline
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Certificate of the Registrant&#146;s Common Stock, par value
$0.01 per share (incorporated by reference to Exhibit&nbsp;4.1 of the
Registrant&#146;s Registration Statement on Form&nbsp;S-4 (Commission file No.
333-90690) dated June&nbsp;18, 2002)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s 2006 Equity Incentive Plan (incorporated by reference to Exhibit&nbsp;B of the Registrant&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed with the Commission on April&nbsp;4, 2006)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kutak Rock LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kutak Rock LLP (contained in its opinion filed as Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
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</DIV>


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</DIV>

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</HTML>
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sv8
Table of Contents
Registration No. 333-_____
As filed with the Securities and Exchange Commission on June 23, 2006
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
Registration Statement
Under the Securities Act of 1933
AMERICA FIRST APARTMENT INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Maryland
47-0858301
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Suite 100, 1004 Farnam Street
Omaha, Nebraska
68102
(Address of principal executive offices)
(Zip code)
AMERICA FIRST APARTMENT INVESTORS, INC.
2006 EQUITY INCENTIVE PLAN
(Full title of the plan)
John H. Cassidy
President & Chief Executive Officer
America First Apartment Investors, Inc.
Suite 100, 1004 Farnam Street
Omaha, Nebraska 68102
(402) 557-6360
(Name and address of agent for service)
(Telephone number, including area
code, of agent for service)
Copies to:
Steven P. Amen
Kutak Rock LLP
1650 Farnam Street
Omaha, Nebraska 68102
(402) 346-6000
Calculation of Registration Fee
Proposed Maximum
Proposed Maximum
Title of Securities
Amount to Be
Offering Price
Aggregate Offering
Amount of
to be Registered
Registered
Per Share
Price
)
Registration Fee
Common Stock, par value $0.01 per share
750,000 shares previously registered
(1)
$
N/A
(2)
$
N/A
(2)
$
N/A
(2)
This Registration Statement is (i) a new Registration Statement; and (ii) a
Post-Effective Amendment No. 1 to the Registrant's registration statement on Form S-8 (File No.
333-104433), as filed with the Securities and Exchange Commission on April 10, 2003 (the "2003
Registration Statement"). Pursuant to the 2003 Registration Statement, 750,000 shares of the
Registrant's Common Stock were registered for issuance under the Registrant's 2002 Stock Option
Plan (the "2002 Plan").
(1)
This Registration Statement registers up to 750,000 shares of Common Stock
which were previously registered under the 2003 Registration Statement for offer or sale under the
2002 Plan and which may be offered or sold under the 2006 Plan (the "Carried Forward Shares"). In
addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement also covers such additional shares of Common Stock as may be
offered or issued to prevent dilution resulting from stock splits, stock dividends and similar
transactions.
(2)
The Carried Forward Shares were previously registered under the 2003
Registration Statement and a fee was paid with such 2003 Registration Statement; therefore, no
filing fee with respect to the Carried Forward Shares is required pursuant to Interpretation 89
under Section G of the Securities and Exchange Commission Division of Corporate Finance Manual of
Publicly Available Telephone Interpretations (July 1997) and Instruction E to the General
Instructions to Form S-8. The Post-Effective Amendment to the 2003 Registration Statement is filed
here to reallocate the Carried Forward Shares from the 2003 Registration Statement and to carry
over the registration fees paid for the Carried Forward Shares from the 2003 Registration
Statement.
TABLE OF CONTENTS
PART I
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
Opinion/Consent of Kutak Rock LLP
Consent of Deloitte & Touche LLP
Consent of KPMG LLP
Table of Contents
EXPLANATORY STATEMENT PURSUANT TO GENERAL INSTRUCTION E TO
FORM S-8
America First Apartment Investors, Inc. (the "Registrant") has filed this Registration
Statement to register under the Securities Act of 1933, as amended (the "Securities Act") the offer
and sale of 750,000 shares of Common Stock, par value $0.01 per share, of the Registrant, which
were previously registered (as further described below), pursuant to the America First Apartment
Investors, Inc. 2002 Stock Option Plan (the "2002 Plan"). This Registration Statement is (i) a new
Registration Statement; and (ii) a Post-Effective Amendment No. 1 to the Registrant's registration
statement on Form S-8 (File No. 333-104433), as filed with the Securities and Exchange Commission
on April 10, 2003 (the "2003 Registration Statement"). The 750,000 shares of the Registrant's
Common Stock registered hereby were previously registered for issuance under the Registrant's 2003
Registration Statement for offer and sale pursuant to the Registrant's 2002 Stock Option Plan (the
"2002 Plan").
The Registrant's Board of Directors adopted, subject to stockholder approval, amendments to
the 2002 Plan and renamed it the America First Apartment Investors, Inc. 2006 Equity Incentive Plan
(as amended, the "2006 Plan"). On May 9, 2006, the 2006 Plan was approved by the stockholders at
the Registrant's annual meeting of stockholders. The Registrant desires to have the shares of
Common Stock registered hereunder and issuable pursuant to the 2006 Plan to include those shares of
Common Stock described above whose offer and sale were registered under the 2003 Registration
Statement. The shares carried over from the 2003 Registration Statement are no longer available for
new awards under the 2002 Plan. The maximum number of shares of the Registrant's common stock that
can be issued under the 2006 Plan (in conjunction with shares issued under the 2002 Plan) may not
exceed 750,000 which is the maximum number that could be issued under the 2002 Plan. This
Registration Statement registers up to 750,000 shares of Common Stock which were previously
registered under the 2003 Registration Statement for offer or sale under the 2002 Plan and which
may be offered or sold under the 2006 Plan (the "Carried Forward Shares"). Pursuant to Rule 416(a)
of the Securities Act, this Registration Statement also covers any additional shares of the
Registrant's Common Stock that become issuable under the 2006 Plan and the 2002 Plan by reason of
any stock dividend, stock split, recapitalization or other similar transaction effected without
receipt of consideration that increases the number of outstanding shares of the Registrant's Common
Stock.
Consequently, in accordance with the Interpretation 89 under Section G of the Securities and
Exchange Commission Division of Corporate Finance Manual of Publicly Available
2
Table of Contents
Telephone Interpretations (July 1997) and Instruction E to the General Instructions to Form
S-8: (a) the Registrant is carrying over the Carried Forward Shares from the 2003 Registration
Statement, of all which shares may be offered and sold under the 2006 Plan pursuant to this
Registration Statement; (b) the registration fee allocable to the Carried Forward Shares carried
over from the 2003 Registration Statement and paid in connection with the 2003 Registration
Statement is carried over in this Registration Statement; and (c) the 2003 Registration Statement
is being amended on a post-effective basis to disclose that all shares of Common Stock will be
carried forward from the 2003 Registration Statement to this Registration Statement.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan Information.*
Item 2.
Registrant Information and Employee Plan Annual Information
.
* As permitted by Rule 428 under the Securities Act, this Registration Statement omits the
information specified in Part I of Form S-8. The documents containing the information specified in
Part I will be delivered to the participants in the plan covered by this Registration Statement as
required by Rule 428(b). Such documents are not being filed with the Securities and Exchange
Commission (the "Commission") as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents, previously filed with the Securities and Exchange Commission by
America First Apartment Investors, Inc. (the "Registrant") pursuant to Securities Exchange Act of
1934, as amended (the "Exchange Act"), are incorporated herein by reference:
(a) the Registrant's Annual Report on Form 10-K filed for the year ended December 31,
2005;
(b) the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31,
2006;
(c) all other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Exchange Act since December 31, 2005; and
(d) the description of the Registrant's Capital Stock contained in Amendment No. 4 to
the Registrant's Registration Statement on Form S-4 (Registration No. 333-90690) filed with
the Securities and Exchange Commission on September 20, 2002.
Each document filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a
3
Table of Contents
post-effective amendment that indicates that all securities offered herein have been sold or
that deregisters all such securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the respective date of filing
such documents.
Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document that also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
Item 4
.
Description of Securities.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers
.
As permitted by MGCL, Article Eighth, Paragraph (a)(5) of the Registrant's Amended and
Restated Articles of Incorporation provides for indemnification of the Registrant's directors and
officers, as follows:
The Corporation may provide any indemnification permitted by the general laws of
Maryland and shall indemnify current and former directors, officers, agents and employees as
follows: (i) the Corporation shall indemnify its directors and officers, whether serving the
Corporation, or at its request, any other entity, to the full extent required or permitted
by the general laws of the State of Maryland now or hereafter in force, including the
advance of expenses under the procedures and to the full extent permitted by law and (ii)
the Corporation shall indemnify other employees and agents, whether serving the Corporation
or at its request any other entity, to such extent as shall be authorized by the Board of
Directors or the Corporation's Bylaws and be permitted by law. The foregoing rights of
indemnification shall not be exclusive of any other rights to which those seeking
indemnification may be entitled. The Board of Directors may take such action as is
necessary to carry out these indemnification provisions and is expressly empowered to adopt,
approve and amend from time to time such bylaws, resolutions or contracts implementing such
provisions or such further indemnification arrangements as may be permitted by law. No
amendment of the Charter of the Corporation or repeal of any of its provisions shall limit
or eliminate the right to indemnification provided hereunder with respect to acts or
omissions occurring prior to such amendment or repeal or shall limit or eliminate the rights
granted under indemnification agreements entered into by the Corporation and its directors,
officers, agents and employees.
The Registrant's Bylaws contain indemnification procedures that implement those of the
Registrant's Articles of Incorporation. The MGCL permits a corporation to indemnify its directors
and officers, among others, against judgments, penalties, fines, settlements and
4
Table of Contents
reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made a party by reason of their service in those or other capacities, unless it is
established that (a) the act or omission of the director or officer was material to the matter
giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active
and deliberate dishonesty, (b) the director or officer actually received an improper personal
benefit or profit in money, property or services, or (c) in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the action or omission was unlawful.
As permitted by the MGCL, Article Eighth, Paragraph (a)(6) of the Registrant's Articles of
Incorporation provides for limitation of liability of the Registrant's directors and officers as
follows:
To the fullest extent permitted by Maryland statutory or decisional law, as amended or
interpreted, no current and former director or officer of the Corporation shall be
personally liable to the Corporation or its stockholders for money damages. No amendment of
the Charter of the Corporation or repeal of any of its provisions shall limit or eliminate
the benefits provided to directors and officers under this provision with respect to any act
or omission which occurred prior to such amendment or repeal.
The MGCL permits the charter of a Maryland corporation to include a provision limiting the
liability of its directors and officers to the corporation and its stockholders for money damages,
except to the extent that (i) it is proved that the person actually received an improper personal
benefit or profit in money, property or services, or (ii) a judgment or other final adjudication is
entered in a proceeding based on a finding that the person's action, or failure to act, was the
result of active and deliberate dishonesty and was material to the cause of action adjudicated in
the proceeding.
As permitted under Section 2-418(k) of the MGCL, we have purchased and maintain insurance on
behalf of the Registrant's directors and officers against any liability asserted against such
directors and officers in their capacities as such. The general effect to investors of any
arrangement under which any of the Registrant's controlling persons, directors or officers are
insured or indemnified against liability is a potential reduction in dividends resulting from the
Registrant's payment of premiums associated with insurance or payments of indemnification amounts.
Item 7.
Exemption from Registration Claimed.
Not Applicable
Item 8.
Exhibits.
The following is a complete list of exhibits filed as part of this Registration Statement.
Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.
Exhibit
Number
Description
4(a)
Specimen of Certificate of the Registrant's Common Stock, par value
$0.01 per share (incorporated by reference to Exhibit 4.1 of the
Registrant's Registration
Statement on Form S-4 (Commission file No.
333-90690) dated June 18, 2002)
5
Table of Contents
Exhibit
Number
Description
4(b)
The Registrant's 2006 Equity Incentive Plan (incorporated by reference to Exhibit B of the Registrant's Definitive Proxy Statement on Schedule 14A filed with the Commission on April 4, 2006)
5
Opinion of Kutak Rock LLP
23(a)
Consent of Kutak Rock LLP (contained in its opinion filed as Exhibit 5)
23(b)
Consent of Deloitte & Touche LLP
23(c)
Consent of KPMG LLP
Item 9.
Undertakings
The undersigned Registrant hereby undertakes:
(a)(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20 percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any material
change to such information in this registration statement;
Provided, however
, That:
Paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement
6
Table of Contents
relating to the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) That, for purposes of determining any liability under the Securities Act, each
filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act that is incorporated by reference in this Registration Statement
shall be deemed to be a new Registration Statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(h) That, insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the Registrant as
described in Item 6 hereof or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
7
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on June 23,
2006.
AMERICA FIRST APARTMENT
INVESTORS, INC.
By
/s/ John H. Cassidy
John H. Cassidy,
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities indicated as of June 23, 2006.
Signature
Title
/s/ Michael Yanney
Michael Yanney
Chairman of the Board and Director
/s/ John H. Cassidy
John H. Cassidy
President and Chief Executive
Officer
(Principal Executive Officer)
/s/ Paul L. Beldin
Paul L. Beldin
Chief Financial Officer (Principal Financial Officer)
/s/ George J. Behringer
George J. Behringer
Director
/s/ George V. Janzen
George V. Janzen
Director
George H. Krauss
Director
Gregor Medinger
Director
/s/ Lisa Y. Roskens
Lisa Y. Roskens
Director
/s/ Steven W. Seline
Steven W. Seline
Director
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
4(a)
Specimen of Certificate of the Registrant's Common Stock, par value
$0.01 per share (incorporated by reference to Exhibit 4.1 of the
Registrant's Registration Statement on Form S-4 (Commission file No.
333-90690) dated June 18, 2002)
4(b)
The Registrant's 2006 Equity Incentive Plan (incorporated by reference to Exhibit B of the Registrant's Definitive Proxy Statement on Schedule 14A filed with the Commission on April 4, 2006)
5
Opinion of Kutak Rock LLP
23(a)
Consent of Kutak Rock LLP (contained in its opinion filed as Exhibit 5)
23(b)
Consent of Deloitte & Touche LLP
23(c)
Consent of KPMG LLP