America First Capital Associates Limited Partnership Two (the General Partner") is the general partner of the registrant, America First Multifamily Investors, L.P. (the Partnership). As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC") on August 30, 2019, Burlington Capital LLC (Burlington), Burlington Capital Structured Finance, LLC (BCSF, and collectively with Burlington, the Sellers), Greystone AF Manager LLC (Greystone Manager), and Greystone AF Holdings LLC (Greystone Holdings," and collectively with Greystone Manager, Greystone"), entered into a Partnership Interest Purchase Agreement (the Purchase Agreement") on August 29, 2019 pursuant to which Greystone agreed to acquire all of the issued and outstanding general and limited partnership interests in the General Partner from Burlington and BCSF for $80,000,000 in cash (the Purchase Price"), subject to adjustment pursuant to the terms of the Purchase Agreement (the Transaction"). The Transaction closed on September 10, 2019 (the Closing Date"), and on that date the General Partner became a wholly-owned subsidiary of Greystone. Neither the Partnership nor any of the equity interests in the Partnership were sold, disposed of, or otherwise transferred pursuant to the Purchase Agreement or any of the transactions contemplated by the Purchase Agreement. After the Closing Date, the General Partner remains the sole general partner of the Partnership. Effective upon the closing of the Transaction and as required by the Purchase Agreement, the members of the Board of Managers of Burlington (the Burlington Board"), namely Michael B. Yanney, Lisa Y. Roskens, William S. Carter, Walter K. Griffith, Patrick J. Jung, Michael O. Johanns, George H. Krauss, and Gail Walling Yanney, resigned their roles with respect to the Partnership, including in their capacities as the equivalent of directors of the Partnership (including any chairman capacities), and, as to Messrs. Griffith, Jung, and Johanns, as members of the Audit Committee of the Board. In addition, Greystone LB Holdings LLC, in its capacity as the sole member of Greystone Manager, appointed Jeffrey M. Baevsky, Drew C. Fletcher, Walter K. Griffith, Steven C. Lilly, William P. Mando, Jr., Curtis A. Pollock, and Stephen Rosenberg (collectively, the New Managers") as members of the Board of Managers of Greystone Manager (the Greystone Board"). In this regard, the New Managers will act in the capacity as directors of the Partnership. The respective terms of the New Managers in their capacities as directors of the Partnership became effective on the Closing Date. Effective as of the Closing Date, the Greystone Board appointed Messrs. Griffith, Lilly, and Mando to serve on the Audit Committee of the Greystone Board, which, in such capacity, also will act as the Audit Committee of the Partnership. Mr. Lilly will serve as the Chairman of the Audit Committee. The Greystone Board has affirmatively determined that each member of the Audit Committee meets the independence and experience standards established by the NASDAQ listing rules and the rules of the SEC. The Greystone Board also has reviewed the education and experience of all members of the Audit Committee and affirmatively determined that each of Mr. Lilly and Mr. Mando is an audit committee financial expert," as determined by the rules of the SEC. Jeffrey M. Baevsky, 59, is an Executive Managing Director of Corporate Finance and Capital Markets at Greystone & Co. Mr. Baevsky is responsible for the firm's banking relationships, credit lines, financing Greystone development projects, and new product development, as well as overseeing all of Greystone's capital markets activities. Since joining Greystone in 2014, Mr. Baevsky has led the closing of Greystone's inaugural debt fund, as well as three CLO offerings, one of which was the first in the market comprised solely of healthcare assets. Drew C. Fletcher, 40, is the President of Greystone Capital Advisors LLC where he has been employed since 2013. Mr. Fletcher brings over 20 years of commercial real estate experience arranging creative debt and equity solutions for institutional and private commercial property owners and developers, and providing strategic advisory services for institutions, investors and borrowers Walter K. Griffith, 69, is of counsel to Norris George & Ostrow PLLC since October 2017. Prior to that he was an affordable housing consultant since retiring from the Federal Home Loan Mortgage Corporation (Freddie Mac) in February 2015. From 2003 to February 2015, he served as director (2003-2007) and vice president (2007-2015) in its Multifamily Division in charge of mortgage and investment products for affordable properties with federal, state or local financial support. Steven C. Lilly, 50, served as the Chief Financial Officer, Secretary and member of the Board of Directors of Triangle Capital Corporation from 2006 to the sale of Triangle Capital Corporation in August 2018. William P. Mando, Jr., 71, was the Chief Financial Officer for Greystone Healthcare Management from October 2001 until his retirement in 2013. Curtis A. Pollock, 56, is the Chief Operating Officer of Greystone & Co. and its affiliates, where he has been employed since 2006. As Chief Operating Officer, Mr. Pollock is responsible for managing business operations and new business development for the various Greystone companies. He is also responsible for Greystone's strategic planning and management of lending and general banking relationships; maintenance of quality control in accounting practices; corporate compliance; portfolio and risk management; and human resources, benefits and insurance.