RECITALS

                                                                    Exhibit 10.3

                       GUARANTORS' CONTRIBUTION AGREEMENT

      This Agreement is made as of March 8, 2000, by and among AFG Investment
Trust A, AFG Investment Trust B, AFG Investment Trust C and AFG Investment Trust
D, each a Delaware business trust (each, a "Guarantor" and together, the
"Guarantors").

                                    RECITALS

      WHEREAS, each of the Guarantors is a party to that certain Guarantee dated
as of March 8, 2000 (the "Guarantee") in favor of Xxxxxx Affordable Housing of
Florida, Inc., as lessor under that certain Lease Agreement dated as of March 8,
2000 with Echelon Commercial LLC, a Delaware limited liability company;

      WHEREAS, each Guarantor is jointly and severally liable under the
Guarantee; and

      WHEREAS, each Guarantor desires to limit its liability under the Guarantee
to an amount reflecting its relative net worth vis a vis the other Guarantors.

      NOW THEREFORE, the parties hereto hereby agree as follows:

      1. Contribution. The Guarantors agree that, as among themselves in their
capacity as guarantors, the ultimate responsibility for repayment of the
Obligations (as defined in the Guarantee) shall be apportioned among the
respective Guarantors pro rata in accordance with their respective net worth as
of December 31, 1999, which percentage allocation is set forth on Schedule A
hereto. In the event that any Guarantor, in its capacity as a guarantor, pays an
amount with respect to the Obligations in excess of its proportionate share as
set forth on such schedule, each other Guarantor shall make a contribution
payment to such Guarantor in an amount such that the aggregate amount paid by
each Guarantor reflects its proportionate share of the Obligations. In the event
of any default by any Guarantor under this Section 1, each other Guarantor will
bear its proportionate share of the defaulting Guarantors obligation under this
Section 1.

      2. Miscellaneous. This Agreement may be amended only by the written
agreement of an authorized representative of each of the parties hereto. This
Agreement shall be governed by and construed in accordance with the internal
laws of The Commonwealth of Massachusetts, without regard to its conflict of
laws provisions, and shall inure to the benefit of and be binding upon the
successors and assigns of the parties hereto.



      IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to
be executed and delivered by its duly authorized officer as of the date first
above written.

                                         AFG INVESTMENT TRUST A
                                         AFG INVESTMENT TRUST B
                                         AFG INVESTMENT TRUST C
                                         AFG INVESTMENT TRUST D

                                         By: AFG XXXX Corporation, their
                                             Managing Trustee


                                             /s/ Xxxx X. Xxxxxx
                                             -----------------------------------
                                             Print: Xxxx X. Xxxxxx
                                             Title: Senior Vice President


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                                   SCHEDULE A

                                   Allocation
                                   ----------

AFG Investment Trust A                                      7.00%

AFG Investment Trust B                                     11.58%

AFG Investment Trust C                                     35.08%

AFG Investment Trust D                                     46.34%


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