**U.S. Securities and Exchange CommissionWashington D.C. 20549**

**FORM 10-QSB/A**

**(Mark One)**

**[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended June 30, 2004

**[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THEEXCHANGE ACT**

For the transition period from _____to Commission file number 000-33371

**AMERICA FIRST ASSOCIATES CORPORATION**(Exact name of small business issuer as specified in its charter)

| Delaware                                                              |  |  11-324688                   |
|-----------------------------------------------------------------------|--|-----------------------------------|
| (State or other jurisdiction of incorporation or        organization) |  | (IRS Employer Identification No.) |

94 Covert Avenue, Stewart Manor, NY 11530(Address of principal executive offices)

(516) 437-0866(Issuer's telephone number)

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

**Yes [X ] No [ ]**

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of theissuer's class of common stock, as of the latest practicable date: 8,568,200

AMERICA FIRST ASSOCIATES CORP. INDEX TO FORM 10-QSB

| Contents | PagePart I. Financial InformationItem 1: Financial Statements:Statement of Financial Condition as of June 30, 2004 and      December 31,2003 Statement of Operations for the six months ended June      30 2004, and 2003Statement of Operations for the three months ended June 30,      2004 and 2003Statement of Changes in Shareholders Equity for the period      January 1, 2003 to June 30, 2004Statement of Cash Flows for the six months ended June 30,      2004 and 2003Notes to Financial StatementsItem 2: Management's Discussion and Analysis of Financial Conditions      and Results of OperationsPart II. Other InformationItem 1: Legal ProceedingsItem 2: Changes in SecuritiesItem 3: Defaults Upon Senior SecuritiesItem 4: Submission of Matters to Vote of      Security HoldersItem 5: Exhibits and Reports on Form 8-K
PART I. FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

**AMERICA FIRST ASSOCIATES CORP.STATEMENT OF FINANCIAL CONDITIONJUNE 30, 2004 AND DECEMBER 31, 2003**
June 30, 2004      UnauditedDecember 31, 2003      Audited **Assets**Cash and cash equivalents$ 112,487$ 302,472Securities owned marked at market 881,613683,667Deposit with clearing organization - Securities100,159100,599Receivables from clearing organization37,78880,981Prepaid expenses5,62221,448Other assets                   170                   170Total Assets $  1,137,839$  1,189,337 **Liabilities and shareholder's equity**Liabilities:Accounts payable and accrued expenses$           31,121 $           35,951Total Liabilities $           31,121$           35,951 **Commitments**Shareholders' equity:Common stock, $.001 par value, 20,000,000 shares authorized,      8,568,200 shares issued and outstanding as of June 30, 2004 and December      31, 2003$ 8,568$8,568Additional paid-in capital1,996,6801,996,680 Retained earnings (Deficit)   ( 898,530)   ( 851,862) Total shareholders' equity   1,106,718   1,153,386Total liabilities and shareholders' equity$ 1,137,839$ 1,189,337
The notes are an integral part of the Financial Statements

**AMERICA FIRST ASSOCIATES CORP.STATEMENT OF OPERATIONSFOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003**
Revenues:2004Unaudited2003UnauditedCommissions$  303,852$  254,562Principal transactions23,374 60,779Interest and other income      14,804             6,705Total revenues$  342,030$  322,046 Expenses:Consulting and Professional Fees11,32119,347Employee compensation and benefits153,671189,500Selling general & administrative    223,706    163,253Total expenses$  388,698$  372,100 Income (loss) before income taxes( 46,668)( 50,054)Provision for income taxes--( 1,762)Tax benefit of loss carryforward                   --                   --Net income (loss)$  (46,668)$  (51,816) Earnings Per ShareBasic and Dilutive(.01)(.01)Weighted Average Common Shares Outstanding8,568,2009,018,000
The notes are an integral part of the Financial Statements

**AMERICA FIRST ASSOCIATES CORP.STATEMENT OF OPERATIONSFOR THE THREE MONTHS ENDED JUNE 30, 2004 AND 2003**
Revenues:2004 Unaudited2003UnauditedCommissions$   108,309$   144,421Principal transactions( 113,254)86,893Interest and other income            10,605             1,131Total revenues$            5,660$   232,445 Expenses:Consulting and Professional Fees6,06014,347Employee compensation and benefits58,011146,387Selling general & administrative    111,510            68,911Total expenses$   175,581$   229,645Income (loss) before income taxes( 169,921)( 2,800)Provision for income taxes-- (--)Tax benefit of loss carryforward                     --                   --Net income (loss)$  (169,921)$   ( 2,800)Earnings Per ShareBasic and Dilutive(.01)(.001)Weighted Average Common Shares Outstanding8,568,2009,018,000
The notes are an integral part of the Financial Statements

**AMERICA FIRST ASSOCIATES CORP.STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITYFOR THE SIX MONTHS ENDED JUNE 30, 2004**
CommonStockCommonStockPaid-inCapitalRetainedEarningsShareholder'sEquityBalance January 1, 20039,018,000$ 9,018$ 2,121,230$ (1,048,732)$ 1,081,516Common StockPurchase and retired ( 449,800)( 450) ( 124,550)--( 125,000) Net Income                  --               --                    --     196,870            196,870Balance, December 31, 2003 8,568,200$ 8,568  $ 1,996,680$ (851,862)$ 1,153,386  Net income (loss)                                                                      ( 46,668)     ( 46,668)Balance, June 30,20048,568,200 $ 8,568$ 1,996,680$ (898,530)$ 1,106,718
The notes are an integral part of the Financial Statements

**AMERICA FIRST ASSOCIATES CORP.STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2004 AND 2003**
June 30, 2004Unaudited June 30, 2003Unaudited**Cash Flows from Operating Activities**Net income (loss)$ ( 46,668)$ ( 51,816)Adjustments to reconcile net income (loss) to      net cash used in operating activities:Depreciation and amortization--  1,080Adjustment to Retained Earnings--19,173Changes in assets and liabilities:(Increase) Decrease in operating assets:Marketable Securities( 197,946)( 150,855)Prepaid expenses15,82616,055 Other assets --5,005Due to/from clearing organization-net 43,19230,177Deposit with clearing organization440--Increase (decrease) in operating liabilities:Accounts payable and accrued expenses     (      4,829)     (      34,941)Net cash provided by (Applied to) operating      activities ( 189,985)   (166,122) Net increase in cash ( 189,985)(166,122)Cash and cash equivalents Beginning    302,472          668,339Cash and cash equivalents Ending$   112,487$   502,217
The notes are an integral part of the Financial Statements

**AMERICA FIRST ASSOCIATES CORP.NOTES TO FINANCIAL STATEMENTS**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 1. ORGANIZATION AND NATURE OF BUSINESS***

America First Associates Corp. (the Company) is a Delaware Corporation thatwas formed in 1995 with one office currently located at 94 Covert Ave., StewartManor, NY 11530. There is no public trading market for the Company's commonstock and it is not listed on any exchange. The Company plans to apply forlisting on the OTC Bulletin Board and anticipates trading by fiscal year ending2004.

The Company is engaged in a single line of business as a securitiesbroker-dealer, which comprises several classes of services, including principaltransactions, agency transactions, investment banking and investment advisory.The Company principally engages in executing general securities transactions onbehalf of its clients.

The Company operates principally under a clearance agreement with anotherbroker-dealer organization. Under the agreement, the contracted broker-dealerassumes and maintains the Company's customer accounts and performs custodialfunctions regarding customer securities. The Company is responsible for paymentof certain customer accounts (unsecured debits) as defined in the agreement. TheCompany also provides on-line brokerage services for its customers.

The Company transacts its business with customers located throughout theUnited States.

***NOTE 2. SIGNIFICANT ACCOUNTING POLICIES***

**Use of Estimates in the Preparation of Financial Statements**

The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements andthe reported amounts of revenues and expenses during the reporting period.Actual results could differ from those estimates.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued)***

**Cash and cash equivalents**

For purposes of the Statement of Cash Flow, the Company has defined cashequivalents as highly liquid investments, with original maturities of less thanninety days that are not held for sale in the ordinary course of business. TheCompany maintains cash balances at a financial institution. Accounts at theinstitution are insured by the Federal Deposit Insurance Corporation up to$100,000.

**Financial Instruments**

As of December 31, 2003, the carrying value of the Company' s financialinstruments including cash, cash equivalents and cash deposits with a clearingorganization, receivables, accounts payable and accrued expenses approximatetheir fair values, based on the short-term maturities of these instruments.

**Off-Balance-Sheet Risk and Concentration of Credit Risk**

The Company, as an introducing broker, clears all transactions with and forcustomers on a fully disclosed basis with a clearing broker and promptlytransmits all customer funds and securities to the clearing broker who carriesall of the accounts of such customers. These activities may expose the Companyto off-balance-sheet risk in the event that the customer and/or clearing brokeris unable to fulfill its obligations. The Company does not maintain marginaccounts for its customers; and, therefore there were no excess marginsecurities. The Company seeks to control off-balance-sheet risk by monitoringthe market value of securities held in compliance with regulatory and internalguidelines. The Company, as a part of its trading activities, assumes shortpositions in its inventory. The establishment of short positions exposes theCompany to off-balance-sheet risk in the event prices increase, as the Companymay be obligated to acquire the securities at prevailing market prices. 

**Securities Transactions Revenues**

Securities transactions and the related revenue and expenses are recorded ona settlement date basis. The recording of securities transactions on a tradedate basis was considered, and the difference was deemed immaterial.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued)***

**Securities Transactions Revenues (Continued)**

Customers' securities and commodities transactions are reported on asettlement date basis with related commission income and expenses reported on atrade date basis. Accounts receivable and payable for securities transactionsthat have not reached their contractual settlement date are recorded net on thestatement of financial condition. All accounts receivable as of December 31,2003 and June 30, 2004 are receivables from the clearinghouse organization.

Marketable securities are valued at market value, and securities not readilymarketable are valued at fair value as determined by management.

**Revenue Recognition**

*Investment Banking*

Investment banking revenues include gains, losses, and fees, net of syndicateexpenses, arising from securities offerings in which we act as an underwriter oragent. Revenues also include fees earned from providing merger-and-acquisitionand financial restructuring advisory services. Investment banking managementfees are recorded on offering date, sales concessions on settlement date, andunderwriting fees at the time the underwriting is completed and the income isreasonably determinable. During the periods covered by this report we had noinvestment banking revenues.

*Commissions Income and Expenses*

Commissions and related clearing expenses are recorded on a trade-date basisas securities transactions occur.

Investment Advisory Income

Investment advisory fees when earned are generally received quarterly but arerecognized as earned on a pro rata basis over the term of the contract and areshown as part of the commissions earned.

*Interest Income*

Interest income is recorded on the accrual basis and dividend income isrecognized on the next dividend date.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (Continued)***

**Revenue Recognition (continued)**

*Principal Transactions*

Principal transactions consist of trading gains and losses on a net basis.

**Income Taxes**

We account for income taxes under SFAS No. 109, Accounting for Income Taxes,which requires an asset and liability approach to financial accounting andreporting for income taxes. Deferred income tax assets and liabilities arecomputed annually for differences between the financial statement and tax basesof assets and liabilities that will result in taxable or deductible amounts inthe future based on enacted tax laws and rates applicable to the periods inwhich the differences are expected to affect taxable income. Valuationallowances are established when necessary to reduce deferred tax assets to theamount expected to be realized. Income tax expense in the tax payable orrefundable for the period plus or minus the change during the period in deferredtax assets and liabilities. Deferred tax expenses or benefits are recognized inthe financial statements for the changes in deferred tax liabilities or assetsbetween the years.

**Depreciation**

Depreciation is provided on a straight-line basis using estimated usefullives of five to ten years. Leasehold improvements are amortized over the lesserof the economic useful life of the improvement or the term of the lease.
June 30,        2004December 31,        2003Office Equipment$  8,390$   8,390Accumulated Depreciation(8,390)( 8,390)$               --$               --
The Company wrote off fully depreciated assets in the amount of $19,183 in2003 as a result of its moving offices. Depreciation expenses were $1,080 forthe quarter ending June 30, 2003 and $0 for the quarter ending June 30, 2004.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 3. CONCENTRATIONS OF CREDIT RISK***

We are engaged in various trading and brokerage activities with counterparties, primarily broker-dealers, banks, and other financial institutions. Inthe event counter parties do not fulfill their obligations, we may be exposed torisk. The risk of default depends on the creditworthiness of the counter partyor issue of the instrument. It is our policy to review, as necessary, the creditstanding of each counter party.

***NOTE 4. LEASE OBLIGATIONS TO PRINCIPAL SHAREHOLDER***

On April 2, 2003 the principal shareholder and sole officer of the Companypurchased the office building currently occupied by us, located at 94 CovertAvenue, Stewart Manor, NY. The shareholder used personal funds and a bonus of$230,000 received from us in partial payment for the acquisition cost. The bonuswas later rescinded and returned, to provide us with additional working capital.

We have leased office space from the shareholder for a term of five years,with an option to extend the lease for additional five years. The lease began onApril 2, 2003 and covers approximately 3,700 square feet. Aggregate annualfuture rentals for office space at June 30, 2004, are approximately as listedbelow:
2004 $ 30,0002005 60,0002006 60,000200760,000200815,000$ 225,000
Rent expense for the six months ending June 30, 2004 and 2003 were $30,000and $25,600, respectively.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 5. COMMITMENTS AND CONTINGENCIES***

On April 2, 1997, we entered into an agreement with U.S. Clearing Corp. (USCC),a registered broker-dealer and a member of New York Stock Exchange to provide afacility for its customers to buy and sell securities. Our customer andproprietary accounts whether cash, margin or delivery are placed with andcleared by the USCC.

We are is solely responsible for all compliance, supervisory, and internalaudit functions as they relate to our officers, employees, and associates. Weare responsible for supervisory review of any accounts over which its officers,employees, or agents have discretionary authority. The NYSE, NASD, and SECrequire us to be adequately knowledgeable regarding our customers and theirinvestment objectives.

The USCC is responsible for complying with the NASD's Rules of Fair Practice,the Rules of Option Trading, and rules of other examining authorities.

The USCC has the custody of all securities in the accounts and registers themunder the contract. For the securities that are traded over the counter, theUSCC assumes the risk for the dealer with whom it executes transactions.

Under the agreement, we have financial liability under the followingconditions:
1.In the case of purchases or sales of securities in an      account, until the client has satisfactorily made settlement with the      necessary cleared funds or securities.2.Loss incurred in transactions with firms with which it deals      on a principal basis.3. Customer transactions and maintenance margin calls, until      actual and complete payment is made to the USCC.4.Losses incurred in connection with any check-writing      privilege or debit or credit card services extended by a provider to      customers introduced to the USCC.
In order to participate and takedown shares in an underwriting, we are as acorrespondent required to have $250,000 in net capital and Good Faith Depositmust be no less than 30% of its commitments.

***NOTE 6. REPURCHASE OF SHARES***

On August 21, 2003, we purchased from three of our shareholders 449,800shares for $125,000, or $.28 per share. The three shareholders had originallypaid $449,800 for the shares or $1 per share. The shares have been retired.

**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 7. NET CAPITAL REQUIREMENTS***

The Company is subject to the Securities and Exchange Commission Uniform NetCapital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum netcapital and requires that the ratio of aggregate indebtedness to net capital,both as defined, shall not exceed 15 to 1 (and the rule of the"applicable" exchange also provides that equity capital may not bewithdrawn or cash dividends paid if the resulting net capital ratio would exceed10 to 1).

We are also subject to the Commodity Futures Trading Commission's (CFTC's)minimum financial requirements (Regulation 1.17), which require that we maintainnet capital, as defined, equal to 4 percent of customer funds required to besegregated pursuant to the Commodity Exchange Act, less the market value ofcertain commodity options, all as defined.

***NOTE 8. INCOME TAXES***

At December 31, 2003, we had net operating loss carryforwards ofapproximately $897,100, which expire in 2022. These net operating losscarryforwards may be used to offset future taxable income.

At December 31, 2003, we have recorded a deferred tax asset of $356,000resulting primarily from net operating loss carryforwards. The valuationallowance of $356,000 has been recorded against the deferred tax asset since itis more likely than not that it will not be realized. The valuation allowance of$433,000, for 2002, was reduced by $79,000 to recognize the tax benefit of losscarryforward in 2003.

A reconciliation of income tax at the federal statutory income tax rate tototal income taxes is as follows:
20042003Computed at the federal Statutory rate of 34%$       --$  66,000State and local tax (benefit)1,75613,000Benefit of Carryover     ( --) ( 79,000)$ 1,756$                --
**AMERICA FIRST ASSOCIATES CORPORATIONNOTES TO THE FINANCIAL STATEMENT**

PART I. FINANCIAL INFORMATION (CONTINUED)

***NOTE 9. BASIC AND DILUTED EARNINGS PER SHARE***

Basic earnings per share of common stock were computed by dividing incomeavailable to common stockholders (net income, less the preferred stock dividendrequirement), by the weighted average number of common shares outstanding forthe year. Diluted earnings per share are not presented because we have issued nodilutive potential common shares. Diluted earnings per share is the same as thebasic earnings per share because we have issued no dilutive potentialsecurities.

**ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS**

The following discussion of the financial condition and results of financialcondition and the results of our operations should be read in conjunction withthe dated Financial Statements and the related notes and other financialinformation included in the Company's Form 10-SB filed in April 2004. Thisdiscussion contains forward-looking statements that involve risks anduncertainties. The Company's actual results may differ materially from thoseanticipated in these forward-looking statements as a result of certain factors.

*Overview*

America First Associates Corporation has conducted its operations as a fullydisclosed brokerage firm registered with the Securities and Exchange Commission,the National Association of Securities Dealers and 50 state securities divisionsincluding the District of Columbia and Puerto Rico. We are a provider ofcost-effective, full-service online financial service targeting the rapid growthmomentum of individual investors who utilize the Internet for their personalinvestment objectives. We provide customers the ability to buy and sellsecurities, mutual funds, bonds and other investment financial instruments aswell as providing clients with 24 hour account access and real-time electronicinformation on stocks, market indices, analysts' research and news. We plan tocontinue to provide quality service to our current customers while increasingbrand awareness and customer loyalty. Management's strategy is to expand ourbusiness and operations by strategically using the internet and otheradvertising outlets to efficiently market and distribute our services topotential customers and build brand awareness on a national level to increaseour customer base.

**AMERICA FIRST ASSOCIATES CORPORATION**

PART I. FINANCIAL INFORMATION (CONTINUED)

**ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS (continued)**

*Results of Operations*

**Six months ended June 30, 2004, compared to the same period of 2003.**

Total revenue for the six months ended June 30, 2004, were $342,030, anincrease of $19,984 or 6% as compared to revenues of $322,046 for the six monthsended June 30, 2003. The increase in total revenue is attributed to an increasein online trading and gains on investments. Revenues from commissions increasedby $49,290 or 19%, to $303,852 for the six months ended June 30, 2004 from$254,562 for the six months ended June 30, 2003 due primarily to an increase inoverall trading activity by online traders. Revenues from principal transactionsdecreased to $23,374 for the six months ended June 30, 2004 from a $60,779 forthe six months ended June 30, 2003 a decrease of 62%. Interest and other incomeincreased to $14,804 for the six months ended June 30, 2004 from $6,705 for thesix months ended June 30, 2003 due to a increase in higher interest paid on U.S.Obligations purchased by the firm.

Total expenses increased by $16,598, or 4% to $388,698 for the six monthsended June 30, 2004 from $372,100 for the six months ended June 30, 2003.Employee compensation and benefits decreased by 19%, to $153,671 for the sixmonths ended June 30, 2004 from $189,500 for the six months ended June 30, 2003.As we continue to grow we will need additional employees to service our growingcustomer base; therefore we anticipate a proportionate increase in employeecompensation and benefit expenses. Clearing charges represent payments to ourclearing firm who facilitate our clients' transactions. Such expenses decreasedby 1%, to $82,114 for the six months ended June 30, 2004 from $82,948 for thesix months ended June 30, 2003.

Consulting and professional fees decreased to $11,321 for the six monthsended June 30, 2004 from $19,347 for the six months ended June 30, 2003.

Selling, general and administrative expenses increased by $60,453 or 37% from$163,253 to $223,706 for the quarters ended June 30, 2003 to June 30, 2004,respectively. The largest areas of increased costs were for travel,communications and data processing.

As a result of the foregoing, our net loss amounted to $46,668 for the sixmonths ended June 30, 2004 as compared to a net loss of $51,816 for the sixmonths ended June 30, 2003, a decrease in loss of $5,148 or 10%.

Our effective federal income tax rate is 35%. The net operating losscarryover is now approximately $900,000.

**AMERICA FIRST ASSOCIATES CORPORATION**

PART I. FINANCIAL INFORMATION (CONTINUED)

**ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS (continued)**

**Financial Condition**

As of June 30, 2004, cash totaled $112,487 as compared to $302,472 atDecember 31, 2003. Cash applied to operating activities was $189,985 in thefirst six months of 2004 compared to $166,122 in 2003. Net working capital was$1,106,717 and $1,153,386 on June 30, 2004 and December 31, 2003, respectively.

There was no cash used or provided by investing or financing activities inthe first six months of 2004 or 2003.

We believe we have the financial resources needed to meet businessrequirements in the foreseeable future.

**Outlook**

The statements contained in this Outlook are based on current expectations.These statements are forward-looking and actual results may differ materially.The Company's success is directly related to its marketing iniatives and stockmarket activity.

**Liquidity and Future Plans**

Our focus is to expand our customer base through an aggressive marketingprogram. Our future results of operations and the other forward-lookingstatements contained herein, particularly the statements regarding growth in thesecurity products industry, marketing and general and administrative expenses,involves a number of risks and uncertainties. In addition to the factorsdiscussed above, there are other factors that could cause actual results todiffer materially, such as business conditions and the general economies;competitive factors including rival discount broker dealers.

Management believes that we have the product mix, facilities, personnel, andcompetitive and financial resources for business success, but future revenues,costs, margins, product mix and profits are all subject to the influence of anumber of factors, as discussed above.

**ITEM 3. DISCLOSURE CONTROLS AND PROCEDURES**

(a) Evaluation of disclosure controls and procedures

For purposes of rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934("Exchange Act"), the term "disclosure controls andprocedures" refers to the controls and other procedures of a company thatare designed to ensure that information required to be disclosed by a company inthe reports that it files under the Exchange Act is recorded, processed,summarized and reported within required time periods. Within 90 days prior tothe date of this report ("Evaluation Date"), the Company carried outan evaluation under the supervision and with the participation of the Company'sChief Executive Officer and its Chief Financial Officer of the effectiveness ofthe design and operation of its disclosure controls and procedures. Based onthat evaluation, the Company's Chief Executive Officer and Chief FinancialOfficer have concluded that, as of the Evaluation Date, such controls andprocedures were effective at ensuring that required information will bedisclosed on a timely basis in our periodic reports filed under and pursuant tothe Exchange Act.

(b) Changes in internal controls

There were no significant changes to our internal controls or in otherfactors that could significantly affect our internal controls subsequent to theEvaluation Date.

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

See Form 10-SB for the year ended December 31, 2003 filed in March 2004.

**ITEM 2. CHANGES IN SECURITIES**

There have been no changes in the instruments defining the rights or rightsevidenced by any class of registered securities.

There have been no dividends declared.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None

**ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS**

There has been no submission of a matter to vote by security holders in 2003or 2004.

**ITEM 5. OTHER INFORMATION**

Exhibits

(31.1) Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002. (31.2) Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

Report on Form 8-K

None

**SIGNATURES**

In accordance with Section 12 of the Securities Exchange Act of 1934, theRegistrant caused this Form 10-QSB to its Registration Statement to be signed bythe undersigned, thereunto duly authorized.
**AMERICA FIRST ASSOCIATES CORP.**Date: November 9, 2004By: /s/ Joseph Ricupero Joseph Ricupero, Chief Executive Officer, Financial      Operations Officer
Exhibit 31.1

CERTIFICATION

I, Joseph Ricupero, the Registrant's Chief Executive Officer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of America FirstAssociates Corp;

2. Based on my knowledge, this quarterly report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this quarterlyreport; 

3. Based on my knowledge, the financial statements, and other financialinformation included in this quarterly report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this quarterly report; 

4. The registrant's certifying officer is responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-14 and 15d-14) for the registrant and we have: a) designed such disclosurecontrols and procedures to ensure that material information relating to theregistrant is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared; b) evaluatedthe effectiveness of the registrant's disclosure controls and procedures as of adate within 90 days prior to the filing date of this quarterly report (the"Evaluation Date"); and c) presented in this quarterly report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date; 

5. The registrant's certifying officer disclosed, based on our most recentevaluation, to the registrant's auditor: a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial data andhave identified for the registrant's auditors any material weaknesses ininternal controls; and b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal controls; and 

6. The registrant's certifying officer has indicated in this quarterly reportwhether or not there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the dateof our most recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.

Dated:     July 19, 2004

Joseph Ricupero                By: /s/ Joseph Ricupero Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, Joseph Ricupero, the Registrant's Chief Financial Officer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of America FirstAssociates Corp; 

2. Based on my knowledge, this quarterly report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this quarterlyreport; 

3. Based on my knowledge, the financial statements, and other financialinformation included in this quarterly report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this quarterly report; 

4. The registrant's certifying officer is responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-14 and 15d-14) for the registrant and we have: a) designed such disclosurecontrols and procedures to ensure that material information relating to theregistrant is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared; b) evaluatedthe effectiveness of the registrant's disclosure controls and procedures as of adate within 90 days prior to the filing date of this quarterly report (the"Evaluation Date"); and c) presented in this quarterly report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date; 

5. The registrant's certifying officer disclosed, based on our most recentevaluation, to the registrant's auditor: a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial data andhave identified for the registrant's auditors any material weaknesses ininternal controls; and b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal controls; and 

6. The registrant's certifying officer has indicated in this quarterly reportwhether or not there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the dateof our most recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.

Dated: July 19, 2004

Joseph Ricupero                             By: /s/ Joseph Ricupero Chief Financial Officer |
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