EXHIBIT 31.1

CERTIFICATION

I, Steven A. Abney, Executive Vice President and Chief Financial Officer, and Acting Principal
Financial and Accounting Officer and Acting Principal Executive Officer, of Income Opportunity Realty Investors, Inc. (IORI), certify that:



|1. | I have reviewed this annual report of IORI;
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|2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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|3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present, in all material respects, the financial condition, results
of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
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|4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
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| | (a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating
to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
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| | (b) | Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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| | (c) | Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluations; and
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| | (d) | Disclosed in the report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and
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|5. | I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the Registrants auditors and the audit committee of the
Registrants board of directors (or persons performing the equivalent functions):
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| | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Registrants ability to record, process, summarize and report financial information; and
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| | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
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|Dated: March 30, 2007 |  | /s/    STEVEN A.
ABNEY                                                                                                                                  
|                      |  | Steven A. Abney Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer and Acting Principal Executive
Officer)