EXHIBIT 31.2Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002I, Paul L. Beldin, certify that:1. I have reviewed this Annual Report on Form 10-K of America First ApartmentInvestors, Inc.;2. Based on my knowledge, this report does not contain any untrue statement of a material fact oromit to state a material fact necessary to make the statements made, in light of the circumstancesunder which such statements were made, not misleading with respect to the period covered by thisreport;3. Based on my knowledge, the financial statements, and other financial information included in thereport, fairly present in all material respects the financial condition, results of operations andcash flows of the Company as of, and for, the periods represented this report;4. The Company’s other certifying officer and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) andinternal controls over financial reporting (as defined in Exchange Rules 13a-15(f) and 15d-15(f))for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that material information relating tothe Company, including its consolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this report is being prepared;  (b) Designed such internal control over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements for externalpurposes in accordance with generally accepted accounting principles;  (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presentedin this report our conclusions about the effectiveness of the disclosure controls and procedures,as of the end of the period covered by this report based on such evaluation; and  (d) Disclosed in this report any change in the Company’s internal control over financial reportingthat occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarterin the case of an annual report) that has materially affected, or is reasonably likely tomaterially affect, the Company’s internal control over financial reporting; and5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluationof internal control over financial reporting, to the Company’s auditors and the audit committee ofthe Company’s board of directors: (a) All significant deficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonably likely to adversely affectthe Company’s ability to record, process, summarize and report financial information; and  (b) Any fraud, whether or not material, that involves management or other employees who havea significant role in the Company’s internal control over financial reporting.      Date: March 7, 2007     /s/ Paul L. Beldin     Paul L. Beldin