EXHIBIT 31.2Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002I, Paul L. Beldin, certify that:1. I havereviewed this Annual Report on Form 10-K of America First Apartment Investors,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. Basedon my knowledge, the financial statements, and other financialinformation included in thisreport, fairly present in all material respects the financial condition, results of operations andcash flows of the Registrant as of, and for, the periods represented in 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 Act Rules 13a-15(f) and15d-15(f)) for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosurecontrols and procedures to be designed under our supervision, to ensure that materialinformation relating to the Registrant, including its consolidated subsidiaries, is madeknown to us by others within those entities, particularly during the period in whichthis report is being prepared;  (b) Designed such internal control over financial reporting, or caused such internalcontrol over financial reporting to be designed under our supervision, to providereasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles;  (c) Evaluated the effectiveness of the Registrant’s disclosure controls and proceduresand presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based onsuch evaluation; and  (d) Disclosed in this report any change in the Registrant’s internal control overfinancial reporting that occurred during the Company’s most recent fiscal quarter (theRegistrant’s fourth fiscal quarter in the case of an annual report) that has materiallyaffected, or is reasonably likely to materially affect, the Registrant’s internal controlover financial reporting; and5. The Registrant’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 Registrant’s board of directors: (a) All significant deficiencies and material weaknesses in the design or operationof internal control over financial reporting which are reasonably likely to adverselyaffect the Registrant’s ability to record, process, summarize and report financialinformation; and  (b) Any fraud, whether or not material, that involves management or other employeeswho have a significant role in the Registrant’s internal control over financial reporting.Date: March 13, 2006   /s/ Paul L. Beldin Paul L. Beldin  Vice President, Chief Financial Officer, Treasurer and Secretary