UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission file number33-55254-18
AFFORDABLE HOMES OF AMERICA, INC.
(Exact name of registrant as specified in charter)
NEVADA 87-434297
(STATE OF OTHER JURSDISTION (I.R.S. Employer
Incorporation or organization) Identification Number)
4505 W. Hacienda Ave.
Unit I-1
Las Vegas, Nevada 89118
(Address of Principal Executive Office) (Zip Code)
702-579-4800
(Registrant's Telephone Number, Including Area Code)
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Page Two
Item No 1 Changes in Control of Registrant
No events to report
Item No 2 Acquisition or Disposition of Assets
Affordable Homes of America, Inc. ("Affordable") acquired Big
Mountain Construction Company, Inc. on June 28, 1999. The price for Big
Mountain was $500,000 paid in restrictive common stock in the amount of
215,983 shares. Big Mountain maintains a building contractor's license and
has exclusive right to construct a project known as Heartland Homes is
under development now.
Affordable has acquired 100% of Realty Center, Inc. for Class A
Convertible Preferred Stock in the amount of 114,286 shares. This stock is
convertible at $3.50 per share, which makes the purchase price $400,000.00
Realty Center owns 25% of a project known as Heartland Homes.
Affordable has also acquired an additional 25% of Heartland Homes from
Thomas Lief for 114,286 shares of Class A Convertible Preferred for a
purchase price of $400,000.00 This will bring the total of Affordable's
ownership in Heartland Homes to 50%. Heartland is a 136 home site
development in Seattle-Tacoma, Washington. Four models are on site now
and final approvals to sell homes are expected within 30-60 days. Homes
already has over 40 applicants waiting to buy homes on this property
pending final approval. Affordable expects this project to sell out
quickly.
Item No. 3 Bankruptcy or Receivership
No events to report
Item No. 4 Changes in Registrant's Certifying Accountants
No events to report
Item No. 5 Other Events
No events to report
Item No. 6 Resignation of Registrant's Directors
No events to report
Item No. 7 Financial Statements, Proforma Financial Information and
Exhihits
No events to report
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Page three
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly
authorized,
AFFORDABLE HOMES OF AMERICA, INC.
Date: July 6, 1999 /s/ Merle Ferguson
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Merle Ferguson, President, CEO and Director
Date: July 6, 1999 /s/ Susan Donohue
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Susan Donohue, Secretary
