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                                                                 EXHIBIT 99.CERT

         CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, David Lerner, certify that:

1.     I have reviewed this report on Form N-CSR of Spirit of America Investment
       Fund, Inc.;

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; and

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, changes in net
       assets, and cash flows (if the financial statements are required to
       include a statement of cash flows) of the registrant as of, and for, the
       periods presented in this report.

4.     The registrant's other certifying officers and I are responsible for
       establishing and maintaining disclosure controls and procedures (as
       defined in Rule 30a-2(c) under the Investment Company Act of 1940) for
       the registrant and have:

       (a) designed such disclosure controls and procedures to ensure that
           material information relating to the registrant, including its
           consolidated subsidiaries, is made known to us by others within
           those entities, particularly during the period in which this
           report is being prepared;

       (b) evaluated the effectiveness of the registrant's disclosure
           controls and procedures as of a date within 90 days prior to the
           filing date of this report (the "Evaluation Date"); and

       (c) presented in this report our conclusions about the effectiveness
           of the disclosure controls and procedures based on our evaluation
           as of the Evaluation Date;

5.     The registrant's other certifying officers and I have disclosed, based on
       our most recent evaluation, to the registrant's auditors and the audit
       committee of the registrant's board of directors (or persons performing
       the equivalent functions):

       (a) all significant deficiencies in the design or operation of
           internal controls which could adversely affect the registrant's
           ability to record, process, summarize, and report financial data
           and have identified for the registrant's auditors any material
           weaknesses in internal controls; and

       (b) any fraud, whether or not material, that involves management or
           other employees who have a significant role in the registrant's
           internal controls; and

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6.     The registrant's other certifying officers and I have indicated in this
       report whether or not there were significant changes in internal controls
       or in other factors that could significantly affect the internal controls
       subsequent to the date of our most recent evaluation, including any
       corrective actions with regard to significant deficiencies and material
       weaknesses.

Date:  JUNE 30, 2003                  /s/ David Lerner
                            ----------------------------------------------------
                            David Lerner, President and Treasurer
                            (principal executive officer and principal financial
                            officer)