FORM 10-QSB-- QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report


                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                 For the quarterly period ended September 30, 2001


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-13465


                     NATIONAL HOUSING  PARTNERSHIP  REALTY FUND I (Exact name of
          small business issuer as specified in its charter)



           Maryland                                             52-1358879
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No____


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                         Statement of Financial Position
                                   (Unaudited)
                                 (in thousands)

                               September 30, 2001


ASSETS
   Cash and cash equivalents                                    $    2
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                      2,635
                                                                $2,637

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities
   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $1,154
   Due to General Partner (Note 3)                                 158
   Accrued interest on partner loans (Note 3)                       19
   Other accrued expenses                                            1
                                                                 1,332

Partners' (deficit) equity
   General Partner -- The National Housing
      Partnership (NHP)                                            (82)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (87)
   Other Limited Partners -- 11,509 investment
      units                                                      1,474
                                                                 1,305
                                                                $2,637

                   See Accompanying Notes to Financial Statements

<PAGE>


b)


                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                            Statements of Operations
                        (in thousands, except unit data)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                               Three Months Ended       Nine Months Ended
                                                 September 30,            September 30,
                                                2001        2000        2001         2000
revenues:
   Share of profits from Local
<S>                                           <C>         <C>        <C>         <C>
    Limited Partnerships (Note 2)             $    53     $    55    $    90     $    78
   Interest received on advances to
    Local Limited Partnerships                     --          --         15          --
   Distributions in excess of
    investment in Local Limited
    Partnership (Note 2)                          --          --          --          34
                                                  53          55         105         112

Costs and Expenses:
  Administrative and reporting fees to
    General Partner (Note 3)                      22          22          65          65
  Interest expense on General Partner
    Loans                                          4           3          11           3
  Other operating expenses                         5          15          33          51
         Total expenses                           31          40         109         119

Net income (loss)                            $    22     $    15     $    (4)    $    (7)

Allocation of net income (loss):
  General Partner - NHP                      $    --     $    --     $    --     $    --
  Original Limited Partner - 1133
   Fifteenth Street Associates                    --          --          --          --
  Other Limited Partners                     $    22     $    15     $    (4)    $    (7)
                                             $    22     $    15     $    (4)    $    (7)

Net income (loss) per Other Limited
Partnership Interest                         $  1.91     $  1.30     $  (.35)    $  (.61)


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


c)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                     Statement of Partners' (Deficit) Equity
                                 (in thousands)
                                   (Unaudited)


<TABLE>
<CAPTION>

                                 The National      1133
                                    Housing      Fifteenth       Other
                                  Partnership     Street        Limited
                                     (NHP)      Associates     Partners        Total

(Deficit) equity at
<S>                                  <C>          <C>          <C>           <C>
   December 31, 2000                 $  (82)      $  (87)      $ 1,478       $ 1,309

Net loss for the nine months
   ended September 30, 2001              --           --            (4)           (4)

(Deficit) equity at
   September 30, 2001               $   (82)      $  (87)      $ 1,474       $ 1,305

Percentage interest at
   September 30, 2001                    1%           1%           98%          100%
                                        (A)           (B)          (C)


(A)   General Partner
(B)   Original Limited Partner
(C)   Consists of 11,509 investment units


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>





d)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                            Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                  Nine Months Ended
                                                                    September 30,
                                                                  2001         2000
CASH FLOWS USED IN OPERATING ACTIVITIES:
   Interest received on advances to Local Limited
<S>                                                             <C>         <C>
     Partnerships                                               $   15      $    --
   Distributions in excess of investment in Local Limited
     Partnerships                                                   --           34
   Operating expenses paid                                         (67)         (57)
   Net cash used in operating activities                           (52)         (23)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Advances to Local Limited Partnerships                           --          (89)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net advances from General Partner                                45           89

NET DECREASE IN CASH AND CASH EQUIVALENTS                           (7)         (23)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                       9           23

CASH AND CASH EQUIVALENTS, END OF PERIOD                       $     2       $   --

RECONCILIATION OF NET LOSS TO NET CASH USED
   IN OPERATING ACTIVITIES:
     Net loss                                                  $    (4)      $   (7)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of profits from Local Limited Partnerships              (90)         (78)
     Increase in administrative and reporting fees payable          65           65
     Increase in accrued interest on partner loans                  11            3
     Decrease in other accrued expenses                            (34)          (6)
        Total adjustments                                          (48)         (16)

Net cash used in operating activities                           $  (52)      $  (23)


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


e)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                          Notes to Financial Statements
                                   (Unaudited)


(1)   ACCOUNTING POLICIES

Organization

National  Housing   Partnership   Realty  Fund  I  (the   "Partnership"  or  the
"Registrant")  is a limited  partnership  organized  under the Maryland  Revised
Uniform Limited  Partnership Act on October 21, 1983. The Partnership was formed
for the purpose of raising capital by offering and selling  limited  partnership
interests  and  then   investing  in  limited   partnerships   ("Local   Limited
Partnerships"),  each of which owns and  operates  an  existing  rental  housing
project  which is  financed  and/or  operated  with one or more  forms of rental
assistance or financial assistance from the U.S. Department of Housing and Urban
Development ("HUD").

The National Housing  Partnership,  a District of Columbia  limited  partnership
("NHP" or the "General Partner"), raised capital for the Partnership by offering
and selling to additional limited partners 11,519 investment units at a price of
$1,000 per unit.  During 1984,  the  Partnership  acquired  limited  partnership
interests  ranging from 98% to 99% in ten Local  Limited  Partnerships,  each of
which was organized to acquire and operate an existing  rental housing  project.
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate  investment  trust,  and its  affiliates  ultimately  control the General
Partner.  The Original  Limited  Partner of the  Partnership  is 1133  Fifteenth
Street  Associates,  whose  limited  partners  were key employees of the general
partner of NHP at the time the  Partnership  was formed.  The general partner of
1133 Fifteenth Street Associates is NHP.

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of management,  necessary for a fair  presentation  of
the  financial  condition  and results of  operations  for the  interim  periods
presented. All such adjustments are of a normal and recurring nature.

While the General Partner  believes that the disclosures  presented are adequate
to make the  information  not  misleading,  it is suggested that these financial
statements  be read in  conjunction  with the  financial  statements  and  notes
included in the  Partnership's  Annual  Report filed on Form 10-KSB for the year
ended December 31, 2000.

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership  owned a 99% limited  partnership  interest in Griffith  Limited
Partnership,  which was foreclosed  upon during the nine months ended  September
30, 2001 (see discussion below). The Partnership owns a 98% limited  partnership
interest  in Gates  Mills I  Limited  Partnership  and 99%  limited  partnership
interests  in  eight  other  Local  Limited  Partnerships:  Fairmeadows  Limited
Partnership,  Forest  Green  Limited  Partnership,   Northgate  Village  Limited
Partnership,  Southward  Limited  Partnership,  San  Jose  Limited  Partnership,
Southridge  Apartments Limited  Partnership,  Hurbell IV Limited Partnership and
Village Green Limited Partnership.  During 2000, Fairmeadows Limited Partnership
and Southridge  Apartments  Limited  Partnership  sold their rental  properties.
During the nine months ended September 30, 2001,  Southward Limited  Partnership
sold its rental property.

During the nine months ended  September 30, 2001, the  noteholder  foreclosed on
the Partnership's interest in Griffith Limited Partnership.  No gain or loss was
recorded as a result of this transfer of partnership interest.  With the loss of
the Partnership's  interest to the note holder, the Partnership will not receive
any future  benefits  from this Local  Limited  Partnership  and taxable  income
generated  prior  to the  foreclosure  will be  allocated  to the  Partnership's
investors  without any  distributable  cash for the current  year.  The specific
impact  of the tax  consequences  is  dependent  upon  each  specific  partner's
individual tax situation.

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized a gain on sale of approximately $177,000 and an extraordinary gain on
debt forgiveness of approximately $2,518,000 at September 30, 2001.

During 2000, Fairmeadows Limited Partnership entered into a sales agreement with
an unaffiliated third party for the sale of Fairmeadows Apartments.  The closing
occurred on December 27, 2000.  The net proceeds were used to repay the mortgage
encumbering  the property  with the holders  ("AIMCO") of the  Fairmeadows  note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recorded a gain on sale of approximately  $684,000 and an extraordinary  gain on
debt forgiveness of approximately $2,186,000 in 2000.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred on December 27, 2000.  The net proceeds  were
used to repay the mortgage  encumbering the property with the holders  ("AIMCO")
of the Southridge note payable  receiving the remaining net proceeds.  The Local
Limited Partnership  recognized a gain on sale of approximately  $916,000 and an
extraordinary gain on debt forgiveness of approximately  $1,904,000 in 2000. The
Local Limited  Partnership  recognized an additional gain on debt forgiveness of
approximately  $250,000  during the nine months ended September 30, 2001, due to
the  forgiveness  of the  remaining  note  payable that cannot be paid after the
receipt of escrows held by the mortgage lender.

Since the Partnership,  as a limited partner, does not exercise control over the
activities of the Local Limited  Partnerships in accordance with the partnership
agreements,  these investments are accounted for using the equity method.  Thus,
the  investments  (and the advances  made to the Local Limited  Partnerships  as
discussed below) are carried at cost plus the  Partnership's  share of the Local
Limited  Partnerships' profits less the Partnership's share of the Local Limited
Partnerships'  losses and distributions.  However,  since the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its investment in each of the individual Local Limited Partnerships,
increased  for its share of  profits,  reduced  for its share of losses and cash
distributions,  reaches zero. As of September 30, 2001,  investments  in five of
the Local Limited Partnerships had been reduced to zero. The Partnership did not
recognize  approximately  $451,000  of its  allocated  share of losses from five
Local Limited  Partnerships and approximately  $2,691,000 of its allocated share
of  profits  from two  Local  Limited  Partnerships  for the nine  months  ended
September  30, 2001,  as the  Partnership's  net  carrying  basis in these Local
Limited Partnerships had been reduced to zero. The additional extraordinary gain
on debt forgiveness  recognized by Southridge  Apartments during the nine months
ended  September  30, 2001 more than offset  losses not  recognized  in previous
years.  The  Partnership's  share of profits  recognized in 2001 from this Local
Limited Partnership was approximately $48,000. The Partnership did not recognize
approximately  $554,000 of its allocated  share of losses from six Local Limited
Partnerships  and  approximately  $62,000 of its allocated share of profits from
two Local Limited  Partnerships for the nine months ended September 30, 2000, as
the  Partnership's  net carrying basis in these Local Limited  Partnerships  had
been  reduced  to zero.  As of  September  30,  2001,  the  Partnership  has not
recognized  approximately $8,539,000 of its allocated share of cumulative losses
from the  Local  Limited  Partnerships  in which  its  investment  is zero.  The
Partnership's  allocated  cumulative  share  of  losses  in  the  Local  Limited
Partnership  which was  foreclosed  on during the nine months was  approximately
$2,535,000.

Northgate Village,  San Jose, Gates Mills I and Hurbell IV Limited  Partnerships
all have notes which were executed by the respective Local Limited  Partnerships
with the seller as part of the  acquisition of the property by the Local Limited
Partnership.  The notes were nonrecourse notes secured by a security interest in
all partnership  interests in the Local Limited Partnership and are subordinated
to the  respective  mortgage  notes on each property for as long as the mortgage
notes are insured by HUD. Any payments due from project  income are payable from
surplus cash, as defined by the HUD  Regulatory  Agreement.  Neither the Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability for the payment of the notes. The notes were due July 26, 1999, August
29,  1999,  October 1,  1999,  and  November  9,  1999,  respectively.  Interest
continues  to be paid or  accrued  under the  original  terms of the  respective
agreements.  Each note is in default and the Local Limited Partnership interests
are subject to potential  foreclosure.  The noteholders have not exercised their
rights under the notes, including the foreclosure on NHP's and the Partnership's
interests  in the Local  Limited  Partnerships.  There can be no assurance as to
when, or if, such holders may seek to exercise such rights.  Continuation of the
Local Limited  Partnerships'  operations in the present form is dependent on its
ability to extend the maturity date of their  respective  notes,  or to repay or
refinance  their note. The financial  statements do not include any  adjustments
which might result from the outcome of this uncertainty.

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
five of the remaining  Local  Limited  Partnerships,  the  aggregate  balance of
investments in and advances to Local Limited Partnerships,  for these five Local
Limited  Partnerships,  has been reduced to zero at September  30, 2001.  To the
extent  these  advances  are  repaid by the Local  Limited  Partnerships  in the
future,  the  repayments  will be credited as  distributions  and  repayments in
excess of investment in Local Limited  Partnerships.  These advances are payable
to the  Partnership.  Interest is calculated at the prime rate plus 2% (8.00% at
September  30, 2001).  Payment of principal and interest is contingent  upon the
Local  Limited  Partnerships  having  available  surplus cash, as defined by HUD
regulations,  from  operations or from  refinancing or sale of the Local Limited
Partnership properties.

During the nine months  ended  September  30,  2000,  the  Partnership  advanced
approximately  $89,000 to Southridge  Apartments Limited Partnership for working
capital  purposes.  During  the  nine  months  ended  September  30,  2001,  the
Partnership made no advances for working capital  purposes.  Accrued interest of
approximately $15,000 was received from one Local Limited Partnership during the
nine months ended  September 30, 2001. The combined amount carried as due to the
Partnership by the Local Limited  Partnerships was approximately  $431,000 as of
September 30, 2001.

The  following  are combined  statements  of  operations  for the three and nine
months ended  September  30, 2001 and 2000,  respectively,  of the Local Limited
Partnerships in which the Partnership has invested.  The statements are compiled
from  financial  statements of the Local Limited  Partnerships,  prepared on the
accrual  basis of  accounting,  as  supplied  by the  management  agents  of the
projects, and are unaudited.

<TABLE>
<CAPTION>

                                         Three Months Ended         Nine Months Ended
                                           September 30,              September 30,
                                          2001         2000           2001         2000
                                                        (in thousands)

<S>                                    <C>           <C>          <C>          <C>
Rental income                          $  1,163      $  1,920     $  3,516     $  5,757
Other income                                 74           138          296          304
(Loss) gain on sale of rental
   property                                 (34)           --          177           --
   Total revenues                         1,203         2,058        3,989        6,061

Operating expenses                          775         1,264        2,481        3,734
Interest, taxes, and insurance              435           590        1,273        1,778
Depreciation                                209           335          651          969

   Total expenses                         1,419         2,189        4,405        6,481

Loss before extraordinary
  item                                     (216)         (131)        (416)        (420)
Extraordinary gain on forgiveness
  of debt                                   534            --        2,768           --

Net income (loss)                     $     318     $    (131)    $  2,352     $   (420)

National Housing Partnership
   Realty Fund I share of income
     (losses)                         $     315     $    (129)    $  2,330     $   (414)
</TABLE>


<PAGE>



(3) TRANSACTIONS WITH THE GENERAL PARTNER

During both the nine months ended  September 30, 2001 and 2000, the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately  $65,000 for services  provided to the  Partnership.  No
payments for such fees were made to the General  Partner  during the nine months
ended  September 30, 2001 and 2000. As of September  30, 2001,  the  Partnership
owed approximately  $1,154,000 to the General Partner for accrued administrative
and reporting fees.

During the nine  months  ended  September  30,  2001,  approximately  $45,000 of
working capital  advances were made by the General  Partner to the  Partnership.
Approximately  $89,000  of working  capital  advances  were made by the  General
Partner to the  Partnership  during the nine months  ended  September  30, 2000.
Interest is charged on  borrowings at the prime rate plus 2% (8.00% at September
30, 2001). Accrued interest on these loans amounted to approximately  $19,000 at
September 30, 2001.

The  advances  and accrued  administrative  and  reporting  fees  payable to the
General  Partner  will be paid as cash flow permits or from  proceeds  generated
from the sale or refinancing of one or more of the underlying  properties of the
Local Limited Partnerships.

(4) SEGMENT INFORMATION

The Partnership has only one reportable  segment.  Due to the very nature of the
Partnership's  operations,  the  General  Partner  believes  that  segment-based
disclosures will not result in a more meaningful presentation than the financial
statements as currently presented.

(5)   GOING CONCERN

Certain  of the Local  Partnership's  notes  payable  are past due (see Note 2).
Continuation  of the  Local  Partnerships'  operations  in the  present  form is
dependent on its ability to extend the maturity date of these notes, or to repay
or to refinance the notes.  These conditions raise substantial doubt about their
ability to continue as a going concern.  The financial statements do not include
any adjustments which might result from the outcome of this uncertainty.

(6) LEGAL PROCEEDINGS

In October 1997,  NHP received a subpoena from the Inspector  General  ("IG") of
HUD  requesting  documents  relating to any agreement  whereby NHP or any of its
affiliates provides or has provided compensation to owners (or their affiliates)
of HUD-assisted  properties (the "Transactions").  Documents were produced which
may have been  responsive to the HUD subpoena and submitted to the HUD Inspector
General in 1998.

In July 1999, NHP received a grand jury subpoena  requesting  documents relating
to the same  subject  matter as the HUD IG  subpoenas  and NHP's  operation of a
group  purchasing  program  created  by NHP,  known as Buyers  Access.  To date,
neither the HUD IG nor the grand jury has  initiated  any action  against NHP or
AIMCO, the ultimate controlling entity of NHP or, to NHP's or AIMCO's knowledge,
any owner of a HUD property managed by NHP. AIMCO believes that NHP's operations
and programs are in compliance,  in all material respects,  with all laws, rules
and  regulations  relating to HUD-assisted  or HUD-insured  properties.  NHP and
AIMCO  are  cooperating  with   investigations  and  do  not  believe  that  the
investigations  will result in a material  adverse  impact on their  operations.
However, as with any similar investigation, there can be no assurance that these
will not result in material fines, penalties or other costs.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.


<PAGE>




ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

LIQUIDITY AND CAPITAL RESOURCES

The Properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,   loans   or   advances   is   generally   restricted   by  these
government-assistance programs. These restrictions, however, are not expected to
impact the Partnership's ability to meet its cash obligations.

The  Partnership  had cash and  cash  equivalents  of  approximately  $2,000  at
September 30, 2001 as compared to no cash and cash  equivalents at September 30,
2000. The Partnership had cash and cash equivalents of  approximately  $9,000 at
December  31, 2000.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at September  30, 2001, is dependent on
distributions  from  recurring   operations  received  from  the  Local  Limited
Partnerships  and  proceeds  from the sales or  refinancings  of the  underlying
properties.  The  Partnership's  only other form of  liquidity  is from  General
Partner loans. For the nine months ended September 30, 2001, the General Partner
advanced the Partnership  approximately  $45,000 to pay operating expenses.  The
General  Partner  advanced the  Partnership  approximately  $89,000 for the nine
months ended September 30, 2000 to pay operating  expenses.  The General Partner
will evaluate lending the Partnership additional funds as such funds are needed,
but is in no way legally obligated to make such loans.

At September  30,  2001,  the  Partnership  currently  owes the General  Partner
approximately  $1,154,000 for administrative  and reporting services  performed.
During the nine months ended  September 30, 2001 and 2000, no payments were made
by the  Partnership  to the General  Partner for  administrative  and  reporting
services.  There  is no  guarantee  that the  Local  Limited  Partnerships  will
generate  future  surplus cash  sufficient to distribute to the  Partnership  in
amounts adequate to repay administrative and reporting fees owed. The payment of
the unpaid  administrative  and reporting  fees will most likely result from the
sale  or  refinancing  of  the  underlying   properties  of  the  Local  Limited
Partnerships, rather than through recurring operations.

During the nine months  ended  September  30,  2000,  the  Partnership  advanced
approximately  $89,000 to Southridge  Apartments Limited Partnership for working
capital  purposes.  During the nine months ended  September 30, 2001, no working
capital advances were made by the Partnership to the Local Limited Partnerships.
No repayments  of advances  were  received  from the Local Limited  Partnerships
during the nine months ended  September  30, 2001 or 2000.  Accrued  interest of
approximately $15,000 was received from one Local Limited Partnership during the
nine months ended  September 30, 2001. The combined amount carried as due to the
Partnership by the Local Limited  Partnerships was approximately  $431,000 as of
September 30, 2001.

Distributions  received in excess of investment  in Local  Limited  Partnerships
represent the Partnership's proportionate share of the excess cash available for
distribution from the Local Limited Partnerships.  As a result of the use of the
equity method of accounting for the Partnership's  investments,  as of September
30,  2001,  investments  in five of the  Local  Limited  Partnerships  has  been
decreased  to zero.  Cash  distributions  received  are  recorded in revenues as
distributions received in excess of investment in Local Limited Partnerships. No
cash distributions were received from the Local Limited  Partnerships during the
nine months  ended  September  30, 2001.  Cash  distributions  of  approximately
$34,000 were received from two Local Limited Partnerships during the nine months
ended  September  30,  2000.  The receipt of  distributions  in future  years is
dependent on the  operations of the  underlying  properties of the Local Limited
Partnerships.

During the nine months ended  September 30, 2001, the  noteholder  foreclosed on
the Partnership's interest in Griffith Limited Partnership.  No gain or loss was
recorded as a result of this transfer of partnership interest.  With the loss of
the Partnership's  interest to the note holder, the Partnership will not receive
any future  benefits  from this Local  Limited  Partnership  and taxable  income
generated  prior  to the  foreclosure  will be  allocated  to the  Partnership's
investors  without any  distributable  cash for the current  year.  The specific
impact  of the tax  consequences  is  dependent  upon  each  specific  partner's
individual tax situation.

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized a gain on sale of approximately $177,000 and an extraordinary gain on
debt forgiveness of approximately $2,518,000 at September 30, 2001.

During 2000, Fairmeadows Limited Partnership entered into a sales agreement with
an unaffiliated third party for the sale of Fairmeadows Apartments.  The closing
occurred on December 27, 2000.  The net proceeds were used to repay the mortgage
encumbering  the property  with the holders  ("AIMCO") of the  Fairmeadows  note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recorded a gain on sale of approximately  $684,000 and an extraordinary  gain on
debt forgiveness of approximately $2,186,000 in 2000.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred on December 27, 2000.  The net proceeds  were
used to repay the mortgage  encumbering the property with the holders  ("AIMCO")
of the Southridge note payable  receiving the remaining net proceeds.  The Local
Limited Partnership  recognized a gain on sale of approximately  $916,000 and an
extraordinary gain on debt forgiveness of approximately  $1,904,000 in 2000. The
Local Limited  Partnership  recognized an additional gain on debt forgiveness of
approximately  $250,000  during the nine months ended September 30, 2001, due to
the  forgiveness  of the  remaining  note  payable that cannot be paid after the
receipt of escrows held by the mortgage lender.

Northgate Village,  San Jose, Gates Mills I and Hurbell IV Limited  Partnerships
all have notes which were executed by the respective Local Limited  Partnerships
with the seller as part of the  acquisition of the property by the Local Limited
Partnership.  The notes were nonrecourse notes secured by a security interest in
all partnership  interests in the Local Limited Partnership and are subordinated
to the  respective  mortgage  notes on each property for as long as the mortgage
notes are insured by HUD. Any payments due from project  income are payable from
surplus cash, as defined by the HUD  Regulatory  Agreement.  Neither the Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability for the payment of the notes. The notes were due July 26, 1999, August
29,  1999,  October 1,  1999,  and  November  9,  1999,  respectively.  Interest
continues  to be paid or  accrued  under the  original  terms of the  respective
agreements.  Each note is in default and the Local Limited Partnership interests
are subject to potential  foreclosure.  The noteholders have not exercised their
rights under the notes, including the foreclosure on NHP's and the Partnership's
interests  in the Local  Limited  Partnerships.  There can be no assurance as to
when, or if, such holders may seek to exercise such rights.  Continuation of the
Local Limited  Partnerships'  operations in the present form is dependent on its
ability to extend the maturity date of their  respective  notes,  or to repay or
refinance  their note. The financial  statements do not include any  adjustments
which might result from the outcome of this uncertainty.

RESULTS OF OPERATIONS

The Partnership  retains an interest in nine Local Limited  Partnerships,  which
operate six rental  housing  properties.  Due to the use of the equity method of
accounting as discussed in Note 2 to the Partnership's financial statements,  to
the extent the  Partnership  still has a carrying  basis in a  respective  Local
Limited   Partnership,   results  of   operations   would  be  impacted  by  the
Partnership's share of the profits or losses of the Local Limited  Partnerships.
Five of the nine remaining  investments in Local Limited  Partnership  have been
reduced to zero. As a result,  the Partnership's  operations are no longer being
affected by their share of the  operations.  The  Partnership  has  recorded its
share of  operations  in the remaining  four Local  Limited  Partnerships  which
amounted  to profits of  approximately  $90,000  and $78,000 for the nine months
ended September 30, 2001 and 2000, respectively.

The Partnership  realized net income of approximately  $22,000 and a net loss of
approximately  $4,000 for the three and nine months  ended  September  30, 2001,
respectively,  compared to net income of approximately $15,000 and a net loss of
approximately $7,000 for the three and nine months ended September 30, 2000. Net
income (loss) per unit of limited  partnership  interest was approximately $1.91
and  ($.35)  for the  three  and  nine  months  ended  September  30,  2001  and
approximately $1.30 and ($.61) for the three and nine months ended September 30,
2000.  The increase in net income for the three and nine months ended  September
30, 2001 is primarily  due to reduced  operating  expenses.  The increase in net
income for the nine months ended  September  30, 2001 is also due to an increase
in the  Partnership's  share of profits from the Local Limited  Partnerships and
the receipt of a payment of accrued  interest on advances  from one of the Local
Limited  Partnerships,  which was partially offset by distributions  received in
excess of  investment  in the Local  Limited  Partnerships  during 2000,  and an
increase in interest expense on loans from the General Partner.

The Partnership did not recognize  approximately $451,000 of its allocated share
of losses from five Local Limited  Partnerships and approximately  $2,691,000 of
its allocated share of profits from two Local Limited  Partnerships for the nine
months ended  September 30, 2001,  as the  Partnership's  net carrying  basis in
these  Local  Limited  Partnerships  had been  reduced to zero.  The  additional
extraordinary  gain on debt  forgiveness  recognized  by  Southridge  Apartments
during the nine months  ended  September  30,  2001 more than offset  losses not
recognized in previous years. The Partnership's  share of profits  recognized in
2001  from  this  Local  Limited  Partnership  was  approximately  $48,000.  The
Partnership did not recognize  approximately  $554,000 of its allocated share of
losses from six Local  Limited  Partnerships  and  approximately  $62,000 of its
allocated  share of profits  from two Local  Limited  Partnerships  for the nine
months ended  September 30, 2000,  as the  Partnership's  net carrying  basis in
these Local Limited Partnerships had been reduced to zero.


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

In October 1997,  NHP received a subpoena from the Inspector  General  ("IG") of
HUD  requesting  documents  relating to any agreement  whereby NHP or any of its
affiliates provides or has provided compensation to owners (or their affiliates)
of HUD-assisted  properties (the "Transactions").  Documents were produced which
may have been  responsive to the HUD subpoena and submitted to the HUD Inspector
General in 1998.

In July 1999, NHP received a grand jury subpoena  requesting  documents relating
to the same  subject  matter as the HUD IG  subpoenas  and NHP's  operation of a
group  purchasing  program  created  by NHP,  known as Buyers  Access.  To date,
neither the HUD IG nor the grand jury has  initiated  any action  against NHP or
AIMCO, the ultimate controlling entity of NHP or, to NHP's or AIMCO's knowledge,
any owner of a HUD property managed by NHP. AIMCO believes that NHP's operations
and programs are in compliance,  in all material respects,  with all laws, rules
and  regulations  relating to HUD-assisted  or HUD-insured  properties.  NHP and
AIMCO  are  cooperating  with   investigations  and  do  not  believe  that  the
investigations  will result in a material  adverse  impact on their  operations.
However, as with any similar investigation, there can be no assurance that these
will not result in material fines, penalties or other costs.



<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2001.


<PAGE>


                                   SIGNATURES


In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                    (Registrant)


                                    By:   The National Housing Partnership,
                                          Its sole General Partner


                                    By:   National Corporation for Housing
                                          Partnerships, its sole General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President and
                                          Controller


                                    Date: November 13, 2001