UNITED STATES
                       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 June 30, 2003


[ ] 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 Registrant 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)




                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                  Balance Sheet
                        (in thousands, except unit data)
                                   (Unaudited)

                                  June 30, 2003


ASSETS
   Cash and cash equivalents                                    $   96
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                         --
                                                                $   96

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
   Other accrued expenses                                       $   16

Partners' (deficiency) capital
   General Partner - The National Housing
      Partnership (NHP)                                            (88)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (93)
   Other Limited Partners -- 11,356 investment
      units                                                        261
                                                                    80
                                                                $   96

                   See Accompanying Notes to Financial Statements


<PAGE>





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

<TABLE>
<CAPTION>


                                               Three Months Ended       Six Months Ended
                                                    June 30,                June 30,
                                                2003        2002        2003         2002

Revenues:
  Share of profits (losses) from Local
<S>                                          <C>         <C>         <C>         <C>
    Limited Partnerships (Note 2)            $   112     $    12     $  (136)    $   (22)
  Interest received on advances to Local
   Limited Partnerships (Note 2)                  --          --         129           3
         Total revenues                          112          12          (7)        (19)

Costs and Expenses:
  Loss on investment in Local Limited
   Partnership (Note 2)                           11          --          11          --
  Administrative and reporting fees to
     General Partner (Note 3)                     21          22          43          44
  Interest expense on loans from General
   Partner (Note 3)                               --          --          --           1
  Other operating expenses                        12          13          24          27
         Total expenses                           44          35          78          72

Net income (loss)                            $    68     $   (23)    $   (85)    $   (91)

Allocation of net income (loss):
  General Partner - NHP                      $    --     $    --     $    (1)    $    (1)
  Original Limited Partner - 1133
   Fifteenth Street Associates                    --          --          (1)         (1)
  Other Limited Partners                          68         (23)        (83)        (89)
                                             $    68     $   (23)    $   (85)    $   (91)

Net income (loss) per Other Limited
 Partnership Interest                        $  5.95     $ (2.00)    $ (7.26)    $ (7.75)

Distribution per Other Limited
 Partnership Interest                        $    --     $    --     $ 55.12     $    --


                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>



                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                 Statement of Changes in Partners' (Deficiency) Capital
                        (in thousands, except unit data)
                                   (Unaudited)

<TABLE>
<CAPTION>


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

(Deficiency) capital at
<S>                                  <C>          <C>            <C>         <C>
   December 31, 2002                 $  (87)      $  (92)        $  974      $  795

Distribution to partners                 --           --           (630)       (630)

Net loss for the six months
   ended June 30, 2003                   (1)          (1)           (83)        (85)

(Deficiency) capital at
   June 30, 2003                    $   (88)      $  (93)        $  261      $   80

Percentage interest at
   June 30, 2003                         1%           1%            98%        100%
                                         (A)          (B)            (C)


(A)   General Partner
(B)   Original Limited Partner
(C)   Consists of 11,356 investment units at June 30, 2003 and 11,429 investment
      units at December 31, 2002.  During the six months ended June 30, 2003, 73
      units were abandoned (Note 6).


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>



                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                            Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                  Six Months Ended
                                                                        June 30,
                                                                   2003         2002
Cash flows from operating activities:
   Administrative and reporting fees paid to General
<S>                                                            <C>           <C>
     Partner                                                   $(1,154)      $ (150)
   Interest paid on General Partner loans                           --          (23)
   Interest received on advances to Local Limited
     Partnerships                                                  129            3
   Operating expenses paid                                          (8)         (45)
   Net cash used in operating activities                        (1,033)        (215)

Cash flows from investing activities:
   Distributions from Local Limited Partnerships                 1,669           --
   Repayment of advances to Local Limited Partnerships              78            6
   Net cash provided by investing activities                     1,747            6
Cash flows from financing activities:
   Distribution to partners                                       (630)          --
   Repayment of advances from General Partner                       --         (158)
   Net cash used in financing activities                          (630)        (158)

Net increase (decrease) in cash and cash equivalents                84         (367)

Cash and cash equivalents, beginning of period                      12          426

Cash and cash equivalents, end of period                       $    96      $    59

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                  $   (85)     $   (91)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of losses from Local Limited Partnerships               136           22
     Loss on investment in Local Limited Partnership                11           --
     Decrease in administrative and reporting
       fees payable to General Partner                          (1,111)        (106)
     Decrease in accrued interest on partner loans                  --          (22)
     Increase (decrease) in other accrued expenses                  16          (18)
        Total adjustments                                         (948)        (124)
Net cash used in operating activities                          $(1,033)     $  (215)


                   See Accompanying Notes to Financial Statements

</TABLE>


<PAGE>

                   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. Operating
results  for the  three  and six  month  periods  ended  June  30,  2003 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending December 31, 2003.

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 fiscal
year ended December 31, 2002.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities  under the  provisions of FIN 46. At June 30, 2003,  the  Partnership's
maximum exposure to loss with regard to unconsolidated  partnerships is zero due
to the recorded  investment in these  partnerships  having been reduced to zero.
The Partnership has not yet determined the anticipated impact of adopting FIN 46
for its partnership agreements that existed as of January 31, 2003. However, FIN
46 may require the  consolidation  of the assets,  liabilities and operations of
certain of the Partnership's  unconsolidated  partnership investments.  Although
the Partnership does not believe the full adoption of FIN 46 will have an impact
on net earnings,  the Partnership cannot make any definitive conclusion until it
completes its evaluation.

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership owns a 98% limited partnership interest in Gates Mills I Limited
Partnership  and 99% limited  partnership  interests in two other Local  Limited
Partnerships:  San Jose Limited Partnership and Hurbell IV Limited  Partnership.
The Partnership owned a 99% interest in seven other Local Limited  Partnerships,
two of which were sold during 2000,  one of which was sold during  2001,  one of
which was foreclosed upon during 2001, one of which was sold during 2002 and two
of which were sold during the six months ended June 30, 2003.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $39,000  for the six  months  ended June 30,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined statements of operations below.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $34,000  for the six  months  ended June 30,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined statements of operations below.

During  2002,  Northgate  Village  Limited  Partnership  entered  into  a  sales
agreement  with an  unaffiliated  third party for the sale of Northgate  Village
Apartments.  The closing  occurred on December  16,  2002,  with a sale price of
$3,500,000.  Net  proceeds of  approximately  $3,389,000  were used to repay the
mortgage  encumbering  the  property and the holder  ("AIMCO") of the  Northgate
Village note received payment of approximately $2,131,000.

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 June 30,  2003,  investments  in the three
remaining Local Limited  Partnerships  had been reduced to zero. The Partnership
recognized  approximately  $136,000 and $22,000 of its allocated share of losses
from two Local Limited Partnerships in which it had a carrying basis for the six
months  ended June 30,  2003 and 2002,  respectively.  The  Partnership  did not
recognize  approximately  $308,000  of its  allocated  share of losses from four
Local  Limited  Partnerships  for the six  months  ended June 30,  2003,  as the
Partnership's  net carrying basis in these Local Limited  Partnerships  had been
reduced to zero. The Partnership did not recognize approximately $174,000 of its
allocated  share of losses  from four  Local  Limited  Partnerships  for the six
months ended June 30, 2002,  as the  Partnership's  net carrying  basis in these
Local Limited  Partnerships  had been reduced to zero. As of June 30, 2003,  the
Partnership has not recognized  approximately  $8,208,000 of its allocated share
of  cumulative  losses from the three Local  Limited  Partnerships  in which its
investment  is zero.  The  Partnership's  allocated  share of losses from Forest
Green  Limited  Partnership  for the six  months  ended June 30,  2003  includes
approximately   $18,000  which  the  Partnership  did  not  recognize,   as  the
Partnership's  net carrying  basis in this Local  Limited  Partnership  had been
reduced to zero.

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  Partnership nor
any partner thereof,  present or future,  assume any personal  liability for the
payment of the notes.  The notes were due 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
the three  remaining  Local  Limited  Partnerships,  the  aggregate  balance  of
investments in and advances to Local Limited Partnerships, for these three Local
Limited  Partnerships,  has been reduced to zero at June 30, 2003. 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% (6.00% at June 30,
2003).  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 six months  ended June 30,  2003 and 2002,  the  Partnership  made no
advances for working capital purposes. During the six months ended June 30, 2003
and  2002,  the   Partnership   received   approximately   $78,000  and  $6,000,
respectively,  as repayment of advances plus accrued  interest of  approximately
$129,000 and $3,000,  respectively,  from two Local Limited Partnerships.  There
were no amounts owed to the Partnership  for working  capital  advances to Local
Limited Partnerships at June 30, 2003.

The following are combined statements of operations for the three and six months
ended June 30, 2003 and 2002, respectively, of the Local Limited Partnerships in
which the Partnership has invested.  The combined financial statements have been
restated  as of January 1, 2002,  in  accordance  with  Statement  of  Financial
Accounting Standards ("SFAS") No. 144 "Accounting for the Impairment or Disposal
of Long-Lived  Assets", to reflect the loss from operations of Northgate Village
Apartments,  Village Green  Apartments and Forest Green  Apartments as loss from
discontinued  operations  due to their sales in December  2002 and January 2003.
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.

                             COMBINED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                         Three Months Ended          Six Months Ended
                                              June 30,                   June 30,
                                          2003         2002           2003          2002
                                                    (Restated)                  (Restated)
                                                         (in thousands)
<S>                                    <C>           <C>          <C>          <C>
Rental income                          $    563      $    553     $  1,127     $  1,104
Other income                                 31           143           61          174
   Total revenues                           594           696        1,188        1,278

Operating expenses                          413           382          790          774
Interest, taxes, and insurance              226           221          456          439
Depreciation                                119           112          236          221
   Total expenses                           758           715        1,482        1,434
Loss from continuing operations            (164)          (19)        (294)        (156)
Gain (loss) from sale of
 discontinued operations                    116            --          (73)          --
(Loss) income from discontinued
 operations                                 (21)            7          (82)         (43)
Net loss                              $     (69)    $     (12)    $   (449)    $   (199)
National Housing Partnership
   Realty Fund I share of losses      $     (68)    $     (12)    $   (444)    $   (196)

</TABLE>

<PAGE>



(3) TRANSACTIONS WITH THE GENERAL PARTNER

During the six months  ended June 30,  2003 and 2002,  the  Partnership  accrued
administrative  and reporting fees payable to the General  Partner in the amount
of approximately $43,000 and $44,000, respectively, for services provided to the
Partnership. During the six months ended June 30, 2003 and 2002, the Partnership
made payments of  approximately  $1,154,000 and $150,000,  respectively,  to the
General Partner for accrued administrative and reporting fees. No administrative
and reporting fees were owed to the General Partner as of June 30, 2003.

There  were no  working  capital  advances  made by the  General  Partner to the
Partnership during the six months ended June 30, 2003 and 2002. Interest accrued
for the six months ended June 30, 2002 was  approximately  $1,000.  Interest was
charged at the Chase  Manhattan Bank prime interest rate plus 2%. During the six
months ended June 30, 2002, the  Partnership  repaid  advances of  approximately
$158,000 and accrued interest of  approximately  $23,000 to the General Partner.
There were no outstanding  loans or associated  accrued  interest payable to the
General Partner at June 30, 2003.

Future 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)   GOING CONCERN

Certain of the Local Limited  Partnership's notes payable are past due (see Note
2).  Continuation of the Local Limited  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.

(5) LEGAL PROCEEDINGS

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

(6) ABANDONMENT OF LIMITED PARTNERSHIP UNITS

During  the six  months  ended  June 30,  2003 and 2002,  the  number of Limited
Partnership  Units  decreased by 73 and 60 units,  respectively,  due to limited
partners  abandoning  their units. In abandoning his or her Limited  Partnership
Unit(s),  a limited partner  relinquishes all right,  title, and interest in the
Partnership  as of the date of  abandonments.  However,  the limited  partner is
allocated  his or her share of net  income or loss for that  year.  The loss per
Limited  Partnership  Unit  in the  accompanying  statements  of  operations  is
calculated  based on the number of units  outstanding  at the  beginning  of the
year.


<PAGE>




ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

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  General
Partner monitors developments in the area of legal and regulatory compliance and
is studying new federal laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance, including increased legal and audit fees.

The Partnership had cash and cash equivalents of  approximately  $96,000 at June
30, 2003 as compared to approximately  $59,000 at June 30, 2002. The Partnership
had cash and cash equivalents of approximately $12,000 at December 31, 2002. The
ability of the Partnership to meet its on-going cash requirements,  in excess of
cash on hand at June 30,  2003,  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.  No such loans were  advanced
during the six months ended June 30, 2003 and 2002.  During the six months ended
June 30, 2003, the  Partnership did not repay any advances or accrue interest to
the General  Partner as none were owed during 2003.  During the six months ended
June 30, 2002, the  Partnership  repaid advances of  approximately  $158,000 and
accrued  interest of approximately  $23,000 to the General Partner.  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.

<PAGE>

No administrative and reporting fees were owed to the General Partner as of June
30,  2003.  During the six  months  ended June 30,  2003 and 2002,  payments  of
approximately   $1,154,000  and  $150,000,   respectively,   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 future  administrative  and reporting fees owed; rather 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 six months  ended June 30,  2003 and 2002,  the  Partnership  made no
advances for working capital purposes to any of the Local Limited  Partnerships.
During the six months  ended June 30, 2003 and 2002,  the  Partnership  received
approximately  $78,000 and $6,000 as repayment of advances plus accrued interest
of  approximately  $129,000  and $3,000,  respectively,  from two Local  Limited
Partnerships.  There were no amounts owed to the Partnership for working capital
advances to Local Limited Partnerships at June 30, 2003.

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 June 30,
2003,  investments in the three remaining Local Limited  Partnerships  have been
reduced to zero.  Cash  distributions  received  are  recorded  in  revenues  as
distributions  received in excess of investment  in Local Limited  Partnerships.
There were no  distributions  received in excess of  investment in Local Limited
Partnerships  during the six months ended June 30, 2003 and 2002.  Approximately
$1,669,000   in   distributions   were  received  from  the  two  Local  Limited
Partnerships in which the  Partnership  had an investment  during the six months
ended June 30, 2003 from  proceeds from the sales of the  underlying  properties
(as discussed below). No cash distributions were received from the Local Limited
Partnerships  during  the six  months  ended  June  30,  2002.  The  receipt  of
distributions  in future years is dependent on the  operations of the underlying
properties of the Local Limited Partnerships.

During  the  six  months  ended  June  30,  2003,  the  Partnership  distributed
approximately  $630,000 to the Other Limited Partners  (approximately $55.12 per
Other  Limited  Partnership  Interest)  from  proceeds  from  the  sales  of the
underlying  properties  of Forest Green  Limited  Partnership  and Village Green
Limited Partnership.  There were no distributions to the partners during the six
months  ended  June 30,  2002.  There is no  guarantee  that the  Local  Limited
Partnerships  will generate future surplus cash to permit further  distributions
to the partners during the remainder of 2003 or subsequent periods.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $39,000  for the six  months  ended June 30,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined  statements  of  operations  in Note 2 to the  Partnership's  financial
statements.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $34,000  for the six  months  ended June 30,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined  statements  of  operations  in Note 2 to the  Partnership's  financial
statements.

During  2002,  Northgate  Village  Limited  Partnership  entered  into  a  sales
agreement  with an  unaffiliated  third party for the sale of Northgate  Village
Apartments.  The closing  occurred on December  16,  2002,  with a sale price of
$3,500,000.  Net  proceeds of  approximately  $3,389,000  were used to repay the
mortgage  encumbering  the  property and the holder  ("AIMCO") of the  Northgate
Village note received payment of approximately $2,131,000.

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  Partnership nor
any partner thereof,  present or future,  assume any personal  liability for the
payment of the notes.  The notes were due 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 three Local Limited  Partnerships,  which
operate three rental housing properties. Two Local Limited Partnerships in which
the Partnership had an investment,  Forest Green Limited Partnership and Village
Green Limited Partnership,  sold their underlying  properties on January 3, 2003
(as  discussed  in  "Liquidity  and Capital  Resources").  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.   The  three  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 two Local Limited Partnerships which
sold their properties which amounted to losses of approximately $136,000 for the
six months ended June 30, 2003.  The  Partnership's  share of operations for the
six months ended June 30, 2002 amounted to losses of approximately $22,000.

The  Partnership  realized  net  income  (loss)  of  approximately  $68,000  and
($85,000)  for the three  and six  months  ended  June 30,  2003,  respectively,
compared to net losses of approximately $23,000 and $91,000,  respectively,  for
the three and six months  ended  June 30,  2002.  Net income  (loss) per unit of
limited partnership  interest was $5.95 and ($7.26) for the three and six months
ended June 30, 2003, respectively, and ($2.00) and ($7.75) for the three and six
months  ended June 30,  2002,  respectively.  The increase in net income for the
three  months  ended  June  30,  2003 is  primarily  due to an  increase  in the
Partnership's  share of profits from the Local Limited  Partnerships,  partially
offset by the loss  recorded on investment  in Local  Limited  Partnership.  The
decrease in net loss for the six months ended June 30, 2003 is primarily  due to
an  increase in interest  received  on advances to Local  Limited  Partnerships,
partially  offset by an increase in the  Partnership's  share of losses from the
Local Limited  Partnerships and the loss recorded on investment in Local Limited
Partnership. The loss recorded on investment in Local Limited Partnership during
the three and six months ended June 30, 2003 is  comprised  of the  write-off of
the remaining  investment  balance of the  Partnership  in Village Green Limited
Partnership as a result of its liquidation  during 2003. The Partnership did not
recognize  approximately  $308,000  of its  allocated  share of losses from four
Local  Limited  Partnerships  for the six  months  ended June 30,  2003,  as the
Partnership's  net carrying basis in these Local Limited  Partnerships  had been
reduced to zero. The Partnership did not recognize approximately $174,000 of its
allocated  share of losses  from four  Local  Limited  Partnerships  for the six
months ended June 30, 2002,  as the  Partnership's  net carrying  basis in these
Local Limited Partnerships had been reduced to zero. The Partnership's allocated
share of losses from Forest Green Limited  Partnership  for the six months ended
June 30, 2003  includes  approximately  $18,000  which the  Partnership  did not
recognize,  as the  Partnership's  net  carrying  basis  in this  Local  Limited
Partnership had been reduced to zero.

Recent Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), Consolidation
of Variable Interest Entities.  FIN 46 requires the consolidation of entities in
which an enterprise absorbs a majority of the entity's expected losses, receives
a majority of the entity's expected  residual  returns,  or both, as a result of
ownership,  contractual or other financial interests in the entity. Prior to the
issuance of FIN 46,  entities were generally  consolidated by an enterprise when
it had a controlling  financial  interest through ownership of a majority voting
interest in the entity. FIN 46 applied immediately to variable interest entities
created  after  January 31, 2003,  and with respect to variable  interests  held
before February 1, 2003, FIN 46 will apply beginning July 1, 2003.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities  under the  provisions of FIN 46. At June 30, 2003,  the  Partnership's
maximum exposure to loss with regard to unconsolidated  partnerships is zero due
to the recorded  investment in these  partnerships  having been reduced to zero.
The Partnership has not yet determined the anticipated impact of adopting FIN 46
for its partnership agreements that existed as of January 31, 2003. However, FIN
46 may require the  consolidation  of the assets,  liabilities and operations of
certain of the Partnership's  unconsolidated  partnership investments.  Although
the Partnership does not believe the full adoption of FIN 46 will have an impact
on net earnings,  the Partnership cannot make any definitive conclusion until it
completes its evaluation.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits


                  31.1  Certification  of equivalent of Chief Executive  Officer
                        pursuant    to    Securities    Exchange    Act    Rules
                        13a-14(a)/15d-14(a),  as Adopted Pursuant to Section 302
                        of the Sarbanes-Oxley Act of 2002.

                  31.2  Certification  of equivalent of Chief Financial  Officer
                        pursuant    to    Securities    Exchange    Act    Rules
                        13a-14(a)/15d-14(a),  as Adopted Pursuant to Section 302
                        of the Sarbanes-Oxley Act of 2002.

                  32.1  Certification  Pursuant to 18 U.S.C.  Section  1350,  as
                        Adopted  Pursuant to Section  906 of the  Sarbanes-Oxley
                        Act of 2002.

            b) Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2003.


<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


                            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/Thomas C. Novosel
                                  Thomas C. Novosel
                                  Senior Vice President and
                                  Chief Accounting Officer

                            Date: August 12, 2003


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of National  Housing
      Partnership Realty Fund I;

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;

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 and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  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 and presented in 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

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  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 and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant'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 have a  significant  role in the  registrant's
            internal control over financial reporting.




Date: August 12, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    President  of National  Corporation  for
                                    Housing Partnerships, equivalent of the
                                    chief executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of National  Housing
      Partnership Realty Fund I;

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;

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 and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  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 and presented in 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

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  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 and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant'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 have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: August 12, 2003

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of National  Corporation for Housing
                                    Partnerships,   equivalent   of  the   chief
                                    financial officer of the Partnership


<PAGE>

Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form 10-QSB of  National  Housing
Partnership  Realty Fund I (the  "Partnership"),  for the quarterly period ended
June 30, 2003 as filed with the Securities  and Exchange  Commission on the date
hereof (the "Report"), Patrick J. Foye, as the equivalent of the chief executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 12, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 12, 2003

This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.