UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549



Form 10-QSB



(Mark One)

[X]

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended March 31, 2006





[ ]

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT





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 ___



Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ___  No _X_













PART I - FINANCIAL INFORMATION





ITEM 1.

FINANCIAL STATEMENTS





NATIONAL HOUSING PARTNERSHIP REALTY FUND I

Balance Sheet

(in thousands, except unit data)

(Unaudited)



March 31, 2006





|                                             |       
|-------------------------------------------- | ------
|ASSETS                                       |       
|Cash and cash equivalents                    | $    3
|Receivables                                  | 6     
|Investments in and advances to Local Limited |       
|Partnerships (Note 2)                        | --    
|                                             | $9    
|                                             |       
|LIABILITIES AND PARTNERS' DEFICIT            |       
|                                             |       
|Liabilities                                  |       
|Administrative and reporting fees payable to |       
|General Partner (Note 3)                     | $  208
|Due to General Partner (Note 3)              | 38    
|Accounts payable and other accrued expenses  | 9     
|                                             | 255   
|                                             |       
|Partners' deficit                            |       
|General Partner -- The National Housing      |       
|Partnership (NHP)                            | (91)  
|Original Limited Partner - 1133 Fifteenth   |       
|Street Associates                            | (96)  
|Other Limited Partners -- 11,269 investment  |       
|units                                        | (59)  
|                                             | (246) 
|                                             | $9    



See Accompanying Notes to Financial Statements















NATIONAL HOUSING PARTNERSHIP REALTY FUND I

Statements of Operations

(in thousands, except per unit data)

(Unaudited)











|                                                 |                    |        
|------------------------------------------------ | ------------------ | -------
|                                                 | Three Months Ended
|                                                 | March 31,         
|                                                 | 2006               | 2005   
|                                                 |                    |        
|Revenues:                                        | $--                | $--    
|                                                 |                    |        
|Expenses:                                        |                    |        
|Administrative and reporting fees                |                    |        
|to General Partner (Note 3)                      | 11                 | 11     
|Interest expense (Note 3)                        | 1                  | --     
|Other operating expenses                         | 6                  | 3      
|Total expenses                                   | 18                 | 14     
|                                                 |                    |        
|Net loss                                         | $(18)              | $(14)  
|                                                 |                    |        
|Allocation of net loss:                          |                    |        
|General Partner - NHP                            | $    --            | $    --
|Original Limited Partner  1133 Fifteenth Street |                    |        
|Associates                                       | --                 | --     
|Other Limited Partners                           | (18)               | (14)   
|                                                 | $(18)              | $(14)  
|                                                 |                    |        
|Net loss per Other Limited Partnership Interest  | $(1.60)            | $(1.23)



See Accompanying Notes to Financial Statements











NATIONAL HOUSING PARTNERSHIP REALTY FUND I

Statement of Changes in Partners' Deficit

(in thousands, except unit data)

(Unaudited)















|                              |              |            |          |        
|----------------------------- | ------------ | ---------- | -------- | -------
|                              | The National | 1133       |          |        
|                              | Housing      | Fifteenth  | Other    |        
|                              | Partnership  | Street     | Limited  |        
|                              | (NHP)        | Associates | Partners | Total  
|                              |              |            |          |        
|Deficit at December 31, 2005  | $  (91)      | $  (96)    | $  (41)  | $ (228)
|                              |              |            |          |        
|Net loss for the three months |              |            |          |        
|ended March 31, 2006          | --           | --         | (18)     | (18)
) 
|                              |              |            |          |        
|Deficit at March 31, 2006     | $(91)        | $(96)      | $(59)    | $(246) 
|                              |              |            |          |        
|Percentage interest at        |              |            |          |        
|March 31, 2006                | 1%           | 1%         | 98%      | 100%   
|                              | (A)          | (B)        | (C)      |        





(A)

General Partner

(B)

Original Limited Partner

(C)     
Consists of 11,269 investment units.





See Accompanying Notes to Financial Statements











NATIONAL HOUSING PARTNERSHIP REALTY FUND I

Statements of Cash Flows

(in thousands)

(Unaudited)





|                                                         |                    |      
|-------------------------------------------------------- | ------------------ | -----
|                                                         | Three Months Ended
|                                                         | March 31,         
|                                                         | 2006               | 2005 
|Cash flows used in operating activities:                 |                    |      
|Operating expenses paid                                  | $(5)               | $(7) 
|                                                         |                    |      
|Cash flows provided by financing activities:             |                    |      
|Advances from General Partner                            | 7                  | 10   
|                                                         |                    |      
|Net increase in cash and cash equivalents                | 2                  | 3    
|                                                         |                    |      
|Cash and cash equivalents, beginning of period           | 1                  | --   
|                                                         |                    |      
|Cash and cash equivalents, end of period                 | $3                 | $3   
|                                                         |                    |      
|Reconciliation of net loss to net cash used in operating |                    |      
|activities:                                              |                    |      
|Net loss                                                 | $(18)              | $(14)
|Adjustments to reconcile net loss to net cash used in    |                    |      
|operating activities:                                    |                    |      
|Increase in receivables                                  | (3)                | --   
|Increase in administrative and reporting                 |                    |      
|fees payable to General Partner                          | 11                 | 11   
|Increase in accrued interest due to General Partner      | 1                  | --   
|Increase (decrease) in accounts payable and accrued      |                    |      
|expenses                                                 | 4                  | (4)  
|Total adjustments                                        | 13                 | 7    
|Net cash used in operating activities                    | $(5)               | $(7) 



See Accompanying Notes to Financial Statements











NATIONAL HOUSING PARTNERSHIP REALTY FUND I

Notes to Financial Statements

(Unaudited)





(1)

ORGANIZATION AND SUMMARY OF SIGNIFICANT 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. 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 month period ended March 31, 2006 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2006.



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, 2005.



FASB Interpretation No. 46



As of December 31, 2004, the Partnership adopted FASB Interpretation No. 46 Consolidation of Variable Interest Entities (or FIN 46) and applied its requirements to all Local Limited Partnerships in which the Partnership held a variable interest.  FIN 46 addresses the consolidation by business enterprises of variable interest entities.  Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics:  (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that













are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.  FIN 46 requires a VIE to be consolidated in the financial statements of the entity that is determined to be the primary beneficiary of the VIE.



Upon adoption of FIN 46, the Partnership  determined that its three Local Limited Partnerships in which it held investments were not VIEs. During the year ended December 31, 2005, the Partnership reconsidered its initial determination of Local Limited Partnerships for VIE status. As a result, the Partnership determined it held variable interests in all three Local Limited Partnerships; however, the Partnership was not the primary beneficiary. During the year ended December 31, 2005, one Local Limited Partnership previously determined to be a VIE was lost by the Partnership to foreclosure.  The two remaining Local Limited Partnerships are directly engaged in the ownership and management of two apartment properties with a total of 320 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which were zero at March 31, 2006.  The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.



Recent Accounting Pronouncement



In May 2005, the Financial Accounting Standards Board issued SFAS No. 154 Accounting Changes and Error Corrections, which replaces APB Opinion No. 20 and SFAS No. 3, and changes the requirements for the accounting for and reporting of a change in accounting principle. This statement is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. The Partnership adopted SFAS No. 154 effective January 1, 2006. The adoption of SFAS No. 154 did not have a material effect on the Partnerships financial condition or results of operations.



(2)

INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS



The Partnership owns 99% limited partnership interests in two Local Limited Partnerships: San Jose Limited Partnership and Hurbell IV Limited Partnership.



On October 31, 2005, the Partnership received notice that the holders of the deferred acquisition notes in default at Gates Mills I Limited Partnership had exercised their rights under the notes and had foreclosed upon NHPs and the Partnerships interests in Gates Mills I Limited Partnership.  No gain or loss resulted from this transfer of interest, as the Partnership had no investment balance remaining in this Local Limited Partnership.



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 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 March 31, 2006, investments in the two Local Limited Partnerships had been reduced to zero.



The Partnership did not recognize approximately $3,000 and $104,000 of its allocated share of losses from one and three Local Limited Partnerships for the three months ended March 31, 2006 and 2005, respectively, as the Partnership's net carrying basis in these Local Limited Partnerships had been reduced to zero. The losses not recognized during 2005 include the operations of Gates Mills I Limited Partnership, whose interest was lost to foreclosure during the fourth quarter of 2005 (as discussed above). The Partnership did not recognize approximately $7,000 of its allocated share of profits from one Local Limited Partnership for the three months ended March 31, 2006. As of March 31, 2006, the Partnership has not recognized approximately $4,078,000 of its allocated share of cumulative losses from the two Local Limited Partnerships in which its investment is zero.



San Jose and Hurbell IV Limited Partnerships each 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 are 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 Local Limited 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 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 these uncertainties.



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 two remaining Local Limited Partnerships, the aggregate balance of investments in and advances to Local Limited Partnerships, for these Local Limited Partnerships, has been reduced to zero at March 31, 2006.  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% (9.75% at March 31, 2006). 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 three months ended March 31, 2006 and 2005, the Partnership made no advances to the Local Limited Partnerships. There were no amounts owed to the Partnership for working capital advances to Local Limited Partnerships at March 31, 2006.



The following are combined statements of operations for the three months ended March 31, 2006 and 2005, respectively, of the Local Limited Partnerships in which the Partnership has invested. (2005 amounts exclude the operations of Gates Mills I Limited Partnership, for which the Partnership lost its investment in 2005.)



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         
|                                           | Three Months Ended
|                                           | March 31,         
|                                           | 2006               | 2005  
|                                           |                    |       
|                                           | (in thousands)    
|Rental income                              | $  460             | $  450
|Other income                               | 40                 | 30    
|Total revenues                             | 500                | 480   
|                                           |                    |       
|Operating expenses                         | 291                | 297   
|Interest, taxes, and insurance             | 119                | 114   
|Depreciation                               | 86                 | 84    
|Total expenses                             | 496                | 495   
|Income (loss) from continuing operations   | $4                 | $(15) 
|National Housing Partnership Realty Fund I |                    |       
|share of income (losses)                   | $4                 | $(15) 



(3) TRANSACTIONS WITH THE GENERAL PARTNER



During each of the three months ended March 31, 2006 and 2005, the Partnership accrued administrative and reporting fees payable to the General Partner in the amount of approximately $11,000 for services provided to the Partnership. As of March 31, 2006, the Partnership owed approximately $208,000 to the General Partner for accrued administrative and reporting fees.



The 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.



During the three months ended March 31, 2006 and 2005, the General Partner advanced approximately $7,000 and $10,000, respectively, to the Partnership to fund operating expenses. Interest is charged at the prime rate plus 2% (9.75% at March 31, 2006).











Interest expense was approximately $1,000 and less than $1,000 for the three months ended March 31, 2006 and 2005, respectively. At March 31, 2006, the total amount of advances and accrued interest is approximately $38,000 and is included in due to General Partner.



(4)

GOING CONCERN



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



(5) CONTINGENCIES



The Partnership is unaware of any pending or outstanding litigation involving it or the underlying investment properties of the Local Limited Partnerships in which the Partnership invests that are not of a routine nature arising in the ordinary course of business.















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.  The General Partner monitors developments in the area of legal and regulatory compliance.  For example, 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.



The Partnership had cash and cash equivalents of approximately $3,000 at both March 31, 2006 and 2005. The ability of the Partnership to meet its on-going cash requirements, in excess of cash on hand at March 31, 2006, 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. 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.



During the three months ended March 31, 2006 and 2005, the General Partner advanced approximately $7,000 and $10,000, respectively, to the Partnership to fund operating expenses. Interest is charged at the prime rate plus 2% (9.50% at March 31, 2006). Interest expense was approximately $1,000 and less than $1,000 for the three months ended March 31, 2006 and 2005, respectively. At March 31, 2006, the total amount of advances and accrued interest is approximately $38,000 and is included in due to General Partner.



At March 31, 2006, the Partnership owed the General Partner approximately $208,000 for administrative and reporting services performed. 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; 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 three months ended March 31, 2006 and 2005, the Partnership made no advances for working capital purposes to any of the Local Limited Partnerships. There were no amounts owed to the Partnership for working capital advances to Local Limited Partnerships at March 31, 2006.



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 March 31, 2006, investments in the two 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.  No cash distributions were received from the Local Limited Partnerships during the three months ended March 31, 2006 and 2005. The receipt of distributions in future years is dependent on the operations of the underlying properties of the Local Limited Partnerships and the sale or refinancing of the underlying properties.



On October 31, 2005, the Partnership received notice that the holders of the deferred acquisition notes in default at Gates Mills I Limited Partnership had exercised their rights under the notes and had foreclosed upon NHPs and the Partnerships interests in Gates Mills I Limited Partnership.  No gain or loss resulted from this transfer of interest, as the Partnership had no investment balance remaining in this Local Limited Partnership.



San Jose and Hurbell IV Limited Partnerships each 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 are 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 Local Limited 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 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 these uncertainties.



RESULTS OF OPERATIONS



The Partnership retains an interest in two Local Limited Partnerships, which operate two rental housing properties.  Due to the use of the equity method of accounting as discussed in Item 1. Financial Statements  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













two remaining investments in Local Limited Partnerships 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 realized net losses of approximately $18,000 and $14,000 for the three months ended March 31, 2006 and 2005, respectively.  Net loss per unit of limited partnership interest was $1.60 and $1.23 for the three months ended March 31, 2006 and 2005, respectively. The increase in net loss is due to an increase in operating expenses.



The Partnership did not recognize approximately $3,000 and $104,000 of its allocated share of losses from one and three Local Limited Partnerships for the three months ended March 31, 2006 and 2005, respectively, as the Partnership's net carrying basis in these Local Limited Partnerships had been reduced to zero. The losses not recognized during 2005 include the operations of Gates Mills I Limited Partnership, whose interest was lost to foreclosure during the fourth quarter of 2005 (as discussed above). The Partnership did not recognize approximately $7,000 of its allocated share of profits from one Local Limited Partnership for the three months ended March 31, 2006.



FASB Interpretation No. 46



As of December 31, 2004, the Partnership adopted FASB Interpretation No. 46 Consolidation of Variable Interest Entities (or FIN 46) and applied its requirements to all Local Limited Partnerships in which the Partnership held a variable interest.  FIN 46 addresses the consolidation by business enterprises of variable interest entities.  Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics:  (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.  FIN 46 requires a VIE to be consolidated in the financial statements of the entity that is determined to be the primary beneficiary of the VIE.



Upon adoption of FIN 46, the Partnership  determined that its three Local Limited Partnerships in which it held investments were not VIEs. During the year ended December 31, 2005, the Partnership reconsidered its initial determination of Local Limited Partnerships for VIE status. As a result, the Partnership determined it held variable interests in all three Local Limited Partnerships; however, the Partnership was not the primary beneficiary. During the year ended December 31, 2005, one Local Limited Partnership previously determined to be a VIE was lost by the Partnership to foreclosure.  The two remaining Local Limited Partnerships are directly engaged in the ownership and management of two apartment properties with a total of 320 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which were zero at March 31, 2006.  The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.















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.













PART II  OTHER INFORMATION





ITEM 5.

OTHER INFORMATION



None.





ITEM 6.

EXHIBITS





See Exhibit Index.















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/David R. Robertson

David R. Robertson

President and Chief Executive Officer



By:     /s/Stephen B. Waters

Stephen B. Waters

Vice President





Date:

May 12, 2006















NATIONAL HOUSING PARTNERSHIP REALTY FUND I





INDEX OF 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 of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

















Exhibit 31.1

CERTIFICATION

I, David R. Robertson, 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 small business issuer as of, and for, the periods presented in this report;



4.

The small business issuer'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 small business issuer 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 small business issuer, 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 small business issuer'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 small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and



5.

The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer'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 small business issuer'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 small business issuer's internal control over financial reporting.

Date: May 12, 2006

/s/David R. Robertson

David R. Robertson

President and Chief Executive Officer of National Corporation for Housing Partnerships, equivalent of the chief executive officer of the Partnership















Exhibit 31.2

CERTIFICATION

I, Stephen B. Waters, 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 small business issuer as of, and for, the periods presented in this report;



4.

The small business issuer'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 small business issuer 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 small business issuer, 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 small business issuer'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 small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and



5.

The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer'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 small business issuer'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 small business issuer's internal control over financial reporting.

Date: May 12, 2006

/s/ Stephen B. Waters

Stephen B. Waters

Vice President of National Corporation for Housing Partnerships, equivalent of the chief financial officer of the Partnership















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 March 31, 2006 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David R. Robertson, as the equivalent of the chief executive officer of the Partnership, and Stephen B. Waters, 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/David R. Robertson

Name:  David R. Robertson

Date:  May 12, 2006



/s/Stephen B. Waters

Name:  Stephen B. Waters

Date:  May 12, 2006



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.