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 March 31, 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)

                                 March 31, 2003


ASSETS
   Cash and cash equivalents                                    $   11
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                         33
                                                                $   44

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities
   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $   22
   Other accrued expenses                                           10
                                                                    32

Partners' (deficit) equity
   General Partner -- The National Housing
      Partnership (NHP)                                            (88)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (93)
   Other Limited Partners -- 11,356 investment
      units                                                        193
                                                                    12
                                                                $   44


                   See Accompanying Notes to Financial Statements



<PAGE>





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





                                                         Three Months Ended
                                                              March 31,
                                                             2003       2002
Revenues:
  Interest received on advances to Local Limited
    Partnerships                                         $   129    $     3

Costs and expenses:
  Share of losses from Local Limited
   Partnerships (Note 2)                                     248          34
  Administrative and reporting fees
   to General Partner (Note 3)                                22          22
  Interest expense on loans from General Partner
    (Note 3)                                                  --           1
  Other operating expenses                                    12          14
      Total expenses                                         282          71

Net loss                                                 $  (153)    $   (68)

Allocation of net loss:
  General Partner - NHP                                  $    (1)    $    (1)
  Original Limited Partner - 1133 Fifteenth Street
   Associates                                                 (1)         (1)
  Other Limited Partners                                    (151)        (66)
                                                         $  (153)    $   (68)

Net loss per Other Limited Partnership Interest          $(13.21)    $ (5.74)

Distribution per Other Limited Partnership Interest      $ 55.12     $    --

                   See Accompanying Notes to Financial Statements



<PAGE>



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

<TABLE>
<CAPTION>


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

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

Distributions to partners                --           --           (630)       (630)

Net loss for the three months
   ended March 31, 2003                  (1)          (1)          (151)       (153)

(Deficit) equity at
   March 31, 2003                   $   (88)      $  (93)        $  193      $   12

Percentage interest at
   March 31, 2003                        1%           1%            98%        100%
                                         (A)          (B)            (C)


(A)   General Partner
(B)   Original Limited Partner
(C)   Consists  of  11,356  investment  units  at  March  31,  2003  and  11,429
      investment units at December 31, 2002. During the three months ended March
      31, 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>

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2003         2002
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Administrative and reporting fees paid to General Partner      $(1,111)     $  (150)
  Interest paid on General Partner loans                              --          (23)
  Interest received on advances to Local Limited
   Partnerships                                                      129            3
  Operating expenses paid                                             (2)         (41)

  Net cash used in operating activities                             (984)        (211)

Cash flows from investing activities:
  Distributions from Local Limited Partnerships                    1,535           --
  Repayment of advances to Local Limited Partnerships                 78            6

  Net cash provided by investing activities                        1,613            6

Cash flows from financing activities:
  Distributions to partners                                         (630)          --
  Payment of advances from General Partner                            --         (158)

  Net cash used in financing activities                             (630)        (158)

Net decrease in cash and cash equivalents                             (1)        (363)

Cash and cash equivalents, beginning of period                        12          426

Cash and cash equivalents, end of period                         $    11      $    63

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                    $  (153)     $   (68)
     Adjustments to reconcile net loss to net cash used in
      operating activities:
     Share of losses from Local Limited Partnerships                 248           34
     Decrease in administrative and reporting fees payable
      to General Partner                                          (1,089)        (128)
     Decrease in accrued interest on partner loans                    --          (22)
     Increase (decrease) in accrued expenses                          10          (27)
        Total adjustments                                           (831)        (143)
Net cash used in operating activities                            $  (984)     $  (211)

                   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  month  period  ended  March 31, 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  FASB  issued  FASB  Interpretation  No.  46  ("FIN46"),
Consolidation of Variable  Interest  Entities,  an Interpretation of ARB No. 51.
FIN46 requires  certain  variable  interest  entities to be  consolidated by the
primary  beneficiary of the entity if the equity  investors in the entity do not
have the  characteristics  of a  controlling  financial  interest or do not have
sufficient  equity at risk for the  entity to  finance  its  activities  without
additional subordinated financial support from other parties. FIN46 is effective
for all new variable  interest  entities  created or acquired  after January 31,
2003. For variable  interest  entities  created or acquired prior to February 1,
2003,  the  provisions  of FIN46 must be applied for the first interim or annual
period  beginning after June 15, 2003. The  Partnership is currently  evaluating
the  effect,  if any,  that the  adoption  of FIN46 will have on its  results of
operations and financial condition.


<PAGE>


(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 four other Local Limited
Partnerships:  Forest Green Limited  Partnership,  San Jose Limited Partnership,
Hurbell IV Limited  Partnership  and  Village  Green  Limited  Partnership.  The
Partnership owned a 99% interest in five 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, and one of which was sold during 2002.

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  $100,000 for the three months ended March 31,
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  $89,000 for the three months ended March 31,
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 March 31, 2003,  investments in three of the
Local Limited Partnerships had been reduced to zero. The Partnership  recognized
approximately  $248,000  and $34,000 of its  allocated  share of losses from two
Local Limited Partnerships in which it had a carrying basis for the three months
ended March 31, 2003 and 2002,  respectively.  The Partnership did not recognize
approximately $128,000 of its allocated share of losses from three Local Limited
Partnerships for the three months ended March 31, 2003, as the Partnership's net
carrying basis in these Local Limited Partnerships had been reduced to zero. The
Partnership did not recognize  approximately  $150,000 of its allocated share of
losses from four Local Limited Partnerships for the three months ended March 31,
2002,  as  the   Partnership's   net  carrying  basis  in  these  Local  Limited
Partnerships had been reduced to zero. As of March 31, 2003, the Partnership has
not  recognized  approximately  $8,046,000 of its allocated  share of cumulative
losses from the three Local  Limited  Partnerships  in which its  investment  is
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  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,
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
three of the 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 March 31, 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% (6.25% at March
31,  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 three months ended March 31, 2003 and 2002, the  Partnership  made no
advances for working capital  purposes.  During the three months ended March 31,
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 March 31, 2003.

The following are combined  statements of operations  for the three months ended
March 31, 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,  2001,  in  accordance  with  Financial  Accounting
Standards  Board issued SFAS No. 144  "Accounting for the Impairment or Disposal
of  Long-Lived  Assets",  to reflect the loss from  operations  of Village Green
Apartments and Forest Green Apartments as loss from discontinued  operations due
to their sales in 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

                                                  Three Months Ended
                                                       March 31,
                                                  2003          2002
                                                             (Restated)
                                                      (in thousands)
Rental income                                    $  564        $  551
Other income                                         30            31
   Total revenues                                   594           582
Operating expenses                                  377           392
Interest, taxes, and insurance                      230           218
Depreciation                                        117           109
   Total expenses                                   724           719
Loss from continuing operations                    (130)         (137)

Loss from sale of discontinued operations          (189)           --
Loss from discontinued operations                   (61)          (50)
   Net loss                                      $ (380)       $ (187)
National Housing Partnership Realty Fund I
 share of losses                                 $ (376)       $ (184)

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During both the three  months  ended March 31,  2003 and 2002,  the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately $22,000 for services provided to the Partnership. During
the three months ended March 31, 2003 and 2002, the Partnership made payments of
approximately $1,111,000 and $150,000,  respectively, to the General Partner for
accrued administrative and reporting fees. As of March 31, 2003, the Partnership
owed approximately $22,000 to the General Partner for accrued administrative and
reporting fees.

There  were no  working  capital  advances  made by the  General  Partner to the
Partnership  during the three  months  ended March 31,  2003 and 2002.  Interest
accrued for the three  months  ended March 31,  2002 was  approximately  $1,000.
Interest was charged at the Chase  Manhattan  Bank prime  interest rate plus 2%.
During the three months ended March 31, 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 March 31, 2003.

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.

(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 three months ended March 31, 2003, the number of Limited  Partnership
Units decreased by 73 units 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. There were no such abandonments during
the three months ended March 31, 2002.


<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.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  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; 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  $11,000 at March
31, 2003 as compared to approximately $63,000 at March 31, 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 March 31, 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 three months  ended March 31, 2003 and 2002.  During the three months
ended  March 31,  2003,  the  Partnership  did not repay any  advances or accrue
interest to the General Partner as none were owed during 2003.  During the three
months ended March 31, 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>





At March 31,  2003,  the  Partnership  owed the  General  Partner  approximately
$22,000 for administrative and reporting  services  performed.  During the three
months ended March 31, 2003 and 2002,  payments of approximately  $1,111,000 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  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, 2003 and 2002, the  Partnership  made no
advances for working capital purposes to any of the Local Limited  Partnerships.
During the three months ended March 31, 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 March 31, 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 March 31,
2003, investments in three of the Local Limited Partnerships has been reduced to
zero.  Cash  distributions  received are  recorded in revenues as  distributions
received in excess of investment in Local  Limited  Partnerships.  Approximately
$1,535,000 in distributions were received from two Local Limited  Partnership in
which the Partnership has an investment  during the three months ended March 31,
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 three months ended March 31, 2002.  The receipt of  distributions  in
future years is dependent on the operations of the underlying  properties of the
Local Limited Partnerships.

During the three  months  ended  March 31,  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
three months ended March 31, 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  $100,000 for the three months ended March 31,
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  $89,000 for the three months ended March 31,
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  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,
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 five Local Limited  Partnerships,  which
operate three rental housing properties. Two Local Limited Partnerships in which
the  Partnership  retains 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.  Three of the five remaining investments in Local Limited
Partnership have been reduced to zero. As a result, the Partnership's operations
are no longer being affected by their share of the  operations.  The Partnership
has  recorded  its  share of  operations  in the  remaining  two  Local  Limited
Partnerships  which amounted to losses of  approximately  $248,000 for the three
months ended March 31, 2003. The Partnership's share of operations for the three
months ended March 31, 2002 amounted to losses of approximately $34,000.

The Partnership  realized net losses of  approximately  $153,000 and $68,000 for
the three months ended March 31, 2003 and 2002, respectively.  Net loss per unit
of limited partnership  interest was $13.21 and $5.74 for the three months ended
March 31, 2003 and 2002, respectively. The increase in net loss is primarily due
to an  increase  in the  Partnership's  share of losses  from the Local  Limited
Partnerships,  partially offset by an increase in interest  received on advances
to Local Limited Partnerships.  The Partnership did not recognize  approximately
$128,000 of its allocated share of losses from three Local Limited  Partnerships
for the three  months ended March 31, 2003,  as the  Partnership's  net carrying
basis  in  these  Local  Limited  Partnerships  had been  reduced  to zero.  The
Partnership did not recognize  approximately  $150,000 of its allocated share of
losses from four Local Limited Partnerships for the three months ended March 31,
2002,  as  the   Partnership's   net  carrying  basis  in  these  Local  Limited
Partnerships had been reduced to zero.

Recent Accounting Pronouncements

In  January  2003,  the  FASB  issued  FASB  Interpretation  No.  46  ("FIN46"),
Consolidation of Variable  Interest  Entities,  an Interpretation of ARB No. 51.
FIN46 requires  certain  variable  interest  entities to be  consolidated by the
primary  beneficiary of the entity if the equity  investors in the entity do not
have the  characteristics  of a  controlling  financial  interest or do not have
sufficient  equity at risk for the  entity to  finance  its  activities  without
additional subordinated financial support from other parties. FIN46 is effective
for all new variable  interest  entities  created or acquired  after January 31,
2003. For variable  interest  entities  created or acquired prior to February 1,
2003,  the  provisions  of FIN46 must be applied for the first interim or annual
period  beginning after June 15, 2003. The  Partnership is currently  evaluating
the  effect,  if any,  that the  adoption  of FIN46 will have on its  results of
operations and financial condition.

ITEM 3.     CONTROLS AND PROCEDURES

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,  within 90 days of the
filing  date  of this  quarterly  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits

                    99   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 March 31, 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: May 13, 2003


<PAGE>



                                  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  quarterly  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 quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  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 quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


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


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


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


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


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


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


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


Date: May 13, 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>



                                  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  quarterly  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 quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  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 quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


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


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


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


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


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


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


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


Date: May 13, 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 99


                          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, 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:  May 13, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  May 13, 2003

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