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

                        Quarterly or Transitional Report

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

                                   Form 10-QSB

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

                 For the quarterly period ended September 30, 2000


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


                For the transition period from _________to _________

                         Commission file number 0-13465

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

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

                          55 Beattie Place, P.O. Box 1089
                              Greenville, SC 29601

                      (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

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



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                         Statement of Financial Position

                                   (Unaudited)

                                 (in thousands)

                               September 30, 2000

ASSETS

   Investments in and advances to Local Limited
      Partnerships (Note 2)                                     $2,007
                                                                $2,007

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities

   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $1,068
   Due to General Partner (Note 3)                                  98
   Accrued interest on partner loans (Note 3)                        5
   Other accrued expenses                                           32
                                                                 1,203

Partners' (deficit) equity
   General Partner -- The National Housing

      Partnership (NHP)                                            (87)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (92)
   Other Limited Partners -- 11,509 investment
      units                                                        983
                                                                   804
                                                                $2,007

                   See Accompanying Notes to Financial Statements


<PAGE>


b)


                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                            Statements of Operations

                                   (Unaudited)

                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                               Three Months Ended       Nine Months Ended
                                                 September 30,            September 30,
                                                2000        1999        2000         1999

revenues:
Share of profits from Local

<S>                                          <C>        <C>         <C>         <C>
  Limited Partnerships (Note 2)               $    55    $    34     $    78     $    57
  Interest received on advances to
  Local Limited Partnerships                       --          9          --           9
  Distributions in excess of investment
    in Local Limited Partnership (Note 2)          --         --          34          --
                                                   55         43         112          66

Costs and Expenses:
  Administrative and reporting fees to
    General Partner (Note 3)                       22         22          65          65
  Interest expense on General Partner
    Loans                                           3         --           3           1
   Other operating expenses                        15         15          51          44
         Total expenses                            40         37         119         110

Net income (loss)                             $    15    $     6     $    (7)    $   (44)

  Allocation of net income (loss):
  General Partner - NHP                       $    --    $    --     $    --     $    (1)
  Original Limited Partner - 1133
   Fifteenth Street Associates                     --         --          --          (1)
Other Limited Partners                        $    15    $     6     $    (7)    $   (42)
                                              $    15    $     6     $    (7)    $   (44)

Net income (loss) per Other Limited

Partnership Interest                          $  1.30    $   .52     $  (.61)    $ (3.65)

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


c)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                     Statement of Partners' (Deficit) Equity

                                   (Unaudited)

                                 (in thousands)
<TABLE>
<CAPTION>

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

(Deficit) equity at
<S>                                 <C>          <C>          <C>           <C>
   December 31, 1999                 $  (87)      $  (92)      $  990        $  811

Net loss - nine months
   ended September 30, 2000              --           --           (7)           (7)

(Deficit) equity at
   September 30, 2000               $   (87)      $  (92)      $  983        $  804

Percentage interest at
   September 30, 2000                    1%           1%          98%          100%
                                        (A)           (B)          (C)

(A)   General Partner
(B)   Original Limited Partner

(C)   Consists of 11,509 investment units

                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


d)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                            Statements of Cash Flows

                                   (Unaudited)

                                 (in thousands)
<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,

                                                                  2000        1999
CASH FLOWS USED IN OPERATING ACTIVITIES:
   Distributions in excess of investment in Local Limited
<S>                                                              <C>          <C>
     Partnerships                                                $   34       $   --
   Interest received                                                 --            9
   Operating expenses paid                                          (57)         (56)
   Net cash used in operating activities                            (23)         (47)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Distributions received from Local Limited Partnerships

     with equity balances                                            --           39
   Advances to Local Limited Partnerships                           (89)          --
   Repayment of advances to Local Limited Partnerships               --            8
Net cash (used in) provided by investing activities                 (89)          47

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net advances from General Partner                                 89            1

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                (23)           1

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                       23           --

CASH AND CASH EQUIVALENTS, END OF PERIOD                         $   --       $    1

RECONCILIATION OF NET LOSS TO NET CASH USED
   IN OPERATING ACTIVITIES:
     Net loss                                                    $   (7)      $  (44)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of profits from Local Limited Partnerships               (78)         (57)
     Increase in administrative and reporting fees payable           65           65
     Increase in accrued interest on partner loans                    3            1
     Decrease in other accrued expenses                              (6)         (12)

Net cash used in operating activities                           $  (23)      $  (47)

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>





e)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                          Notes to Financial Statements

                                   (Unaudited)

(1)   ACCOUNTING POLICIES

Organization

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

The National Housing  Partnership,  a District of Columbia  limited  partnership
("NHP" or the "General Partner"), raised capital for the Partnership by offering
and selling to additional limited partners 11,519 investment units at a price of
$1,000 per unit.  During 1984,  the  Partnership  acquired  limited  partnership
interests  ranging from 98% to 99% in ten Local  Limited  Partnerships,  each of
which was organized to acquire and operate an existing  rental housing  project.
Apartment  Investment  and  Management  Company  ("AIMCO")  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 statement of the
financial condition and results of operations for the interim periods presented.
All such adjustments are of a normal and recurring nature.

While the General Partner  believes that the disclosures  presented are adequate
to make the  information  not  misleading,  it is suggested that these financial
statements  be read in  conjunction  with the  financial  statements  and  notes
included in the  Partnership's  Annual  Report filed on Form 10-KSB for the year
ended December 31, 1999.


<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 nine other Local Limited
Partnerships: Fairmeadows Limited Partnership, Forest Green Limited Partnership,
Griffith Limited Partnership,  Northgate Village Limited Partnership,  Southward
Limited Partnership, San Jose Limited Partnership, Southridge Apartments Limited
Partnership,   Hurbell  IV  Limited  Partnership,   and  Village  Green  Limited
Partnership.  Since the  Partnership,  as a limited  partner,  does not exercise
control over the activities of the Local Limited Partnerships in accordance with
the partnership agreements, these investments are accounted for using the equity
method.  Thus,  the  investments  (and the  advances  made to the Local  Limited
Partnerships  as  discussed  below) are  carried at cost plus the  Partnership's
share of the Local Limited Partnerships' profits less the Partnership's share of
the Local Limited  Partnerships'  losses and distributions.  However,  since the
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships,  or is not otherwise  committed to provide  additional  support to
them, it does not recognize losses once its investment in each of the individual
Local Limited Partnerships,  increased for its share of profits, reduced for its
share of losses and cash distributions,  reaches zero. As of September 30, 2000,
investments in eight of the ten Local Limited  Partnerships  had been reduced to
zero. The Partnership did not recognize  approximately $554,000 of its allocated
share of losses from six Local Limited Partnerships and approximately $62,000 of
its allocated share of profits from two Local Limited  Partnerships for the nine
months ended  September 30, 2000,  as the  Partnership's  net carrying  basis in
these Local Limited  Partnerships  had been reduced to zero. The Partnership did
not recognize approximately $612,000 of its allocated share of losses from seven
Local Limited Partnerships and approximately  $102,000 of its allocated share of
profit from one Local Limited  Partnership  for the nine months ended  September
30,  1999,  as the  Partnership's  net  carrying  basis in these  Local  Limited
Partnerships had been reduced to zero. As of September 30, 2000, the Partnership
has not recognized a total of  approximately  $18,266,000 of its allocated share
of cumulative losses from the Local Limited Partnerships in which its investment
is zero.

Eight of the Local Limited  Partnerships  in which the  Partnership has invested
have deferred acquisition notes due to the original owner of each Property. With
the exception of Fairmeadows and  Southridge,  these notes were due between 1997
and 1999, and are currently in default. Fairmeadows and Southridge are currently
in default due to non-payment of required annual interest payments for 1999 (see
below).  The notes are secured by both the  Partnership's and NHP's interests in
the Local Limited Partnerships.  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.


<PAGE>


The  Fairmeadows and Southridge  notes,  both of which were issued in connection
with the Partnership's  initial  acquisition of the property,  initially accrued
interest at the rate of 10% per annum. The notes are nonrecourse and are secured
by a security interest in all partnership interests in the Partnership. In 1996,
the Partnership and the holders of the Fairmeadows and Southridge  notes entered
into a  Modification,  Renewal and Extension of Liens  Agreement (the Agreement)
which  extended the  maturity of the notes to December 1, 2011.  Interest on the
notes  continues to accrue at 10% and is due and payable at maturity;  provided,
however,  that  minimum  annual  installments  of interest are paid on or before
December  31 of each  year  through  December  31,  2010.  Such  minimum  annual
installment  increases  each  year by not less  than  2.5% and not more than 5%,
based on the Consumer Price Index

for All Urban Consumers (CPI-U). No minimum payments were paid in 1999 or during
the nine  months  ended  September  30,  2000 on either  note.  During the third
quarter of 2000, an affiliate of the General  Partner  purchased the Fairmeadows
and Southridge notes.

Griffith,  Southward,  Northgate Village,  San Jose, Gates Mill 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 October 31,  1997,  October 4, 1998,  July 26,  1999,  August 29, 1999,
October 1, 1999, and November 9, 1999,  respectively.  Interest  continues to be
paid or accrued under the original terms of the respective agreements. Each note
is in  default  and the Local  Limited  Partnership  interests  are  subject  to
potential   foreclosure.   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
eight of the Local Limited Partnerships, the aggregate balance of investments in
and  advances to Local  Limited  Partnerships,  for these  eight  Local  Limited
Partnerships,  has been  reduced to zero at September  30,  2000.  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 Chase  Manhattan  prime rate plus 2%
(11.50% at September 30, 2000).  Payment of principal and interest is contingent
upon the Local Limited Partnerships having available surplus cash, as defined by
HUD  regulations,  from  operations  or from  refinancing  or sale of the  Local
Limited Partnership properties.

During the nine months  ended  September  30,  2000,  the  Partnership  advanced
$89,000  to  Southridge  Apartments  Limited  Partnership  for  working  capital
purposes.  During the nine months ended September 30, 1999, the Partnership made
no advances for working capital purposes. At September 30, 2000, the amount owed
to the Partnership for working  capital  advances to Local Limited  Partnerships
amounted to approximately $451,000.

The  following  are combined  statements  of  operations  for the three and nine
months ended  September  30, 2000 and 1999,  respectively,  of the Local Limited
Partnerships in which the Partnership has invested.  The statements are compiled
from  financial  statements of the Local Limited  Partnerships,  prepared on the
accrual  basis of  accounting,  as  supplied  by the  management  agents  of the
projects, and are unaudited.

<TABLE>
<CAPTION>

                        COMBINED STATEMENTS OF OPERATIONS

                                         Three Months Ended         Nine Months Ended
                                           September 30,              September 30,
                                          2000         1999           2000         1999
                                                        (in thousands)

<S>                                    <C>           <C>          <C>          <C>
Rental income                          $  1,920      $  1,847     $  5,757     $  5,527
Other income                                138           141          304          260
   Total income                           2,058         1,988        6,061        5,787

Operating expenses                        1,264         1,113        3,734        3,554
Interest, taxes, and insurance              590           589        1,778        1,716
Depreciation                                335           393          969          977

   Total expense                          2,189         2,095        6,481        6,247

Net loss                              $    (131)     $   (107)    $   (420)    $   (460)

National Housing Partnership

   Realty Fund I share of losses      $    (129)     $   (106)    $   (414)    $   (455)
</TABLE>

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During  both the nine month  periods  ended  September  30,  2000 and 1999,  the
Partnership  accrued  administrative  and reporting  fees payable to the General
Partner in the amount of  approximately  $65,000  for  services  provided to the
Partnership.  No payments for such fees were made to the General  Partner during
the nine months ended September 30, 2000 and 1999. As of September 30, 2000, the
Partnership  owed  approximately  $1,068,000 to the General  Partner for accrued
administrative and reporting fees.


<PAGE>



During the nine months ended September 30, 2000 and 1999,  approximately $89,000
and $1,000,  respectively,  of working capital advances were made by the General
Partner to the Partnership.  The amount owed to the General Partner at September
30, 2000 was  approximately  $98,000.  Interest is charged on  borrowings at the
Chase  Manhattan  Bank rate of prime  plus 2% (11.50% at  September  30,  2000).
Accrued interest on this loan amounted to approximately  $5,000 at September 30,
2000.

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

(4) SEGMENT INFORMATION

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

(5)   GOING CONCERN

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

(6) LEGAL PROCEEDINGS

In 1997, NHP received subpoenas from the HUD Inspector General ("IG") requesting
documents relating to arrangements whereby NHP or any of its affiliates provided
compensation to owners of HUD-assisted or HUD-insured  multi-family  projects in
exchange for or in connection with property management of a HUD project. In July
1999, NHP received a grand jury subpoena  requesting  documents  relating to the
same  subject  matter as the HUD IG  subpoenas  and NHP's  operation  of a group
purchasing  program created by NHP, known as Buyers Access. To date, neither the
HUD IG nor the grand jury has  initiated  any action  against NHP or AIMCO,  the
ultimate controlling entity of NHP or, to NHP's or AIMCO's knowledge,  any owner
of a HUD property  managed by NHP.  AIMCO  believes  that NHP's  operations  and
programs are in compliance,  in all material respects,  with all laws, rules and
regulations  relating to HUD-assisted or HUD-insured  properties.  NHP and AIMCO
are  cooperating  with  the   investigations  and  does  not  believe  that  the
investigations  will  result in a  material  adverse  impact on its  operations.
However, as with any similar investigation, there can be no assurance that these
will not result in material fines, penalties or other costs.

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


<PAGE>




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

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

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

LIQUIDITY AND CAPITAL RESOURCES

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

The  Partnership  had no cash and cash  equivalents  at September  30, 2000,  as
compared to  approximately  $1,000 in cash and cash equivalents at September 30,
1999. The Partnership had cash and cash equivalents of approximately  $23,000 at
December  31, 1999.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at September  30, 2000, is dependent on
distributions  from  recurring   operations  received  from  the  Local  Limited
Partnerships  and  proceeds  from the sales or  refinancings  of the  underlying
properties.  The  Partnership's  only other form of  liquidity  is from  General
Partner  loans.  For the nine months  ended  September  30,  2000 and 1999,  the
General  Partner  advanced  the  Partnership  approximately  $89,000 and $1,000,
respectively,  to pay  operating  expenses.  The General  Partner will  evaluate
lending the Partnership  additional funds as such funds are needed, but is in no
way legally obligated to make such loans.

At September  30,  2000,  the  Partnership  currently  owes the General  Partner
approximately  $1,068,000 for administrative  and reporting services  performed.
During the nine months ended  September 30, 2000 and 1999, no payments were made
by the  Partnership  to the General  Partner for  administrative  and  reporting
services.  There  is no  guarantee  that the  Local  Limited  Partnerships  will
generate  future  surplus cash  sufficient to distribute to the  Partnership  in
amounts  adequate to repay  administrative  and reporting fees owed,  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 nine  months  ended  September  30,  2000 the  Partnership  advanced
approximately  $89,000 to the  Southridge  Apartments  Limited  Partnership  for
working  capital  purposes.  During the nine months ended September 30, 1999, no
working  capital  advances  were made by the  Partnership  to the Local  Limited
Partnerships.  A repayment of approximately  $8,000 was received during the nine
months ended  September  30, 1999.  No repayments of advances were received from
the Local Limited  Partnerships during the nine months ended September 30, 2000.
The  combined  amount  carried as due to the  Partnership  by the Local  Limited
Partnerships was approximately $451,000 as of September 30, 2000.

Distributions  received in excess of investment  in Local  Limited  Partnerships
represent the Partnership's proportionate share of the excess cash available for
distribution from the Local Limited Partnerships.  As a result of the use of the
equity method of accounting for the Partnership's  investments,  as of September
30,  2000,  investments  in eight of the  Local  Limited  Partnerships  has been
decreased  to zero.  Cash  distributions  received  are  recorded in revenues as
distributions  received in excess of investment  in Local Limited  Partnerships.
Cash distributions of approximately $34,000 were received from two Local Limited
Partnerships during the nine months ended September 30, 2000. Cash distributions
of  approximately  $39,000 were received  during the nine months ended September
30, 1999 for Local Limited  Partnerships for which the Partnership's  investment
has not yet been reduced to zero. The receipt of  distributions  in future years
is dependent on the operations of the underlying properties of the Local Limited
Partnerships.

Eight of the Local Limited  Partnerships  in which the  Partnership has invested
have deferred acquisition notes due to the original owner of each Property. With
the exception of Fairmeadows and  Southridge,  these notes were due between 1997
and 1999, and are currently in default. Fairmeadows and Southridge are currently
in default due to non-payment of required annual interest payments for 1999 (see
below).  The notes are secured by both the  Partnership's and NHP's interests in
the Local Limited Partnerships.  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.

The  Fairmeadows and Southridge  notes,  both of which were issued in connection
with the Partnership's  initial  acquisition of the property,  initially accrued
interest at the rate of 10% per annum. The notes are nonrecourse and are secured
by a security interest in all partnership interests in the Partnership. In 1996,
the Partnership and the holders of the Fairmeadows and Southridge  notes entered
into a  Modification,  Renewal and Extension of Liens  Agreement (the Agreement)
which  extended the  maturity of the notes to December 1, 2011.  Interest on the
notes  continues to accrue at 10% and is due and payable at maturity;  provided,
however,  that  minimum  annual  installments  of interest are paid on or before
December  31 of each  year  through  December  31,  2010.  Such  minimum  annual
installment  increases  each  year by not less  than  2.5% and not more than 5%,
based on the Consumer Price Index for All Urban  Consumers  (CPI-U).  No minimum
payments were paid in 1999 or during the nine months ended September 30, 2000 on
either  note.  During the third  quarter of 2000,  an  affiliate  of the General
Partner purchased the Fairmeadows and Southridge notes.

Griffith,  Southward,  Northgate Village,  San Jose, Gates Mill 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 October 31,  1997,  October 4, 1998,  July 26,  1999,  August 29, 1999,
October 1, 1999, and November 9, 1999,  respectively.  Interest  continues to be
paid or accrued under the original terms of the respective agreements. Each note
is in  default  and the Local  Limited  Partnership  interests  are  subject  to
potential   foreclosure.   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 has invested as a limited partner in Local Limited  Partnerships
which operate ten rental housing properties. Due to the use of the equity method
of accounting as discussed in Note 2 to the Partnership's  financial statements,
to the extent the Partnership  still has a carrying basis in a respective  Local
Limited   Partnership,   results  of   operations   would  be  impacted  by  the
Partnership's share of the profits or losses of the Local Limited  Partnerships.
Eight of the ten investments in Local Limited  Partnership  have been reduced to
zero. As a result, the Partnership's  operations are no longer being affected by
its  share  of the  operations.  The  Partnership  has  recorded  its  share  of
operations in the remaining two Local  Limited  Partnerships  which  amounted to
profits of approximately $78,000 and $57,000 for the nine months ended September
30, 2000 and 1999, respectively.

The Partnership  realized net income of approximately  $15,000 and a net loss of
approximately  $7,000 for the three and nine months  ended  September  30, 2000,
respectively,  compared to net income of approximately  $6,000 and a net loss of
approximately  $44,000 for the three and nine months ended  September  30, 1999.
Net income  (loss) per unit of limited  partnership  interest was  approximately
$1.30 and  ($0.61) for the three and nine months  ended  September  30, 2000 and
approximately  $0.52 and ($3.65) for the three and nine months  ended  September
30,  1999.  The  increase  in net income was due to an  increase in the share of
profits from the Local Limited  Partnerships in which the  Partnership's  equity
has not been  reduced to zero.  The  increase  in net income for the nine months
ended September 30, 2000 was also due to  distributions  in excess of investment
in Local Limited Partnerships.

The Partnership did not recognize  approximately $554,000 of its allocated share
of losses from six Local Limited  Partnerships and approximately  $62,000 of its
allocated  share of profits  from two Local  Limited  Partnerships  for the nine
months ended  September 30, 2000,  as the  Partnership's  net carrying  basis in
these Local Limited  Partnerships  had been reduced to zero. The Partnership did
not recognize approximately $612,000 of its allocated share of losses from seven
Local Limited Partnerships and approximately  $102,000 of its allocated share of
profit from one Local Limited  Partnership  for the nine months ended  September
30,  1999,  as the  Partnership's  net  carrying  basis in these  Local  Limited
Partnerships had been reduced to zero.


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

In 1997, NHP received subpoenas from the HUD Inspector General ("IG") requesting
documents relating to arrangements whereby NHP or any of its affiliates provided
compensation to owners of HUD-assisted or HUD-insured  multi-family  projects in
exchange for or in connection with property management of a HUD project. In July
1999, NHP received a grand jury subpoena  requesting  documents  relating to the
same  subject  matter as the HUD IG  subpoenas  and NHP's  operation  of a group
purchasing  program created by NHP, known as Buyers Access. To date, neither the
HUD IG nor the grand jury has  initiated  any action  against  NHP or  Apartment
Investment and Management Company ("AIMCO"),  the ultimate controlling entity of
NHP or, to NHP's or AIMCO's  knowledge,  any owner of a HUD property  managed by
NHP. AIMCO believes that NHP's operations and programs are in compliance, in all
material respects, with all laws, rules and regulations relating to HUD-assisted
or HUD-insured properties. NHP and AIMCO are cooperating with the investigations
and does not believe that the  investigations  will result in a material adverse
impact on its operations. However, as with any similar investigation,  there can
be no assurance that these will not result in material fines, penalties or other
costs.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits

                  Exhibit 27, Financial Data Schedule

            b)    Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2000.


<PAGE>



                                   SIGNATURES

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

                                    NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                    (Registrant)

                                    By:   The National Housing Partnership,
                                          Its sole General Partner


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

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

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

                                    Date: November 15, 2000