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 September 30, 2004


[ ]   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 ___



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


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

                               September 30, 2004


ASSETS
   Cash and cash equivalents                                    $    3
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                         --
                                                                $    3

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
   Administrative and reporting fees payable to General
    Partner (Note 3)                                            $  108
   Other accrued expenses                                           11
                                                                   119
Partners' (deficiency) capital
   General Partner - The National Housing
      Partnership (NHP)                                            (90)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (95)
   Other Limited Partners -- 11,341 investment
      units                                                         69
                                                                  (116)
                                                                $    3

                   See Accompanying Notes to Financial Statements




<PAGE>





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


<TABLE>
<CAPTION>



                                               Three Months Ended       Nine Months Ended
                                                 September 30,            September 30,
                                                2004        2003        2004         2003

Revenues:
  Interest received on advances to Local
<S>                           <C>            <C>         <C>         <C>         <C>
   Limited Partnerships (Note 2)             $    --     $    --     $    --     $   129

Costs and expenses:
  Share of losses from Local
    Limited Partnerships (Note 2)                 --          --          --         136
  Loss on investment in Local Limited
    Partnership (Note 2)                          --          --          --          11
  Administrative and reporting fees to
     General Partner (Note 3)                     22          22          65          65
  Other operating expenses                         3          19          23          43
         Total expenses                           25          41          88         255

Net loss                                     $   (25)    $   (41)    $   (88)    $  (126)

Allocation of net loss:
  General Partner - NHP                      $    --     $    --     $    (1)    $    (1)
  Original Limited Partner - 1133
   Fifteenth Street Associates                    --          --          (1)         (1)
  Other Limited Partners                         (25)        (41)        (86)       (124)
                                             $   (25)    $   (41)    $   (88)    $  (126)

Net loss per Other Limited Partnership
  Interest                                   $ (2.20)    $ (3.59)    $ (7.57)    $(10.85)
Distributions per Other Limited
  Partnership Interest                       $    --     $  3.15     $    --     $ 58.27

                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>

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

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

(Deficiency) capital at
<S>         <C> <C>                  <C>          <C>            <C>         <C>
   December 31, 2003                 $  (89)      $  (94)        $  155      $  (28)

Net loss for the nine months
   ended September 30, 2004              (1)          (1)           (86)        (88)

(Deficiency) capital at
   September 30, 2004               $   (90)      $  (95)        $   69      $ (116)

Percentage interest at
   September 30, 2004                    1%           1%            98%        100%
                                         (A)          (B)            (C)


(A)   General Partner
(B)   Original Limited Partner
(C) Consists of 11,341 investment units (Note 6).

                   See Accompanying Notes to Financial Statements

</TABLE>


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

                                                                 Nine Months Ended
                                                                   September 30,
                                                                     2004      2003
Cash flows from operating activities:
   Administrative and reporting fees paid to General
<S>                                                             <C>         <C>
    Partner                                                     $    --     $(1,154)
   Interest received on advances to Local Limited
     Partnerships                                                    --         129
   Operating expenses paid                                          (12)        (16)
   Net cash used in operating activities                            (12)     (1,041)

Cash flows from investing activities:
   Distributions from Local Limited Partnerships                     --       1,669
   Repayment of advances to Local Limited Partnerships               --          78
   Net cash provided by investing activities                         --       1,747

Cash flows used in financing activities:
   Distributions to partners                                        --         (666)

Net (decrease) increase in cash and cash equivalents               (12)          40

Cash and cash equivalents, beginning of period                      15           12

Cash and cash equivalents, end of period                         $   3      $    52

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                    $ (88)     $  (126)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of losses from Local Limited Partnerships                --          136
     Loss on investment in Local Limited Partnership                --           11
     Increase (decrease) in administrative and
      reporting fees payable                                        65       (1,089)
     Increase in other accrued expenses                             11           27
        Total adjustments                                           76         (915)
Net cash used in operating activities                          $   (12)     $(1,041)

                   See Accompanying Notes to Financial Statements
</TABLE>



                   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.  Apartment  Investment  and  Management  Company  ("AIMCO"),  a
publicly  traded real estate  investment  trust,  and its affiliates  ultimately
control the General Partner.  The Original Limited Partner of the Partnership is
1133 Fifteenth Street  Associates,  whose limited partners were key employees of
the general partner of NHP at the time the  Partnership was formed.  The general
partner of 1133 Fifteenth Street Associates is NHP.

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of management,  necessary for a fair  presentation  of
the  financial  condition  and results of  operations  for the  interim  periods
presented.  All such adjustments are of a normal and recurring nature. Operating
results for the three and nine month  periods  ended  September 30, 2004 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending December 31, 2004.

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, 2003.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003,  FIN 46 will  apply to  financial  statements  for  periods  ending  after
December 15, 2004.

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

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

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

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

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

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, 2004, investments in the three
remaining Local Limited  Partnerships had been reduced to zero. Forest Green and
Village Green Limited  Partnerships sold their underlying  properties during the
nine months ended  September  30, 2003 (as  discussed  above).  The  Partnership
recognized  approximately  $136,000 of its allocated  share of losses from these
Local Limited  Partnerships  for the nine months ended  September 30, 2003.  The
Partnership  did  not  recognize  approximately  $249,000  and  $447,000  of its
allocated share of losses from two and four Local Limited  Partnerships  for the
nine  months  ended   September  30,  2004  and  2003,   respectively,   as  the
Partnership's  net carrying basis in these Local Limited  Partnerships  had been
reduced to zero. The Partnership did not recognize  approximately $25,000 of its
allocated  share of  profits  from one Local  Limited  Partnership  for the nine
months ended September 30, 2004, as the Partnership's net carrying basis in this
Local  Limited  Partnership  had been reduced to zero. As of September 30, 2004,
the  Partnership  has not recognized  approximately  $8,611,000 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 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  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 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 three  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 September  30, 2004.  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% (6.75% at
September  30, 2004).  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's properties.

During the nine months ended September 30, 2004 and 2003, the  Partnership  made
no  advances to the Local  Limited  Partnerships.  During the nine months  ended
September 30, 2003, the Partnership received  approximately $78,000 as repayment
of advances  plus  accrued  interest of  approximately  $129,000  from one Local
Limited  Partnership.  No such  repayments of advances were received  during the
nine  months  ended  September  30,  2004.  There  were no  amounts  owed to the
Partnership  for working  capital  advances  to Local  Limited  Partnerships  at
September 30, 2004.

The  following  are combined  statements  of  operations  for the three and nine
months ended  September  30, 2004 and 2003,  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.

                             COMBINED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                         Three Months Ended          Nine Months Ended
                                           September 30,               September 30,
                                          2004         2003         2004          2003
                                                         (in thousands)
<S>                                    <C>           <C>          <C>          <C>
Rental income                          $    643      $    565     $  1,921     $  1,692
Other income                                 36            32           98           93
   Total revenues                           679           597        2,019        1,785

Operating expenses                          388           400        1,204        1,190
Interest, taxes, and insurance              227           222          676          678
Depreciation                                123           118          368          354
   Total expenses                           738           740        2,248        2,222
Loss from continuing operations             (59)         (143)        (229)        (437)
Loss from sale of discontinued
 operations                                  --            --           --          (73)
Loss from discontinued
 operations                                  --            --           --          (82)
Net loss                              $     (59)    $    (143)    $   (229)    $   (592)
National Housing Partnership
   Realty Fund I share of losses      $     (57)    $    (140)    $   (224)    $   (583)
</TABLE>

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During  each  of the  nine  months  ended  September  30,  2004  and  2003,  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.  During the nine months ended  September 30, 2003, the  Partnership
made payments of  approximately  $1,154,000  to the General  Partner for accrued
administrative and reporting fees. No such fees were paid to the General Partner
during the nine months ended  September 30, 2004. As of September 30, 2004,  the
Partnership  owed  approximately  $108,000  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.


<PAGE>



(4)   GOING CONCERN

Certain of the Local  Limited  Partnership's  notes  payable  are past due,  and
therefore,  the notes are in  default  (see Note 2).  Continuation  of the Local
Limited  Partnerships'  operations  in the 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.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition  or results of  operations.  Similarly,  the General  Partner does not
believe that the ultimate  outcome  will have a material  adverse  effect on the
Partnership's financial condition or results of operations.

(6) ABANDONMENT OF LIMITED PARTNERSHIP UNITS

During the nine months ended  September 30, 2004 and 2003, the number of Limited
Partnership  Units  decreased by 15 and 73 units,  respectively,  due to limited
partners  abandoning  their units. In abandoning his or her Limited  Partnership
Unit(s),  a limited partner  relinquishes all right,  title, and interest in the
Partnership  as of the date of  abandonment.  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. The number of units  outstanding  was 11,429 and 11,356 at January 1, 2003
and 2004, respectively.


<PAGE>




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

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

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

LIQUIDITY AND CAPITAL RESOURCES

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,   loans   or   advances   is   generally   restricted   by  these
government-assistance    programs.   These   restrictions   could   impact   the
Partnership's ability to meet its cash obligations. 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, including increased legal and audit fees.

The  Partnership  had cash and  cash  equivalents  of  approximately  $3,000  at
September 30, 2004 as compared to  approximately  $52,000 at September 30, 2003.
The  Partnership  had cash and cash  equivalents  of  approximately  $15,000  at
December  31, 2003.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at September  30, 2004, 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 nine  months  ended
September  30, 2004 and 2003.  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, 2004, the Partnership  owed the General  Partner  approximately
$108,000 for administrative and reporting  services  performed.  During the nine
months ended September 30, 2003 payments of  approximately  $1,154,000 were made
by the  Partnership  to the General  Partner for  administrative  and  reporting
services  fees.  No such fees were paid to the General  Partner  during the nine
months ended  September 30, 2004.  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, 2004 and 2003, the  Partnership  made
no  advances  for  working  capital   purposes  to  any  of  the  Local  Limited
Partnerships.  During the nine months ended  September 30, 2003, the Partnership
received approximately $78,000 as repayment of advances plus accrued interest of
approximately $129,000 from one Local Limited Partnership. No such repayments of
advances were received  during the nine months ended  September 30, 2004.  There
were no amounts owed to the Partnership  for working  capital  advances to Local
Limited Partnerships at September 30, 2004.

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, 2004,  investments in the three  remaining Local Limited  Partnerships  have
been reduced to zero.  Cash  distributions  received are recorded in revenues as
distributions  received in excess of investment  in Local Limited  Partnerships.
There were no  distributions  received in excess of  investment in Local Limited
Partnerships  during the nine months ended  September  30,  2004.  Approximately
$1,669,000   in   distributions   were  received  from  the  two  Local  Limited
Partnerships in which the  Partnership had an investment  during the nine months
ended  September  30,  2003,  from  proceeds  from the  sales of the  underlying
properties (as discussed  below). No cash  distributions  were received from the
Local Limited  Partnerships during the nine months ended September 30, 2004. 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.

During the nine months ended  September 30, 2003,  the  Partnership  distributed
approximately  $666,000 to the Other Limited Partners  (approximately $58.27 per
Other  Limited  Partner  Interest)  from  net  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 nine
months ended  September 30, 2004.  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 2004 or subsequent periods.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to a third party for a gross sale price of  $1,725,000.  A portion of
the net  proceeds of  approximately  $1,653,000  was used to repay the  mortgage
encumbering the property. The Local Limited Partnership recognized a loss on the
sale of approximately $39,000 for the nine months ended September 30, 2003.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to a third party for a gross sale price of  $1,725,000.  A portion of
the net  proceeds of  approximately  $1,653,000  was used to repay the  mortgage
encumbering the property. The Local Limited Partnership recognized a loss on the
sale of approximately $34,000 for the nine months ended September 30, 2003.

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 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  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 these uncertainties.

RESULTS OF OPERATIONS

The Partnership retains an interest in three Local Limited  Partnerships,  which
operate three rental housing properties. Two Local Limited Partnerships in which
the Partnership had an investment,  Forest Green Limited Partnership and Village
Green Limited Partnership,  sold their underlying  properties on January 3, 2003
(as  discussed  in  "Liquidity  and Capital  Resources").  Due to the use of the
equity method of accounting as discussed in "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 three  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  has  recorded  its share of  operations  in the two  Local  Limited
Partnerships   which  sold  their   properties   which  amounted  to  losses  of
approximately $136,000 for the nine months ended September 30, 2003.

The Partnership realized net losses of approximately $25,000 and $88,000 for the
three and nine months ended  September 30, 2004,  respectively,  compared to net
losses of approximately $41,000 and $126,000 for the three and nine months ended
September  30,  2003,  respectively.  Net loss per unit of  limited  partnership
interest was $2.20 and $7.57 for the three and nine months ended  September  30,
2004,  respectively,  and $3.59 and $10.85 for the three and nine  months  ended
September 30, 2003, respectively.  The decrease in net loss for the three months
ended  September  30,  2004 is due to a  decrease  in  operating  expenses.  The
decrease in net loss for the nine months ended  September  30, 2004 is primarily
due to decreases  in the  Partnership's  share of losses from the Local  Limited
Partnerships,  the loss recorded on investment in Local Limited Partnership, and
operating  expenses,  partially  offset by a decrease  in  interest  received on
advances to Local Limited Partnerships. The loss recorded on investment in Local
Limited Partnership during the nine months ended September 30, 2003 is comprised
of the  write-off of the  remaining  investment  balance of the  Partnership  in
Village Green Limited  Partnership as a result of its  liquidation  during 2003.
The Partnership did not recognize  approximately $249,000 of its allocated share
of  losses  from  two  Local  Limited  Partnerships  for the nine  months  ended
September  30,  2004 as the  Partnership's  net  carrying  basis in these  local
Limited Partnerships had been reduced to zero. The Partnership did not recognize
approximately  $25,000 of its allocated  share of profits from one Local Limited
Partnership  for the nine months ended  September 30, 2004 as the  Partnership's
net carrying basis in this Local Limited  Partnership  had been reduced to zero.
The Partnership did not recognize  approximately $447,000 of its allocated share
of  losses  from four  Local  Limited  Partnerships  for the nine  months  ended
September  30, 2003,  as the  Partnership's  net  carrying  basis in these Local
Limited Partnerships had been reduced to zero.


<PAGE>



Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003,  FIN 46 will  apply to  financial  statements  for  periods  ending  after
December 15, 2004.

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

ITEM 3.     CONTROLS AND PROCEDURES

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

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


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS


            See Exhibit Index.



<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/David R. Robertson
                                  David R. Robertson
                                  President and Chief Executive Officer

                            By:   /s/Stephen B. Waters
                                  Stephen B. Waters
                                  Vice President

                             Date: November 12, 2004


<PAGE>

                                  Exhibit Index


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

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

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



<PAGE>


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: November 12, 2004
                                    /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


<PAGE>


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: November 12, 2004
                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice     President     of    National
                                    Corporation        for        Housing
                                    Partnerships,   equivalent   of   the
                                    chief   financial   officer   of  the
                                    Partnership


<PAGE>




Exhibit 32.1


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



In  connection  with the  Quarterly  Report on Form 10-QSB of  National  Housing
Partnership  Realty Fund I (the  "Partnership"),  for the quarterly period ended
September 30, 2004 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:  November 12, 2004

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 2004

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.