UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                 For the quarterly period ended September 30, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-13465


                     NATIONAL HOUSING  PARTNERSHIP  REALTY FUND I
             (Exact Name of Registrant as Specified in Its Charter)



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

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


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

                               September 30, 2003


ASSETS
   Cash and cash equivalents                                    $   52
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                         --
                                                                $   52

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
   Administrative and reporting fee payable to General
    Partner (Note 3)                                            $   22
   Other accrued expenses                                           27
                                                                    49
Partners' (deficiency) capital
   General Partner - The National Housing
      Partnership (NHP)                                            (88)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (93)
   Other Limited Partners -- 11,356 investment
      units                                                        184
                                                                     3
                                                                $   52

                   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,
                                                2003        2002        2003         2002

Revenues:
  Interest received on advances to Local
<S>                           <C>            <C>         <C>         <C>         <C>
   Limited Partnerships (Note 2)             $    --     $    --     $   129     $     3

Costs and expenses:
  Share of losses from Local
    Limited Partnerships (Note 2)                 --          29         136          51
  Loss on investment in Local Limited
    Partnership (Note 2)                          --          --          11          --
  Administrative and reporting fees to
     General Partner (Note 3)                     22          21          65          65
  Interest expense on loans from General
     Partner (Note 3)                             --          --          --           1
  Other operating expenses                        19          12          43          39
         Total expenses                           41          62         255         156

Net loss                                     $   (41)    $   (62)    $  (126)    $  (153)

Allocation of net loss:
  General Partner - NHP                      $    --     $    (1)    $    (1)    $    (2)
  Original Limited Partner - 1133
   Fifteenth Street Associates                    --          (1)         (1)         (2)
  Other Limited Partners                         (41)        (60)       (124)       (149)
                                             $   (41)    $   (62)    $  (126)    $  (153)

Net loss per Other Limited Partnership
  Interest                                   $ (3.59)    $ (5.22)    $(10.85)    $(12.97)
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, 2002                 $  (87)      $  (92)        $  974      $  795

Distributions to partners                --           --           (666)       (666)

Net loss for the nine months
   ended September 30, 2003              (1)          (1)          (124)       (126)

(Deficiency) capital at
   September 30, 2003               $   (88)      $  (93)        $  184      $    3

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


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



                   See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>



                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                            Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                   2003       2002
Cash flows from operating activities:
   Administrative and reporting fees paid to General
<S>                                                             <C>          <C>
    Partner                                                     $(1,154)     $ (150)
   Interest paid on General Partner loans                            --         (23)
   Interest received on advances to Local Limited
     Partnerships                                                   129           3
   Operating expenses paid                                          (16)        (54)
   Net cash used in operating activities                         (1,041)       (224)

Cash flows from investing activities:
   Distributions from Local Limited Partnerships                  1,669          --
   Repayment of advances to Local Limited Partnerships               78           6
   Net cash provided by investing activities                      1,747           6

Cash flows from financing activities:
   Distributions to partners                                      (666)          --
   Repayment of advances from General Partner                       --         (158)
   Net cash  used in financing activities                         (666)        (158)

Net increase (decrease) in cash and cash equivalents                40         (376)

Cash and cash equivalents, beginning of period                      12          426

Cash and cash equivalents, end of period                         $  52        $  50

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                    $(126)       $(153)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of losses from Local Limited Partnerships               136           51
     Loss on investment in Local Limited Partnership                11           --
     Decrease in administrative and reporting
      fees payable                                              (1,089)         (85)
     Decrease in accrued interest on partner loans                  --          (22)
     Increase (decrease) in other accrued expenses                  27          (15)
        Total adjustments                                         (915)         (71)
Net cash used in operating activities                          $(1,041)       $(224)


                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                          Notes to Financial Statements
                                   (Unaudited)
(1)   ACCOUNTING POLICIES

Organization

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

The National Housing  Partnership,  a District of Columbia  limited  partnership
("NHP" or the "General Partner"), raised capital for the Partnership by offering
and selling to additional limited partners 11,519 investment units at a price of
$1,000 per unit.  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, 2003 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending December 31, 2003.

While the General Partner  believes that the disclosures  presented are adequate
to make the  information  not  misleading,  it is suggested that these financial
statements  be read in  conjunction  with the  financial  statements  and  notes
included in the Partnership's  Annual Report filed on Form 10-KSB for the fiscal
year ended December 31, 2002.

Recent Accounting Pronouncements

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

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. 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.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely  deferred the provisions of SFAS 150 for finite life  partnerships.
The  adoption  of SFAS 150 did not have a material  impact on the  Partnership's
results of operations taken as a whole.

(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 an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $39,000 for the 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 an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $34,000 for the nine months ended  September
30, 2003, which is included in loss from sale of discontinued  operations in the
combined statements of operations below.

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

Since the Partnership,  as a limited partner, does not exercise control over the
activities of the Local Limited  Partnerships in accordance with the partnership
agreements,  these investments are accounted for using the equity method.  Thus,
the  investments  (and the advances  made to the Local Limited  Partnerships  as
discussed below) are carried at cost plus the  Partnership's  share of the Local
Limited  Partnerships' profits less the Partnership's share of the Local Limited
Partnerships'  losses and distributions.  However,  since the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its investment in each of the individual Local Limited Partnerships,
increased  for its share of  profits,  reduced  for its share of losses and cash
distributions,  reaches zero. As of September 30, 2003, investments in the three
remaining Local Limited  Partnerships  had been reduced to zero. The Partnership
recognized  approximately  $136,000 and $51,000 of its allocated share of losses
from two Local  Limited  Partnerships  in which it had a carrying  basis for the
nine months ended September 30, 2003 and 2002, respectively. 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. The Partnership did not recognize approximately $296,000 of its
allocated  share of losses  from four Local  Limited  Partnerships  for the nine
months ended  September 30, 2002,  as the  Partnership's  net carrying  basis in
these Local Limited  Partnerships  had been reduced to zero. As of September 30,
2003,  the  Partnership  has  not  recognized  approximately  $8,347,000  of its
allocated share of cumulative  losses from the three Local Limited  Partnerships
in which its investment is zero.  The  Partnership's  allocated  share of losses
from Forest Green Limited  Partnership  for the nine months ended  September 30,
2003 includes approximately $18,000 which the Partnership did not recognize,  as
the Partnership's net carrying basis in this Local Limited  Partnership had been
reduced to zero.

San Jose, Gates Mills I and Hurbell IV Limited Partnerships all have notes which
were executed by the respective  Local Limited  Partnerships  with the seller as
part of the  acquisition of the property by the Local Limited  Partnership.  The
notes were nonrecourse  notes secured by a security  interest in all partnership
interests  in  the  Local  Limited  Partnership  and  are  subordinated  to  the
respective mortgage notes on each property for as long as the mortgage notes are
insured by HUD. Any  payments  due from project  income are payable from surplus
cash, as defined by the HUD Regulatory  Agreement.  Neither the  Partnership nor
any partner thereof,  present or future,  assume any personal  liability for the
payment of the notes.  The notes were due August 29, 1999,  October 1, 1999, and
November 9, 1999,  respectively.  Interest continues to be paid or accrued under
the original terms of the respective agreements. Each note is in default and the
Local Limited Partnership  interests are subject to potential  foreclosure.  The
noteholders  have not  exercised  their  rights under the notes,  including  the
foreclosure  on NHP's  and the  Partnership's  interests  in the  Local  Limited
Partnerships. There can be no assurance as to when, or if, such holders may seek
to  exercise  such  rights.  Continuation  of the  Local  Limited  Partnerships'
operations  in the  present  form is  dependent  on its  ability  to extend  the
maturity date of their  respective  notes,  or to repay or refinance their note.
The financial  statements do not include any adjustments which might result from
the outcome of this uncertainty.

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
the three  remaining  Local  Limited  Partnerships,  the  aggregate  balance  of
investments in and advances to Local Limited Partnerships, for these three Local
Limited  Partnerships,  has been reduced to zero at September  30, 2003.  To the
extent  these  advances  are  repaid by the Local  Limited  Partnerships  in the
future,  the  repayments  will be credited as  distributions  and  repayments in
excess of investment in Local Limited  Partnerships.  These advances are payable
to the  Partnership.  Interest is calculated at the prime rate plus 2% (6.00% at
September  30, 2003).  Payment of principal and interest is contingent  upon the
Local  Limited  Partnerships  having  available  surplus cash, as defined by HUD
regulations,  from  operations or from  refinancing or sale of the Local Limited
Partnership properties.

During the nine months ended September 30, 2003 and 2002, the  Partnership  made
no advances for working capital purposes. During the nine months ended September
30, 2003 and 2002, the Partnership  received  approximately  $78,000 and $6,000,
respectively,  as  repayment  of  advances.  There were no  amounts  owed to the
Partnership  for working  capital  advances  to Local  Limited  Partnerships  at
September 30, 2003.

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

                             COMBINED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                         Three Months Ended          Nine Months Ended
                                           September 30,               September 30,
                                          2003         2002           2003          2002
                                                    (Restated)                  (Restated)
                                                         (in thousands)
<S>                                    <C>           <C>          <C>          <C>
Rental income                          $    565      $    559     $  1,692     $  1,663
Other income                                 32            29           93          203
   Total revenues                           597           588        1,785        1,866

Operating expenses                          400           347        1,190        1,121
Interest, taxes, and insurance              222           234          678          673
Depreciation                                118           112          354          333
   Total expenses                           740           693        2,222        2,127
Loss from continuing operations            (143)         (105)        (437)        (261)
Loss from sale of discontinued
 operations                                  --            --          (73)          --
Loss from discontinued
 operations                                  --           (48)         (82)         (91)
Net loss                              $    (143)    $    (153)    $   (592)    $   (352)
National Housing Partnership
   Realty Fund I share of losses      $    (140)    $    (151)    $   (583)    $   (347)
</TABLE>


<PAGE>

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During  each  of the  nine  months  ended  September  30,  2003  and  2002,  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 and 2002,  the
Partnership   made   payments  of   approximately   $1,154,000   and   $150,000,
respectively,  to the General Partner for accrued  administrative  and reporting
fees. As of September 30, 2003, the Partnership  owed  approximately  $22,000 to
the General Partner for accrued administrative and reporting fees.

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

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

(4)   GOING CONCERN

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

(5) LEGAL PROCEEDINGS

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

(6) ABANDONMENT OF LIMITED PARTNERSHIP UNITS

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


<PAGE>

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

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

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

LIQUIDITY AND CAPITAL RESOURCES

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,   loans   or   advances   is   generally   restricted   by  these
government-assistance programs. These restrictions, however, are not expected to
impact the  Partnership's  ability  to meet its cash  obligations.  The  General
Partner monitors developments in the area of legal and regulatory compliance and
is studying new federal laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance, including increased legal and audit fees.

The  Partnership  had cash and cash  equivalents  of  approximately  $52,000  at
September 30, 2003 as compared to  approximately  $50,000 at September 30, 2002.
The  Partnership  had cash and cash  equivalents  of  approximately  $12,000  at
December  31, 2002.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at September  30, 2003, is dependent on
distributions  from  recurring   operations  received  from  the  Local  Limited
Partnerships  and  proceeds  from the sales or  refinancings  of the  underlying
properties.  The  Partnership's  only other form of  liquidity  is from  General
Partner  loans.  No such  loans  were  advanced  during  the nine  months  ended
September  30, 2003 and 2002.  During the nine months ended  September 30, 2003,
the  Partnership  did not repay any  advances or accrue  interest to the General
Partner as none were owed during 2003.  During the nine months  ended  September
30, 2002, the Partnership repaid advances of approximately  $158,000 and accrued
interest of approximately  $23,000 to the General  Partner.  The General Partner
will evaluate lending the Partnership additional funds as such funds are needed,
but is in no way legally obligated to make such loans.

At September 30, 2003, the Partnership  owed the General  Partner  approximately
$22,000 for  administrative and reporting  services  performed.  During the nine
months ended September 30, 2003 and 2002,  payments of approximately  $1,154,000
and $150,000,  respectively, were made by the Partnership to the General Partner
for administrative and reporting services.  There is no guarantee that the Local
Limited  Partnerships will generate future surplus cash sufficient to distribute
to the  Partnership in amounts  adequate to repay  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, 2003 and 2002, the  Partnership  made
no  advances  for  working  capital   purposes  to  any  of  the  Local  Limited
Partnerships.  During the nine months  ended  September  30, 2003 and 2002,  the
Partnership received  approximately  $78,000 and $6,000 as repayment of advances
plus accrued interest of approximately $129,000 and $3,000,  respectively,  from
two Local Limited  Partnerships.  There were no amounts owed to the  Partnership
for working  capital  advances to Local  Limited  Partnerships  at September 30,
2003.

Distributions  received in excess of investment  in Local  Limited  Partnerships
represent the Partnership's proportionate share of the excess cash available for
distribution from the Local Limited Partnerships.  As a result of the use of the
equity method of accounting for the Partnership's  investments,  as of September
30, 2003,  investments in the three  remaining Local Limited  Partnerships  have
been reduced to zero.  Cash  distributions  received are recorded in revenues as
distributions  received in excess of investment  in Local Limited  Partnerships.
There were no  distributions  received in excess of  investment in Local Limited
Partnerships  during  the  nine  months  ended  September  30,  2003  and  2002.
Approximately  $1,669,000  in  distributions  were  received  from the two Local
Limited  Partnerships in which the Partnership had an investment during the 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, 2002. 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  Partnership  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, 2002.  There is no guarantee  that the Local Limited
Partnerships  will generate future surplus cash to permit further  distributions
to the partners during the remainder of 2003 or subsequent periods.

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

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

<PAGE>

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

San Jose, Gates Mills I and Hurbell IV Limited Partnerships all have notes which
were executed by the respective  Local Limited  Partnerships  with the seller as
part of the  acquisition of the property by the Local Limited  Partnership.  The
notes were nonrecourse  notes secured by a security  interest in all partnership
interests  in  the  Local  Limited  Partnership  and  are  subordinated  to  the
respective mortgage notes on each property for as long as the mortgage notes are
insured by HUD. Any  payments  due from project  income are payable from surplus
cash, as defined by the HUD Regulatory  Agreement.  Neither the  Partnership nor
any partner thereof,  present or future,  assume any personal  liability for the
payment of the notes.  The notes were due August 29, 1999,  October 1, 1999, and
November 9, 1999,  respectively.  Interest continues to be paid or accrued under
the original terms of the respective agreements. Each note is in default and the
Local Limited Partnership  interests are subject to potential  foreclosure.  The
noteholders  have not  exercised  their  rights under the notes,  including  the
foreclosure  on NHP's  and the  Partnership's  interests  in the  Local  Limited
Partnerships. There can be no assurance as to when, or if, such holders may seek
to  exercise  such  rights.  Continuation  of the  Local  Limited  Partnerships'
operations  in the  present  form is  dependent  on its  ability  to extend  the
maturity date of their  respective  notes,  or to repay or refinance their note.
The financial  statements do not include any adjustments which might result from
the outcome of this uncertainty.

RESULTS OF OPERATIONS

The Partnership retains an interest in three Local Limited  Partnerships,  which
operate three rental housing properties. Two Local Limited Partnerships in which
the Partnership had an investment,  Forest Green Limited Partnership and Village
Green Limited Partnership,  sold their underlying  properties on January 3, 2003
(as  discussed  in  "Liquidity  and Capital  Resources").  Due to the use of the
equity method of accounting as discussed in "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's  share of operations for the nine months ended  September 30, 2002
amounted to losses of approximately $51,000.

The Partnership  realized net losses of  approximately  $41,000 and $126,000 for
the three and nine months ended  September 30, 2003,  respectively,  compared to
net losses of approximately  $62,000 and $153,000,  respectively,  for the three
and nine  months  ended  September  30,  2002.  Net  loss  per  unit of  limited
partnership  interest  was $3.59 and $10.85 for the three and nine months  ended
September  30, 2003,  respectively,  and $5.22 and $12.97 for the three and nine
months ended September 30, 2002, respectively.  The decrease in net loss for the
three months  ended  September  30, 2003 is  primarily  due to a decrease in the
Partnership's share of losses from the Local Limited Partnerships.  The decrease
in net loss for the nine months ended  September 30, 2003 is primarily due to an
increase  in  interest  received  on  advances  to Local  Limited  Partnerships,
partially  offset by an increase in the  Partnership's  share of losses from the
Local Limited  Partnerships and the loss recorded on investment in Local Limited
Partnership. The loss recorded on investment in Local Limited Partnership during
the 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  $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. The Partnership did not recognize approximately $296,000 of its
allocated  share of losses  from four Local  Limited  Partnerships  for the nine
months ended  September 30, 2002,  as the  Partnership's  net carrying  basis in
these Local Limited  Partnerships  had been reduced to zero.  The  Partnership's
allocated  share of losses from Forest Green  Limited  Partnership  for the nine
months  ended  September  30,  2003  includes  approximately  $18,000  which the
Partnership did not recognize,  as the  Partnership's net carrying basis in this
Local Limited Partnership had been reduced to zero.

Recent Accounting Pronouncements

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

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. 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.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely  deferred the provisions of SFAS 150 for finite life  partnerships.
The  adoption  of SFAS 150 did not have a material  impact on the  Partnership's
results of operations taken as a whole.

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.

<PAGE>

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


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits


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

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

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

            b) Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2003.


<PAGE>



                                   SIGNATURES



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



                            NATIONAL HOUSING PARTNERSHIP REALTY FUND I


                          By:     The National Housing Partnership,
                                  its sole General Partner

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

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

                          By:     /s/Paul J. McAuliffe
                                  Paul J. McAuliffe
                                  Executive Vice President and
                                  Chief Financial Officer

                          Date:   November 12, 2003


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


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

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

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

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

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

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

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.




Date: November 12, 2003

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


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


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

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

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

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

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

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

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: November 12, 2003

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


<PAGE>




Exhibit 32.1


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



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

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

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


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


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

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