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

                        Quarterly or Transitional Report

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

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2000


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


                For the transition period from _________to _________

                         Commission file number 0-13465

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

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

                         9200 KEYSTONE CROSSING, SUITE 500
                          INDIANAPOLIS, INDIANA 46240-7602
                      (Address of principal executive offices)

                                 (317) 817-7500

                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                         Statement of Financial Position

                                   (Unaudited)

                                  (in thousands)

                                  March 31, 2000

ASSETS

   Cash and cash equivalents                                    $   22
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                      1,840
                                                                $1,862

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities

   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $1,024
   Due to General Partner (Note 3)                                   9
   Accrued interest on partner loans (Note 3)                        2
   Other accrued expenses                                           47
                                                                 1,082

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

      Partnership (NHP)                                            (87)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (92)
   Other Limited Partners -- 11,509 investment
      units                                                        959
                                                                             780
                                                                          $1,862

                   See Accompanying Notes to Financial Statements

b)


                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                            Statements of Operations

                        (in thousands, except unit data)

                                   (Unaudited)

                                                         Three Months Ended
                                                              March 31,
                                                          2000        1999
REVENUES:

  Share of profits (losses) from Local
   Limited Partnerships (Note 2)                         $   --     $   (8)

COSTS AND EXPENSES:
  Administrative and reporting fees
   to General Partner (Note 3)                               21         22
  Other operating expenses                                   10         18
      Total expenses                                         31         40

Net loss                                                 $  (31)    $  (48)

Allocation of net loss:
  General Partner - NHP                                  $   --     $   --
  Original Limited Partner - 1133 Fifteenth Street
   Associates                                                --         --
  Other Limited Partners                                    (31)       (48)
                                                         $  (31)    $  (48)

Net loss per Other Limited Partnership interest          $(2.69)    $(4.17)


                   See Accompanying Notes to Financial Statements

c)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                    Statements of Partners' (Deficit) Equity

                                 (in thousands)

                                   (Unaudited)

<TABLE>
<CAPTION>

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

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

Net loss - three months ended
   March 31, 2000                        --           --          (31)          (31)

(Deficit) equity at
   March 31, 2000                   $  (87)       $  (92)      $  959        $  780

Percentage interest at
   March 31, 2000                       1%            1%          98%          100%
                                        (A)           (B)          (C)

(A)   General Partner
(B)   Original Limited Partner

(C)   Consists of 11,509 investment units


                   See Accompanying Notes to Financial Statements
</TABLE>

d)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                            Statements of Cash Flows

                                 (in thousands)

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,

                                                                  2000        1999
CASH FLOWS USED IN OPERATING ACTIVITIES:
<S>                                                             <C>          <C>
   Operating expenses paid                                      $  (1)       $  (1)

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

NET DECREASE IN CASH AND CASH EQUIVALENTS                          (1)          --

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                     23           --

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $  22        $  --

RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING
   ACTIVITIES:
     Net loss                                                   $ (31)       $ (48)
     Adjustments to reconcile net loss to net cash used in
      operating activities:
     Share of losses from Local Limited Partnerships               --            8
     Increase in administrative and reporting fees payable         21           22
     Increase in other accrued expenses                             9           17
        Total adjustments                                          30           47

Net cash used in operating activities                           $  (1)       $  (1)


                   See Accompanying Notes to Financial Statements
</TABLE>

e)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                          Notes to Financial Statements

                                   (Unaudited)

(1)   ACCOUNTING POLICIES

Organization

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

The National Housing  Partnership,  a District of Columbia  limited  partnership
("NHP" or the "General Partner"), raised capital for the Partnership by offering
and selling to additional limited partners 11,519 investment units at a price of
$1,000 per unit.  During 1984,  the  Partnership  acquired  limited  partnership
interests  ranging from 98% to 99% in ten Local  Limited  Partnerships,  each of
which was organized to acquire and operate an existing  rental housing  project.
Apartment  Investment  and  Management  Company  ("AIMCO")  and  its  affiliates
ultimately  control the General  Partner.  The original  Limited  Partner of the
Partnership is 1133 Fifteenth Street Associates, whose limited partners were key
employees of the general  partner of NHP at the time the Partnership was formed.
The general partner of 1133 Fifteenth Street Associates is NHP.

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of  management,  necessary for a fair statement of the
financial condition and results of operations for the interim periods presented.
All such adjustments are of a normal and recurring nature.

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

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership owns a 98% limited partnership interest in Gates Mills I Limited
Partnership  and 99% limited  partnership  interests in nine other Local Limited
Partnerships: Fairmeadows Limited Partnership, Forest Green Limited Partnership,
Griffith Limited Partnership,  Northgate Village Limited Partnership,  Southward
Limited Partnership, San Jose Limited Partnership, Southridge Apartments Limited
Partnership,   Hurbell  IV  Limited  Partnership,   and  Village  Green  Limited
Partnership.  Since the  Partnership,  as a limited  partner,  does not exercise
control over the activities of the Local Limited Partnerships in accordance with
the partnership agreements, these investments are accounted for using the equity
method.  Thus,  the  investments  (and the  advances  made to the Local  Limited
Partnerships  as  discussed  below) are  carried at cost plus the  Partnership's
share of the Local Limited Partnerships' profits less the Partnership's share of
the Local Limited  Partnerships'  losses and distributions.  However,  since the
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships,  or is not otherwise  committed to provide  additional  support to
them, it does not recognize losses once its investment in each of the individual
Local Limited Partnerships,  increased for its share of profits, reduced for its
share of losses and cash  distributions,  reaches  zero.  As of March 31,  2000,
investments in eight of the ten Local Limited  Partnerships  had been reduced to
zero. As a result, the Partnership did not recognize  approximately $176,000 and
$175,000 of losses from Local Limited Partnerships during the three months ended
March 31, 2000 and 1999, respectively. As of March 31, 2000, the Partnership has
not recognized a total of  approximately  $17,909,000 of its allocated  share of
cumulative losses from the Local Limited Partnerships in which its investment is
zero.

Eight of the Local Limited  Partnerships  in which the  Partnership has invested
have deferred acquisition notes due to the original owner of each Property. With
the exception of Fairmeadows and  Southridge,  these notes were due between 1997
and 1999, and are currently in default. Fairmeadows and Southridge are currently
in default due to non-payment of required annual interest payments for 1999 (see
below). These notes are secured by both the Partnership's and NHP's interests in
the Local Limited Partnerships.  The noteholders have not exercised their rights
under the  notes,  including  the  foreclosure  on NHP's  and the  Partnership's
interests  in the Local  Limited  Partnerships.  There can be no assurance as to
when, or if, such holders may seek to exercise such rights.

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

Griffith,  Southward,  Northgate Village,  San Jose, Gates Mill I and Hurbell IV
Limited  Partnerships all have notes which were executed by the respective Local
Limited  Partnerships with the seller as part of the acquisition of the property
by the Local Limited Partnership.  The notes were nonrecourse notes secured by a
security interest in all partnership  interests in the Local Limited Partnership
and are  subordinated  to the respective  mortgage notes on each property for as
long as the  mortgage  notes are insured by HUD.  Any  payments due from project
income  are  payable  from  surplus  cash,  as  defined  by the  HUD  Regulatory
Agreement.  Neither the Limited Partnership nor any partner thereof,  present or
future,  assume any personal  liability for the payment of the notes.  The notes
were due October 31,  1997,  October 4, 1998,  July 26,  1999,  August 29, 1999,
October 1, 1999, and November 9, 1999,  respectively.  Interest  continues to be
paid or accrued under the original terms of the respective agreements. Each note
is in  default  and the Local  Limited  Partnership  interests  are  subject  to
potential   foreclosure.   Continuation  of  the  Local  Limited   Partnerships'
operations  in the  present  form is  dependent  on its  ability  to extend  the
maturity date of their  respective  notes,  or to repay or refinance their note.
The financial  statements do not include any adjustments which might result from
the outcome of this uncertainty.

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
eight of the Local Limited Partnerships, the aggregate balance of investments in
and  advances to Local  Limited  Partnerships,  for these  eight  Local  Limited
Partnerships,  has been reduced to zero at March 31,  2000.  To the extent these
advances  are  repaid by the  Local  Limited  Partnerships  in the  future,  the
repayments  will be  credited  as  distributions  and  repayments  in  excess of
investment  in Local  Limited  Partnerships.  These  advances are payable to the
Partnership.  Interest is calculated at the Chase  Manhattan  prime rate plus 2%
(10.83% at March 31, 2000). Payment of principal and interest is contingent upon
the Local Limited  Partnerships having available surplus cash, as defined by HUD
regulations,  from  operations or from  refinancing or sale of the Local Limited
Partnership properties.

During the three months ended March 31, 2000 and 1999, the  Partnership  made no
advances for working capital purposes. At March 31, 2000, the amount owed to the
Partnership for working capital advances to Local Limited Partnerships  amounted
to approximately $362,000.

The following are combined  statements of operations  for the three months ended
March 31, 2000 and 1999,  respectively,  of the Local  Limited  Partnerships  in
which the Partnership  has invested.  The statements are compiled from financial
statements of the Local Limited  Partnerships,  prepared on the accrual basis of
accounting,  as  supplied  by the  management  agents of the  projects,  and are
unaudited.

                                          COMBINED STATEMENTS OF OPERATIONS

                                                  Three Months Ended
                                                       March 31,
                                                  2000          1999
                                                    (in thousands)
Rental income                                    $1,899        $1,815
Other income                                         70            59
   Total income                                   1,969         1,874

Operating expenses                                1,207         1,192
Interest, taxes, and insurance                      588           552
Depreciation                                        311           296
   Total expense                                  2,106         2,040

Net loss                                         $ (137)       $ (166)

National Housing Partnership

   Realty Fund I share of losses                 $ (135)       $ (164)

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During the three month  periods ended March 31, 2000 and 1999,  the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately $21,000 and $22,000, respectively, for services provided
to the  Partnership.  No payments for such fees were made to the General Partner
during the three months ended March 31, 2000 and 1999. As of March 31, 2000, the
Partnership  owed  approximately  $1,024,000 to the General  Partner for accrued
administrative and reporting fees.

During the three months ended March 31,  1999,  approximately  $1,000 of working
capital  advances were made by the General Partner to the  Partnership.  No such
amounts  were  advanced or repaid  during the three months ended March 31, 2000.
The  amount  owed to the  General  Partner at March 31,  2000 was  approximately
$9,000.  Interest is charged on borrowings at the Chase  Manhattan  Bank rate of
prime plus 2% (10.83% at March 31, 2000). Accrued interest on this loan amounted
to approximately $2,000 at March 31, 2000.

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

(4) SEGMENT INFORMATION

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

(5)   GOING CONCERN

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

(6) LEGAL PROCEEDINGS

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

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

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

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

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

LIQUIDITY AND CAPITAL RESOURCES

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

The Partnership had cash and cash equivalents of approximately  $22,000 at March
31, 2000 as  compared to no cash and cash  equivalents  at March 31,  1999.  The
Partnership had cash and cash equivalents of  approximately  $23,000 at December
31, 1999. The ability of the Partnership to meet its on-going cash requirements,
in excess of cash on hand at March 31, 2000, is dependent on distributions  from
recurring  operations received from the Local Limited  Partnerships and proceeds
from the sales or refinancings of the underlying  properties.  The Partnership's
only other form of liquidity is from General Partner loans. For the three months
ended March 31, 1999, the General Partner advanced the Partnership approximately
$1,000 to pay  operating  expenses.  There were no advances for the three months
ended March 31, 2000. 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  March  31,  2000,  the  Partnership   currently  owes  the  General  Partner
approximately  $1,024,000 for administrative  and reporting services  performed.
During the three months ended March 31, 2000 and 1999,  no payments were made by
the  Partnership  to  the  General  Partner  for  administrative  and  reporting
services.  There  is no  guarantee  that the  Local  Limited  Partnerships  will
generate  future  surplus cash  sufficient to distribute to the  Partnership  in
amounts  adequate to repay  administrative  and reporting fees owed,  rather the
payment of the unpaid  administrative and reporting fees will most likely result
from the sale or refinancing  of the underlying  properties of the Local Limited
Partnerships, rather than through recurring operations.

During the three  months  ended  March 31,  2000 and 1999,  no  working  capital
advances  were made by the  Partnership  to the Local Limited  Partnerships.  No
repayments of advances were received from the Local Limited  Partnerships during
the three months ended March 31, 2000 or 1999.  The combined  amount  carried as
due to the  Partnership  by the Local  Limited  Partnerships  was  approximately
$362,000 as of March 31, 2000.

Distributions  received in excess of investment  in Local  Limited  Partnerships
represent the Partnership's proportionate share of the excess cash available for
distribution from the Local Limited Partnerships.  As a result of the use of the
equity method of accounting for the Partnership's  investments,  as of March 31,
2000,  investments in eight of the Local Limited Partnerships has been decreased
to zero. Cash  distributions  received are recorded in revenues as distributions
received  in  excess  of  investment  in  Local  Limited  Partnerships.  No cash
distributions were received from the Local Limited Partnerships during the three
months  ended March 31, 2000 and 1999.  The receipt of  distributions  in future
years is dependent on the operations of the  underlying  properties of the Local
Limited Partnerships.

Eight of the Local Limited  Partnerships  in which the  Partnership has invested
have deferred acquisition notes due to the original owner of each Property. With
the exception of Fairmeadows and  Southridge,  these notes were due between 1997
and 1999, and are currently in default. Fairmeadows and Southridge are currently
in default due to non-payment of required annual interest payments for 1999 (see
below). These notes are secured by both the Partnership's and NHP's interests in
the Local Limited Partnerships.  The noteholders have not exercised their rights
under the  notes,  including  the  foreclosure  on NHP's  and the  Partnership's
interests  in the Local  Limited  Partnerships.  There can be no assurance as to
when, or if, such holders may seek to exercise such rights.

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

Griffith,  Southward,  Northgate Village,  San Jose, Gates Mill I and Hurbell IV
Limited  Partnerships all have notes which were executed by the respective Local
Limited  Partnerships with the seller as part of the acquisition of the property
by the Local Limited Partnership.  The notes were nonrecourse notes secured by a
security interest in all partnership  interests in the Local Limited Partnership
and are  subordinated  to the respective  mortgage notes on each property for as
long as the  mortgage  notes are insured by HUD.  Any  payments due from project
income  are  payable  from  surplus  cash,  as  defined  by the  HUD  Regulatory
Agreement.  Neither the Limited Partnership nor any partner thereof,  present or
future,  assume any personal  liability for the payment of the notes.  The notes
were due October 31,  1997,  October 4, 1998,  July 26,  1999,  August 29, 1999,
October 1, 1999, and November 9, 1999,  respectively.  Interest  continues to be
paid or accrued under the original terms of the respective agreements. Each note
is in  default  and the Local  Limited  Partnership  interests  are  subject  to
potential   foreclosure.   Continuation  of  the  Local  Limited   Partnerships'
operations  in the  present  form is  dependent  on its  ability  to extend  the
maturity date of their  respective  notes,  or to repay or refinance their note.
The financial  statements do not include any adjustments which might result from
the outcome of this uncertainty.

RESULTS OF OPERATIONS

The Partnership has invested as a limited partner in Local Limited  Partnerships
which operate ten rental housing properties. Due to the use of the equity method
of accounting as discussed in Note 2 to the Partnership's  financial statements,
to the extent the Partnership  still has a carrying basis in a respective  Local
Limited   Partnership,   results  of   operations   would  be  impacted  by  the
Partnership's share of the profits or losses of the Local Limited  Partnerships.
Eight of the ten investments in Local Limited  Partnership  have been reduced to
zero. As a result, the Partnership's  operations are no longer being affected by
its share of the operations. The Partnership's share of operations for the three
months ended March 31, 2000 was less than one thousand dollars.  The Partnership
has  recorded  its  share of  operations  in the  remaining  two  Local  Limited
Partnerships  which  amounted  to losses of  approximately  $8,000 for the three
months ended March 31, 1999.

The Partnership  realized a net loss of approximately  $31,000 and a net loss of
approximately  $48,000  for the three  months  ended  March  31,  2000 and 1999,
respectively.   Net  loss  per  unit  of  limited   partnership   interest   was
approximately  $2.69 and $4.17 for the units  outstanding  at March 31, 2000 and
1999,  respectively.  The decrease in net loss was primarily due to the decrease
in the Partnership's share of losses from the local limited partnerships,  and a
decrease  in the  Partnership's  operating  expenses.  The  Partnership  did not
recognize approximately $176,000 of its allocated share of losses from six Local
Limited Partnerships and approximately $41,000 of its allocated share of profits
from two Local Limited  Partnerships  for the three months ended March 31, 2000,
as the Partnership's net carrying basis in these Local Limited  Partnerships had
been reduced to zero. The Partnership did not recognize  approximately  $175,000
of its  allocated  share of losses  from five  Local  Limited  Partnerships  and
approximately $19,000 of its allocated share of profits from three Local Limited
Partnerships for the three months ended March 31, 1999, as the Partnership's net
carrying basis in these Local Limited Partnerships had been reduced to zero.

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

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

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits

                  Exhibit 27, Financial Data Schedule

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2000.

                                   SIGNATURES

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

                                    NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                  (Registrant)

                                    By:   The National Housing Partnership,
                                          Its sole General Partner

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

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

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

                                    Date: May 19, 2000