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, 2001


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

                For the transition period from _________to _________

                         Commission file number 0-13465


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



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

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

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


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

<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                         Statement of Financial Position
                                   (Unaudited)
                                 (in thousands)

                                 March 31, 2001


ASSETS
   Cash and cash equivalents                                    $   21
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                      2,513
                                                                $2,534

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities
   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $1,111
   Due to General Partner (Note 3)                                 143
   Accrued interest on partner loans (Note 3)                       11
   Other accrued expenses                                           35
                                                                 1,300

Partners' (deficit) equity
   General Partner -- The National Housing
      Partnership (NHP)                                            (83)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (88)
   Other Limited Partners -- 11,509 investment
      units                                                      1,405
                                                                 1,234
                                                                $2,534

                   See Accompanying Notes to Financial Statements


<PAGE>


b)


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


                                                         Three Months Ended
                                                              March 31,
                                                          2001        2000
REVENUES:
  Share of losses from Local Limited
   Partnerships (Note 2)                                 $  (32)     $   --

COSTS AND EXPENSES:
  Administrative and reporting fees
   to General Partner (Note 3)                               22          21
  Interest expense on General Partner loans                   3          --
  Other operating expenses                                   18          10
      Total expenses                                         43          31

Net loss                                                 $  (75)     $  (31)

Allocation of net loss:
  General Partner - NHP                                  $   (1)     $   --
  Original Limited Partner - 1133 Fifteenth Street
   Associates                                                (1)         --
  Other Limited Partners                                    (73)        (31)
                                                         $  (75)     $  (31)

Net loss per Other Limited Partnership interest          $(6.34)     $(2.69)



                   See Accompanying Notes to Financial Statements


<PAGE>


c)

                     NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                     Statement 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, 2000                 $  (82)      $  (87)      $1,478        $1,309

Net loss for the three months
   ended March 31, 2001                  (1)          (1)         (73)          (75)

(Deficit) equity at
   March 31, 2001                   $   (83)      $  (88)      $1,405        $1,234

Percentage interest at
   March 31, 2001                        1%           1%          98%          100%
                                         (A)          (B)         (C)


(A)   General Partner
(B)   Original Limited Partner
(C)   Consists of 11,509 investment units



                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


d)

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


                                                                 Three Months Ended
                                                                       March 31,
                                                                  2001        2000
CASH FLOWS USED IN OPERATING ACTIVITIES:
<S>                                                             <C>          <C>
   Operating expenses paid                                      $ (18)       $  (1)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net advances from General Partner                               30           --

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS               12           (1)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                      9           23

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $  21        $  22

RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING
   ACTIVITIES:
     Net loss                                                   $ (75)       $ (31)
     Adjustments to reconcile net loss to net cash used in
      operating activities:
     Share of losses from Local Limited Partnerships               32           --
     Increase in administrative and reporting fees payable         22           21
     Increase in accrued interest on partner loans                  3           --
     Increase in other accrued expenses                            --            9
        Total adjustments                                          57           30

Net cash used in operating activities                           $ (18)       $  (1)



                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>






e)

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


(1)   ACCOUNTING POLICIES

Organization

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

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

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of management,  necessary for a fair  presentation  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, 2000.

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership  owned a 99% limited  partnership  interest in Griffith  Limited
Partnership,  which was foreclosed  upon during the three months ended March 31,
2001 (see  discussion  below).  The Partnership  owns a 98% limited  partnership
interest  in Gates  Mills I  Limited  Partnership  and 99%  limited  partnership
interests  in  eight  other  Local  Limited  Partnerships:  Fairmeadows  Limited
Partnership,  Forest  Green  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.  During 2000, Fairmeadows Limited Partnership
and Southridge Apartments Limited Partnership sold their rental properties.

During the three months ended March 31, 2001, the  noteholder  foreclosed on the
Partnership's  interest in  Griffith  Limited  Partnership.  No gain or loss was
recorded as a result of this transfer of partnership interest.  With the loss of
the Partnership's  interest to the note holder, the Partnership will not receive
any future  benefits  from this Local  Limited  Partnership  and taxable  income
generated  prior  to the  foreclosure  will be  allocated  to the  Partnership's
investors  without any  distributable  cash for the current  year.  The specific
impact  of the tax  consequences  is  dependant  upon  each  specific  partner's
individual tax situation.

During 2000, Fairmeadows Limited Partnership entered into a sales agreement with
an unaffiliated third party for the sale of Fairmeadows Apartments.  The closing
occurred on December 27, 2000.  The net proceeds were used to repay the mortgage
encumbering  the property  with the holders  ("AIMCO") of the  Fairmeadows  note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred on December 27, 2000.  The net proceeds  were
used to repay the mortgage  encumbering the property with the holders  ("AIMCO")
of the  Southridge  note payable  receiving  the  remaining net proceeds in full
satisfaction of amounts due on their notes. Any unpaid balances were forgiven.

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, 2001,  investments  in six of the
Local Limited  Partnerships  had been reduced to zero. The  Partnership  did not
recognize approximately $197,000 of its allocated share of losses from six Local
Limited  Partnerships and approximately $7,000 of its allocated share of profits
from one Local Limited Partnership for the three months ended March 31, 2001, as
the  Partnership's  net carrying basis in these Local Limited  Partnerships  had
been reduced to zero. 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. As
of March 31, 2001, the Partnership has not recognized approximately  $13,504,000
of its allocated share of cumulative losses from the Local Limited  Partnerships
in which its investment is zero.

Five of the Local Limited  Partnerships  in which the  Partnership  has invested
have  deferred  acquisition  notes due to the original  owner of each  Property.
These notes were due between 1998 and 1999, and are currently in default.  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.

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 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
the  remaining  six  Local  Limited  Partnerships,   the  aggregate  balance  of
investments in and advances to Local Limited  Partnerships,  for these six Local
Limited Partnerships,  has been reduced to zero at March 31, 2001. 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% (10.50% at March
31,  2001).  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, 2001 and 2000, the  Partnership  made no
advances for working capital purposes. At March 31, 2001, the amount owed to the
Partnership for working capital advances to Local Limited Partnerships  amounted
to approximately $431,000.

The following are combined  statements of operations  for the three months ended
March 31, 2001 and 2000,  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,
                                                  2001          2000
                                                    (in thousands)
Rental income                                    $1,253        $1,899
Other income                                        170            70
   Total income                                   1,423         1,969
Operating expenses                                  983         1,207
Interest, taxes, and insurance                      438           588
Depreciation                                        227           311
   Total expense                                  1,648         2,106
Net loss                                         $ (225)       $ (137)
National Housing Partnership
   Realty Fund I share of losses                 $ (223)       $ (135)


<PAGE>



(3) TRANSACTIONS WITH THE GENERAL PARTNER

During the three month  periods ended March 31, 2001 and 2000,  the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately $22,000 and $21,000, 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, 2001 and 2000. As of March 31, 2001, the
Partnership  owed  approximately  $1,111,000 to the General  Partner for accrued
administrative and reporting fees.

During the three months ended March 31, 2001,  approximately  $30,000 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,  2001 was  approximately
$143,000. Interest is charged on borrowings at the prime rate plus 2% (10.50% at
March 31, 2001). Accrued interest on this loan amounted to approximately $11,000
at March 31, 2001.

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 October 1997,  NHP received a subpoena from the Inspector  General  ("IG") of
HUD  requesting  documents  relating to any agreement  whereby NHP or any of its
affiliates provides or has provided compensation to owners (or their affiliates)
of HUD-assisted  properties (the "Transactions").  Documents were produced which
may have been  responsive to the HUD subpoena and submitted to the HUD Inspector
General in 1998.

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   investigations  and  do  not  believe  that  the
investigations  will result in a material  adverse  impact on their  operations.
However, as with any similar investigation, there can be no assurance that these
will not result in material fines, penalties or other costs.

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


<PAGE>




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

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

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

LIQUIDITY AND CAPITAL RESOURCES

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

The Partnership had cash and cash equivalents of approximately  $21,000 at March
31, 2001 as compared to approximately $22,000 at March 31, 2000. The Partnership
had cash and cash equivalents of approximately  $9,000 at December 31, 2000. The
ability of the Partnership to meet its on-going cash requirements,  in excess of
cash on hand at March 31, 2001,  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,  2001,  the General  Partner  advanced the  Partnership  approximately
$30,000 to pay  operating  expenses.  There were no such  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,  2001,  the  Partnership   currently  owes  the  General  Partner
approximately  $1,111,000 for administrative  and reporting services  performed.
During the three months ended March 31, 2001 and 2000,  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,  2001 and 2000,  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, 2001 or 2000.  The combined  amount  carried as
due to the  Partnership  by the Local  Limited  Partnerships  was  approximately
$431,000 as of March 31, 2001.

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,
2001,  investments in seven 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, 2001 and 2000.  The receipt of  distributions  in future
years is dependent on the operations of the  underlying  properties of the Local
Limited Partnerships.

During the three months ended March 31, 2001, the  noteholder  foreclosed on the
Partnership's  interest in  Griffith  Limited  Partnership.  No gain or loss was
recorded as a result of this transfer of partnership interest.  With the loss of
the Partnership's  interest to the note holder, the Partnership will not receive
any future  benefits  from this Local  Limited  Partnership  and taxable  income
generated  prior  to the  foreclosure  will be  allocated  to the  Partnership's
investors  without any  distributable  cash for the current  year.  The specific
impact  of the tax  consequences  is  dependant  upon  each  specific  partner's
individual tax situation.

During 2000, Fairmeadows Limited Partnership entered into a sales agreement with
an unaffiliated third party for the sale of Fairmeadows Apartments.  The closing
occurred on December 27, 2000.  The net proceeds were used to repay the mortgage
encumbering  the property  with the holders  ("AIMCO") of the  Fairmeadows  note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred on December 27, 2000.  The net proceeds  were
used to repay the mortgage  encumbering the property with the holders  ("AIMCO")
of the  Southridge  note payable  receiving  the  remaining net proceeds in full
satisfaction of amounts due on their notes. Any unpaid balances were forgiven.

Five of the Local Limited  Partnerships  in which the  Partnership  has invested
have  deferred  acquisition  notes due to the original  owner of each  Property.
These notes were due between 1998 and 1999, and are currently in default.  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.

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 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  retains an interest in nine Local Limited  Partnerships,  which
operate seven 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.
Six of the nine  remaining  investments in Local Limited  Partnership  have been
reduced to zero. As a result,  the Partnership's  operations are no longer being
affected by their share of the  operations.  The  Partnership  has  recorded its
share of  operations in the remaining  three Local  Limited  Partnerships  which
amounted to losses of approximately $32,000 for the three months ended March 31,
2001. The Partnership's share of operations for the three months ended March 31,
2000 was less than one thousand dollars.

The Partnership realized net losses of approximately $75,000 and $31,000 for the
three months ended March 31, 2001 and 2000,  respectively.  Net loss per unit of
limited  partnership  interest was  approximately  $6.34 and $2.69 for the units
outstanding at March 31, 2001 and 2000,  respectively.  The increase in net loss
was primarily due to the increase in the Partnership's  share of losses from the
Local  Limited  Partnerships,  and an  increase in the  Partnership's  operating
expenses.  The  Partnership  did not  recognize  approximately  $197,000  of its
allocated share of losses from six Local Limited  Partnerships and approximately
$7,000 of its allocated share of profits from one Local Limited  Partnership for
the three months ended March 31, 2001, as the  Partnership's  net carrying basis
in these Local Limited  Partnerships  had been reduced to zero. 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.


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

In October 1997,  NHP received a subpoena from the Inspector  General  ("IG") of
HUD  requesting  documents  relating to any agreement  whereby NHP or any of its
affiliates provides or has provided compensation to owners (or their affiliates)
of HUD-assisted  properties (the "Transactions").  Documents were produced which
may have been  responsive to the HUD subpoena and submitted to the HUD Inspector
General in 1998.

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   investigations  and  do  not  believe  that  the
investigations  will result in a material  adverse  impact on their  operations.
However, as with any similar investigation, there can be no assurance that these
will not result in material fines, penalties or other costs.



<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2001.


<PAGE>


                                   SIGNATURES



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



                                    NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                    (Registrant)


                                    By:   The National Housing Partnership,
                                          Its sole General Partner


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


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


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



                                    Date: May 14, 2001