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 June 30, 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____

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

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

                                  June 30, 2001


ASSETS
   Cash and cash equivalents                                    $    7
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                      2,582
                                                                 -----
                                                                $2,589

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities
   Administrative and reporting fee payable to
      General Partner (Note 3)                                  $1,132
   Due to General Partner (Note 3)                                 158
   Accrued interest on partner loans (Note 3)                       15
   Other accrued expenses                                            1
                                                                 -----
                                                                 1,306

Partners' (deficit) equity
   General Partner -- The National Housing
      Partnership (NHP)                                            (82)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (87)
   Other Limited Partners -- 11,509 investment
      units                                                      1,452
                                                                 -----
                                                                 1,283
                                                                $2,589

                   See Accompanying Notes to Financial Statements

<PAGE>


b)


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

<TABLE>
<CAPTION>

                                               Three Months Ended       Six Months Ended
                                                    June 30,                June 30,
                                                2001        2000        2001         2000
                                                ----        ----        ----         ----

revenues:
  Share of profits from Local
<S>                                           <C>         <C>        <C>         <C>
   Limited Partnerships (Note 2)              $    69     $    22    $    37     $    22
  Interest received on advances to Local
   Limited Partnerships                            15          --          15          --
  Distributions in excess of investment
    in Local Limited Partnership (Note 2)          --          34          --          34
                                               ------      ------      ------      ------
         Total revenues                            84          56          52          56
                                               ------      ------      ------      ------

Costs and Expenses:
  Administrative and reporting fees to
     General Partner (Note 3)                     21          22          43          44
  Interest expense on General Partner
     Loans                                         4          --           7          --
  Other operating expenses                        10          25          28          35
                                              ------      ------      ------      ------
         Total expenses                           35          47          78          79
                                              ------      ------      ------      ------

Net income (loss)                            $    49     $     9     $   (26)    $   (23)
                                              ======      ======      ======      ======

Allocation of net income (loss):
  General Partner - NHP                      $     1     $    --     $    --     $    --
  Original Limited Partner - 1133
   Fifteenth Street Associates                     1          --          --          --
  Other Limited Partners                          47           9         (26)        (23)
                                              ------      ------      ------      ------
                                             $    49     $     9     $   (26)    $   (23)
                                              ======      ======      ======      ======

Net income (loss) per Other Limited
Partnership Interest                         $  4.08     $   .78     $ (2.26)    $ (2.00)
                                              ======      ======      ======      ======


                   See Accompanying Notes to Financial Statements
</TABLE>

<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 six months
   ended June 30, 2001                   --           --           (26)          (26)
                                     ------        -----        ------        ------

(Deficit) equity at
   June 30, 2001                    $   (82)      $  (87)      $ 1,452       $ 1,283
                                     ======        =====        ======        ======

Percentage interest at
   June 30, 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>

                                                                  Six Months Ended
                                                                      June 30,
                                                                  2001        2000
CASH FLOWS USED IN OPERATING ACTIVITIES:
   Interest received on advances to Local Limited
<S>                                                             <C>          <C>
     Partnerships                                               $  15        $  --
   Distributions in excess of investment in Local Limited
     Partnerships                                                  --           34
   Operating expenses paid                                        (62)         (57)
                                                                 ----         ----
   Net cash used in operating activities                          (47)         (23)
                                                                 ----         ----

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net advances from General Partner                               45           --
                                                                 ----         ----

NET DECREASE IN CASH AND CASH EQUIVALENTS                          (2)         (23)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                      9           23
                                                                 ----         ----

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $   7        $  --
                                                                 ====         ====

RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING
   ACTIVITIES:
     Net loss                                                   $ (26)       $ (23)
                                                                 ----         ----
     Adjustments to reconcile net loss to net
      cash used in operating activities:
     Share of profits from Local Limited Partnerships             (37)         (22)
     Increase in administrative and reporting fees payable         43           44
     Increase in accrued interest on partner loans                  7           --
     Decrease in other accrued expenses                           (34)         (22)
                                                                 ----         ----
        Total adjustments                                         (21)          --
                                                                 ----         ----

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


                   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"),  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.

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 six months ended June 30, 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 six
months  ended  June 30,  2001,  Southward  Limited  Partnership  sold its rental
property.

During the six months  ended June 30, 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  dependent  upon  each  specific  partner's
individual tax situation.

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized a gain on sale of approximately $211,000 and an extraordinary gain on
debt forgiveness of approximately $1,734,000.

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. The Local Limited Partnership
recorded a gain on sale of approximately  $684,000 and an extraordinary  gain on
debt forgiveness of approximately $2,186,000 in 2000.

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.  The Local
Limited Partnership  recognized a gain on sale of approximately  $916,000 and an
extraordinary gain on debt forgiveness of approximately  $1,904,000 in 2000. The
Local Limited  Partnership  recognized an additional gain on debt forgiveness of
approximately  $250,000  during the six months ended June 30,  2001,  due to the
forgiveness  of the remaining note payable that cannot be paid after the receipt
of escrows held by the mortgage lender.

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 June 30, 2001,  investments  in five of the
Local Limited  Partnerships  had been reduced to zero. The  Partnership  did not
recognize  approximately  $265,000  of its  allocated  share of losses from five
Local Limited  Partnerships and approximately  $1,995,000 of its allocated share
of profits from two Local Limited Partnerships for the six months ended June 30,
2001,  as  the   Partnership's   net  carrying  basis  in  these  Local  Limited
Partnerships had been reduced to zero. The additional extraordinary gain on debt
forgiveness recognized by Southridge Apartments during the six months ended June
30,  2001  more than  offset  losses  not  recognized  in  previous  years.  The
Partnership's  share of  profits  recognized  in 2001  from this  Local  Limited
Partnership  was  approximately  $48,000.  The  Partnership  did  not  recognize
approximately  $363,000 of its allocated  share of losses from six Local Limited
Partnerships  and  approximately  $56,000 of its allocated share of profits from
two Local  Limited  Partnerships  for the six months ended June 30, 2000, as the
Partnership's  net carrying basis in these Local Limited  Partnerships  had been
reduced  to zero.  As of June  30,  2001,  the  Partnership  has not  recognized
approximately  $9,088,000 of its allocated  share of cumulative  losses from the
Local Limited  Partnerships  in which its investment is zero. The  Partnership's
allocated  cumulative share of losses in the Local Limited Partnership which was
foreclosed on during the six months was approximately $2,496,000.

Four 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.

Northgate Village,  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 Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability for the payment of the notes. The notes were due 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
five of the remaining  Local  Limited  Partnerships,  the  aggregate  balance of
investments in and advances to Local Limited Partnerships,  for these five Local
Limited  Partnerships,  has been reduced to zero at June 30, 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% (8.75% at June 30,
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 six months  ended June 30,  2001 and 2000,  the  Partnership  made no
advances for working capital purposes. Accrued interest of approximately $15,000
was received from one Local Limited Partnership during the six months ended June
30, 2001.  The combined  amount  carried as due to the  Partnership by the Local
Limited Partnerships was approximately $431,000 as of June 30, 2001.

The following are combined statements of operations for the three and six months
ended June 30, 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.

<TABLE>
<CAPTION>

                                         Three Months Ended         Six Months Ended
                                              June 30,                  June 30,
                                          2001         2000           2001         2000
                                          ----         ----           ----         ----
                                                        (in thousands)
<S>                                    <C>           <C>          <C>          <C>
Rental income                          $  1,100      $  1,939     $  2,353     $  3,838
Other income                                 52            94          222          165
Gain on sale of rental property             211            --          211           --
                                        -------       -------      -------      -------
   Total revenues                         1,363         2,033        2,786        4,003
                                        -------       -------      -------      -------
Operating expenses                          723         1,262        1,706        2,470
Interest, taxes, and insurance              400           600          838        1,188
Depreciation                                215           323          442          634
                                        -------       -------      -------      -------
   Total expenses                         1,338         2,185        2,986        4,292
                                        -------       -------      -------      -------
Income (loss) before extraordinary
  item                                       25          (152)        (200)        (289)
Extraordinary gain on forgiveness
  of debt                                 1,984            --        1,984           --
                                        -------       -------      -------      -------
Net income (loss)                     $   2,009      $   (152)    $  1,784     $   (289)
                                        =======       =======      =======      =======
National Housing Partnership
   Realty Fund I share of income
   (losses)                           $   1,989      $   (150)    $  1,766     $   (285)
                                        =======       =======      =======      =======
</TABLE>

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During the six months  ended June 30,  2001 and 2000,  the  Partnership  accrued
administrative  and reporting fees payable to the General  Partner in the amount
of approximately $43,000 and $44,000 respectively,  for services provided to the
Partnership.  No payments for such fees were made to the General  Partner during
the six  months  ended  June  30,  2001  and  2000.  As of June  30,  2001,  the
Partnership  owed  approximately  $1,132,000 to the General  Partner for accrued
administrative and reporting fees.

During the six  months  ended June 30,  2001,  approximately  $45,000 of working
capital  advances were made by the General Partner to the  Partnership.  No such
amounts were advanced or repaid  during the six months ended June 30, 2000.  The
amount owed to the General Partner at June 30, 2001 was approximately  $158,000.
Interest is charged on  borrowings  at the prime rate plus 2% (8.75% at June 30,
2001).  Accrued interest on this loan amounted to approximately  $15,000 at June
30, 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.

<PAGE>

(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  $7,000 at June
30, 2001 as  compared  to no cash and cash  equivalents  at June 30,  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 June 30, 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 six months
ended June 30, 2001, the General Partner advanced the Partnership  approximately
$45,000  to pay  operating  expenses.  There were no such  advances  for the six
months  ended June 30,  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  June  30,  2001,  the   Partnership   currently  owes  the  General  Partner
approximately  $1,132,000 for administrative  and reporting services  performed.
During the six months ended June 30, 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.  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 six months ended June 30, 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 six months
ended June 30,  2001 or 2000.  Accrued  interest  of  approximately  $15,000 was
received from one Local Limited Partnership during the six months ended June 30,
2001. The combined amount carried as due to the Partnership by the Local Limited
Partnerships was approximately $431,000 as of June 30, 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 June 30,
2001,  investments in five 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 six
months ended June 30, 2001. Cash  distributions  of  approximately  $34,000 were
received  from two Local Limited  Partnerships  during the six months ended June
30,  2000.  The receipt of  distributions  in future  years is  dependent on the
operations of the underlying properties of the Local Limited Partnerships.

During the six months  ended June 30, 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  dependent  upon  each  specific  partner's
individual tax situation.

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized a gain on sale of approximately $211,000 and an extraordinary gain on
debt forgiveness of approximately $1,734,000.

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. The Local Limited Partnership
recorded a gain on sale of approximately  $684,000 and an extraordinary  gain on
debt forgiveness of approximately $2,186,000 in 2000.

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.  The Local
Limited Partnership  recognized a gain on sale of approximately  $916,000 and an
extraordinary gain on debt forgiveness of approximately  $1,904,000 in 2000. The
Local Limited  Partnership  recognized an additional gain on debt forgiveness of
approximately  $250,000  during the six months ended June 30,  2001,  due to the
forgiveness  of the remaining note payable that cannot be paid after the receipt
of escrows held by the mortgage lender.

Four 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.

Northgate Village,  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 Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability for the payment of the notes. The notes were due 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 six 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.
Five 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  four Local  Limited  Partnerships  which
amounted  to profits of  approximately  $37,000  and  $22,000 for the six months
ended June 30, 2001 and 2000, respectively.

The Partnership  realized net income of approximately  $49,000 and a net loss of
approximately  $26,000  for the  three  and six  months  ended  June  30,  2001,
respectively,  compared to net income of approximately  $9,000 and a net loss of
approximately  $23,000  for the three and six months  ended June 30,  2000.  Net
income (loss) per unit of limited  partnership  interest was approximately $4.08
and ($2.26) for the three and six months  ended June 30, 2001 and  approximately
$.78 and ($2.00) for the three and six months ended June 30, 2000.  The increase
in net  loss  for the six  months  ended  June 30,  2001  was  primarily  due to
distributions  received in excess of the  Partnership's  investment in the Local
Limited  Partnership  during  the six  months  ended  June 30,  2000  which  was
partially offset by accrued interest received by the Partnership  during the six
months  ended June 30, 2001 on advances to the Local  Limited  Partnerships,  an
increase  in  the  Partnership's   share  of  profits  from  the  Local  Limited
Partnerships, and reduced operating expenses. Net income increased for the three
months  ended June 30,  2001 due to an increase  in the  Partnership's  share of
profits from the Local Limited Partnerships, the receipt of a payment of accrued
interest on advances from one of the Local Limited  Partnerships  and a decrease
in operating  expenses which were partially offset by distributions  received in
excess of investment in the Local Limited Partnerships during 2000.

The Partnership did not recognize  approximately $265,000 of its allocated share
of losses from five Local Limited  Partnerships and approximately  $1,995,000 of
its allocated share of profits from two Local Limited  Partnerships  for the six
months ended June 30, 2001,  as the  Partnership's  net carrying  basis in these
Local  Limited   Partnerships   had  been  reduced  to  zero.   The   additional
extraordinary  gain on debt  forgiveness  recognized  by  Southridge  Apartments
during the six months ended June 30, 2001 more than offset losses not recognized
in previous years. The  Partnership's  share of profits  recognized in 2001 from
this Local Limited  Partnership was approximately  $48,000.  The Partnership did
not recognize  approximately  $363,000 of its allocated share of losses from six
Local Limited  Partnerships and approximately  $56,000 of its allocated share of
profits from two Local  Limited  Partnerships  for the six months ended June 30,
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 June 30, 2001.


<PAGE>



                                       16
                                   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: August 14, 2001