0

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

                                   Form 10-QSB

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

                For the quarterly period ended March 31, 2005


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


             For the transition period from _________to _________

                         Commission file number 0-13465


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



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

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

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

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

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


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

                                 March 31, 2005


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

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
   Administrative and reporting fees payable to
      General Partner (Note 3)                                  $  140
   Due to General Partner (Note 3)                                  12
                                                                   152

Partners' (deficiency) capital
   General Partner -- The National Housing
      Partnership (NHP)                                            (90)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (95)
   Other Limited Partners -- 11,341 investment
      units                                                         36
                                                                  (149)
                                                                $    3

                See Accompanying Notes to Financial Statements



<PAGE>





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


                                                         Three Months Ended
                                                              March 31,
                                                            2005     2004

Revenues:                                                $    --     $    --

Expenses:
  Administrative and reporting fees
   to General Partner (Note 3)                                11          22
  Other operating expenses                                     3           8
      Total expenses                                          14          30

Net loss                                                 $   (14)    $   (30)

Allocation of net loss:
  General Partner - NHP                                  $    --     $    --
  Original Limited Partner - 1133 Fifteenth Street
   Associates                                                 --          --
  Other Limited Partners                                     (14)        (30)
                                                         $   (14)    $   (30)

Net loss per Other Limited Partnership Interest          $ (1.23)    $ (2.64)


                See Accompanying Notes to Financial Statements




<PAGE>



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

<TABLE>
<CAPTION>

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

(Deficiency) capital at
<S>         <C> <C>                  <C>          <C>            <C>         <C>
   December 31, 2004                 $  (90)      $  (95)        $   50      $ (135)

Net loss for the three months
   Ended March 31, 2005                  --           --            (14)        (14)

(Deficiency) capital at
   March 31, 2005                   $   (90)      $  (95)        $   36      $ (149)

Percentage interest at
   March 31, 2005                        1%           1%            98%        100%
                                         (A)          (B)            (C)


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


                See Accompanying Notes to Financial Statements

</TABLE>


<PAGE>



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

<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2005         2004
Cash flows used in operating activities:
<S>                                                              <C>          <C>
  Operating expenses paid                                        $    (7)     $    (1)

Cash flows provided by financing activities:
  Advance from General Partner                                        10           --

Net increase (decrease) in cash and cash equivalents                   3           (1)

Cash and cash equivalents, beginning of period                        --           15

Cash and cash equivalents, end of period                         $     3      $    14

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                    $   (14)     $   (30)
     Adjustments to reconcile net loss to net cash used in
      operating activities:
     Increase in administrative and reporting
      fees payable to General Partner                                 11           22
     (Decrease) increase in accrued expenses                          (4)           7
        Total adjustments                                              7           29
Net cash used in operating activities                            $    (7)     $    (1)

                See Accompanying Notes to Financial Statements
</TABLE>




<PAGE>

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

Organization

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

The National Housing  Partnership,  a District of Columbia  limited  partnership
("NHP" or the "General Partner"), raised capital for the Partnership by offering
and selling to additional limited partners 11,519 investment units at a price of
$1,000 per unit.  Apartment  Investment  and  Management  Company  ("AIMCO"),  a
publicly  traded real estate  investment  trust,  and its affiliates  ultimately
control the General Partner.  The Original Limited Partner of the Partnership is
1133 Fifteenth Street  Associates,  whose limited partners were key employees of
the general partner of NHP at the time the  Partnership was formed.  The general
partner of 1133 Fifteenth Street Associates is NHP.

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of management,  necessary for a fair  presentation  of
the  financial  condition  and results of  operations  for the  interim  periods
presented.  All such adjustments are of a normal and recurring nature. Operating
results for the three  month  period  ended  March 31, 2005 are not  necessarily
indicative  of the  results  that may be  expected  for the fiscal  year  ending
December 31, 2005.

While the General Partner  believes that the disclosures  presented are adequate
to make the  information  not  misleading,  it is suggested that these financial
statements  be read in  conjunction  with the  financial  statements  and  notes
included in the Partnership's  Annual Report filed on Form 10-KSB for the fiscal
year ended December 31, 2004.

FASB Interpretation No. 46

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary beneficiary of the VIE. Upon adoption of FIN 46,
the Partnership determined that its three Local Limited Partnerships in which it
held  investments were not VIEs, and this  determination  still applies at March
31, 2005.

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

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

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, 2005,  investments  in the three
Local Limited  Partnerships  had been reduced to zero. The  Partnership  did not
recognize  approximately  $104,000 of its  allocated  share of losses from three
Local Limited Partnerships for each of the three months ended March 31, 2005 and
2004,  as  the   Partnership's   net  carrying  basis  in  these  Local  Limited
Partnerships had been reduced to zero. As of March 31, 2005, the Partnership has
not  recognized  approximately  $8,761,000 of its allocated  share of cumulative
losses from the three Local  Limited  Partnerships  in which its  investment  is
zero.

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

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
the three  remaining  Local  Limited  Partnerships,  the  aggregate  balance  of
investments  in and  advances  to Local  Limited  Partnerships,  for these Local
Limited Partnerships,  has been reduced to zero at March 31, 2005. 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% (7.75% at March
31,  2005).  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, 2005 and 2004, the  Partnership  made no
advances to the Local  Limited  Partnerships.  There were no amounts owed to the
Partnership for working capital advances to Local Limited  Partnerships at March
31, 2005.

The following are combined  statements of operations  for the three months ended
March 31, 2005 and 2004,  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,
                                                  2005          2004
                                                    (in thousands)
Rental income                                    $  668        $  639
Other income                                         39            29
   Total revenues                                   707           668
Operating expenses                                  465           431
Interest, taxes, and insurance                      224           221
Depreciation                                        124           122
   Total expenses                                   813           774
   Net loss                                      $ (106)       $ (106)
National Housing Partnership Realty Fund I
 share of losses                                 $ (104)       $ (104)


<PAGE>



(3) TRANSACTIONS WITH THE GENERAL PARTNER

During the three months ended March 31, 2005 and 2004, the  Partnership  accrued
administrative  and reporting fees payable to the General  Partner in the amount
of approximately $11,000 and $22,000, respectively, for services provided to the
Partnership.  As of March 31, 2005, the Partnership owed approximately  $140,000
to the General Partner for accrued administrative and reporting fees.

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

During the three  months  ended March 31,  2005,  the General  Partner  advanced
approximately $10,000 to the Partnership to fund operating expenses. Interest is
charged at the prime rate plus 2% (7.75% at March 31,  2005).  Interest  expense
was less than $1,000 for the three months ended March 31, 2005. No such advances
were made by the  General  Partner to the  Partnership  during the three  months
ended March 31,  2004.  At March 31,  2005,  the total  amount of  advances  and
accrued  interest  is  approximately  $12,000  and is included in due to General
Partner.

(4)   GOING CONCERN

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

(5) CONTINGENCIES

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

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC") is conducting a formal investigation  relating to certain
matters.  Although  the staff of the SEC is not limited in the areas that it may
investigate,   AIMCO  believes  the  areas  of  investigation   include  AIMCO's
miscalculated   monthly  net  rental  income  figures  in  third  quarter  2003,
forecasted  guidance,  accounts  payable,  rent  concessions,   vendor  rebates,
capitalization of payroll and certain other costs, and tax credit  transactions.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  will be resolved.
AIMCO does not believe  that the ultimate  outcome will have a material  adverse
effect  on its  consolidated  financial  condition  or  results  of  operations.
Similarly,  the General Partner does not believe that the ultimate  outcome will
have a material  adverse  effect on the  Partnership's  financial  condition  or
results of operations.

<PAGE>

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

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

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

LIQUIDITY AND CAPITAL RESOURCES

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,   loans   or   advances   is   generally   restricted   by  these
government-assistance programs. The General Partner monitors developments in the
area of legal and regulatory compliance.  For example, the Sarbanes-Oxley Act of
2002  mandates  or  suggests  additional  compliance  measures  with  regard  to
governance,  disclosure,  audit and other areas. In light of these changes,  the
Partnership expects that it will incur higher expenses related to compliance.

The Partnership had cash and cash equivalents of  approximately  $3,000 at March
31, 2005 as compared to approximately $14,000 at March 31, 2004. The Partnership
had cash and cash  equivalents  of less than $1,000 at December  31,  2004.  The
ability of the Partnership to meet its on-going cash requirements,  in excess of
cash on hand at March 31, 2005,  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.  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.

During the three  months  ended March 31,  2005,  the General  Partner  advanced
approximately $10,000 to the Partnership to fund operating expenses. Interest is
charged at the prime rate plus 2% (7.75% at March 31,  2005).  Interest  expense
was less than $1,000 for the three months ended March 31, 2005. No such advances
were made by the  General  Partner to the  Partnership  during the three  months
ended March 31,  2004.  At March 31,  2005,  the total  amount of  advances  and
accrued interest is approximately $12,000.

At March 31,  2005,  the  Partnership  owed the  General  Partner  approximately
$140,000  for  administrative  and  reporting  services  performed.  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, 2005 and 2004, the  Partnership  made no
advances for working capital purposes to any of the Local Limited  Partnerships.
There were no amounts owed to the Partnership  for working  capital  advances to
Local Limited Partnerships at March 31, 2005.

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,
2005,  investments in the three remaining Local Limited  Partnerships  have been
reduced to zero.  Cash  distributions  received  are  recorded  in  revenues  as
distributions received in excess of investment in Local Limited Partnerships. No
cash distributions were received from the Local Limited  Partnerships during the
three  months  ended March 31, 2005 and 2004.  The receipt of  distributions  in
future years is dependent on the operations of the underlying  properties of the
Local  Limited  Partnerships  and the  sale  or  refinancing  of the  underlying
properties.

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

RESULTS OF OPERATIONS

The Partnership retains an interest in three Local Limited  Partnerships,  which
operate three rental housing properties.  Due to the use of the equity method of
accounting  as  discussed  in "Item  1.  Financial  Statements  - Note 2" to the
Partnership's  financial  statements,  to the extent the Partnership still has a
carrying basis in a respective Local Limited Partnership,  results of operations
would be  impacted  by the  Partnership's  share of the profits or losses of the
Local Limited  Partnerships.  The three  remaining  investments in Local Limited
Partnerships  have  been  reduced  to  zero.  As  a  result,  the  Partnership's
operations are no longer being affected by their share of the operations.

The Partnership realized net losses of approximately $14,000 and $30,000 for the
three months ended March 31, 2005 and 2004,  respectively.  Net loss per unit of
limited  partnership  interest  was $1.23 and $2.64 for the three  months  ended
March  31,  2005 and  2004,  respectively.  The  decrease  in net loss is due to
decreases in  administration  and  reporting  fees and operating  expenses.  The
Partnership did not recognize  approximately  $104,000 of its allocated share of
losses from the three Local  Limited  Partnerships  for each of the three months
ended March 31, 2005 and 2004, as the  Partnership's net carrying basis in these
Local Limited Partnerships had been reduced to zero.

FASB Interpretation No. 26

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary beneficiary of the VIE. Upon adoption of FIN 46,
the Partnership determined that its three Local Limited Partnerships in which it
held investments were not VIEs and this determination  still applies as of March
31, 2005.

ITEM 3.     CONTROLS AND PROCEDURES

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

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


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 5.     OTHER INFORMATION

            None.


ITEM 6.     EXHIBITS


            See Exhibit Index.



<PAGE>



                                   SIGNATURES



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



                            NATIONAL HOUSING PARTNERSHIP REALTY FUND I


                            By:     The National Housing Partnership,
                                    its sole General Partner


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

                            By:     /s/David R. Robertson
                                    David R. Robertson
                                    President and Chief Executive Officer

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


                               Date: May 13, 2005


<PAGE>


                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I


                                INDEX OF EXHIBITS


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

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

32.1        Certification  of the equivalent of the Chief Executive  Officer and
            Chief  Financial  Officer  Pursuant to 18 U.S.C.  Section  1350,  as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, David R. Robertson, certify that:


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

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

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

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

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

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

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

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

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

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

Date: May 13, 2005

                                    /s/David R. Robertson
                                    David R. Robertson
                                    President and Chief  Executive  Officer of
                                    National     Corporation    for    Housing
                                    Partnerships,   equivalent  of  the  chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


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

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

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

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

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

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

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

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

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

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

Date: May 13, 2005

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


<PAGE>



Exhibit 32.1


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



In  connection  with the  Quarterly  Report on Form 10-QSB of  National  Housing
Partnership  Realty Fund I (the  "Partnership"),  for the quarterly period ended
March 31, 2005 as filed with the Securities and Exchange  Commission on the date
hereof  (the  "Report"),  David R.  Robertson,  as the  equivalent  of the chief
executive  officer of the Partnership,  and Stephen B. Waters, as the equivalent
of the chief  financial  officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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


                                           /s/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  May 13, 2005

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 13, 2005

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