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

                                   Form 10-QSB

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

                For the quarterly period ended March 31, 2004


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


             For the transition period from _________to _________

                         Commission file number 0-13465


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



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

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

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

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


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

                                 March 31, 2004


ASSETS
   Cash and cash equivalents                                    $   14
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                         --
                                                                $   14

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
   Administrative and reporting fees payable to
      General Partner (Note 3)                                  $   65
   Other accrued expenses                                            7
                                                                    72

Partners' (deficiency) capital
   General Partner -- The National Housing
      Partnership (NHP)                                            (89)
   Original Limited Partner -- 1133 Fifteenth
      Street Associates                                            (94)
   Other Limited Partners -- 11,356 investment
      units                                                        125
                                                                   (58)
                                                                $   14


                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,
                                                            2004       2003
Revenues:
  Interest received on advances to Local Limited
    Partnerships                                         $    --     $   129

Expenses:
  Share of losses from Local Limited
   Partnerships (Note 2)                                      --         248
  Administrative and reporting fees
   to General Partner (Note 3)                                22          22
  Other operating expenses                                     8          12
      Total expenses                                          30         282

Net loss                                                 $   (30)    $  (153)

Allocation of net loss:
  General Partner - NHP                                  $    --     $    (1)
  Original Limited Partner - 1133 Fifteenth Street
   Associates                                                 --          (1)
  Other Limited Partners                                     (30)       (151)
                                                         $   (30)    $  (153)

Net loss per Other Limited Partnership Interest          $ (2.64)    $(13.21)

Distribution per Other Limited Partnership Interest      $    --     $ 55.12

                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, 2003                 $  (89)      $  (94)        $  155      $  (28)

Net loss for the three months
   ended March 31, 2004                  --           --            (30)        (30)

(Deficiency) capital at
   March 31, 2004                   $   (89)      $  (94)        $  125      $  (58)

Percentage interest at
   March 31, 2004                        1%           1%            98%        100%
                                         (A)          (B)            (C)


(A)   General Partner
(B)   Original Limited Partner
(C) Consists of 11,356 investment units (Note 6).

                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>



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

<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2004         2003
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Administrative and reporting fees paid to General Partner      $    --      $(1,111)
  Interest received on advances to Local Limited
   Partnerships                                                       --          129
  Operating expenses paid                                             (1)          (2)

  Net cash used in operating activities                               (1)        (984)

Cash flows from investing activities:
  Distributions from Local Limited Partnerships                       --        1,535
  Repayment of advances to Local Limited Partnerships                 --           78

  Net cash provided by investing activities                           --        1,613

Cash flows used in financing activities:
  Distributions to partners                                           --         (630)

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

Cash and cash equivalents, beginning of period                        15           12

Cash and cash equivalents, end of period                         $    14      $    11

Reconciliation of net loss to net cash used in operating activities:
     Net loss                                                    $   (30)     $  (153)
     Adjustments to reconcile net loss to net cash used in
      operating activities:
     Share of losses from Local Limited Partnerships                  --          248
     Increase (decrease) in administrative and reporting
      fees payable to General Partner                                 22       (1,089)
     Increase in accrued expenses                                      7           10
        Total adjustments                                             29         (831)
Net cash used in operating activities                            $    (1)     $  (984)

                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, 2004 are not  necessarily
indicative  of the  results  that may be  expected  for the fiscal  year  ending
December 31, 2004.

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, 2003.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003,  FIN 46 will  apply to  financial  statements  for  periods  ending  after
December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption  of FIN 46 will  have an impact  on cash  flow,  the
Partnership cannot make any definitive  conclusion on the impact on net earnings
until it completes its evaluation,  including an evaluation of the Partnership's
maximum exposure to loss.

(2)   INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership owns a 98% limited partnership interest in Gates Mills I Limited
Partnership  and 99% limited  partnership  interests in two other Local  Limited
Partnerships:  San Jose Limited Partnership and Hurbell IV Limited  Partnership.
The Partnership owned a 99% interest in seven other Local Limited  Partnerships,
two of which were sold during 2000,  one of which was sold during  2001,  one of
which was  foreclosed  upon during 2001,  one of which was sold during 2002, and
two of which were sold during the three months ended March 31, 2003.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately  $100,000 for the three months ended March 31,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined statements of operations below.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $89,000 for the three months ended March 31,
2003,  which is included  in loss from sale of  discontinued  operations  in the
combined statements of operations below.

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, 2004,  investments  in the three
remaining Local Limited  Partnerships had been reduced to zero. Forest Green and
Village Green Limited  Partnerships sold their underlying  properties during the
three  months  ended  March  31,  2003 (as  discussed  above).  The  Partnership
recognized  approximately  $248,000 of its allocated  share of losses from these
Local  Limited  Partnerships  for the three  months  ended March 31,  2003.  The
Partnership  did  not  recognize  approximately  $104,000  and  $128,000  of its
allocated  share of losses from three Local Limited  Partnerships  for the three
months ended March 31, 2004 and 2003,  respectively,  as the  Partnership's  net
carrying basis in these Local Limited  Partnerships had been reduced to zero. As
of March 31, 2004, the Partnership has not recognized  approximately  $8,491,000
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  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, 2004. To the extent
these advances are repaid by the Local Limited  Partnerships in the future,  the
repayments  will be  credited  as  distributions  and  repayments  in  excess of
investment  in Local  Limited  Partnerships.  These  advances are payable to the
Partnership.  Interest is  calculated  at the prime rate plus 2% (6.00% at March
31,  2004).  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, 2004 and 2003, the  Partnership  made no
advances to the Local Limited Partnerships.  During the three months ended March
31,  2003,  the  Partnership  received  approximately  $78,000 as  repayment  of
advances plus accrued interest of approximately  $129,000 from one Local Limited
Partnership.
No such repayments of advances were received during the three months ended March
31, 2004.  There were no amounts  owed to the  Partnership  for working  capital
advances to Local Limited Partnerships at March 31, 2004.

The following are combined  statements of operations  for the three months ended
March 31, 2004 and 2003,  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,
                                                  2004          2003
                                                    (in thousands)
Rental income                                    $  639        $  564
Other income                                         29            30
   Total revenues                                   668           594
Operating expenses                                  431           377
Interest, taxes, and insurance                      221           230
Depreciation                                        122           117
   Total expenses                                   774           724
Loss from continuing operations                    (106)         (130)

Loss from sale of discontinued operations            --          (189)
Loss from discontinued operations                    --           (61)
   Net loss                                      $ (106)       $ (380)
National Housing Partnership Realty Fund I
 share of losses                                 $ (104)       $ (376)

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During each of the three months ended March 31, 2004 and 2003,  the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately $22,000 for services provided to the Partnership. During
the three  months  ended  March 31,  2003,  the  Partnership  made  payments  of
approximately  $1,111,000 to the General Partner for accrued  administrative and
reporting  fees. No such fees were paid to the General  Partner during the three
months  ended  March  31,  2004.  As of March 31,  2004,  the  Partnership  owed
approximately  $65,000 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.

(4)   GOING CONCERN

Certain of the Local  Limited  Partnership's  notes  payable  are past due,  and
therefore,  the notes are in  default  (see Note 2).  Continuation  of the Local
Limited  Partnerships'  operations  in the 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 that is not
of a routine nature arising in the ordinary course of business.

Pursuant to a formal order of investigation received by AIMCO on March 29, 2004,
the  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission is conducting an  investigation  relating to certain  matters.  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,  and capitalization of expenses and
payroll.  AIMCO is cooperating  fully.  AIMCO does not believe that the ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition  or results of  operations  taken as a whole.  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 taken
as a whole.

(6) ABANDONMENT OF LIMITED PARTNERSHIP UNITS

During the three months ended March 31, 2003, the number of Limited  Partnership
Units  decreased  by 73 units due to limited  partners  abandoning  their units.
There were no such  abandonments of Limited  Partnership  Units during the three
months  ended March 31,  2004.  In  abandoning  his or her  Limited  Partnership
Unit(s),  a limited partner  relinquishes all right,  title, and interest in the
Partnership  as of the date of  abandonment.  However,  the  limited  partner is
allocated  his or her share of net  income or loss for that  year.  The loss per
Limited  Partnership  Unit  in the  accompanying  statements  of  operations  is
calculated  based on the number of units  outstanding  at the  beginning  of the
year.

<PAGE>

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

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

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

LIQUIDITY AND CAPITAL RESOURCES

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

The Partnership had cash and cash equivalents of approximately  $14,000 at March
31, 2004 as compared to approximately $11,000 at March 31, 2003. The Partnership
had cash and cash equivalents of approximately $15,000 at December 31, 2003. The
ability of the Partnership to meet its on-going cash requirements,  in excess of
cash on hand at March 31, 2004,  is dependent on  distributions  from  recurring
operations  received from the Local Limited  Partnerships  and proceeds from the
sales or refinancings of the underlying properties. The Partnership's only other
form of liquidity is from General  Partner  loans.  No such loans were  advanced
during the three months ended March 31, 2004 and 2003. 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,  2004,  the  Partnership  owed the  General  Partner  approximately
$65,000 for administrative and reporting  services  performed.  During the three
months ended March 31, 2003 payments of  approximately  $1,111,000  were made by
the Partnership to the General Partner for administrative and reporting services
fees.  No such fees were paid to the  General  Partner  during the three  months
ended March 31, 2004. 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, 2004 and 2003, the  Partnership  made no
advances for working capital purposes to any of the Local Limited  Partnerships.
During  the  three  months  ended  March  31,  2003,  the  Partnership  received
approximately  $78,000  as  repayment  of  advances  plus  accrued  interest  of
approximately $129,000 from one Local Limited Partnership. No such repayments of
advances were received during the three months ended March 31, 2004.  There were
no amounts owed to the Partnership for working capital advances to Local Limited
Partnerships at March 31, 2004.

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,
2004,  investments in the three remaining Local Limited  Partnerships  have been
reduced to zero.  Cash  distributions  received  are  recorded  in  revenues  as
distributions  received in excess of investment  in Local Limited  Partnerships.
There were no  distributions  received in excess of  investment in Local Limited
Partnerships  during  the  three  months  ended  March 31,  2004.  Approximately
$1,535,000   in   distributions   were  received  from  the  two  Local  Limited
Partnerships in which the Partnership had an investment  during the three months
ended March 31, 2003, from proceeds from the sales of the underlying  properties
(as discussed below). No cash distributions were received from the Local Limited
Partnerships  during the three  months  ended  March 31,  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.

During the three  months  ended  March 31,  2003,  the  Partnership  distributed
approximately  $630,000 to the Other Limited Partners  (approximately $55.12 per
Other  Limited  Partner  Interest)  from  net  proceeds  from  the  sales of the
underlying  properties  of Forest Green  Limited  Partnership  and Village Green
Limited  Partnership.  There were no  distributions  to the partners  during the
three months ended March 31, 2004.  There is no guarantee that the Local Limited
Partnerships  will generate future surplus cash to permit further  distributions
to the partners during the remainder of 2004 or subsequent periods.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately  $100,000 for the three months ended March 31,
2003.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of  approximately  $89,000 for the three months ended March 31,
2003.

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  Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability  for the  payment  of the notes.  The notes are 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. Two Local Limited Partnerships in which
the Partnership had an investment,  Forest Green Limited Partnership and Village
Green Limited Partnership,  sold their underlying  properties on January 3, 2003
(as  discussed  in  "Liquidity  and Capital  Resources").  Due to the use of the
equity method of accounting as discussed in "Item 1. Financial Statements - Note
2" to the  Partnership's  financial  statements,  to the extent the  Partnership
still has a carrying basis in a respective Local Limited Partnership, results of
operations would be impacted by the Partnership's share of the profits or losses
of the Local Limited  Partnerships.  The three  remaining  investments  in Local
Limited  Partnerships have been reduced to zero. As a result,  the Partnership's
operations  are no longer being affected by their share of the  operations.  The
Partnership  has  recorded  its share of  operations  in the two  Local  Limited
Partnerships   which  sold  their   properties   which  amounted  to  losses  of
approximately $248,000 for the three months ended March 31, 2003.

The Partnership  realized net losses of  approximately  $30,000 and $153,000 for
the three months ended March 31, 2004 and 2003, respectively.  Net loss per unit
of limited partnership  interest was $2.64 and $13.21 for the three months ended
March 31, 2004 and 2003, respectively. The decrease in net loss is primarily due
to a  decrease  in the  Partnership's  share of losses  from the  Local  Limited
Partnerships, partially offset by a decrease in interest received on advances to
Local Limited  Partnerships.  The  Partnership  did not recognize  approximately
$104,000 of its allocated share of losses from the three remaining Local Limited
Partnerships for the three months ended March 31, 2004, as the Partnership's net
carrying basis in these Local Limited Partnerships had been reduced to zero. The
Partnership did not recognize  approximately  $128,000 of its allocated share of
losses from three Local  Limited  Partnerships  for the three months ended March
31,  2003,  as the  Partnership's  net  carrying  basis in these  Local  Limited
Partnerships had been reduced to zero.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003,  FIN 46 will  apply to  financial  statements  for  periods  ending  after
December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption  of FIN 46 will  have an impact  on cash  flow,  the
Partnership cannot make any definitive  conclusion on the impact on net earnings
until it completes its evaluation,  including an evaluation of the Partnership's
maximum exposure to loss.

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 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits

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

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

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

            b) Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2004.


<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/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior Vice President
                                    and Chief Accounting Officer

                               Date: May 13, 2004


<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 registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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




Date: May 13, 2004

                                    /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, Thomas M. Herzog, certify that:


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

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

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

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

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

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

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

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

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

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

Date: May 13, 2004

                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior  Vice   President  and  Chief
                                    Accounting   Officer   of   National
                                    Corporation        for       Housing
                                    Partnerships,   equivalent   of  the
                                    chief   financial   officer  of  the
                                    Partnership


<PAGE>




Exhibit 32.1


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



In  connection  with the  Quarterly  Report on Form 10-QSB of  National  Housing
Partnership  Realty Fund I (the  "Partnership"),  for the quarterly period ended
March 31, 2004 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 Thomas M. Herzog, 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, 2004

                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  May 13, 2004

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.