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 September 30, 2002


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


                    For the transition period from _________to _________

                               Commission file number 0-13465


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



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

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

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



                               PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



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

                                     September 30, 2002


ASSETS
   Cash and cash equivalents                                            $   50
   Investments in and advances to Local Limited
      Partnerships (Note 2)                                              1,803
                                                                        $1,853

LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities
   Administrative and reporting fees payable to
      General Partner (Note 3)                                          $1,090
   Other accrued expenses                                                   25
                                                                         1,115

Partners' (deficit) equity
   General Partner -- The National Housing Partnership (NHP)               (88)
   Original Limited Partner -- 1133 Fifteenth Street
      Associates                                                           (93)
   Other Limited Partners -- 11,429 investment units                       919
                                                                           738
                                                                        $1,853

                       See Accompanying Notes to Financial Statements

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


<TABLE>
<CAPTION>

                                               Three Months Ended       Nine months Ended
                                                 September 30,            September 30,
                                                2002        2001        2002         2001

revenues:
  Share of (losses) profits from Local
<S>                                          <C>         <C>         <C>         <C>
    Limited Partnerships (Note 2)            $   (29)    $    53     $   (51)    $    90
  Interest received on advances to Local
   Limited Partnerships                           --          --           3          15
         Total revenues                          (29)         53         (48)        105

Costs and Expenses:
  Administrative and reporting fees to
     General Partner (Note 3)                     21          22          65          65
  Interest expense on General Partner
     Loans                                        --           4           1          11
  Other operating expenses                        12           5          39          33
         Total expenses                           33          31         105         109

Net (loss) income                            $   (62)    $    22     $  (153)    $    (4)

Allocation of net (loss) income:
  General Partner - NHP                      $    (1)    $    --     $    (2)    $    --
  Original Limited Partner - 1133
   Fifteenth Street Associates                    (1)         --          (2)         --
  Other Limited Partners                         (60)         22        (149)         (4)
                                             $   (62)    $    22     $  (153)    $    (4)

Net (loss) income per Other Limited
Partnership Interest                         $ (5.22)    $  1.91     $(12.97)    $  (.35)


                       See Accompanying Notes to Financial Statements
</TABLE>


                   NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                          Statement of Partners' (Deficit) Equity
                              (in thousands, except unit data)
                                        (Unaudited)


<TABLE>
<CAPTION>

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

(Deficit) equity at
<S>                                  <C>          <C>          <C>           <C>
   December 31, 2001                 $  (86)      $  (91)      $ 1,068       $   891

Net loss for the nine months
   ended September 30, 2002              (2)          (2)         (149)         (153)

(Deficit) equity at
   September 30, 2002               $   (88)      $  (93)      $   919       $   738

Percentage interest at
   September 30, 2002                    1%           1%           98%          100%
                                        (A)           (B)          (C)


(A)   General Partner
(B)   Original Limited Partner
(C)   Consists of 11,429 investment units at September 30, 2002 and 11,489 investment units
      at December 31, 2001.  During the nine months ended September 30, 2002, 60 units were
      abandoned (Note 6).


                       See Accompanying Notes to Financial Statements
</TABLE>


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

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                  2002        2001
CASH FLOWS FROM OPERATING ACTIVITIES:
   Administrative and reporting fees paid to General
<S>                                                             <C>         <C>
    Partner                                                     $ (150)     $  --
   Interest paid on General Partner loans                          (23)         --
   Interest received on advances to Local Limited
     Partnerships                                                    3         15
   Operating expenses paid                                         (54)       (67)
   Net cash used in operating activities                          (224)       (52)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Repayment of advances to Local Limited Partnerships               6         --
CASH FLOWS FROM FINANCING ACTIVITIES:
   Net advances from General Partner                                --         45
   Repayment of advances from General Partner                     (158)        --
   Net cash (used in) provided by financing activities            (158)        45

NET DECREASE IN CASH AND CASH EQUIVALENTS                         (376)        (7)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                     426          9

CASH AND CASH EQUIVALENTS, END OF PERIOD                         $  50      $   2

RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING
   ACTIVITIES:
     Net loss                                                    $(153)     $  (4)
     Adjustments to reconcile net loss to net
      cash used in operating activities:
        Share of losses (profits) from Local Limited
          Partnerships                                              51        (90)
        (Decrease) increase in administrative and
          reporting fees payable                                   (85)        65
        (Decrease) increase in accrued interest on
          partner loans                                            (22)        11
        Decrease in other accrued expenses                         (15)       (34)
        Total adjustments                                          (71)       (48)
Net cash used in operating activities                            $(224)     $ (52)


                       See Accompanying Notes to Financial Statements
</TABLE>



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


(1)   ACCOUNTING POLICIES

Organization

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

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

Basis of Presentation

The accompanying  unaudited interim financial statements reflect all adjustments
which are, in the opinion of management,  necessary for a fair  presentation  of
the  financial  condition  and results of  operations  for the  interim  periods
presented.  All such adjustments are of a normal and recurring nature. Operating
results for the three and nine month  periods  ended  September 30, 2002 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending December 30, 2002.

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, 2001.

(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 five other Local Limited
Partnerships:  Forest  Green  Limited  Partnership,  Northgate  Village  Limited
Partnership,  San Jose Limited  Partnership,  Hurbell IV Limited Partnership and
Village Green Limited Partnership.  The Partnership owned a 99% interest in four
other Local  Limited  Partnerships,  two of which were sold during 2000,  one of
which was sold during 2001, and one of which was foreclosed upon during 2001.

During the nine months ended  September 30, 2001, the  noteholder  foreclosed on
the Partnership's interest in Griffith Limited Partnership.  No gain or loss was
recorded as a result of this transfer of partnership interest.  With the loss of
the Partnership's  interest to the note holder, the Partnership will not receive
any future  benefits  from this Local  Limited  Partnership  and taxable  income
generated prior to the foreclosure was allocated to the Partnership's  investors
without any  distributable  cash for the year.  The  specific  impact of the tax
consequences is dependent upon each specific partner's individual tax situation.

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized  a  gain  on  sale  of  approximately  $177,000  and a gain  on  debt
forgiveness of approximately  $2,518,000  during the nine months ended September
30, 2001.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred  on  December  27,  2000.  The Local  Limited
Partnership  recognized an additional gain on debt  forgiveness of approximately
$250,000 during the nine months ended September 30, 2001, due to the forgiveness
of the  remaining  amounts owed on loans  payable to the general  partner of the
Local Limited  Partnership  which were not able to be repaid upon dissolution of
the Local Limited Partnership in 2001.

Effective  April  1,  2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards ("SFAS") No. 145, "Rescission of FASB Statements No. 4, 44
and 64". SFAS No. 4 "Reporting  Gains and Losses from  Extinguishment  of Debt,"
required  that all gains and losses from  extinguishment  of debt be  aggregated
and, if material,  classified as an  extraordinary  item.  SFAS No. 145 rescinds
SFAS No. 4, and accordingly, gains and losses from extinguishment of debt should
only be  classified  as  extraordinary  if they are  unusual in nature and occur
infrequently. Neither of these criteria applies to the Partnership. As a result,
the  accompanying  combined  statements  of  operations  reflect  the  gains  on
forgiveness of debt at Southward Limited  Partnership and Southridge  Apartments
Limited Partnership in 2001 in operations rather than as an extraordinary item.

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 September 30, 2002,  investments  in four of
the Local Limited Partnerships had been reduced to zero. The Partnership did not
recognize  approximately  $296,000  of its  allocated  share of losses from four
Local Limited  Partnerships for the nine months ended September 30, 2002, as the
Partnership's  net carrying basis in these Local Limited  Partnerships  had been
reduced to zero. The Partnership did not recognize approximately $451,000 of its
allocated share of losses from five Local Limited Partnerships and approximately
$2,691,000 of its allocated share of profits from two Local Limited Partnerships
for the nine months ended September 30, 2001, as the  Partnership's net carrying
basis in these  Local  Limited  Partnerships  had been  reduced  to zero.  As of
September 30, 2002, the Partnership has not recognized  approximately $8,926,000
of its  allocated  share  of  cumulative  losses  from the  four  Local  Limited
Partnerships in which its investment is zero.

Northgate Village,  San Jose, Gates Mills I and Hurbell IV Limited  Partnerships
all have notes which were executed by the respective Local Limited  Partnerships
with the seller as part of the  acquisition of the property by the Local Limited
Partnership.  The notes were nonrecourse notes secured by a security interest in
all partnership  interests in the Local Limited Partnership and are subordinated
to the  respective  mortgage  notes on each property for as long as the mortgage
notes are insured by HUD.

Any payments due from project  income are payable from surplus  cash, as defined
by the HUD Regulatory Agreement. Neither the Limited Partnership nor any partner
thereof, present or future, assume any personal liability for the payment of the
notes. The notes were due July 26, 1999,  August 29, 1999,  October 1, 1999, and
November 9, 1999,  respectively.  Interest continues to be paid or accrued under
the original terms of the respective agreements. Each note is in default and the
Local Limited Partnership  interests are subject to potential  foreclosure.  The
noteholders  have not  exercised  their  rights under the notes,  including  the
foreclosure  of 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 this uncertainty.

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
four of the remaining  Local  Limited  Partnerships,  the  aggregate  balance of
investments in and advances to Local Limited Partnerships,  for these four Local
Limited  Partnerships,  has been reduced to zero at September  30, 2002.  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% (6.75% at
September  30, 2002).  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 nine months ended September 30, 2002 and 2001, the  Partnership  made
no advances for working capital purposes. During the nine months ended September
30, 2002, the  Partnership  received  approximately  $6,000 as a repayment of an
advance plus accrued  interest of  approximately  $3,000 from one Local  Limited
Partnership.  During the nine months ended September 30, 2001,  accrued interest
of  approximately  $15,000 was received from one Local Limited  Partnership.  At
September  30,  2002,  the amount owed to the  Partnership  for working  capital
advances to Local Limited Partnerships amounted to approximately $78,000.

The  following  are combined  statements  of  operations  for the three and nine
months ended  September  30, 2002 and 2001,  respectively,  of the Local Limited
Partnerships in which the Partnership has invested.  The statements are compiled
from  financial  statements of the Local Limited  Partnerships,  prepared on the
accrual  basis of  accounting,  as  supplied  by the  management  agents  of the
projects, and are unaudited.

<TABLE>
<CAPTION>

                                         Three Months Ended         Nine Months Ended
                                           September 30,              September 30,
                                          2002         2001           2002         2001
                                                        (in thousands)

<S>                                    <C>           <C>          <C>          <C>
Rental income                          $    961      $  1,163     $  2,865     $  3,516
Other income                                 48            74          273          296
(Loss) gain on sale of rental
   property                                  --           (34)          --          177
Gain on forgiveness of debt                  --           534           --        2,768
   Total revenues                         1,009         1,737        3,138        6,757

Operating expenses                          628           775        1,932        2,481
Interest, taxes, and insurance              337           435          972        1,273
Depreciation                                197           209          586          651

   Total expenses                         1,162         1,419        3,490        4,405

Net (loss) income                     $    (153)    $     318     $   (352)    $  2,352

National Housing Partnership
   Realty Fund I share of
     (losses) income                  $    (151)    $     315     $   (347)    $  2,330
</TABLE>

(3) TRANSACTIONS WITH THE GENERAL PARTNER

During both the nine months ended  September 30, 2002 and 2001, the  Partnership
accrued  administrative and reporting fees payable to the General Partner in the
amount of approximately $65,000 for services provided to the Partnership. During
the nine months ended  September  30, 2002,  the  Partnership  made  payments of
approximately  $150,000 to the General  Partner for accrued  administrative  and
reporting  fees.  No such  payments  were  made  during  the nine  months  ended
September 30, 2001. As of September 30, 2002, the Partnership owed approximately
$1,090,000 to the General Partner for accrued administrative and reporting fees.

During the nine  months  ended  September  30,  2001,  approximately  $45,000 of
working capital advances were made by the General Partner to the Partnership. No
such amounts were  advanced  during the nine months  ended  September  30, 2002.
Interest is charged at the Chase  Manhattan  Bank prime  interest  rate plus 2%.
Chase Manhattan Bank prime was 4.75% at September 30, 2002. Interest accrued for
the nine months ended September 30, 2002 and 2001 was  approximately  $1,000 and
$11,000,  respectively.  During the nine months ended  September  30, 2002,  the
Partnership repaid the balance in advances of approximately $158,000 and accrued
interest of approximately $23,000 to the General Partner.

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

(5) LEGAL PROCEEDINGS

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

(6) ABANDONMENT OF LIMITED PARTNERSHIP UNITS

During  the nine  months  ended  September  30,  2002,  the  number  of  Limited
Partnership Units decreased by 60 units due to limited partners abandoning their
units. 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
abandonments.  However, the limited partner is allocated his or her share of net
income or loss for that year. The income or 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. There were no such abandonments
during the nine months ended September 30, 2001.


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

The Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  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. The discussions of the Registrant's business and results
of operations,  including forward-looking statements pertaining to such matters,
do not take into account the effects of any changes to the Registrant's business
and  results of  operations.  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; 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  $50,000  at
September  30, 2002 as compared to  approximately  $2,000 at September 30, 2001.
The  Partnership  had cash and cash  equivalents  of  approximately  $426,000 at
December  31, 2001.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at September  30, 2002, 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.  During the nine months ended  September 30, 2001,  approximately
$45,000 of working  capital  advances  were made by the  General  Partner to the
Partnership.  No such  amounts  were  advanced  during  the  nine  months  ended
September  30,  2002.  During the nine months  ended  September  30,  2002,  the
Partnership  repaid advances of  approximately  $158,000 and accrued interest of
approximately  $23,000 to the General Partner. 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 September 30, 2002, the Partnership  owed the General  Partner  approximately
$1,090,000 for administrative and reporting services performed.  During the nine
months ended September 30, 2002, a payment of approximately $150,000 was made by
the  Partnership  to  the  General  Partner  for  administrative  and  reporting
services.  No payments were made by the  Partnership to the General  Partner for
administrative and reporting services during the nine months ended September 30,
2001.  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 nine months ended September 30, 2002 and 2001, the  Partnership  made
no advances to the Local  Limited  Partnerships  for working  capital  purposes.
During the nine months  ended  September  30,  2002,  the  Partnership  received
approximately  $6,000 as a  repayment  of an advance  plus  accrued  interest of
approximately $3,000 from one Local Limited Partnership.  During the nine months
ended September 30, 2001, accrued interest of approximately $15,000 was received
from one Local Limited  Partnership.  At September 30, 2002,  the amount owed to
the  Partnership  for working  capital  advances to Local  Limited  Partnerships
amounted to approximately $78,000.

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 September
30,  2002,  investments  in four of the  Local  Limited  Partnerships  has  been
decreased  to zero.  Cash  distributions  received  are  recorded in revenues as
distributions received in excess of investment in Local Limited Partnerships. No
cash distributions were received from the Local Limited  Partnerships during the
nine months ended September 30, 2002 and 2001. The receipt of  distributions  in
future years is dependent on the operations of the underlying  properties of the
Local Limited Partnerships.

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

During 2001,  Southward Limited  Partnership entered into a sales agreement with
an  unaffiliated  third  party for the sale of  Parker  Square  Apartments.  The
closing occurred on June 29, 2001, with a sale price of $3,300,000. Net proceeds
after payment of closing costs of  approximately  $3,201,000  were used to repay
the mortgage encumbering the property with the holders of the Parker Square note
payable receiving the remaining net proceeds in full satisfaction of amounts due
on their notes. Any unpaid balances were forgiven. The Local Limited Partnership
recognized  a  gain  on  sale  of  approximately  $177,000  and a gain  on  debt
forgiveness of approximately  $2,518,000  during the nine months ended September
30, 2001.

During 2000,  Southridge  Apartments  Limited  Partnership  entered into a sales
agreement  with  an  unaffiliated   third  party  for  the  sale  of  Southridge
Apartments.  The closing  occurred  on  December  27,  2000.  The Local  Limited
Partnership  recognized an additional gain on debt  forgiveness of approximately
$250,000 during the nine months ended September 30, 2001, due to the forgiveness
of the  remaining  amounts owed on loans  payable to the general  partner of the
Local Limited  Partnership  which were not able to be repaid upon dissolution of
the Local Limited Partnership in 2001.

Northgate Village,  San Jose, Gates Mills I and Hurbell IV Limited  Partnerships
all have notes which were executed by the respective Local Limited  Partnerships
with the seller as part of the  acquisition of the property by the Local Limited
Partnership.  The notes were nonrecourse notes secured by a security interest in
all partnership  interests in the Local Limited Partnership and are subordinated
to the  respective  mortgage  notes on each property for as long as the mortgage
notes are insured by HUD. Any payments due from project  income are payable from
surplus cash, as defined by the HUD  Regulatory  Agreement.  Neither the Limited
Partnership  nor any partner  thereof,  present or future,  assume any  personal
liability for the payment of the notes. The notes were due July 26, 1999, August
29,  1999,  October 1,  1999,  and  November  9,  1999,  respectively.  Interest
continues  to be paid or  accrued  under the  original  terms of the  respective
agreements.  Each note is in default and the Local Limited Partnership interests
are subject to potential  foreclosure.  The noteholders have not exercised their
rights under the notes, including the foreclosure of 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 this uncertainty.

RESULTS OF OPERATIONS

The  Partnership  retains an interest in six Local Limited  Partnerships,  which
operate six rental  housing  properties.  Due to the use of the equity method of
accounting as discussed in "Note 2" to the Partnership's  financial  statements,
to the extent the Partnership  still has a carrying basis in a respective  Local
Limited   Partnership,   results  of   operations   would  be  impacted  by  the
Partnership's share of the profits or losses of the Local Limited  Partnerships.
Four of the six remaining  investments  in Local Limited  Partnership  have been
reduced to zero. As a result,  the Partnership's  operations are no longer being
affected by their share of the  operations.  The  Partnership  has  recorded its
share of  operations  in the  remaining  two Local  Limited  Partnerships  which
amounted to losses of approximately  $51,000 for the nine months ended September
30,  2002.  The  Partnership's  share of  operations  for the nine months  ended
September 30, 2001 amounted to profits of approximately $90,000.

The Partnership  realized net losses of  approximately  $62,000 and $153,000 for
the three and nine months ended  September 30, 2002,  respectively,  compared to
net income of approximately  $22,000 and a net loss of approximately  $4,000 for
the three and nine months ended  September  30, 2001,  respectively.  Net (loss)
income per unit of limited partnership interest was ($5.22) and ($12.97) for the
three and nine months ended September 30, 2002, respectively,  and approximately
$1.91 and  ($0.35)  for the three and nine  months  ended  September  30,  2001,
respectively.  The increase in net loss for both the three and nine months ended
September 30, 2002 is primarily due to a decrease in the Partnership's  share of
profits  from the  Local  Limited  Partnerships  and an  increase  in  operating
expenses,  partially offset by a decrease in interest expense on General Partner
loans.  The increase in net loss for the nine months ended September 30, 2002 is
also due to a decrease  in interest  received  on advances to the Local  Limited
Partnerships.  The Partnership did not recognize  approximately  $296,000 of its
allocated  share of losses  from four Local  Limited  Partnerships  for the nine
months ended  September 30, 2002,  as the  Partnership's  net carrying  basis in
these Local Limited  Partnerships  had been reduced to zero. The Partnership did
not recognize  approximately $451,000 of its allocated share of losses from five
Local Limited  Partnerships and approximately  $2,691,000 of its allocated share
of  profits  from two  Local  Limited  Partnerships  for the nine  months  ended
September  30, 2001,  as the  Partnership's  net  carrying  basis in these Local
Limited Partnerships had been reduced to zero.

ITEM 3.     CONTROLS AND PROCEDURES

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,  within 90 days of the
filing  date  of  this  quarter  report,  evaluated  the  effectiveness  of  the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules  (13a-14(c)  and  (15d-14(c))  and have  determined  that such  disclosure
controls and procedures are adequate.  There have been no significant changes in
the Partnership's internal controls or in other factors that could significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


            a)    Exhibits

                  99 Certification of Chief Executive Officer and Chief
                  Financial Officer

            b)    Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2002.

                                             18
                                         SIGNATURES



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



                                    NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                                    (Registrant)


                                    By:   The National Housing Partnership,
                                          Its sole General Partner


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


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


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President and
                                          Chief Accounting Officer


                                    Date:

                                       CERTIFICATION


I, Patrick J. Foye, 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 quarterly 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 quarterly
report;


     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  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 quarterly report;


     4. The  registrant's  other  certifying  officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


     a) Designed such disclosure controls and procedures 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 quarterly report is being prepared;


     b) Evaluated the effectiveness of the registrant's  disclosure controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and


     c)  Presented  in  this  quarterly   report  our   conclusions   about  the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;


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


     a) All  significant  deficiencies  in the design or  operation  of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and have  identified  for the
registrant's auditors any material weaknesses in internal controls; and


     b) Any fraud,  whether or not material,  that involves  management or other
employees who have a significant role in the registrant's internal controls; and


6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:              , 2002

                            _______________________
                            Patrick J. Foye
                            Executive  Vice  President of National  Corporation
                            for Housing Partnerships,  equivalent of the chief
                            executive officer of the Partnership

                                       CERTIFICATION


I, Paul J. McAuliffe, 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 quarterly 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 quarterly
report;


     3. Based on my knowledge,  the financial  statements,  and other  financial
information  included in this quarterly  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 quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


a) Designed  such  disclosure  controls and  procedures  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 quarterly report is being prepared;


b) Evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and


c) Presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;


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


a) All significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and


b) Any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  _________ __, 2002

                        _______________________
                        Paul J. McAuliffe
                        Executive Vice President and Chief Financial  Officer of
                        National    Corporation   for   Housing    Partnerships,
                        equivalent  of  the  chief  financial   officer  of  the
                        Partnership

Exhibit 99


                                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
Realty Fund I (the "Partnership"),  for the quarterly period ended September 30,
2002 as filed with the  Securities  and Exchange  Commission  on the date hereof
(the  "Report"),  Patrick  J. Foye,  as the  equivalent  of the chief  executive
officer of the  Partnership,  and Paul J.  McAuliffe,  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/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:

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