SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]  Annual Report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
     Act of 1934 for the fiscal year ended December 31, 2001, or

[ ]  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 0-16815
                       -------

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)

DELAWARE                                    52-1453513
(State or other Jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

14160 Dallas Parkway, Suite 300, Dallas, Texas                 75254
----------------------------------------------                 --------
(Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code: (972) 770-5600
                                                     -------------

Securities registered pursuant to Section 12(g) of the Act:
                                          Limited Partnership Assignee Interests
                                          --------------------------------------
                                                    (Title of Class)

Indicate  by check  mark  whether  the  registrant:  (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  twelve  months (or for such shorter  period that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K (Section 229.405 of this Chapter) is not contained herein, and
will not be  contained,  to the best of  registrant's  knowledge,  in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]

The Registrant's outstanding securities consist of assignee interests in limited
partnership  interests  which have no readily  ascertainable  market value since
there is no  public  trading  market  for  these  securities  on which to base a
calculation of aggregate market value.

Documents incorporated by reference:  None
                                      ----


<PAGE>

<TABLE>
<CAPTION>

                                 NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                                   2001 FORM 10-K
                                                  TABLE OF CONTENTS

                                                                                                       Page
<S>          <C>                                                                                        <C>

PART I

Item 1.      Business                                                                                    3
Item 2.      Properties                                                                                  5
Item 3.      Legal Proceedings                                                                           6
Item 4.      Submission of Matters to a Vote of Security Holders                                         6

PART II

Item 5.      Market for the Registrant's Pension Notes and Limited
                Partnership Assignee Interests and Related Partnership Matters                           7
Item 6.      Selected Financial Data                                                                     8
Item 7.      Management's Discussion and Analysis of Financial Condition
                and Results of Operations                                                                8
Item 7A.     Qualitative and Quantitative Disclosure About Market Risk                                  10
Item 8.      Financial Statements and Supplementary Data                                                10

PART III

Item 9.      Changes in and Disagreements with Accountants on
                Accounting and Financial Disclosure                                                     29
Item 10.     Directors and Executive Officers of the Registrant                                         29
Item 11.     Executive Compensation                                                                     31
Item 12.     Security Ownership of Certain Beneficial Owners and
                Management                                                                              31
Item 13.     Certain Relationships and Related Transactions                                             31

PART IV

Item 14.     Exhibits, Financial Statement Schedules and Reports on Form 8-K                            32

</TABLE>

<PAGE>


                                     PART I


ITEM 1.  BUSINESS

NHP Retirement  Housing  Partners I Limited  Partnership  (the  Partnership),  a
Delaware  limited  partnership,  was formed under the Delaware  Revised  Uniform
Limited  Partnership  Act as of March 10,  1986.  On  September  23,  1986,  the
Partnership  commenced  offering  25,000  Assignee  Interests and 50,000 Pension
Notes,  both at a price of  $1,000  per unit  (the  Offering).  The  Partnership
subsequently  exercised  its right to increase the  offering to 75,000  Assignee
Interests and 100,000 Pension Notes. The offering was managed by NHP Real Estate
Securities,  Inc. and was terminated on September 22, 1987,  with  subscriptions
for 42,711 Assignee Interests and 42,697 Pension Notes.

The  Assignee  Interests  were  sold to  taxable  individuals  or  entities  and
represent assignments of limited partnership interests in the Partnership issued
to  NHP  RHP-I  Assignor   Corporation   (Assignor   Corporation),   a  Delaware
corporation,  the assignor and sole limited partner.  Pension Notes were sold to
qualified  profit-sharing,  pension and other retirement trusts, bank commingled
trust  funds for such  trusts,  Keogh  Plans and IRAs,  government  pension  and
retirement  trusts,  and  other  entities  intended  to be exempt  from  Federal
taxation.  The Pension Notes are obligations of the  Partnership  issued under a
Trust  Indenture  between the  Partnership  and The National  Bank of Washington
(NBW),  Washington,  D.C., as Trustee,  and have a preference  over the Assignee
Interests  with  respect  to  payment.  In August  1990,  Riggs  National  Bank,
Washington,  D.C., which became the successor  trustee,  purchased the assets of
NBW. In November 1996,  Riggs National Bank  transferred its trust operations to
the Bank of New York, New York City, which claims to be the successor trustee.

The  original  General  Partner  of  the  Partnership  was  NHP/RHGP-I   Limited
Partnership (NHP/RHGP-I),  a Delaware limited partnership, and NHP/RHGP-I held a
2 percent interest as General Partner in the Partnership.  On December 19, 1991,
NHP/RHGP-I  executed an amended and  restated  purchase  agreement  with Capital
Realty Group Properties,  Inc. (CRG), a Texas  corporation,  for the transfer of
its General Partner interests in the Partnership.  CRG assigned its rights under
this purchase  agreement to an affiliate,  Capital Realty Group Senior  Housing,
Inc. (CRGSH), a Texas corporation. Effective January 1, 1992, CRGSH was selected
by NHP/RHGP-I to manage the five properties of the  Partnership.  Effective June
1, 1993, the Partnership  entered into a Partnership  Management  Agreement with
CRGSH to provide  administrative  services  on behalf of the  Partnership.  This
Partnership  management  agreement was terminated  effective upon CRGSH becoming
the substitute General Partner.

The  substitution of CRGSH as sole General  Partner of the Partnership  required
the consent of 50 percent or more of the outstanding  Assignee Interests,  which
had been issued by the Partnership  and assigned by Assignor  Corporation to the
Assignee Holders. Under the Partnership Agreement,  holders of the Pension Notes
were not entitled to vote. Pursuant to a Consent  Solicitation dated October 25,
1994,  Assignee  Holders holding more than 64 percent of the equity interests in
the  Partnership  approved  the  election  of CRGSH as the  replacement  General
Partner of the  Partnership.  Effective  January 23, 1995,  CRGSH became the new
sole General Partner of the Partnership.  CRGSH was a wholly owned subsidiary of
Capital Realty Group  Corporation,  a Texas  corporation  (Capital).  Capital is

                                       3
<PAGE>

owned by James A.  Stroud (50  percent  through a trust) and Jeffrey L. Beck (50
percent).   CRGSH  assigned  its  contract  rights  to  manage  the  Partnership
properties to Capital Senior Living,  Inc. (CSL), a subsidiary of Capital Senior
Living Corporation (CSLC), effective February 1, 1996.

On June 10,  1998,  Capital  sold all of its  shares  of CRGSH  common  stock to
Retirement  Associates,  Inc. (Associates) for $855,000. The source of the funds
is a Promissory  Note for $855,000 with a five-year term and bearing an interest
rate of 8 percent per annum since  December 1, 1999.  Prior to December 1, 1999,
the Promissory  Note had an interest rate of 10 percent per annum;  the interest
rate was decreased to adjust to a market rate and in  consideration of an early,
unscheduled  payment of interest due. The remaining  interest will accrue on the
Promissory  Note  and  be  payable  at the  maturity  of  the  Promissory  Note.
Associates  is the  maker of the Note  and  Capital  is the  payee.  Mr.  Robert
Lankford is the President of Associates and has had prior business relationships
with Messrs. Beck and Stroud, the former principals of CRGSH. From 1988 to 1997,
Mr.  Lankford was an  independent  broker with Capital  Realty Group  Brokerage,
Inc., an affiliate of Capital.  From 1997 to the present,  however, Mr. Lankford
has  been a  principal  with  Kamco  Property  Company  Commercial  Real  Estate
Brokerage.  In this capacity,  Mr. Lankford provides independent commercial real
estate brokerage services for various clients including CSLC, which accounts for
less than 20 percent of his compensation. The address of the principal executive
offices of CRGSH is 3516 Merrell Road, Dallas, Texas 75229.

The  Partnership's  business is to operate  residential  rental  properties  for
retirement age occupants (the Properties).  During 2001, the Partnership owned a
99.99 percent partnership interest in one property,  the Amberleigh  (Property).
The  Property  was sold on December  31,  2001.  See Item 2,  Properties,  for a
description of this Property.

The Partnership did not have any employees as of December 31, 2001.

Dissolution of Partnership

On  February  12,  2001,  due to the pending  maturity  of the Pension  Notes at
December 31, 2001 and to obtain  maximum value through an organized  disposition
of Partnership assets, the General Partner notified the Pension Note holders and
Assignee  Interest  holders of its intent to dissolve the Partnership  effective
May 21, 2001 and liquidate its remaining asset.

On December 31, 2001,  the  Partnership  sold the Property,  to an  unaffiliated
entity for  $20,000,000.  The  Partnership  received two  $1,000,000  promissory
notes,  each  payable  within 12 months  from the date of sale,  subject  to the
purchaser  obtaining  certain  levels of  financing  proceeds  and the  property
achieving certain levels of operating  income.  The balance of the sale proceeds
net of settlement costs and other direct costs associated with the sale was paid
in  cash,  resulting  in net  sale  proceeds  of  $16,014,830.  The  Partnership
recognized a $1,491,679 loss on the sale. On December 31, 2001, the principal on
the Pension Notes and deferred interest of approximately $35,504,000 matured.


                                       4
<PAGE>

Relating to the sale of the  Amberleigh  on December 31, 2001,  the  Partnership
paid $9,538,066 for a partial  redemption of Pension Notes,  and paid $7,461,934
for a partial payment of deferred  interest,  effective  February 28, 2002. Cash
funds were not  sufficient  at February 28, 2002 to fully repay the  outstanding
principal balance of $18,927,938 in Pension Notes and deferred  interest.  Since
available cash after payment of Partnership expenses and potential collection of
the Amberleigh  promissory  notes will be  insufficient to repay the outstanding
Pension Notes and deferred interest, the unpaid debt will be treated as forgiven
and will result in recognition of income to the Assignee Holders.

Regulatory Matters

Federal,  state and local  government  regulations  govern fitness and adequacy,
equipment, personnel and standards of medical care at a health care facility, as
well as health and fire  codes.  Changes  in the  applicable  regulations  could
adversely  affect the  operations  of a  property,  which  could also affect the
financial  results of the  Partnership.  Any impact  from  proposed  health care
legislation  is not known at this time;  however,  such impact  could  adversely
affect the Partnership operations.

ITEM 2.  PROPERTIES

The following is a schedule of the Property owned by the Partnership at December
31, 2000 and subsequently sold on December 31, 2001. The Amberleigh was owned by
a limited  partnership in which the Partnership is a 99.99 percent partner.  The
Amberleigh  was  encumbered  by a mortgage  for the benefit of the Pension  Note
holders.
<TABLE>
<CAPTION>

                                                                                          Units Occupied
                                                           Number                       as a Percentage of
          Property                                           of                         Total Units, as of
        Name/Location                                       Units                        December 31, 2000
<S>                                                          <C>                              <C>


The Amberleigh                                               271                              86%
  At Woodstream Farms
  Williamsville, New York

</TABLE>

On December 31, 2001, the  Partnership  sold, the Amberleigh to an  unaffiliated
entity for  $20,000,000.  The  Partnership  received two  $1,000,000  promissory
notes,  each  payable  within 12 months  from the date of sale,  subject  to the
purchaser  obtaining  certain  levels of  financing  proceeds  and the  property
achieving certain levels of operating  income.  There are no assurances that the
conditions  will be satisfied  such that either note is payable.  The balance of
the sale  proceeds,  net of settlement  costs and other direct costs  associated
with the sale, was paid in cash,  resulting in net sale proceeds of $16,014,830.
The Partnership recognized a $1,491,679 loss on the sale.


                                       5
<PAGE>

ITEM 3.  LEGAL PROCEEDINGS

On or about  October  23,  1998,  Robert  Lewis  filed a putative  class  action
complaint on behalf of certain holders of Assignee  Interests in the Partnership
in the  Delaware  Court of  Chancery,  Civil  Action No.  16725  (the  "Delaware
Action"),  against the Partnership,  the General Partner,  Capital Senior Living
Corporation and Capital Senior Living Properties  2-NHPCT,  Inc.  (collectively,
the  "Defendants").  Mr. Lewis purchased 90 Assignee  Interests in February 1993
for $180.  The  complaint  alleges,  among  other  things,  that the  Defendants
breached, or aided and abetted a breach of, the express and implied terms of the
NHP Partnership  Agreement in connection with the sale of four properties by the
Partnership to Capital Senior Living Properties 2-NHPCT,  Inc. in September 1998
(the "1998 Transaction"). The complaint seeks, among other relief, rescission of
the 1998  Transaction  and  unspecified  money  damages.  On July 9,  1999,  the
Defendants  filed a motion to  dismiss  the case.  Subsequently,  the  plaintiff
amended his complaint  adding  allegations  challenging the terms of the sale in
December 2001 of the Amberleigh.

On January 31, 2002, the parties to the Delaware  Action entered a Memorandum of
Understanding  providing for the  settlement of the Delaware  Action  subject to
certain terms and conditions,  including receipt of the approval of the Court of
Chancery. The proposed settlement contemplates the creation of a settlement fund
in the amount of $840,000,  of which the  Partnership  will  contribute  and has
accrued $250,000, the amount of the deductible of the Partnership's  directors &
officers'  liability  insurance policy at the time the Delaware Action was filed
(the "D&O Policy").  Virtually all of the balance of the settlement fund will be
contributed by various  insurance  brokers and agents,  and their  insurers,  in
connection  with the  resolution  of certain  claims for coverage  under the D&O
Policy.  If approved by the Court of Chancery,  the  settlement  fund,  less any
award of attorney's fees for plaintiff's  counsel approved by the Court, will be
distributed to a class of Assignee Holders.

On  December  6, 2001,  Leonard  Kalmenson  filed a motion to  intervene  in the
Delaware Action on behalf of a putative class of holders of Pension Notes in the
event the Court of Chancery  determines that the claims asserted in the Delaware
Action are  derivative  in nature.  The Complaint in  Intervention  filed by Mr.
Kalmenson names as defendants the Defendants in the Delaware Action,  as well as
Retirement  Associates,  Inc., the sole stockholder of the General Partner,  and
various current and former  directors of the General  Partner.  The Complaint in
Intervention  essentially  alleges,  among  other  things,  a variety  of claims
challenging the 1998 Transaction and a claim for breach of contract  relating to
the failure of the  Partnership to pay the full amount of principal and interest
owed on the Pension Notes on their maturity date. The Partnership  believes that
the allegations  asserted by Mr. Kalmenson are without merit and that his motion
to intervene is moot in view of the proposed  settlement of the Delaware Action.
The  Partnership is unable to estimate any liability  related to this claim,  if
any.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

                                       6
<PAGE>

                                     PART II

ITEM 5.  MARKET  FOR THE  REGISTRANT'S  PENSION  NOTES AND  LIMITED  PARTNERSHIP
ASSIGNEE INTERESTS AND RELATED PARTNERSHIP MATTERS

a.       Assignee  Interests  and  Pension  Notes  were  sold  through  a public
         offering  managed  by NHP Real  Estate  Securities,  Inc.  There is not
         currently,   and  it  is  not  anticipated  that  there  will  be,  any
         established  public trading market for resale of Assignee  Interests or
         Pension  Notes.  Accordingly,  an  investor  may be  unable  to sell or
         otherwise dispose of his interest in the Partnership.

         As of March 1, 2002,  there were 2,271  registered  holders of Assignee
         Interests and 3,109 registered holders of Pension Notes.

         As of March 1, 2002, Capital Senior Living  Properties,  Inc., a wholly
         owned   subsidiary  of  Capital   Senior  Living   Corporation,   owned
         approximately  14,131 Pension Notes, or approximately 33 percent of the
         Partnership's outstanding Pension Notes.

         Each  Pension  Note  bears  stated  interest  in an amount  equal to 13
         percent per annum,  9 percent of which was subject to deferral  through
         December  31,  1988  and 6  percent  of which is  subject  to  deferral
         thereafter.  Interest is payable quarterly.  Quarterly distributions of
         Cash  Available  for   Distribution  (as  defined  in  the  Partnership
         Agreement)  are payable to  Assignee  Interest  holders  within 60 days
         after  the end of  each  three-month  period,  subject  to the  General
         Partner's  right to  restrict  or suspend  such  distributions,  if the
         General  Partner,  in its  absolute  discretion,  determines  that such
         restriction or suspension is in the best interests of the Partnership.

         For each of the years ended December 31, 2001, 2000 and 1999,  interest
         paid  to the  Pension  Note  holders  as a  group  totaled  $4,411,805,
         $1,416,337,  and  $1,421,799  respectively,   per  year.  During  2001,
         interest paid included an additional  $3,000,000 for deferred  interest
         not  scheduled to become due until  December 31, 2001.  Relating to the
         sale of the  Amberleigh  on December 31,  2001,  the  Partnership  paid
         $9,538,066  for  a  partial   redemption  of  Pension  Notes  and  paid
         $7,461,934  for a  partial  payment  of  deferred  interest,  effective
         February 28, 2002.

         No cash distributions were paid to the Assignee Interest holders during
         2001,  2000 or 1999.  As presented  in the  Statement of Cash Flows (as
         stated  below),  cash  and  cash  equivalents   increased   (decreased)
         $12,625,072, $(60,769), and $(267,943) for the years ended December 31,
         2001, 2000 and 1999, respectively. Future cash requirements have caused
         the General Partner to determine that it is not financially appropriate
         to make distributions to Assignee Interest holders.

b.       Not applicable.


                                       7
<PAGE>


ITEM 6.  SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>

                                                                   Years Ended December 31,
                                             2001            2000             1999            1998            1997
                                             ----            ----             ----            ----            ----
<S>                                    <C>             <C>              <C>             <C>             <C>

Revenue                                $   5,406,768   $   5,274,800    $   5,322,600   $  13,746,088   $  15,548,138
                                       ==============  ==============   ==============  ==============  ==============

Net (Loss) Income                      $  (3,988,526)  $  (2,473,796)   $  (2,474,347)  $   3,409,569   $  (3,522,917)
                                       ==============  ==============   ==============  ==============  ==============


Net (Loss) Income per Assignee Interest
                                       $         (94)  $         (58)   $         (57)  $          61   $         (81)
                                       ==============  ==============   ==============  ==============  ==============


Total assets                           $  18,464,086   $  23,753,479    $  24,333,572   $  25,262,800   $  55,585,840
                                       ==============  ==============   ==============  ==============  ==============

Long-term obligations,
   Pension Notes, and related
   interest payable                    $  35,504,347   $  36,938,253    $  35,036,889   $  33,300,689   $  66,402,407
                                       ==============  ==============   ==============  ==============  ==============
Cash distributions per
   Assignee Interest                   $           0   $           0    $           0   $           0   $           0
                                       ==============  ==============   ==============  ==============  ==============

</TABLE>

ITEM 7. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Results of Operations

Income from rental  operations  decreased  to  $1,295,341  from  $1,350,158  and
$1,456,968 for the years ended December 31, 2001, 2000, and 1999,  respectively.
Rental  revenues  increased in 2001 to $5,406,768 from $5,274,800 in 2000 due to
increased  occupancies at the Property.  Rental expenses increased to $4,111,427
in 2001 from  $3,924,642  in 2000 due to  increased  salary and related  benefit
costs and costs  attributable  to inflation.  Due to the sale of the Property on
December  31, 2001,  the  Partnership  recognized a loss on sale of  $1,491,679.
Interest expense  decreased to $2,977,899 in 2001 from $3,317,701 in 2000 due to
a change of interest  calculation from the effective interest rate to the stated
interest rate. Other expense increased to $695,280 in 2001 from $387,249 in 2000
primarily due to a $250,000 accrual for a lawsuit settlement provision.

Rental revenue  decreased in 2000 to $5,274,800  from  $5,322,600 in 1999 due to
lower  occupancies  at the  Property.  Rental  expenses  slightly  increased  to
$3,924,642 in 2000 from $3,865,632 in 1999 due to increased  costs  attributable
to inflation.

The Partnership's net loss was $(3,988,526),  $(2,473,796), and $(2,474,347) for
the years ended December 31, 2001, 2000 and 1999, respectively.


                                       8
<PAGE>

Liquidity and Capital Resources.

Net cash used by operating activities during 2001 was $3,169,181, representing a
decrease over 2000 net cash provided by operating  activities of $126,945.  This
decrease was  primarily  due to an  additional  $3,000,000  payment for deferred
interest not scheduled to become due until December 31, 2001.  Rent  collections
increased  to  $5,222,146  in 2001 from  $4,985,113  in 2000,  primarily  due to
increased  occupancies  at the Property.  Operating  expenses paid  increased to
$4,103,892  in 2001 from  $3,721,034  in 2000 and was primarily due to increased
costs paid for salary and  related  benefits  and other  costs  attributable  to
inflation.

Net cash provided by operating activities during 2000 was $126,945, representing
an increase  over 1999 net cash used by operating  activities  of $125,391.  Net
cash provided in 2000 operations  primarily was due to decreased other operating
expenses paid. Rent collections  decreased to $4,985,113 in 2000 from $5,056,293
in 1999,  primarily due to lower occupancy at the Property.  Operating  expenses
paid  decreased  from  $4,012,953 in 1999 to $3,721,034 in 2000 primarily due to
decreased other operating  expenses paid.  Interest paid was $4,411,805 in 2001,
$1,416,337 in 2000, and $1,421,799 in 1999.

For the year ended 2000, cash generated from rental operations was sufficient to
pay the base interest  amount on the  outstanding  Pension Notes of  $1,416,337.
However,  cash  generated  from  rental  operations  during  2001  and  1999 was
insufficient  to pay the base  interest  amount of  $1,411,805  and  $1,421,799,
respectively.  During  2001,  an  additional  $3,000,000  was paid for  deferred
interest not scheduled to become due until December 31, 2001.  Interest payments
on the Pension Notes are accrued at a 13 percent rate,  but were paid based on a
7  percent  pay rate in 2001,  2000 and 1999.  The  remaining  6 percent  unpaid
portion  for  these  years,  as well as  amounts  deferred  in  prior  years  in
accordance with the terms of the Pension Notes,  continues to be accrued and are
due at maturity,  December 31, 2001. Accrued and unpaid interest at December 31,
2001 amounted to $15,346,521.

Relating to the sale of the  Amberleigh  on December 31, 2001,  the  Partnership
paid  $9,538,066 for a partial  redemption of Pension Notes and paid  $7,461,934
for a partial payment of deferred  interest,  effective  February 28, 2002. Cash
funds were not  sufficient  at February 28, 2002 to fully repay the  outstanding
principal balance of $18,927,938 in Pension Notes and deferred interest.  Should
available cash after payment of Partnership expenses and potential collection of
the Amberleigh promissory notes be insufficient to repay the outstanding Pension
Notes and  deferred  interest,  the unpaid debt will be treated as forgiven  and
will result in recognition of income to the Assignee Interest holders.

Cash and cash  equivalents  at December  31, 2001  amounted  to  $18,117,600  as
compared to $5,492,588 at December 31, 2000.

Dissolution of Partnership

On  February  12,  2001,  due to the pending  maturity  of the Pension  Notes at
December 31, 2001 and to obtain  maximum value through an organized  disposition
of  Partnership  assets,  the  General  Partner  notified  the Note  holders and
Assignee  Interest  holders of its intent to dissolve the Partnership  effective
May 21, 2001 and liquidate its remaining asset.


                                       9
<PAGE>

On December 31, 2001,  the  Partnership  sold the Property,  to an  unaffiliated
entity for  $20,000,000.  The  Partnership  received two  $1,000,000  promissory
notes,  each  payable  within 12 months  from the date of sale,  subject  to the
purchaser  obtaining  certain  levels of  financing  proceeds  and the  property
achieving certain levels of operating  income.  The balance of the sale proceeds
net of settlement  costs and other direct costs  associated  with the sale,  was
paid in cash,  resulting in net sale proceeds of  $16,014,830.  The  Partnership
recognized a $1,491,679 loss on the sale. On December 31, 2001, the principal on
the Pension Notes and deferred interest of approximately $35,504,000 matured.

Relating to the sale of the  Amberleigh  on December 31, 2001,  the  Partnership
paid  $9,538,066 for a partial  redemption of Pension Notes and paid  $7,461,934
for a partial payment of deferred  interest,  effective  February 28, 2002. Cash
funds were not  sufficient  at February 28, 2002 to fully repay the  outstanding
principal balance of $18,927,938 in Pension Notes and deferred  interest.  Since
available cash after payment of Partnership expenses and potential collection of
the Amberleigh  promissory  notes will be  insufficient to repay the outstanding
Pension Notes and deferred interest, the unpaid debt will be treated as forgiven
and will result in recognition of income to the Assignee Holders.



ITEM 7A. QUALITATIVE AND QUANTITATIVE DISCLOSURE ABOUT MARKET RISK

The  Partnership  believes  any  impact  of  market  risk  to the  Partnership's
operations is immaterial.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial  statements and supplementary data of the Partnership are included
on pages 11 through 29 of this report.





                                       10
<PAGE>

                          REPORT OF ERNST & YOUNG LLP,
                              INDEPENDENT AUDITORS


The Partners
NHP Retirement Housing Partners I Limited Partnership

We  have  audited  the  accompanying  statement  of  financial  position  of NHP
Retirement  Housing Partners I Limited  Partnership as of December 31, 2000, and
the related statements of operations, partners' deficit, and cash flows for each
of the three years in the period ended  December 31, 2001. In addition,  we have
audited the statement of net liabilities in liquidation as of December 31, 2001.
These  financial   statements  are  the   responsibility  of  the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of  material  misstatements.  An  audit  includes  examining,  on a test  basis,
evidence supporting the amounts and disclosures in the financial statements.  An
audit also includes  assessing the accounting  principles  used and  significant
estimates  made by  management,  as well as  evaluating  the  overall  financial
statement  presentation.  We believe that our audits provide a reasonable  basis
for our opinion.

As described in Note 1 to the financial  statements,  the general partner of NHP
Retirement Housing Partners I Limited Partnership approved a plan of liquidation
on May 21, 2001, and the  Partnership  commenced  liquidation  shortly after the
sale  of  its  remaining  property  on  December  31,  2001.  As a  result,  the
Partnership  has changed its basis of accounting  on December 31, 2001,  and for
periods subsequent thereto from the going-concern basis to a liquidation basis.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of NHP Retirement Housing Partners
I Limited Partnership as of December 31, 2000, the results of its operations and
its cash flows for each of the three years in the period ended December 31, 2001
and its net  liabilities  in  liquidation  as of December 31, 2001 in conformity
with accounting  principles  generally  accepted in the United States applied on
the bases described in the preceding paragraph.

                                          Ernst & Young LLP


Dallas, Texas
February 8, 2002
except for Note 6, as to which the date is
February 28, 2002


                                       11
<PAGE>


<TABLE>
<CAPTION>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARNERSHIP
                   STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                December 31, 2001
                               (LIQUIDATION BASIS)


<S>                                                                                               <C>

ASSETS (Notes 1 and 6)

Cash and cash equivalents (Note 2)                                                                $      18,117,660

Receivables                                                                                                  96,426

Other assets                                                                                                250,000
                                                                                                  -----------------

Total assets                                                                                             18,464,086




LIABILITIES
    Accounts payable                                                                                        185,374
    Interest payable (Notes 1 and 6)                                                                     15,346,521
    Pension notes (Notes 1 and 6)                                                                        20,157,826
    Other liabilities                                                                                       530,088
                                                                                                  -----------------

Total liabilities                                                                                        36,219,809
                                                                                                  -----------------


Contingencies (Note 12)

Net liabilities in liquidation                                                                    $     (17,755,723)
                                                                                                  =================


</TABLE>




                        See notes to financial statements



                                       12
<PAGE>

<TABLE>
<CAPTION>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                         STATEMENT OF FINANCIAL POSITION
                                December 31, 2000
                              (GOING-CONCERN BASIS)

<S>                                                                                               <C>

ASSETS (Notes 1 and 6)

Cash and cash equivalents (Note 2)                                                                $       5,492,588

Receivables                                                                                                  36,174

Pension Notes issuance costs (Note 1)                                                                       119,009

Prepaid expenses                                                                                            132,989

Rental property (Notes 1 and 10):
   Land                                                                                                   2,497,725
   Building, net of accumulated depreciation of
     $6,936,874 in 2000                                                                                  15,470,554

Other assets                                                                                                  4,440
                                                                                                  -----------------

Total assets                                                                                      $      23,753,479
                                                                                                  =================


Liabilities:
   Accounts payable                                                                               $         203,373
   Interest payable (Notes 1 and 6)                                                                      16,780,427
   Pension Notes (Notes 1 and 6)                                                                         20,157,826
   Other liabilities (Note 2)                                                                               289,944
                                                                                                  -----------------

                                                                                                         37,431,570
                                                                                                  -----------------
Contingencies (Note 12)

Partners' deficit (Notes 5 and 7):
   General Partner                                                                                       (1,006,466)
   Assignee Limited Partner - investment units
     outstanding, 42,120 in 2000                                                                        (12,671,625)
                                                                                                  ------------------

Total partners' deficit                                                                                 (13,678,091)
                                                                                                  -----------------

Total liabilities and partners' deficit                                                           $      23,753,479
                                                                                                  =================

</TABLE>

                        See Notes to Financial Statements


                                       13
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
                              (GOING CONCERN BASIS)
<TABLE>
<CAPTION>

                                                                                   Year Ended December 31,
                                                                          2001               2000              1999
                                                                          ----               ----              ----
<S>                                                                   <C>                <C>               <C>

REVENUES
   Rental income                                                      $    5,282,398     $    4,995,597    $    5,069,532
   Interest income                                                            90,783            216,442           181,994
   Other income                                                               33,587             62,761            71,074
                                                                      --------------     --------------    --------------

                                                                           5,406,768          5,274,800         5,322,600
                                                                      --------------     --------------    --------------

COSTS AND EXPENSES
   Salaries, related benefits and overhead reimbursements (Note 3)         1,173,466          1,080,206         1,074,947
   Management fees, dietary fees and other services (Note 3)                 483,078            460,444           457,581
   Administrative and marketing                                              242,272            235,967           228,217
   Utilities                                                                 297,709            286,361           267,087
   Maintenance                                                               173,400            181,526           174,640
   Resident services, other than salaries                                     38,860             38,661            45,182
   Food services, other than salaries                                        564,067            533,939           529,369
   Depreciation                                                              593,240            582,861           570,238
   Taxes and insurance                                                       545,335            524,677           518,371
                                                                      --------------     --------------    --------------

                                                                           4,111,427          3,924,642         3,865,632
                                                                      --------------     --------------    --------------

INCOME FROM RENTAL OPERATIONS                                              1,295,341          1,350,158         1,456,968
                                                                      --------------     --------------    --------------

OTHER EXPENSES
   Loss on sale (Note 4)                                                   1,491,679                  -                 -
   Interest expense - Pension Notes (Note 6)                               2,977,899          3,317,701         3,157,999
   Amortization of Pension Notes issuance costs                              119,009            119,004           119,004
   Amortization of Pension Notes organization costs                                -                  -            77,615
   Other expenses                                                            695,280            387,249           576,697
                                                                      --------------     --------------    --------------

                                                                           5,283,867          3,823,954         3,931,315
                                                                      --------------     --------------    --------------

NET LOSS                                                              $   (3,988,526)    $   (2,473,796)   $   (2,474,347)
                                                                      ===============    ===============   ===============

ALLOCATION OF NET LOSS
   General Partner                                                    $      (64,854)    $      (49,476)   $      (49,487)
   Assignor Limited Partner                                               (3,923,672)        (2,424,320)       (2,424,860)
                                                                      ---------------    ---------------   ---------------

                                                                      $   (3,988,526)    $   (2,473,796)   $   (2,474,347)
                                                                       ==============     ==============    ==============

NET LOSS PER ASSIGNEE INTEREST                                        $          (94)    $          (58)   $          (57)
                                                                       ==============     ==============    ==============

</TABLE>

                        See Notes to Financial Statements

                                       14
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                         STATEMENTS OF PARTNERS' DEFICIT
<TABLE>
<CAPTION>

                                                                                Assignee
                                                      General Partner            Limited
                                                      ---------------           Partners                Total
                                                                                --------                -----
<S>                                                   <C>                   <C>                     <C>

Partners' deficit at January 1, 1999                  $       (849,832)     $    (7,821,874)        $    (8,671,706)

Distributions                                                  (28,796)                   -                 (28,796)

Net Loss                                                       (49,487)          (2,424,860)             (2,474,347)
                                                      -----------------   ------------------        ----------------

Partners' deficit at December 31, 1999                        (928,115)         (10,246,734)            (11,174,849)

Distributions                                                  (28,875)                   -                 (28,875)

Repurchase of 571 assignee units
     subsequently cancelled                                          -                 (571)                   (571)

Net Loss                                                       (49,476)          (2,424,320)             (2,473,796)
                                                      ----------------      ----------------        ---------------

Partner's deficit at December 31, 2000                      (1,006,466)         (12,671,625)            (13,678,091)

Distributions                                                  (88,797)                   -                 (88,797)

Repurchase of 309 assignee units                                     -                 (309)                   (309)
      subsequently cancelled

Net Loss                                                       (64,854)          (3,923,672)             (3,988,526)
                                                    -------------------   ------------------     -------------------

Partner's deficit at December 31, 2001
     and net liabilities in liquidation               $     (1,160,117)     $   (16,595,606)        $   (17,755,723)
                                                       ================      ===============         ===============



</TABLE>


                        See Notes to Financial Statements



                                       15
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>

                                                                                           Year Ended December 31,
                                                                              2001                  2000                  1999
                                                                              ----                  ----                  ----
<S>                                                                     <C>                  <C>                   <C>

CASH FLOWS FROM OPERATING ACTIVITIES
   Rent collections                                                     $     5,222,146      $     4,985,113       $     5,056,293
   Interest received                                                             90,783              216,442               181,994
   Other income                                                                  33,587               62,761                71,074
   Management fees, dietary fees and other services                            (480,900)            (422,871)             (457,390)
   Salary, related benefits and overhead reimbursements                      (1,170,100)          (1,080,869)           (1,078,502)
   Other operating expenses paid                                             (2,452,892)          (2,217,294)           (2,477,061)
   Interest paid                                                             (4,411,805)          (1,416,337)           (1,421,799)
                                                                        ---------------      ---------------       ---------------

   Net cash (used in) provided by operating activities                       (3,169,181)             126,945              (125,391)

CASH FLOWS FROM INVESTING ACTIVITIES
   Proceeds from sale of properties                                          16,014,830                    -                     -
   Capital expenditures                                                        (131,471)            (158,268)             (113,756)
                                                                        ---------------      ---------------       ---------------

   Net cash provided by (used in) investing activities                       15,883,359             (158,268)             (113,756)

CASH FLOWS FROM FINANCING ACTIVITIES
   Repurchase of assignee units                                                    (309)                (571)                    -
   Distributions                                                                (88,797)             (28,875)              (28,796)
                                                                        ----------------     ----------------      ----------------

   Net cash used in financing activities                                        (89,106)             (29,446)              (28,796)
                                                                        ----------------     ----------------      ----------------

Net increase (decrease) in cash and cash equivalents                         12,625,072              (60,769)             (267,943)

Cash and cash equivalents at beginning of year                                5,492,588            5,553,357             5,821,300
                                                                        ---------------      ---------------       ---------------

Cash and cash equivalents at end of year                                $    18,117,660      $     5,492,588       $     5,553,357
                                                                        ===============      ===============       ===============


</TABLE>


                        See Notes to Financial Statements

                                       16
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>


                                                                                 Year Ended December 31,
                                                                        2001               2000               1999
                                                                        ----               ----               ----
<S>                                                               <C>                 <C>                <C>

RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
   Net loss                                                       $    (3,988,526)    $    (2,473,796)   $    (2,474,347)
                                                                  ----------------    ----------------   ----------------

ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
   Loss sale of properties                                              1,491,679                   -                  -
   Depreciation                                                           593,240             582,861            570,238
   Amortization of Pension Notes organization costs                             -                   -             77,615
   Amortization of Pension Notes issuance costs                           119,009             119,004            119,004
   Interest (paid) deferred                                            (1,433,906)          1,901,364          1,736,200

CHANGES IN OPERATING ASSETS AND LIABILITIES
   Other assets and receivables                                          (305,812)            (10,381)           (13,309)
   Prepaid expenses                                                       132,989             (13,892)            21,493
   Accounts payable                                                       (17,999)             27,878           (126,178)
   Other liabilities                                                      240,145              (6,093)           (36,107)
                                                                  ---------------     ---------------    ---------------

Net cash (used in) provided by operating activities               $    (3,169,181)    $       126,945    $      (125,391)
                                                                  ================    ===============    ================


</TABLE>


                        See Notes to Financial Statements



                                       17
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 2001 AND 2000


NOTE 1.  SUMMARY OF PARTNERSHIP ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

NHP Retirement  Housing Partners I Limited  Partnership  (the  Partnership) is a
limited  partnership  organized under the laws of the State of Delaware on March
10,  1986.  The  Partnership  was formed for the  purpose of raising  capital by
issuing  both  Pension  Notes  (Notes)  to  tax-exempt   investors  and  selling
additional  Partnership  interests in the form of Assignee Interests (Interests)
to  taxable  individuals.   Interests  represent   assignments  of  the  limited
partnership interests of the Partnership issued to the Assignor Limited Partner,
NHP RHP-I  Assignor  Corporation.  The  proceeds  from the sale of the Notes and
Interests have been invested in residential rental properties for retirement age
occupants.

On December  31,  2001,  the  principal  of the Notes and  deferred  interest of
approximately  $35,504,000  matured.  The  Partnership  does not have sufficient
funds to fully repay this amount.  Due to the pending  maturity of the Notes and
to obtain maximum value through an organized  disposition of Partnership assets,
the General Partner on February 12, 2001 notified the holders of Notes (Holders)
and  holders of  Interests  (Assignee  Holders)  of its intent to  dissolve  the
Partnership  effective  May  21,  2001.  The  last  remaining  property  in  the
Partnership, The Amberleigh, was sold on December 31, 2001 (see Note 4).

Following is a description  of the Amberleigh  owned  indirectly and operated by
the Partnership during the year 2001.

The Amberleigh

This facility is a 271-unit  retirement  living center located in Williamsville,
New York.  The facility was  approximately  86 percent  occupied at December 31,
2000 and 91 percent occupied at the date of sale.


                                       18
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


Significant Accounting Policies

As of December 31, 2001, the  Partnership  changed its basis of accounting  from
going-concern basis to liquidation basis. Under this basis of accounting, assets
and  liabilities  are stated at their net realizable  value and estimated  costs
through the liquidation date are provided to the extent reasonably determinable.

Organization  costs related to the sale of Notes were being  amortized using the
straight-line   method  through   February   1999.  The  remaining   balance  of
organization  costs of $68,599 was  written  off in 1999 as  required  under the
American Institute of Certified Public  Accountants  Statement of Position 98-5,
Reporting Costs of Start-Up  Activities.  Offering and issuance costs related to
the sale of Notes are being  amortized using the  straight-line  method over the
term of the Notes. Accumulated amortization at December 31, 2000 was $3,438,753.
At December 31, 2001,  the  offering  and issuance  costs were fully  amortized.
Selling  commissions  related to the sale of Interests were recorded as a direct
reduction to the capital  account of the holders of  Interests.  Direct costs of
acquisition,  including  acquisition  fees  and  expenses  paid  to the  General
Partner, have been capitalized as part of buildings and improvements. Other fees
and expenses of the  Partnership  are  recognized  as expenses in the period the
related services are performed.

Interest  expense on Notes is  calculated  using the effective  interest  method
through May 2001.  Effective June 2001, the Partnership  began recording accrued
interest at the stated interest rate,  which represents the amount which will be
paid upon dissolution of the Partnership (see Note 6).



                                       19
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


Buildings and  improvements are recorded at the lower of cost or net recoverable
value  (Note 10) and  depreciated  using the  straight-line  method,  assuming a
30-year  life and a 30  percent  salvage  value.  Furniture  and  equipment  are
recorded at cost and depreciated using the straight-line method over 5 years.

The cost of rental property and their useful lives are summarized as follows:
<TABLE>
<CAPTION>

                                                    Useful Life               2001                    2000
                                                    -----------               ----                    ----
<S>                                                <C>               <C>                    <C>

Land                                                                 $               -      $      2,497,725
                                                                     =================      ================

Land improvements                                  30 years          $                      $          50,317
Building and building improvements                 30 years                          -             21,501,103
Furniture and equipment                             5 years                          -                856,008
                                                                     -----------------      -----------------

                                                                                     -             22,407,428
Less-accumulated depreciation                                                        -             (6,936,874)
                                                                     -----------------      -----------------
                                                                     $               -      $      15,470,554
                                                                     =================      =================
</TABLE>

Rental  income is  recognized  when earned  based on  residents'  signed  rental
agreements. Rental payments received in advance are deferred and recognized when
earned.

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
effect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

NOTE 2.  CASH AND CASH EQUIVALENTS

As of December 31, 2001 and 2000, cash and cash equivalents  consisted of demand
deposits and repurchase  agreements.  All repurchase agreements have an original
maturity  of three  months or less and,  therefore,  are  considered  to be cash
equivalents.

Cash and cash equivalents also includes  $161,500 of tenant security deposits at
December 31, 2000, which are designated for the purpose of providing  refunds to
tenants upon move-out.


                                       20
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


NOTE 3.  TRANSACTIONS WITH THE GENERAL PARTNER AND ITS AFFILIATES

Through  January 22,  1995,  the sole  General  Partner of the  Partnership  was
NHP/RHGP-I Limited Partnership  (NHP/RHGP-I) and the sole limited partner of the
Partnership was NHP RHP-I Assignor Corporation, a Delaware corporation.

Effective  January 23, 1995,  Capital Realty Group Senior Housing,  Inc. (CRGSH)
became the sole General Partner of the Partnership.  Effective February 1, 1995,
CRGSH  assigned its contract  rights to manage the  Partnership's  properties to
Capital  Senior  Living,  Inc.  (CSL),  which,  in 1997,  became a subsidiary of
Capital Senior Living Corporation (CSLC). CSL received $480,900,  $422,871,  and
$457,390,  in 2001, 2000, and 1999,  respectively,  for management fees, dietary
services fees and other  operating  expense  reimbursements  related to services
provided to the Partnership.

Personnel  working at the property  sites and certain home office  personnel who
perform  services  for the  Partnership  were  employees of CSL, an affiliate of
CRGSH until June 30, 1998. The  Partnership  reimbursed CSL for the salaries and
related  benefits of such personnel as reflected in the  accompanying  financial
statements.  During 2001,  2000,  and 1999,  such  reimbursements  for salaries,
related benefits and overhead reimbursements amounted to $1,170,100, $1,080,869,
and $1,078,502 respectively.

At December 31, 2001,  Capital  Senior Living  Properties,  Inc., a wholly owned
subsidiary of CSLC, holds 14,131 Pension Notes.  CSLC is subject to the periodic
reporting obligations of the Securities and Exchange Commission.




                                       21
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


On June 10, 1998,  Capital  Realty Group  Corporation  sold all of its shares of
CRGSH common stock to Retirement Associates, Inc. (Associates) for $855,000. The
source of the funds is a Promissory  Note for $855,000 with a five-year term and
bearing an interest rate of 8 percent per annum as of December 1, 1999. Prior to
December 1, 1999,  the  Promissory  Note had an interest  rate of 10 percent per
annum;  the  interest  rate was  decreased  to  adjust  to a market  rate and in
consideration  of an early,  unscheduled  payment of interest due. The remaining
interest  will accrue on the  Promissory  Note and be payable at the maturity of
the  Promissory  Note.  Associates  is the maker of the Note and Capital  Realty
Group  Corporation  is the  payee.  Mr.  Robert  Lankford  is the  President  of
Associates  and has had  prior  business  relationships  with  Messrs.  Beck and
Stroud,  the former  principals of CRGSH. From 1988 to 1997, Mr. Lankford was an
independent  broker with Capital Realty Group  Brokerage,  Inc., an affiliate of
Capital  Realty  Group  Corporation.  From  1997 to the  present,  however,  Mr.
Lankford has been a principal with Kamco Property Company Commercial Real Estate
Brokerage.  In this capacity,  Mr. Lankford provides independent commercial real
estate brokerage  services for various clients  including  Capital Senior Living
Corporation,  which accounts for less than 20 percent of his  compensation.  The
address  of the  principal  executive  offices  of CRGSH is 3516  Merrell  Road,
Dallas, Texas 75229.

In  connection  with the  sale of The  Amberleigh  (see  Note  4),  $127,500  in
brokerage fees was accrued at December 31, 2001 and subsequently paid to Capital
Realty Group Brokerage, Inc.

NOTE 4.   DISPOSITION OF PROPERTY

On December 31, 2001,  the  Partnership  sold its last remaining  property,  the
Amberleigh, to an unaffiliated entity for $20,000,000.  The Partnership received
two $1,000,000 promissory notes, payable within 12 months from the date of sale,
subject to the purchaser  obtaining certain levels of financing proceeds and the
property  achieving certain levels of operating income.  The balance of the sale
proceeds net of settlement costs and other direct costs associated with the sale
was paid in cash, resulting in net sale proceeds of $16,014,830. The Partnership
recognized a $1,491,679 loss on the sale.



                                       22
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED



NOTE 5.  CASH DISTRIBUTION POLICIES

The Partnership  Agreement allows for quarterly  payments of  substantially  all
Cash  Available  For  Distribution  (as defined in the  Partnership  Agreement),
subject  to  the  following:  (a)  distributions  to  Assignee  Holders  may  be
restricted or suspended for limited periods when the General Partner  determines
in its absolute  discretion that it is in the best interests of the Partnership;
and  (b) all  Assignee  Holder  distributions  are  subject  to the  payment  of
Partnership  expenses,  payments  to Note  Holders  and  maintenance  of working
capital reserves.

Distributions of cash available for distribution are made in the following order
of priority, to the extent available:

1.       To the  General  Partner  in an  amount  equal  to 2  percent  of  cash
         available for distribution  before interest payments for each quarterly
         cash distribution period;

2.       To the Assignee  Holders  until the Assignee  Holders have  received an
         amount equal to an aggregate annual non-compounded return of 10 percent
         on  their  adjusted  capital  contributions  for  each  quarterly  cash
         distribution period;

3.       To the General Partner,  a Partnership  Management  Incentive Fee in an
         amount equal to 8 percent of Cash  Available  For  Distribution  Before
         Interest Payments for the fiscal year; and

4.       To the Assignee Holders, the balance.








                                       23
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


No  distributions  were paid to the Assignee  Holders during 2001, 2000 or 1999.
Future cash  requirements have caused the General Partner to determine it is not
financially appropriate to make distributions to Assignee Holders.

Cash received from sales or  re-financings  of any Partnership  property,  after
retirement of applicable  mortgage debt and the payment of all expenses  related
to the  transaction  and any  payments  of debt  service on the Notes  including
interest  at a  non-compounded  rate of 13  percent  per  annum  less any  prior
payments (see Note 6) and establishment of reserves, is to be distributed in the
following order of priority:

1.       To the  Assignee  Holders  until their  adjusted  capital  accounts are
         reduced to zero;

2.       To the Assignee  Holders until cumulative cash  distributions  received
         equal a 13  percent  non-compounded  return on their  adjusted  capital
         accounts, reduced by prior distributions;

3.       To the General  Partner in the amount of a disposition  fee of not more
         than 3 percent of sales price; and

4.       To the Assignee  Holders,  85 percent,  and to the General Partner,  15
         percent.

Taxable net income or loss from operations is allocated to the Assignee  Holders
as a  class  and  to  the  General  Partner  in  proportion  to  available  cash
distributed  during the fiscal year. If no cash is distributed  during the year,
net income or loss is allocated  90 percent to the  Assignee  Holders as a class
and 10 percent to the General  Partner.  For book purposes in 2001,  the loss on
sale of $1,491,679  was allocated 99 percent to the Assignee  Holders as a class
and 1 percent to the General  Partner.  Other  provisions  exist if there is net
income or loss other than from operations. As discussed in Note 7, 2 percent for
2001,  2000 and 1999 of the Cash  Available  For  Distribution  Before  Interest
Payments was paid to the General Partner.  Accordingly, net loss for each of the
three years in the period ended  December 31,  2001,  was  allocated in the same
manner.

The deficit  balance in the Assignee  Limited  Partner  account  reflects  their
percentage interest in the Partnership's  cumulative net losses,  although there
are no restoration  requirements  for the Assignee Limited Partner interest upon
termination of the Partnership.





                                       24
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


NOTE 6.  PENSION NOTES

The Notes bear stated  simple  interest at a rate equal to 13 percent per annum.
Payment of up to 9 percent of stated  interest  was subject to deferral  through
December  31, 1988 and payment of up to 6 percent of stated  interest is subject
to deferral thereafter.  Deferred interest does not bear interest.  Interest not
deferred is payable quarterly.  Using the effective interest method, interest on
principal  and  accrued  interest  of the Notes has been  accrued at the rate of
approximately  9 percent per annum  compounded  quarterly  through May 2001. The
approximate 9 percent effective  interest rate was calculated using estimates of
the amounts of interest  that will be deferred and the time period in which such
deferred amounts will be paid. As of June 2001, the Partnership  began recording
accrued  interest on the principal at the stated interest rate which  represents
the  amount  which  will  be  paid  upon  dissolution  of the  Partnership.  The
Partnership  made  minimum  interest  payments of  $1,411,805,  $1,416,337,  and
$1,421,799 in 2001, 2000 and 1999,  respectively,  to Note Holders. During 2001,
an additional  $3,000,000 was paid for deferred interest not scheduled to become
due until December 31, 2001. The Partnership's obligation to repay the principal
amount of the Notes,  which  matured on December 31, 2001,  and stated  interest
thereon, is secured by a lien on the Partnership's  assets. The liability of the
Partnership  under the Notes is limited to the  assets of the  Partnership.  The
Notes are  subject  to  redemption  in whole or in part upon not less than 30 or
more than 60 days prior notice, at the election of the Partnership.

Relating to the sale of the  Amberleigh  on December 31, 2001,  the  Partnership
paid  $9,538,066 for a partial  redemption of Notes,  and paid  $7,461,934 for a
partial payment of deferred interest, effective February 28, 2002.

NOTE 7.  DISTRIBUTIONS TO PARTNERS

During  2001,  2000  and  1999,  the  General  Partner  received  distributions,
representing 2 percent of the Cash Available For  Distribution  Before  Interest
Payments to the Note Holders. The Partnership did not make a distribution to the
Assignee Holders during 2001, 2000 or 1999.







                                       25
<PAGE>



              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


NOTE 8.  INCOME TAXES

The  Partnership  is not taxed on its income.  The  partners  are taxed in their
individual capacities upon their distributive share of the Partnership's taxable
income and are allowed the benefits to be derived from possibly offsetting their
distributive  share of the tax loss against  taxable  income from other  sources
subject  to  application  of  passive  loss  rules and  subject to At Risk basis
limitation.  The taxable  income or loss differs  from  amounts  included in the
statement of operations primarily because of different methods used in computing
depreciation  and interest on the Notes and  determining  start-up and marketing
expenses for financial reporting and federal income tax purposes.

Cash  funds  were  not  sufficient  at  February  28,  2002 to fully  repay  the
outstanding  principal  balance of $18,927,938  in Notes and deferred  interest.
Should  available  cash after  payment of  Partnership  expenses  and  potential
collection  of the  Amberleigh  promissory  notes be  insufficient  to repay the
outstanding  Notes and  deferred  interest,  the unpaid  debt will be treated as
forgiven and will result in recognition of income to the Assignee Holders.

For federal  income tax  purposes,  the  Partnership  computes  depreciation  of
buildings and improvements  using the Modified  Accelerated Cost Recovery System
(MACRS) and the  Accelerated  Cost Recovery  System (ACRS),  while for financial
statement  purposes,  depreciation is computed using the  straight-line  method.
Interest on Pension  Notes is  computed  in  accordance  with  Internal  Revenue
Service regulations for original issue discount for federal income tax purposes,
while for financial  statement  purposes,  interest on Pension Notes is computed
using the effective interest method. Start-up and marketing costs incurred prior
to initial  occupancy  were  capitalized  and  amortized  over sixty  months for
federal income tax purposes,  only those  start-up and marketing  costs that are
expected to benefit future  operations have been  capitalized and amortized over
sixty months for financial statement purposes.







                                       26
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


Reconciliation  between  financial  statement net (income) loss and net (income)
loss for tax purposes follows:
<TABLE>
<CAPTION>

                                                                                Years Ended December 31,
                                                                     2001                2000                1999
                                                                     ----                ----                ----
<S>                                                            <C>                <C>                  <C>

Net loss per financial statements                              $    3,988,526     $    2,473,796       $   2,474,347

Temporary differences in determining (income)
   losses for federal income tax
   purposes:
      Gain on sale of properties                                   (5,812,954)                 -                   -
      Depreciation                                                    138,774            218,987             217,692
      Amortization of start-up and marketing costs                      2,136              2,141             (45,064)
      Interest expense - Pension Notes                              1,405,364         (1,933,772)          2,282,306
      Miscellaneous                                                    29,569              5,540              13,354
                                                               ---------------    ---------------      --------------

Net (income) loss per tax return                               $     (248,585)    $      766,692       $   4,942,635
                                                               ===============    ===============      ==============

</TABLE>

For federal income tax purposes, the basis of building and improvements,  net of
accumulated depreciation, was $15,153,644 at December 31, 2000.


NOTE 9. FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying  amounts and fair values of financial  instruments  at December 31,
2001 and 2000 are as follows:

<TABLE>
<CAPTION>
                                                            2001                                 2000
                                                            ----                                 ----
                                                 Carrying            Fair             Carrying            Fair
                                                  Amount             Value             Amount            Value
<S>                                          <C>               <C>                <C>               <C>

Cash and cash equivalents                    $  18,117,660     $ 18,117,660       $   5,492,588     $    5,492,588
Pension Notes and accrued interest              35,504,347       17,748,624          36,938,253         25,103,925
</TABLE>

Following are methods and assumptions  used by the General Partner in estimating
its fair value disclosures for financial instruments.

Cash and Cash Equivalents

The carrying amounts reported in the balance sheet for cash and cash equivalents
approximate fair value.


                                       27
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 2001 AND 2000 CONTINUED


Pension Notes and Accrued Interest

The fair values of Notes are based on discounted cash flows at December 31, 2000
and available cash for note payment at December 31, 2001.

NOTE 10.  CONTINGENCIES

On or about  October  23,  1998,  Robert  Lewis  filed a putative  class  action
complaint on behalf of certain  holders of Interests in the  Partnership  in the
Delaware  Court of Chancery,  Civil Action No.  16725 (the  "Delaware  Action"),
against the Partnership,  the General Partner, Capital Senior Living Corporation
and  Capital  Senior  Living  Properties  2-NHPCT,   Inc.   (collectively,   the
"Defendants").  Mr. Lewis  purchased 90 Interests in February 1993 for $180. The
complaint alleges,  among other things, that the Defendants  breached,  or aided
and abetted a breach of, the express  and implied  terms of the NHP  Partnership
Agreement in connection  with the sale of four  properties by the Partnership to
Capital  Senior Living  Properties  2-NHPCT,  Inc. in September  1998 (the "1998
Transaction").  The complaint seeks, among other relief,  rescission of the 1998
Transaction and unspecified money damages. On July 9, 1999, the Defendants filed
a motion to dismiss the case. Subsequently,  the plaintiff amended his complaint
adding  allegations  challenging  the terms of the sale in December  2001 of the
Amberleigh.

On January 31, 2002, the parties to the Delaware  Action entered a Memorandum of
Understanding  providing for the  settlement of the Delaware  Action  subject to
certain terms and conditions,  including receipt of the approval of the Court of
Chancery. The proposed settlement contemplates the creation of a settlement fund
in the amount of $840,000,  of which the  Partnership  will  contribute  and has
accrued $250,000, the amount of the deductible of the Partnership's  directors &
officers'  liability  insurance policy at the time the Delaware Action was filed
(the "D&O Policy").  Virtually all of the balance of the settlement fund will be
contributed by various  insurance  brokers and agents,  and their  insurers,  in
connection  with the  resolution  of certain  claims for coverage  under the D&O
Policy.  If approved by the Court of Chancery,  the  settlement  fund,  less any
award of attorney's fees for plaintiff's  counsel approved by the Court, will be
distributed to a class of Assignee Holders.

On  December  6, 2001,  Leonard  Kalmenson  filed a motion to  intervene  in the
Delaware  Action on behalf of a putative  class of holders of Notes in the event
the Court of Chancery determines that the claims asserted in the Delaware Action
are derivative in nature.  The Complaint in Intervention  filed by Mr. Kalmenson
names as defendants the Defendants in the Delaware Action, as well as Retirement
Associates,  Inc.,  the sole  stockholder  of the General  Partner,  and various
current  and  former  directors  of  the  General  Partner.   The  Complaint  in
Intervention  essentially  alleges,  among  other  things,  a variety  of claims
challenging the 1998 Transaction and a claim for breach of contract  relating to
the failure of the Partnership to pay the full amount of principal and interest


                                       28
<PAGE>



owed on the Notes on their  maturity  date.  The  Partnership  believes that the
allegations  asserted by Mr.  Kalmenson are without merit and that his motion to
intervene is moot in view of the proposed settlement of the Delaware Action. The
Partnership is unable to estimate any liability related to this claim, if any.


NOTE 11. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
<TABLE>
<CAPTION>

                                                                        Fiscal 2001 Quarters
                                           -------------------------------------------------------------------------------
                                                  First                Second               Third           Fourth (a)
                                           -------------------------------------------------------------------------------
<S>                                        <C>                   <C>                  <C>                <C>

Revenues                                   $       1,345,513     $      1,340,943     $   1,364,792      $     355,520
Net loss                                            (611,579)            (575,692)         (427,676)        (2,373,579)
Basic loss per assignee interest                         (14)                 (13)              (10)               (57)

<CAPTION>

                                                                        Fiscal 2000 Quarters
                                           -------------------------------------------------------------------------------
                                                  First                Second               Third             Fourth
                                           -------------------------------------------------------------------------------
<S>                                        <C>                   <C>                  <C>                <C>
Revenues                                   $       1,299,945     $      1,288,359     $   1,346,325      $  1,340,171
Net Loss                                            (662,226)            (587,688)         (555,026)         (668,856)
Basic loss per assignee interest                         (15)                 (14)              (13)              (16)

<FN>

(a) During the fourth quarter 2001, the  Partnership  recorded a loss on sale of
$1,491,679.
</FN>
</TABLE>

Quarterly operating results are not necessarily representative of operations for
a full year.


ITEM  9.  CHANGES  IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
FINANCIAL DISCLOSURE

There  have  been no  changes  in or  disagreements  with  accountants  that are
required to be reported herein.

                                    PART III


ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Partnership has no directors, executive officers or significant employees of
its own.

On January 23, 1995,  CRGSH became the sole General Partner of the  Partnership.
CRGSH is a privately owned corporation  initially organized on December 1, 1988.
Its principal  business  activity has been the ownership and  management of real
property for its own account and for the account of various limited partnerships
of which it is the General Partner. Prior to June 10, 1998, CRGSH was



                                       29
<PAGE>


/wholly  owned  subsidiary  of  Capital  Realty  Group   Corporation,   a  Texas
corporation (Capital), with its corporate headquarters in Dallas, Texas. Capital
is owned by James A. Stroud (50 percent  through a trust) and by Jeffrey L. Beck
(50 percent).

On June 10,  1998,  Capital  sold all of its  shares  of CRGSH  common  stock to
Retirement  Associates,  Inc. (Associates) for $855,000. The source of the funds
is a Promissory  Note for $855,000 with a five-year term and bearing an interest
rate of 8 percent per annum since  December 1, 1999.  Prior to December 1, 1999,
the Promissory  Note had an interest rate of 10 percent per annum;  the interest
rate was decreased to adjust to a market rate and in  consideration of an early,
unscheduled  payment of interest due. The remaining  interest will accrue on the
Promissory  Note  and  be  payable  at the  maturity  of  the  Promissory  Note.
Associates  is the  maker of the Note  and  Capital  is the  payee.  Mr.  Robert
Lankford is the President of Associates and has had prior business relationships
with Messrs. Beck and Stroud, the former principals of CRGSH. From 1988 to 1997,
Mr.  Lankford was an  independent  broker with Capital  Realty Group  Brokerage,
Inc., an affiliate of Capital.  From 1997 to the present,  however, Mr. Lankford
has  been a  principal  with  Kamco  Property  Company  Commercial  Real  Estate
Brokerage.  In this capacity,  Mr. Lankford provides independent commercial real
estate brokerage  services for various clients  including  Capital Senior Living
Corporation,  which accounts for less than 20 percent of his  compensation.  The
address  of the  principal  executive  offices  of CRGSH is 3516  Merrell  Road,
Dallas, Texas 75229.

The  Partnership  properties  during  1994 and through  February  1, 1995,  were
managed by CRGSH.  On February 1, 1995,  CRGSH  assigned its contract  rights to
manage the  Partnership's  properties to Capital  Senior Living,  Inc.  (CSL), a
subsidiary of Capital Senior Living Corporation.

Following are directors and executive  officers of CRGSH, the General Partner of
the Partnership.

              Name                           Position

              Robert L. Lankford             President, Retirement
                                             Associates, Inc., sole stockholder
                                             of CRGSH, the General Partner

              Wayne R. Miller                Secretary, Retirement Associates,
                                             Inc.

Robert L. Lankford

Robert L.  Lankford,  age 47, has served as President of Retirement  Associates,
Inc. since June 1997. From 1988 to 1997, Mr. Lankford was an independent  broker
with Capital Realty Group Brokerage, Inc., an affiliate of Capital. From 1997 to
the present,  Mr.  Lankford  has been a principal  with Kamco  Property  Company
Commercial  Real Estate  Brokerage.  In this  capacity,  Mr.  Lankford  provides
independent  commercial  real estate  brokerage  services  for  various  clients
including  Capital  Senior Living  Corporation,  which accounts for less than 20
percent of his compensation.

Wayne R. Miller

Wayne R. Miller, age 52, has served as Secretary of Retirement Associates,  Inc.
since June 1997.  From 1980 to 1994,  Mr.  Miller was an officer,  director  and
shareholder  of Miller,  Hiersche,  Martens and Hayward,  Inc.  From 1994 to the
present,  Mr. Miller has been President,  Sole Director and Sole  Shareholder of
Wayne R. Miller P.C.

                                       30
<PAGE>

Section 16(a) Beneficial Ownership Reporting Compliance

Based  solely  upon a  review  of Forms  3, 4 and 5 and any  amendments  thereto
furnished to the  Partnership  pursuant to Rule 16a-3(c) of the  Securities  and
Exchange  Commission (SEC) rules, the Partnership is not aware of any failure of
any officer or director of CRGSH or beneficial owner of more than ten percent of
the Assignee  Interests to file timely with the SEC any Forms 3, 4 or 5 relating
to the Partnership for 2001.

ITEM 11.  EXECUTIVE COMPENSATION

NHP  Retirement  Housing  Partners  I Limited  Partnership  has no  officers  or
directors.  However,  various  fees and  reimbursements  are paid to the General
Partner  or its  affiliates.  Such fees paid or  accrued  during  the year ended
December 31, 2001 included cash distributions of $88,797 to the General Partner,
which  represents 2 percent of cash available for  distribution  before interest
payments to the Note Holders, and $127,500 in brokerage fees for the sale of The
Amberleigh property. See Item 8, Financial Statements and Supplementary Data.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

No person is known by the  Partnership  to own more than 5 percent  of  Assignee
Interests.

As  of  March  1,  2002,  a  former  affiliate  of  the  General  Partner,  owns
approximately  14,131 Notes, or  approximately  33 percent of the  Partnership's
outstanding Notes.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Except as described in Items 8 (Note 3 in the Financial Statements),  10, 11 and
12, the Partnership had no other  transactions  or business  relationships  with
CRGSH or its affiliates.



                                       31
<PAGE>


                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

Financial Statements

Following are the financial  statements,  notes and reports  listed  included in
this report.
<TABLE>
<CAPTION>

                                                                                      Page
               <S>                                                                    <C>

               Report of Ernst & Young LLP, Independent Auditors                      11

               Statement of Net Liabilities in Liquidation
                December 31, 2001                                                     12

               Statement of Financial Position,
                December 31, 2000                                                     13

               Statements of Operations for the Years
                Ended December 31, 2001, 2000 and 1999                                14

               Statements of Partners' Deficit
                for the Years Ended December 31, 2001, 2000
                and 1999                                                              15

               Statements of Cash Flows for the
                Years Ended December 31, 2001, 2000 and 1999                          16

               Notes to Financial Statements                                          18
</TABLE>

Financial Statement Schedules

All schedules have been omitted as the required  information is  inapplicable or
the information is presented in the financial statements or related notes.


                                       32
<PAGE>

Exhibits

2.1* Asset  Purchase  Agreement,  dated as of December 28, 2001,  by and between
BRE/CSL Amberleigh LLC and NHP Retirement Housing Partners I Limited Partnership
(Exhibit 2.1).

* Incorporated by reference to the Exhibit in parenthesis from the Partnership's
Current Report on Form 8-K, dated  December 31, 2001,  filed by the  Partnership
with the Securities and Exchange Commission.

Reports on Form 8-K

The  Partnership  filed a  Current  Report on Form 8-K with the  Securities  and
Exchange Commission on January 17, 2002 disclosing the sale of the Amberleigh to
BRE/CSL Amberleigh LLC, effective as of December 28, 2201.

                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

By:  CAPITAL REALTY GROUP SENIOR HOUSING, INC.
General Partner

         By:  /s/ Robert L. Lankford
              ----------------------
         ROBERT L. LANKFORD, President
         March 28, 2002











                                       33