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, 1995, 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
          incorporation or organization)           Identification No.)

          14160 Dallas Parkway, Suite 300, Dallas, Texas75240              

          (Address of principal executive offices)(Zip Code)

          Registrant's telephone number, including area code:(214) 770-5600

          Securities  registered  pursuant to  Section  12(g)  of the  Act:


                                    Title of Class

                    42,711 Limited Partnership Assignee Interests

          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  (S 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.  X

               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.
<PAGE>

               Documents incorporated by reference.     None  






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                           (A Delaware Limited Partnership)
                             1995 Form 10-K Annual Report



                                  TABLE OF CONTENTS


                                        PART I


                                                                    Page


          Item 1.  Business                                           1
          Item 2.  Properties                                         2
          Item 3.  Legal Proceedings                                  3
          Item 4.  Submission of Matters to a Vote of Security Holders3


                                       PART II


          Item 5.  Market for the Registrant's Pension Notes and Limited
                   Partnership Assignee Interests  and Related  Partnership
          Matters  3
          Item 6.  Selected Financial Data                            4
          Item 7.  Management's  Discussion  and   Analysis  of   Financial
          Condition
                   and Results of Operations                          4
          Item 8.  Financial Statements and Supplementary Data        6
          Item 9.  Changes in and Disagreements with Accountants on
                   Accounting and Financial Disclosure               21


                                       PART III


          Item 10. Directors and Executive Officers of the Registrant21
          Item 11. Executive Compensation                            24
          Item 12. Security Ownership of Certain Beneficial Owners and
                   Management                                        24
          Item 13. Certain Relationships and Related Transactions    24

                                       PART IV


          Item 14. Exhibits, Financial Statement  Schedules and Reports  on
          Form 8-K 25
<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  nonrecourse 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,  the assets  of NBW were  purchased by
          Riggs National Bank, Washington,  D.C. which became the successor
          trustee.

               At December 31, 1994, the 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% interest as general
          partner  in  the  Partnership.    The  sole  general  partner  of
          NHP/RHGP-I is The National  Housing Partnership (NHP), a District
          of Columbia limited partnership.   NHP's sole general  partner is
          National Corporation  for Housing Partnerships (NCHP), a District
          of  Columbia corporation.  All of the outstanding shares of NCHP,
          and 99% of NHP's  limited partnership interests are owned  by NHP
          Incorporated,  a   Delaware  corporation.     NHP  Incorporated's
          controlling  shareholders  are  Demeter  Holdings  Corporation (a
          Massachusetts   nonprofit   corporation,    which   is    wholly-
          owned/controlled by the President and Fellows of Harvard College,
          a   Massachusetts   educational   corporation   created   by  the
          constitution of Massachusetts), and Capricorn Investors,  L.P. (a
          Delaware investment limited partnership, whose general partner is
          Capricorn Holdings, G.P., a Delaware general partnership).  


                                         -1-
<PAGE>






               As of December 31, 1994, the limited partners of  NHP/RHGP-I
          are  1225  Eye  Street   RHP-I  Associates,  a  Maryland  limited
          partnership  whose  general  partner  is NHP  and  whose  limited
          partner is a key employee of NCHP, and NHP.

               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.   The
          substitution of CRGSH as sole  general partner of the Partnership
          required the consent of  50% 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  nonrecourse Pension Notes
          are not entitled  to vote.   Pursuant to  a Consent  Solicitation
          dated October 25, 1994, Assignee Holders holding more than 64% 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 is a wholly  owned subsidiary
          of  Capital   Realty  Group  Corporation,   a  Texas  corporation
          (Capital).   Capital is owned 50%  by James A.  Stroud (through a
          trust) and 50% by Jeffrey L. Beck.  The address  of the principal
          executive offices of CRGSH is the same as the Partnership:  14160
          Dallas  Parkway,  Suite  300,  Dallas, Texas    75240,  and their
          telephone number at such  address is the same as  the Partnership
          (214)770-5600.

               The  Partnership's business  is to  acquire existing  and to
          develop  new  residential rental  properties  for retirement  age
          occupants  (the Properties) to the extent possible on an all cash
          basis (without third party  mortgage indebtedness) and to operate
          such Properties.  The  Partnership presently owns four properties
          in fee and has a 99.99% interest  in a fifth property.  See  Item
          2.  Properties  for a  description  of these  Properties  and the
          business plan for these Properties.

               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.  CRGSH became the General Partner effective January  23,
          1995 and assigned its  contract rights to manage the  Partnership
          properties  to Capital  Senior  Living,  Inc.  ("CSL")  effective
          February 1, 1996.

               The  Partnership did not  have any employees  as of December
          31, 1995.

                                         -2-
<PAGE>






          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.   Risks  of
          inadequate  cost reimbursement  from various  government programs
          such as Medicaid and Medicare may also impact lessees' ability to
          fulfill their lease obligations  to the Partnership.  Any  impact
          from  proposed health care legislation is not known at this time;
          however, such impact could  adversely affect cost  reimbursements
          from various government programs.

          Item 2.   Properties

               The following is a  schedule of the Properties owned  by the
          Partnership.  All  of the Properties are owned in fee directly by
          the  Partnership  except  The Amberleigh,  which  is  owned  by a
          limited partnership in which the Partnership is a 99.99% partner.
          The  Properties  are  encumbered by  mortgages  in  favor of  the
          trustee for the benefit of the Pension Note holders.

<TABLE>
<CAPTION>
                                      Units Occupied      Units Occupied
                            Number  as a Percentage of  as a Percentage of
             Property         of    Total Units, as of  Total Units, as of
           Name/Location     Units   December 31, 1995   December 31, 1994

          <S>                 <C>           <C>                 <C>
          The Heatherwood,    160           89%                 91%
           Southfield, Michigan

          Veranda Club        189           93%                 92%
           Boca Raton, Florida

          The Amberleigh      271           95%                 93%
           At Woodstream Farms
           Williamsville, New York

          The Atrium at Carmichael          153                 93%97%
            Sacramento, California

          Crosswood Oaks      122           83%                 87%
            Sacramento, California

</TABLE>
               The cornerstones of the  General Partner's business plan for
          continuing to improve  the Properties' performance are  expanding
          the services offered to residents  to include special services or
          home health  care programs,  continued effective use  of creative
          marketing  techniques such  as  outreach to  local hospitals  and
          physicians,  and  sound, cost  effective  site  operations.   The
          introduction of special services and home health care is intended

                                         -3-
<PAGE>






          to   end  the  premature  loss  of  tenants  which  some  of  the
          Partnership's properties  have experienced in the  past.  Special
          services  and home  health care  also tends  to attract  the well
          elderly  to  a  community because  they  see  the possibility  of
          receiving assistance in  their day-to-day living (e.g.,  bathing,
          dressing, eating and taking medication) without having to move to
          another  home  at a  difficult  time.    Thus,  offering  special
          services  and home health care  tends to attract  more people who
          know they can stay for a  longer period, with obvious benefits to
          the  community's occupancy  and resident  turnover.   The General
          Partner  believes  this philosophy  provides  an opportunity  for
          improved operations at the Properties.

               Due to aging of the Properties and the Partnership's goal to
          remain  competitive  in  the  real estate  markets,  the  General
          Partner  developed   a  capital  improvement   program  that  was
          implemented in  1994 and scheduled to be  completed in 1996.  The
          program varies  by property,  but generally includes  painting of
          the building, replacement of carpet and curtains, purchase of new
          furniture  and  furniture  refurbishment,  and  purchase  of  new
          equipment.     In   1994   and  1995,   $430,197  and   $712,919,
          respectively,  was  spent  for capital  expenditures.    Budgeted
          capital expenditures for 1996 are approximately $388,412.

          Item 3.   Legal Proceedings

               The  Partnership  is  not  involved in  any  material  legal
          proceedings as of March 27, 1996.

          Item 4.   Submission of Matters to a Vote of Security Holders

               None.

                                       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.

               (b)  As  of  March 15,  1996,  there  were 2,449  registered
                    holders  of  Assignee  Interests  and  3,945 registered
                    holders of Pension Notes.

                                         -4-
<PAGE>




                    As  of  March 15,  1996,  an affiliate  of  the general
                    partner  of  the  Partnership  purchased  approximately
                    1,430  Pension  Notes,  or approximately  3.35%  of the
                    Partnership's outstanding Pension  Notes at an  average
                    price of $423 per Pension Note.

               (c)  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  for  limited
                    periods,  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, 1995, 1994 and
                    1993, interest paid  to the Pension  Note Holders as  a
                    group totalled  $2,987,040 per  year.  With  respect to
                    the fourth  quarter of 1995, interest  payments paid to
                    Pension Note  Holders on February 29,  1996 amounted to
                    $752,734.

                    No  cash  distributions  were   paid  to  the  Assignee
                    Interest  Holders  during  1995,  1994, or  1993.    As
                    presented in the Statement of Cash Flows  (pages 12 and
                    13), cash and cash  equivalents decreased $114,543  and
                    $155,963  for the  years  ended December  31, 1995  and
                    1994,  respectively.   This  cash need  has caused  the
                    General Partner to determine that it is not financially
                    appropriate to make  distributions to Assignee Interest
                    Holders.     The   General  Partner   anticipates  that
                    distributions will be suspended until operating results
                    significantly improve.  See Item 7 below. 

            Item 6.  Selected Financial Data
<TABLE>
<CAPTION>
                                                               Years Ended December 31,   
                                          
                                       1995       1994        1993       1992       1991

            <S>                 <C>          <C>         <C>         <C>
            Revenue             $14,020,626  $13,445,022 $12,247,313 $10,947,444$10,089,174

            Loss due to reduction 
              in carrying value of 
              rental property   $         0 $          0 $  3,300,000 $             0$             0

            Net loss            $ 3,690,549  $ 3,773,975 $  7,580,517 $ 4,670,855$ 5,043,413

            Net Loss per Assignee Interest$           85$           87$          174$         107$  
                  116                                                                    



                                                  -5-





            Total assets        $57,749,496  $58,967,958 $60,399,012$65,821,271$68,504,078

            Long-term obligations - 
              Pension Notes, and related
              interest payable  $60,573,461  $58,039,450 $55,729,421$53,604,651$51,693,480
            Cash distributions per
               Assignee Interest$             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  increased  to  $2,377,625  from
          $2,177,663  and $1,380,087 for the years ended December 31, 1995,
          1994,  and 1993, respectively.   Rental revenue increased in 1995
          to  $13,754,959 from $13,187,354 in 1994, or an increase of 4.3%,
          primarily  as a result of rental rate increases.  Rental expenses
          also increased  to $11,643,001 in 1995 from  $11,267,359 in 1994,
          or an increase of  3.3%, reflecting increased costs primarily  in
          salaries, administration, depreciation, taxes and insurance costs
          and food services.   The  Partnership's net  loss is  $3,690,549,
          $3,773,975 and $7,580,517 for the years ended December  31, 1995,
          1994 and 1993, respectively.   A $3,300,000 charge to  reduce the
          carrying value of rental property was recorded in 1993.
            
           Rental revenue increased in 1994 to $13,187,354 from $11,999,118
          in  1993, or  an  increase  of 9.9%,  primarily  as  a result  of
          increased rental  rates.    Rental  expenses  also  increased  to
          $11,267,359 in 1994 from  $10,867,226 in 1993, or an  increase of
          3.7%,   reflecting  increased   costs  in   salaries,  utilities,
          maintenance, resident services and food services.

          Liquidity and Capital Resources

           Net cash  provided  by  operating  activities  during  1995  was
          $659,336, representing  a significant improvement over 1994's net
          cash provided  by operating activities of $334,887 and 1993's net
          cash used in  operations of $58,971.   Rent collections increased
          in 1995 to $13,747,228  from $13,180,197 in 1994, an  increase of
          4.3%, primarily  from rental rate increases.   Rental collections
          likewise  increased from  $11,998,352 in  1993 to  $13,180,197 in
          1994,  or  an  increase  of  9.9%,  primarily  from  rental  rate
          increases.  Operating expenses paid increased from $10,116,279 in
          1994 to $10,366,496 in  1995, or an increase of  2.5%, reflecting
          increased salary costs, food, administration, depreciation, taxes
          and insurance  costs.   Operating  expenses paid  increased  from
          $9,320,154  in 1993  to $10,116,279  in 1994,  or an  increase of
          8.5%,   reflecting  increased   costs  in   salaries,  utilities,
          maintenance, resident  and  food  service.    Interest  paid  was
          $2,987,040 in 1995, 1994 and 1993.

           For the year ended December 31, 1993, cash generated from rental
          operations prior  to  the payment  of  interest expense  was  not
          sufficient  to  pay all  of the  interest  on the  $42,672,000 of


                                         -6-
<PAGE>




          outstanding  Pension Notes.  For  the years ended  1995 and 1994,
          cash generated from  rental operations was sufficient  to pay the
          base interest amount of  $2,987,040.  The 1993 shortfall  in cash
          flow  from operations  to meet the  interest payments  was funded
          from  available cash on hand  during 1993.   Interest payments on
          the Pension  Notes are accrued at a 13% rate, but were paid based
          on  a 7%  pay rate  in 1995,  1994, and 1993.   The  remaining 6%
          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  is due  at maturity,  December 31,
          2001.  Accrued and unpaid interest at December 31, 1995, amounted
          to $17,901,461.   At the   time  of the maturity  of the  Pension
          Notes, total principal and  accrued interest due will approximate
          $81 million.

           Cash  and  cash equivalents  at December  31, 1995,  amounted to
          $3,478,604  as compared to $3,593,147 at December 31, 1994.  Cash
          required by operations, including  interest on Pension Notes, has
          been funded by maturing  short-term investments or available cash
          on  hand.   Though operations  improved in  the current  year, if
          operations do not improve  significantly in the long-term, future
          funds  may not be available to meet operating requirements or for
          payment of  the Pension Notes  and accrued interest  as described
          below.   This  cash  need  has  caused  the  General  Partner  to
          determine  that  it  is   not  financially  appropriate  to  make
          distributions to Assignee Interest  Holders.  The General Partner
          anticipates that  distributions to the  Assignee Interest Holders
          will be suspended until operating results significantly improve.

           The  Trust  Indenture Agreement  (the  Indenture)  governing the
          terms  of  the  Pension  Notes  provides  for  certain  events of
          default.  The Partnership would be in default under the Notes for
          any of the following reasons:  (i) the failure of the Partnership
          to  pay interest  on a  quarterly basis  for  any quarter  at the
          stated pay rate of  7%; (ii) the default in payment  of principal
          of the  Pension Notes at maturity  or upon call or  redemption of
          the Notes; (iii) default by the Partnership in the performance or
          breach  of  any  covenant;  and (iv)  institution  or  decree  of
          bankruptcy  of the Partnership.   All  covenants included  in the
          Indenture  are  non-financial  in   nature.    Additionally,  the
          Indenture  provides for call or redemption of the Notes either at
          the  election of the Partnership  or upon sale  or refinancing of
          the underlying properties of the Partnership.

           The Partnership Agreement limited the number of Pension Notes to
          50,000, or $50  million during  the Offering.   Of the  available
          50,000, 42,697  Pension Notes  were subscribed.   The Partnership
          Agreement  does not  specifically  prohibit the  Partnership from
          incurring  additional  mortgage   indebtedness  related  to   the
          Properties  by  borrowing  from  banks  and  other  institutional
          lenders in  order to finance  the acquisition and  development of
          Properties.  Although it is the present intent of the Partnership
          to hold the  Properties free  and clear of  third party  mortgage
          indebtedness  (other than the  mortgages in favor  of the Pension
          Notes), to the  extent that financing  is available at  favorable
          rates  and  would  be in  the  best  interest  of investors,  the


                                         -7-
<PAGE>




          Partnership  may obtain future financings for Properties, subject
          to applicable limitations.

           Although cash  flow  from operations  significantly improved  in
          1995, cash  generated from operations over the past several years
          prior to 1994  has not  been adequate to  meet the  Partnership's
          minimum interest payment requirements.   The annual shortfall was
          approximately  $59,000 during  1993,  and averaged  approximately
          $1.5 million annually in the five-year period prior to 1993.  The
          shortfall has  been funded by Partnership's  cash reserves, which
          principally  resulted  from  funds  remaining  from  the  initial
          offering  of Partnership  Assignee  Interest  and Pension  Notes,
          after the acquisition of the Partnership's Properties.  Given the
          level of the Partnership's cash reserves at December 31, 1995, if
          the  Partnership  is  unable  to  increase  cash  generated  from
          operations  over  time, cash  reserves may  be exhausted  and the
          Partnership may be unable to meet its obligations.

           If interest payments continue to be deferred at the current rate
          (see Note 6), the total accrual for unpaid interest and principal
          will approximate $81 million at  December 31, 2001, the  maturity
          date  of the Pension  Notes which is  far in excess  of projected
          cash  reserves.     Accordingly,  there  will  need  to  be  very
          significant  improvements in  cash flows  from  operations and/or
          increases  in  the  disposition  and refinancing  values  of  the
          Properties to fund both  the accrued interest and the  face value
          of the Pension Notes upon their maturity.

           Properties  owned by  the Partnership  may still  exceed current
          market values as of December 31, 1995.  Should the Partnership be
          forced to dispose  of one  or more  of its  Properties, it  could
          incur a loss.  The Partnership, however, does not  intend to sell
          any Properties in the near future, but rather intends to continue
          to hold and operate them as rental Properties.  As  a result, the
          Partnership  has not  obtained appraisals  of the  current market
          value of its Properties.

           Management's  plans are  to  continue to  manage the  Properties
          prudently to  achieve positive  cash flows from  operations after
          interest payments.

          Item 8.  Financial Statements and Supplementary Data

           The  financial  statements   and  supplementary   data  of   the
          Partnership are included on pages 9 through 22 of this report.













                                         -8-
<PAGE>




                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                           STATEMENTS OF FINANCIAL POSITION
<TABLE>
<CAPTION>

                            December 31,              
                                                        1995         1994

                                                               ASSETS
          (Note 6)

          <S>                                  <C>           <C>
          Cash and cash equivalents (Note 2)    $  3,478,604  $  3,593,147
          Interest receivable                          1,265         1,242 
          Other receivables (Note 4)                 858,722       850,991 

          Pension notes issuance costs             1,519,426     1,774,218
          Organization and offering costs            314,878       364,654
          Prepaid expenses                           279,152       273,393
          Rental property (Notes 4 and 10):
           Land                                    6,318,028     6,318,028
           Buildings and improvements, net of
              accumulated depreciation of $12,137,832 in 1995 and
              $10,612,319 in 1994                 44,942,735    45,755,329
          Other assets                                36,686        36,956

          Total assets                          $ 57,749,496  $ 58,967,958


                      LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

          Liabilities:
           Accounts payable                      $   591,228  $    502,854
           Interest payable (Note 6)              17,901,461    15,367,450
           Pension notes (Note 6)                 42,672,000    42,672,000
           Purchase installments (Note 4)            552,000       552,000
           Other liabilities (Note 4)                833,116       922,454

                                                  62,549,805    60,016,758
          Partners' equity (deficit):
           General Partner                        (1,332,625)   (1,197,854)
           Assignor Limited Partner - 42,691 
             investment units outstanding         (3,467,684)      149,054

          Total partners' equity (deficit)      (  4,800,309)   (1,048,800)

          Total liabilities and partners' equity (deficit)$ 57,749,496$ 58,967,958






</TABLE>
                            See notes to financial statements.

                                                 -9-
<PAGE>




                         NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                         A LIMITED PARTNERSHIP

                                       STATEMENTS OF OPERATIONS



<TABLE>
<CAPTION>
                                                                       Year          Ended
            December 31,                 
                                                         1995         1994         1993
                 
            REVENUES:
             <S>                                    <C>         <C>          <C>
             Rental income                          $13,754,959 $13,187,354  $11,999,118
             Interest income                             83,348      71,462       68,333
             Other income                               182,319     186,206      179,862

                                                                              14,020,626
            13,445,022                               12,247,313
            COSTS AND EXPENSES:Salaries,    related   benefits    and   overhead    reimbursements   (Note
            3)                                        3,919,906   3,857,590    3,494,729 
             
               Management fees, dietary fees and other services (Note 3)1,326,2721,312,079
            1,297,070               Insurance advisory fees and reinsurance premiums (Note 3)091,922
            93,739
               Administrative and marketing             700,594     608,230      708,751
               Utilities                                852,805     889,124      783,163Maintenance444,394421,579385,301
               Resident services, other than salaries   292,097     263,484      216,168
               Food services, other than salaries     1,513,898   1,432,153    1,327,502
               Depreciation                           1,525,513   1,439,377    1,583,935
               Taxes and insurance                    1,067,522     951,821      976,868
                                                                              11,643,001
            11,267,359                               10,867,226
            INCOME FROM RENTAL OPERATIONS             2,377,625   2,177,663    1,380,087

            COSTS AND EXPENSES:
             Interest expense - pension notes (Note 6)5,521,051   5,297,069    5,111,810
             Loss due to reduction in carrying value of rental property (Note 10) 003,300,000
             Amortization of pension
               notes issuance costs                     254,792     254,792      254,792
             Amortization of organizationand offering costs  49,776  49,776       49,776
             Other expenses                             242,555     350,001      244,226

                                                                               6,068,174
            5,951,638                                 8,960,604
            NET LOSS                                $(3,690,549)$(3,773,975) $(7,580,517)

            ALLOCATION OF NET LOSS:General Partner                                                $  
            (73,811)                                $   (75,480)$    (151,610)
            Assignor Limited Partner                 (3,616,738) (3,698,495)  (7,428,907)

                                                                             $(3,690,549)$(3,773,975)$ (7,580,517)

            NET LOSS PER ASSIGNEE INTEREST         $        (85)$        (87)$         (174)

</TABLE>
                                  See notes to financial statements.

                                                 -10-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                       STATEMENTS OF PARTNERS' EQUITY (DEFICIT)


<TABLE>
<CAPTION>
                                              General
                                                       Partner- 
                                                    Capital Realty  Assignor
                                                     Group Senior    Limited
                                                     Housing, Inc.   Partners   Total
             


            <S>                                     <C>          <C>          <C>       
            Partners' equity (deficit) at 
                           January 1, 1993           $  (849,455)$ 11,276,456 $ 10,427,001

            Distributions                            (60,656)           -        (60,656)

            Net Loss                                (151,610)    (7,428,907)  (7,580,517)

            Partners' equity (deficit) at December 31, 1993      (1,061,721)   3,847,549
            2,785,828

            Distributions                            (60,653)             -      (60,653)

            Net Loss                                 (75,480)    (3,698,495)  (3,773,975)

            Partners' equity (deficit) at December 31, 1994      (1,197,854)     149,054
            (1,048,800)

            Distributions                            (60,960)             0      (60,960)

            Net Loss                                 (73,811)    (3,616,738)  (3,690,549)

            Partners' equity (deficit) at December 31, 1995     $(1,332,625) $(3,467,684)
            $(4,800,309)
                                  See notes to financial statements.

</TABLE>
                                                 -11-
<PAGE>




<TABLE>
<CAPTION>
                         NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                         A LIMITED PARTNERSHIP

                                       STATEMENTS OF CASH FLOWS

                              Years Ended December 31,            
                                                     1995         1994       1993

            Cash flows from operating activities:

             <S>                                       <C>       <C>         <C>
             Rent collections                          $13,747,228$13,180,197$11,998,352
             Interest received                              83,325     71,803     70,009
             Other income                                  182,319    186,206    179,862
             Management fees, dietary fees 
               and other services                       (1,326,188)(1,312,855)(1,297,071)
              Salary, related benefits 
               and overhead reimbursements              (3,925,369)(3,858,879)(3,339,988)
              Insurance advisory services 
               and reinsurance premiums                          0    (91,922)   (93,739)
             Other operating expenses paid              (5,114,939)(4,852,623)(4,589,356)
             Interest paid                              (2,987,040) (2,987,040)   (2,987,040)

             Net cash provided by (used in) operating activities    659,336    334,887     (58,971)

            Cash flows from investing activity:
             Capital expenditures                         (712,919)  (430,197)  (203,447)


             Net cash used in investing activity          (712,919)  (430,197)   (203,447)

            Cash flows from financing activity:
             Distributions                                 (60,960)   (60,653)     (60,656)

            Net cash used in financing activity            (60,960)   (60,653)     (60,656)

            Net decrease in cash and cash equivalents     (114,543)  (155,963)  (323,074)


            Cash and cash equivalents at beginning of year 3,593,147 3,749,110  4,072,184

            Cash and cash equivalents at end of year    $3,478,604 $3,593,147$ 3,749,110










</TABLE>

                                  See notes to financial statements.

                                                 -12-
<PAGE>



<TABLE>
<CAPTION>

                   NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                               STATEMENTS OF CASH FLOWS

                                     (continued)

                             Years Ended December 31,           
                                                            1995       1994        1993

            RECONCILIATION OF NET LOSS TO NET CASH
               PROVIDED BY (USED IN) OPERATING ACTIVITIES:

            <S>                                             <C>         <C>
            Net loss                                        $(3,690,549)$(3,773,975)
            $(7,580,517)                                          

            Adjustments to reconcile net loss
             to net cash provided by (used in) operating activities:         

             Loss due to reduction in carrying value
               of rental property                                0          0  3,300,000
             Depreciation                                1,525,513  1,439,377  1,583,935
             Amortization of organization costs             49,776     49,776     49,776 
             Amortization of pension notes issuance costs  254,792    254,792    254,792

             Changes in operating assets and liabilities:
               Interest receivable                             (23)       341      1,676
               Other assets and receivables                 (7,461)    (5,569)    92,906
               Prepaid expenses                             (5,759)   (33,429)    19,547
               Accounts payable                             88,374    (51,631)   159,100
               Interest payable                          2,534,011  2,310,029  2,124,770
               Other liabilities                           (89,338)   145,176    (64,956)
             
            Net cash provided by (used in) operating activities$  659,336$  334,887$   (58,971)
</TABLE>


















                            See notes to financial statements.

                                                 -13-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                              December 31, 1995 and 1994



          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.

                    A  description of  the Projects  now owned  directly or
               indirectly and operated by the Partnership is as follows:

                    The Amberleigh.  This project is a 271  unit retirement
                    living center located in  Williamsville, New York.  The
                    facility  was  approximately  95% and  93%  occupied at
                    December 31, 1995 and 1994, respectively.

                    The Atrium of Carmichael.   This project is a  153 unit
                    retirement   living   center  located   in  Sacramento,
                    California.   This  facility was approximately  93% and
                    97%   occupied   at  December   31,   1995   and  1994,
                    respectively.

                    Crosswood Oaks.  This project is an 122 unit retirement
                    living center located in Sacramento, California.   This
                    facility  was approximately  83%  and  87% occupied  at
                    December 31, 1995 and 1994, respectively.

                    The  Heatherwood.     This  project  is   an  160  unit
                    retirement   living   center  located   in  Southfield,
                    Michigan.  This facility  was approximately 89% and 91%
                    occupied at December 31, 1995 and 1994, respectively.

                    Veranda Club.   This project is an  189 unit retirement
                    living  center located  in Boca  Raton, Florida.   This


                                         -14-
<PAGE>






                    facility  was approximately  93%  and  92% occupied  at
                    December 31, 1995 and 1994, respectively.


               Significant Accounting Policies

                    Offering costs  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,  1995  was $2,038,336.    Selling  commissions
               related to the sale  of Interests were recorded as  a direct
               reduction  to   the  capital  account  of   the  holders  of
               Interests.    Organization   costs,  certain   pre-occupancy
               marketing costs  and offering costs  related to the  sale of
               Interests are being amortized over a period of sixty months.
               Accumulated amortization at December 31, 1995 was  $398,208.
               Direct costs of acquisition, including acquisition fees 

                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                     (Continued)

               and  expenses  paid  to   the  General  Partner,  have  been
               capitalized as a 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  an
               effective interest  method (see Note 6).   Operating deficit
               and cash  flow guarantee payments received  from the sellers
               of  The  Heatherwood,  The  Atrium and  Crosswood  Oaks  are
               recognized  as a reduction  of the  basis of  the respective
               properties.

                    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% salvage value. 

                    The cost of rental property  and their useful lives are
          summarized as follows:
<TABLE>
<CAPTION>
                                                Useful Life    1995         1994     

                  <S>                                   <C>            <C>
                  Land                                  $  6,318,028   $  6,318,028 

                  Land improvements           30 years $      52,043  $      39,910 

                  Building and building
                   improvements                 30 years  55,067,422     54,783,283 
                  Furniture and equipment      5 years     1,961,102      1,544,455 

                                                 -15-
<PAGE>






                                                          57,080,567     56,367,648 

                  Less-accumulated 
                  depreciation                          ( 12,137,832)  ( 10,612,319)
                                                         $44,942,735    $45,755,329 
</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 assumption that effect the
               amounts   reported   in   the   financial   statements   and
               accompanying notes.  Actual  results could differ from those
               estimates.

          2    CASH AND CASH EQUIVALENTS

                    As  of December  31,  1995  and  1994,  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 $493,425  and
               $437,601 of  tenant security  deposits at December  31, 1995
               and 1994, respectively, which are designated for the purpose
               of providing refunds to tenants upon move-out.

          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).   The sole limited partner  of the Partnership
               is NHP  RHP-I Assignor  Corporation, a  Delaware corporation
               which is an affiliate of NHP/RHGP-I.  



















                                         -16-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                     (Continued)


                    On December  19, 1991, the General  Partner executed an
               amended and restated purchase agreement  with Capital Realty
               Group  Properties,  Inc.  (CRGP)  for the  transfer  of  the
               General  Partner's interest in  the Partnership,  subject to
               the  approval  of  Assignee  Holders.    CRGP's  rights  and
               obligations under  the purchase agreement  were subsequently
               assigned  to  an  affiliate,  Capital  Realty  Group  Senior
               Housing, Inc. (CRGSH).   CRGSH is the management agent under
               a  five year  contract  with  an  option  to  renew  for  an
               additional five years under certain conditions.  Pursuant to
               a Consent  Solicitation  dated October  25,  1994,  Assignee
               Holders holding more than 64% 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  has become  the new  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").  CRGSH and CSL received $1,326,188, $1,312,855, and
               $1,297,071  in  1995,  1994  and  1993,  respectively,   for
               management fees,  dietary services fees and  other operating
               expense reimbursements related  to services provided  to the
               Properties and the Partnership.

                    Personnel working  at  the Property  sites and  certain
               home  office   personnel  who   perform  services   for  the
               Partnership  are employees as of February 1, 1995 of CSL, an
               affiliate of  CRGSH,  and prior  to  February 1,  1995  were
               employees of CRGSH.  The Partnership reimburses CRGSH or CSL
               for the salaries and  related benefits of such personnel  as
               reflected in  the accompanying financial statements.  During
               1995,  1994  and  1993,  such  reimbursements for  salaries,
               related  benefits and  overhead  reimbursements amounted  to
               $3,925,369, $3,858,879 and $3,339,988, respectively.

                    In addition, the  Partnership paid $91,922  and $93,739
               to  an  affiliate  of  NHP/RHGP-I   for  insurance  advisory


                                         -17-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

               services  and reinsurance  premiums  during 1994  and  1993,
               respectively.

                    During  1995,  an  affiliate  of  the  General  Partner
               purchased    approximately    1,388   Pension    Notes,   or
               approximately 3.25% of the Partnership's outstanding Pension
               Notes at an average price of $423 per Note.  

          4.   ACQUISITION OF RENTAL PROPERTY

                    In connection  with the purchase of  the Heatherwood in
               1988, the Partnership has  recorded receivables of  $826,877
               from   the  seller  and   purchase  installments  and  other
               liabilities  due  to the  seller  totalling  $816,583.   The
               Partnership is attempting to negotiate a settlement of these
               amounts.  Amounts  due to  the Seller at  December 31,  1995
               include   $264,583  in  property  management  fees  and  the
               remaining $525,000 plus accrued interest of $27,000 purchase
               installment payment due to the seller.  

          5.   CASH DISTRIBUTION POLICIES

                    The Partnership Agreement allows for quarterly payments
               of  substantially all Cash Available For Distribution Before
               Interest Payments (as defined in the Partnership Agreement),
               subject to the  following:  (i)   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 (ii) all  Assignee Holder distributions are
               subject   to  the   payment  of  Partnership   expenses  and
               maintenance of working capital reserves.

                    Cash   Available   For  Distribution   Before  Interest
               Payments  generally  consists  of  cash  received  from  the
               ordinary  operations  of   the  Partnership  less  operating
               expenses, without reduction for interest payments to Pension
               Note Holders, and  working capital reserves.   Distributions
               of Cash Available For Distribution  Before Interest Payments
               are made in the  following order of priority, to  the extent
               available:

                    First, 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 (payable  only if  the Note Holders  receive the
                    distribution as described below).

                                         -18-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

                    Second,  to the Note Holders  in an amount  equal to an
                    annual return  of 7  percent on the  adjusted principal
                    amount of  their Pension Notes for  each quarterly cash
                    distribution period.

                    Third, to the Assignee Holders in an amount equal to an
                    annual return  of 7  percent on their  adjusted capital
                    contributions  for  each  quarterly  cash  distribution
                    period.

                    Fourth, to  the Note  Holders and Assignee  Holders pro
                    rata  based on  the relationship  between  the adjusted
                    principal amount  of the Pension Notes  to the adjusted
                    capital contributions of the Assignee Holders until the
                    Note  Holders  have  received  an amount  equal  to  an
                    aggregate annual  return of 10 percent  on the adjusted
                    principal  amount  of  their  Pension  Notes  for  each
                    quarterly  cash distribution  period  and the  Assignee
                    Holders have  received an amount equal  to an aggregate
                    annual return  of 10 percent on  their adjusted capital
                    contributions  for  each  quarterly  cash  distribution
                    period.

                    Fifth,  to  the   General  Partner  as   a  Partnership
                    Incentive Fee in an  amount equal to 8 percent  of Cash
                    Available For Distribution Before Interest Payments for
                    the fiscal year.   If the amount of Cash  Available for
                    Distribution  Before Interest  Payments for  any fiscal
                    year  is insufficient  to pay  the General  Partner its
                    Partnership Incentive Fee, the fee shall not accrue and
                    shall not be paid  from Cash Available For Distribution
                    Before Interest Payments  payable in subsequent  fiscal
                    years.

                    Sixth,  the balance  to the  Note Holders  and Assignee
                    Holders pro rata based  on the relationship between the
                    adjusted principal  amount of the Pension  Notes to the
                    adjusted capital contributions of the Assignee Holders.
                    However,  the amount  of interest  payable to  the Note
                    Holders shall  not  exceed a  cumulative  noncompounded
                    return  of  13  percent   per  annum  on  the  adjusted
                    principal amount  of their Pension Notes.   No payments
                    of  Cash  Available  For  Distribution  Before Interest
                    Payments  shall reduce  the  principal  balance of  the
                    Pension Notes.



                                         -19-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

                    No  distributions were  paid  to the  Assignee Interest
               Holders during 1995, 1994  or 1993 (also see Note 12).   The
               General Partner  anticipates that distributions  to Assignee
               Interest Holders will  be suspended until operating  results
               significantly improve.

                    Cash  received  from  sales   or  refinancings  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 Pension
               Notes including interest at a noncompounded rate of 13%  per
               annum  less  any  prior payments  (see  Note  6),  is to  be
               distributed in the following manner:



































                                         -20-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  


                    First,  to the  Interest Holders  until their  adjusted
                    capital accounts are reduced to zero;

                    Second, to the Interest  Holders until cumulative  cash
                    distributions  received  equal  a   13%  non-compounded
                    return on  their adjusted capital accounts,  reduced by
                    prior distributions;

                    Third,  to  the  General  Partner  in  the  form  of  a
                    disposition fee; and

                    Fourth,  85% to  the Interest  Holders and  15% to  the
                    General Partner.

                    Net  income or loss from operations is allocated to the
               Interest  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% to the Assignee Holders as  a class
               and 10% to the  General Partner.  Other provisions  exist if
               there is net  income or loss other than from operations.  As
               discussed in Note 7, 2% for 1995, 1994 and 1993  of the Cash
               Available For Distribution Before Interest Payments was paid
               to the General Partner.   During 1994 and 1993,  the General
               Partner assigned  $60,653 and $30,263, respectively, of such
               distributions to CRGSH.   Accordingly, net loss  for each of
               the three years ended December 31, 1995 was allocated in the
               same manner.

          6.   PENSION NOTES

                    The  Notes bear stated simple interest  at a rate equal
               to 13%  per annum.  Payment  of up to 9%  of stated interest
               was  subject  to  deferral  through December  31,  1988  and
               payment  of  up  to 6%  of  stated  interest  is subject  to
               deferral   thereafter.  Deferred  interest   does  not  bear
               interest.   Interest  not  deferred  is  payable  quarterly.
               Using an effective  interest method,  interest on  principal
               and  accrued interest of the  Notes has been  accrued at the
               rate of  approximately  9% per  annum compounded  quarterly.
               The approximate  9% 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 and  will provide  a  liability for  the full
               amount of deferred interest upon the maturity  of the Notes.
               If  interest had  been  provided  based  on 13%  versus  the

                                         -21-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

               effective rate of approximately 9%, an additional  liability
               of approximately  $4,821,379 would  be recorded  at December
               31,  1995 and  future interest  expense would be  reduced by
               this amount.   The  Partnership made payments  of $2,987,040
               per year  in 1995,  1994  and 1993  to  Note holders.    The
               Partnership's  obligation to repay  the principal  amount of
               the Notes,  which mature  on December 31,  2001, and  stated
               interest thereon, is  secured by a lien on the Partnership's
               assets (see Note 9).  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 nor  more than  60 days  prior notice,  at the
               election of the Partnership.


          7.   DISTRIBUTIONS TO PARTNERS

                    During  1995,  1994  and  1993,   the  General  Partner
               received   distributions,  representing   2%  of   the  Cash
               Available  For Distribution Before  Interest Payments to the
               Note  Holders.   During 1994  and 1993, the  General Partner
               assigned  such  distributions  to   CRGSH  as  part  of  the
               management  arrangement.   The  Partnership did  not make  a
               distribution to  the holders  of  Assignee Interests  during
               1995, 1994 or 1993.























                                         -22-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

          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 off-
               setting  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.

                    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, assuming a  30-year life and a 30%
               salvage value.  Interest on 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 Notes is computed
               using an effective interest  method.  Start-up and marketing
               costs incurred  prior to  initial occupancy  are capitalized
               and  amortized  over sixty  months  for  Federal income  tax
               purposes, while for financial statement purposes, only those
               start-up and  marketing costs  that are expected  to benefit
               future operations have  been capitalized and amortized  over
               sixty months.

               A reconciliation  between financial  statement net  loss and
          net loss for tax purposes follows:
<TABLE>
<CAPTION>
                                                              Years Ended December  31,   
                    

                                                    1995          1994       1993
                  Net loss per 
                  <S>                          <C>           <C>         <C>
                  financial statements         $3,690,549    $3,773,975  $7,580,517

                  Temporary differences in determining
                  losses for Federal income tax purposes


                                                 -23-
<PAGE>






                   NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

                       Depreciation               671,332       923,302     782,341
                       Amortization of start-up
                        and marketing costs       (48,116)      (19,366)    (48,116)
                       Interest expense - 
                        pension notes          (2,673,201)   (2,471,909) (2,282,284)

                  Loss due to reduction in carrying
                    value of rental
                     property             $             -$             -$(3,300,000)   
                  Miscellaneous                   (18,001)      (11,175)    140,622

                  Loss per tax return         $ 1,622,563   $ 2,194,827 $ 2,873,080
</TABLE>
                  The basis of  building and improvements, net of  accumulated
               depreciation,   for   Federal  income   tax   purposes   was
               $38,724,490 and $40,208,416  at December 31, 1995 and  1994,
               respectively.































                                         -24-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

          9.   FUTURE OPERATIONS AND CASH FLOWS

                    Although  cash flow  from operations improved  in 1995,
               cash generated  from operations over the  past several years
               prior  to  1994   has  not   been  adequate   to  meet   the
               Partnership's  minimum interest  payment requirements.   The
               shortfall has  been funded  by Partnership's  cash reserves,
               which  principally resulted  from  funds remaining  from the
               initial  offering  of   Partnership  Assignee  Interest  and
               Pension  Notes, after  the acquisition of  the Partnership's
               Properties.    Given the  level  of  the Partnership's  cash
               reserves at  December 31, 1995, if the Partnership is unable
               to increase  cash generated from operations  over time, cash
               reserves may be exhausted and the  Partnership may be unable
               to meet its obligations.

                    If  interest payments  continue to  be deferred  at the
               current  rate (see  Note 6),  the total  accrual for  unpaid
               interest  and principal  will  approximate  $81  million  at
               December 31, 2001,  the maturity date  of the Pension  Notes
               which  is   far  in  excess  of   projected  cash  reserves.
               Accordingly,  there   will  need  to   be  very  significant
               improvements in cash flows  from operations and/or increases
               in the disposition and  refinancing values of the Properties
               to fund both the accrued interest and the face  value of the
               Pension Notes upon their maturity.

                    Management plans  to continue to manage  the Properties
               prudently  to achieve  positive  cash flows  from operations
               after interest payments.  

          10.  VALUATION OF RENTAL PROPERTY

                    In  accordance with FASB  Statement No 121, "Accounting
               for the  Impairment of Long-Lived Assets  and for Long-Lived
               Assets  to   be  Disposed  of",   the  Partnership   records
               impairment losses  on long-lived  assets used  in operations
               when events and circumstances indicate that the assets might
               be impaired  and the undiscounted cash flows estimated to be
               generated by those assets are less than the carrying amounts
               of those assets.   If such a shortfall exists,  a write-down
               would  be  warranted based  on  the  estimated shortfall  of
               discounted  cash  flows.    The  Partnership  performs  such
               evaluations on an ongoing basis by comparing each property's
               net book value to the  total estimated future operating cash
               flow for  years  through 2001  (the year  the Pension  Notes
               mature) plus  cash projected to be received  upon an assumed

                                         -25-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

               sale  of  the  properties  on  December  31,  2001.    Sales
               proceeds,  net  of an  estimated  3% cost  of  disposal, are
               estimated  using  a  10%  capitalization  rate  of  the  net
               operating income  projected for  each property for  the year
               2001.  As a result of operating budget revisions during 1993
               which reduced projected undiscounted cash flows, evaluations
               prepared at September 30, 1993 indicated that write-downs at
               that date were  necessary.  Therefore,  as of September  30,
               1993, write-downs in the  amounts of $2,000,000 and $800,000
               were recorded  on the Crosswood Oaks  and Atrium properties,
               respectively.   As  of December 31,  1993, an  evaluation of
               projected future  undiscounted cash flows disclosed that, as
               of December 31, 1993, additional write-downs of $400,000 and
               $100,000  were required  on  the Crosswood  Oaks and  Atrium
               properties, respectively.   After recording these additional
               amounts,  the   total  write-down  recorded  for   1993  was
               $3,300,000  and is  reflected as  loss due  to  reduction in
               carrying  value  of  rental  property  in  the  accompanying
               statements  of operations  for the  year ended  December 31,
               1993.   The primary  factors  that resulted  in the  reduced
               projected  undiscounted  cash  flows   as  compared  in  the
               previous  year  were  increased  projected   future  capital
               expenditures for these two  properties as well as reductions
               in the projected occupancy  rates and higher operating costs
               as a  percentage of revenue than  that originally projected.
               The Partnership will continue  to evaluate the operations of
               all of  its Properties,  and should  actual cash  flows fall
               short of  projected  cash flows  on any  of its  properties,
               further  reductions  in  carrying  value  may  be necessary.
               Based  on the  Partnership's evaluation  of each  respective
               property during  December 31,  1995 and 1994,  no additional
               write-downs were taken.

                    Even   after  the  write-downs   discussed  above,  the
               carrying value of Crosswood  Oaks and The Atrium as  well as
               the  other Properties  owned  by the  Partnership may  still
               exceed  current  market  values  as of  December  31,  1995.
               Should the Partnership be  forced to dispose of one  or more
               of  its Properties, it could incur a loss.  The Partnership,
               however,  does not intend to sell any Properties in the near
               future, but rather intends  to continue to hold  and operate
               them as rental properties.  As a result, the Partnership has
               not obtained appraisals  of the current market value  of its
               Properties.

          11.  FAIR VALUE OF FINANCIAL INSTRUMENTS:


                                         -26-
<PAGE>






                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                A LIMITED PARTNERSHIP

                            NOTES TO FINANCIAL STATEMENTS

                                    (continued)  

                    The  carrying  amounts  and  fair  values  of financial
               instruments at December 31, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
                                                    1995            1994       
                                    Carrying           Fair       Carrying    Fair
                                           Amount     Value        Amount     Value

            Cash and cash 
            <S>               <C>         <C>          <C>        <C>
            equivalents       $ 3,478,604 $ 3,478,604  $3,593,147 $3,593,147
            Pension Notes      42,672,000  17,932,740  42,672,000  17,078,800  

</TABLE>
               The  following  methods and  assumptions  were  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.

                    Pension Notes:   The fair values  of Pension Notes  are
                    based on quoted market price.

          Item  9.    Changes  in  and Disagreements  with  Accountants  on
               Accounting and Financial Disclosure

                    The   Partnership's   former  independent   accountant,
               Deloitte & Touche  LLP, was dismissed by  the Partnership on
               July  17, 1995.  Deloitte & Touche's report on the financial
               statements  for either of the past two years did not contain
               an adverse opinion or disclaimer of opinion, or was modified
               as  to uncertainty,  audit scope, or  accounting principles.
               The  Partnership engaged  Ernst &  Young as  its independent
               accountant on July 17, 1995.

                                       Part III

          Item 10. Directors and Executive Officers of the Registrant

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

                    (b).   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

                                         -27-
<PAGE>






               property  for its own account and for the account of various
               limited  partnerships of  which it  is the  general partner.
               CRGSH is a  wholly owned subsidiary of  Capital Realty Group
               Corporation,  a  Texas  corporation  ("Capital"),  with  its
               corporate headquarters  in Dallas, Texas.   Capital is owned
               50% by James A. Stroud (through a trust) and 50%  by Jeffrey
               L. Beck.

                    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  properties to  Capital Senior  Living.   CSL is
               owned in the same manner as Capital.

                    The following are the  directors and executive officers
               of CSL, and previously CRGSH:

                  Name                Position                  
                  James A. Stroud     Chief  Operating  Officer,  Secretary
                                     and Director
                  Jeffrey L. Beck     Chief Executive Officer and Director
                  Keith N. Johannessen  President
                  Fred Tanner         Executive Vice President
                  Rob L. Goodpaster   National Director of Marketing
                  Marilyn J. Teel     Vice President 
                  David Brickman      Vice President
                  Robert F. Hollister  Controller

                   James  A. Stroud, age 45.   Mr. Stroud  has served as an
                  officer and a director of CRGSH since December 1988, most
                  recently serving as Chief Operating Officer and Secretary
                  since May 1991.  He owns 50% (through a trust) of Capital
                  Realty Group  Corporation.  From 1984 until  1985, he was
                  Executive    Vice-President    of    Equity    Management
                  Corporation,  Dallas, Texas, a  full service  real estate
                  company.  From 1980 to 1983, he was director in charge of
                  the  Tax Department  of the  law firm  of Baker,  Glast &
                  Middleton, Dallas, Texas.   From 1978 until 1980,  he was
                  an associate  with Brice  & Mankoff (formerly  Durant and
                  Mankoff), a law  firm in Dallas, Texas.  Mr.  Stroud is a
                  Certified Public Accountant and  a licensed attorney.  He
                  received his  B.B.A.  from  Texas  Tech  University  with
                  highest  honors, his  J.D. from  the University  of Texas
                  with honors,  and his  L.L.M. in  taxation from  New York
                  University with honors.  While at New York University, he
                  was a graduate editor of the New York University Tax  Law
                  Review  and a Wallace  Scholar.  Mr. Stroud  is a founder
                  and  director   of   the   Assisted   Living   Facilities
                  Association of  America, a member of  the Health Industry
                  Council,    President-elect   of    National   Investment
                  Conference  ("NASLI"),  and  has  delivered  speeches  on
                  health care topics to the National Association for Senior
                  Living Industries, NASLI, and the Urban Land Institute.



                                         -28-
<PAGE>






                   Jeffrey L.  Beck, age  51.  Mr.  Beck has  served as  an
                  officer and a director of CRGSH since December 1988, most
                  recently  serving  as  Chief   Executive  Officer   since
                  November 1990.   He  owns  50%  of Capital  Realty  Group
                  Corporation.  From 1975 to 1985, he was President of Beck
                  Properties, Inc., which  was the predecessor of  Capital.
                  From  1973  to  1974,  he  was Regional  Controller  with
                  Trammell Crow  & Company, a real  estate company based in
                  Dallas,  Texas.   Mr. Beck  is Chairman  of the  Board of
                  Directors of  Park  Central Bank  of Dallas.    Mr.  Beck
                  serves  as  Chairman  of  the  American  Senior   Housing
                  Association.

                   Keith N.  Johannessen, age  39.  Mr.  Johannessen became
                  Executive  Vice  President  of  CRGSH  in May  1993  with
                  responsibility for supervising  the day-to-day operations
                  of CRGSH's  retirement communities.   In March  1994, Mr.
                  Johannessen  became President  of CRGSH.   From September
                  1992  through  May 1993,  Mr.  Johannessen  was  a Senior
                  Manager in the  North Central Region for the  health care
                  practice of  Ernst & Young, responsible  for assisting in
                  the  development and  direction of  the firm's  long term
                  care center consulting projects in the region  as well as
                  on a national basis.  From August 1987 through  September
                  1992, Mr.  Johannessen was Executive Vice  President with
                  Oxford  Retirement  Services,  Inc.  responsible for  the
                  sales, marketing and operations of retirement communities
                  and nursing homes.  From August 1978 to August 1987,  Mr.
                  Johannessen   was   employed   by   Life  Care   Services
                  Corporation  in  a  variety   of  operations   management
                  positions,  from  single retirement  projects  to  multi-
                  facility responsibilities.  He is a licensed nursing home
                  administrator and  holds a  Bachelor of Arts  Degree from
                  Nyack College, New York.  Mr Johannessen is active in the
                  American Senior Housing Association, National Association
                  for Senior Living Industries and the American Association
                  of Homes for the Aging.

                   Fred Tanner, age  40.  Mr. Tanner  became Executive Vice
                  President of CRGSH in 1994, providing operational support
                  to  congregate, assisted  living and  nursing facilities.
                  Additionally, he is responsible  for the development  and
                  oversight  of home  health  programs.   Prior  to joining
                  CRGSH,  Mr.  Tanner served  in similar  operational roles
                  with Greystone Communities from May 1993 to November 1994
                  and  Central Park Lodges from December  1988 to May 1993.
                  His experience includes the  multiple supervision of both
                  endowment  and  rental,  including  independent, assisted
                  living  and  nursing  care  facilities.     Mr.  Tanner's
                  involvement  in  the  industry   began  in  1979  at  the
                  Methodist Home for the Aged in Charlotte, North Carolina.
                  In 1983  he served as an Executive Director of retirement
                  communities in  Kansas  and Tennessee  before becoming  a
                  Regional Director  of Operations  for the Forum  Group in
                  Indianapolis,  Indiana.   Mr. Tanner is  a member  of the

                                         -29-
<PAGE>






                  American Senior  Housing Association, where  he heads the
                  committee formulating the  association's assisted  living
                  regulatory  policy.   Mr.  Tanner  is a  graduate  of the
                  University  of North  Texas Center  for Studies  in Aging
                  with   a   M.A.   in   Gerontology/Retirement   Community
                  Administration.

                   Rob  L.  Goodpaster,  age  43.   Mr.  Goodpaster  became
                  National Director of Marketing of CRGSH in December 1992,
                  with  overall responsibility  for marketing  and lease-up
                  functions of  CRGSH's managed properties.   With 19 years
                  of  experience in  the  industry, Mr.  Goodpaster  has an
                  extensive  background  in  retirement  housing marketing.
                  His    experience   includes    analyzing   demographics,
                  developing  and  implementing  marketing  plans, creating
                  outreach  and advertising  programs, hiring  and training
                  sales  personnel  and  implementing  lead management  and
                  tracking  systems.     Prior  to  joining   Capital,  Mr.
                  Goodpaster was National Director  of Marketing for Autumn
                  America from  January 1990  to November 1992.   From 1985
                  until December  1989,  he  was  President  of  Retirement
                  Living   Concepts,  Inc.  where  he  marketed  retirement
                  properties throughout the United States.   Mr. Goodpaster
                  was   formerly  Vice   President,  Marketing   for   U.S.
                  Retirement Corp.  from 1984  to 1985 and  Vice President,
                  Development for American  Retirement Corp.  from 1980  to
                  1984.    Mr.  Goodpaster  is  a  graduate  of  Ball State
                  University  with  a  B.S.  in   Business  Management  and
                  Marketing.   Mr. Goodpaster  is a member of  the National
                  Association  for  Senior Living  Industry  and the  Texas
                  Association of Retirement Communities.

                   Marilyn J.  Teel, age 42.   Ms. Teel has  served as Vice
                  President  of CRGSH  since 1992.   Ms.  Teel has  over 15
                  years experience in the senior housing industry.  She has
                  had  extensive  experience  in  marketing,   leasing  and
                  management  operations  for  retirement  communities  and
                  assisted living facilities.  She joined CRGSH in 1991 and
                  is  currently  responsible   for  overseeing   day-to-day
                  property operations  as  well as  marketing  and  leasing
                  operations for multiple  retirement communities, assisted
                  living facilities and nursing home facilities.  From 1987
                  through  1988,  Ms.  Teel  was  marketing  director  with
                  OverCash  Goodman Company,  a  company  located  in  Fort
                  Worth, Texas, providing nursing home and congregate care.
                  From  1988   until  1991,   Ms.  Teel  was   the  on-site
                  administrator for various retirement communities.  She is
                  a  member   of  the   Texas  Association  of   Retirement
                  Communities and the NASLI.

                   David Brickman, age 37.  Mr. Brickman has served as Vice
                  President and  Counsel of CRGSH since 1992.  Mr. Brickman
                  received  his  bachelor  of  Arts  degree  from  Brandeis
                  University.  He holds a J.D. from the University of South
                  Carolina  Law School,  an M.B.A.  from the  University of

                                         -30-
<PAGE>






                  South Carolina  School of  Business Administration  and a
                  Masters  of Health  Administration from  Duke University.
                  Prior to  joining Capital in 1992,  he served as in-house
                  counsel  from 1986  through 1987  with Cigna  Health Plan
                  Inc., from 1987 through  1989 with American General Group
                  Insurance Company  and from  1989 until joining  Capital,
                  with LifeCo Travel Management Company located in Houston,
                  Texas.    Mr.  Brickman  is  also responsible  for  asset
                  management   activities,   operational   activities   and
                  investor relations for Capital's portfolio.

                   Robert F. Hollister,  age 40.  Mr.  Hollister has served
                  as  Controller  of  CRGSH  since  1992.    Mr.  Hollister
                  received his  Bachelor of Science in  Accounting from the
                  University of  Maryland.  His  experience includes public
                  accounting experience  as well as  private experience  in
                  fields  such  as  securities,  construction, and  nursing
                  homes.  Prior to  joining Capital in 1992,  Mr. Hollister
                  was  the  chief  financial  officer  and  controller  for
                  Kavanaugh Securities, Inc. from December 1985 until 1992.
                  Mr. Hollister is the  property controller and  supervises
                  the   day-to-day  accounting  and  financial  aspects  of
                  Capital.  Mr. Hollister  is a Certified Financial Planner
                  and  a member  of  both local  and  national professional
                  accounting organizations.

                   The executive officers of CSL are required to spend only
                  such  time  on the  Partnership's  affairs  as  is deemed
                  necessary  in the  sole judgment  of CSL.   A significant
                  amount of these officers' time is expected to be spent on
                  matters unrelated to the Partnership.

                   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 1995.

          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.  The following is a summary of such fees paid
                  or accrued during the year ended December 31, 1995:

                  Paid or payable from operating cash flow:

                   Cash distributions  of $60,960  to the  General Partner,
                  which  represents 2%  of Cash Available  for Distribution
                  Before Interest Payments to the Note Holders.  


                                         -31-
<PAGE>






                    Management   fees,  dietary  service  fees,  and  other
                  operating  expense  reimbursements   of  $1,326,188   and
                  salaries, related benefits and overhead reimbursements of
                  $3,925,369, were paid to the  General Partner and CSL, an
                  affiliate of the General Partner

          Item 12.   Security  Ownership of  Certain Beneficial Owners  and
          Management

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

                    As of  March 15,  1996,  an  affiliate of  the  General
                  Partner, purchased approximately  1,430 Pension Notes, or
                  approximately  3.35%  of  the  Partnership's  outstanding
                  Pension Notes  of an  average price  of $423 per  Pension
                  Note.

          Item 13.  Certain Relationships and Related Transactions.

                   An outside member of NCHP's Board of Directors, Lloyd N.
                  Cutler, is of counsel to the law firm of Wilmer, Cutler &
                  Pickering, which firm was retained by NCHP and certain of
                  its affiliates for legal  services during the last fiscal
                  year.

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


























                                         -32-
<PAGE>






                                       PART IV


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

               (a)  Documents filed as part of this report:

                  1.Financial Statements

                    The  financial  statements, notes  and  reports  listed
          below are included herein:
                                                            Page

          Report of Ernst & Young LLP, Independent Auditors7

          Report of Independent Public Accountants         8

          Statements of Financial Position, 
                  December 31, 1995 and 1994                9

                  Statements of Operations for the Years

                  Ended December 31, 1995, 1994 and 1993   10

                  Statements of Partners' Equity (Deficit)
                  for the Years Ended December 31, 1995, 1994
                  and 1993                                 11

                  Statements of Cash Flows for the
                  Years Ended December 31, 1995,
                  1994 and 1993                            12

                  Notes to Financial Statements            14


                  2.  Financial Statement Schedules

                                                            All   schedules
                                                            have       been
                                                            omitted  as the
                                                            r e q u i r e d
                                                            information  is
                                                            inapplicable or
                                                            the information
                                                            is presented in
                                                            the   financial
                                                            statements   or
                                                            related notes.

                  3.  Exhibits

                  None. 
                  (b) Reports on Form 8-K


                                         -33-
<PAGE>






                      No  reports on  Form 8-K were  filed during  the last
          quarter of fiscal 1995.






















































                                         -34-
<PAGE>






                                      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\ James A. Stroud       
                                                                            
          James A. Stroud
          Chief Operating Officer and Director



                  Pursuant to  the requirements of the  Securities Exchange
          Act  of 1934, this Report has been  signed below by the following
          persons on behalf of the Registrant  and in capacities and on the
          dates indicated.





          By:      \s\ James A. Stroud                    
                  James A. Stroud
                  Chief Operating Officer and Director
                  (Chief financial, and accounting officer)





          By:      \s\ Jeffrey L. Beck                    
                  Jeffrey L. Beck
                  Chief Executive Officer and Director
                   

          Date:   March 29, 1996









                                         -35-
<PAGE>