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, 1999, 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              (I.R.S. Employer Identification No.)
of incorporation or organization)

14160 Dallas Parkway, Suite 300, Dallas, Texas             75240
----------------------------------------------             -----
(Address of principal executive offices)                (Zip Code)


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

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

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

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

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

Documents incorporated by reference:  None
                                      ----

<PAGE>
<TABLE>
<CAPTION>

                                NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                                                   1999 FORM 10-K
                                                  TABLE OF CONTENTS

PART I                                                                                                  Page
<S>          <C>                                                                                        <C>
Item 1.      Business                                                                                    3
Item 2.      Properties                                                                                  4
Item 3.      Legal Proceedings                                                                           6
Item 4.      Submission of Matters to a Vote of Security Holders                                         6

PART II

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

PART III

Item 9.      Changes in and Disagreements with Accountants on
                Accounting and Financial Disclosure                                                     30
Item 10.     Directors and Executive Officers of the Registrant                                         30
Item 11.     Executive Compensation                                                                     31
Item 12.     Security Ownership of Certain Beneficial Owners and
                Management                                                                              32
Item 13.     Certain Relationships and Related Transactions                                             32

PART IV

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

</TABLE>




<PAGE>




                                     PART I

ITEM 1.  BUSINESS

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

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

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

The  substitution of CRGSH as sole General  Partner of the Partnership  required
the consent of 50 percent or more of the outstanding  Assignee Interests,  which
had been issued by the Partnership  and assigned by Assignor  Corporation to the
Assignee Holders. Under the Partnership Agreement,  holders of the Pension Notes
were not entitled to vote. Pursuant to a Consent  Solicitation dated October 25,
1994,  Assignee  Holders holding more than 64 percent of the equity interests in
the Partnership

                                      3
<PAGE>




approved  the  election  of CRGSH,  as the  replacement  General  Partner of the
Partnership.  Effective  January 23,  1995,  CRGSH  became the new sole  General
Partner  of the  Partnership.  CRGSH was a wholly  owned  subsidiary  of Capital
Realty Group  Corporation,  a Texas corporation  (Capital).  Capital is owned by
James A. Stroud (50 percent  through a trust) and Jeffrey L. Beck (50  percent).
CRGSH  assigned  its contract  rights to manage the  Partnership  properties  to
Capital  Senior  Living,  Inc.  (CSL),  a subsidiary  of Capital  Senior  Living
Corporation (CSLC), effective February 1, 1996.

On June 10,  1998,  Capital  sold all of its  shares  of CRGSH  common  stock to
Retirement  Associates,  Inc. (Associates) for $855,000. The source of the funds
is a Promissory Note for $855,000 with a five- year term and bearing an interest
rate of 8 percent per annum as of  December 1, 1999.  Prior to December 1, 1999,
the Promissory  Note had an interest rate of 10 percent per annum;  the interest
rate was decreased to adjust to a market rate and in  consideration of an early,
unscheduled  payment of interest due. The interest will accrue on the Promissory
Note and be payable at the maturity of the  Promissory  Note.  Associates is the
maker of the Note and Capital is the payee. Mr. Robert Lankford is the President
of Associates and has had prior  business  relationships  with Messrs.  Beck and
Stroud,  the former  principals of CRGSH. From 1988 to 1997, Mr. Lankford was an
independent  broker with Capital  Brokerage,  an affiliate of CSLC. From 1997 to
the present,  however,  Mr.  Lankford has been a principal  with Kamco  Property
Company  Commercial  Real  Estate  Brokerage.  In this  capacity,  Mr.  Lankford
provides  independent  commercial  real estate  brokerage  services  for various
clients  including  CSLC,  which  accounts  for  less  than  20  percent  of his
compensation.  The address of the principal  executive  offices of CRGSH is 3516
Merrell Road, Dallas, Texas 75229. The phone number is (972) 679-7477.

The  Partnership's  business is to operate  residential  rental  properties  for
retirement  age occupants (the  Properties).  The  Partnership  presently owns a
99.99  percent  interest  in  one  property.  See  Item  2,  Properties,  for  a
description of this Property and the business plan for the Property.

The Partnership did not have any employees as of December 31, 1999.

Regulatory Matters

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

ITEM 2.  PROPERTIES

On September 30, 1998, the  Partnership  sold four  properties to Capital Senior
Living  Properties  2 - NHPCT,  Inc.,  a wholly owned  subsidiary  of CSLC,  for
$40,650,000.  The four properties sold were the Atrium at Carmichael,  Crosswood
Oaks, The Heatherwood and the Veranda Club. After the sale,

                                       4
<PAGE>




The Amberleigh is the only remaining  property in which the  Partnership has any
interest.  After payment of closing costs,  the  Partnership  netted $322,652 in
cash  proceeds  from  the sale  after  $22,514,174  was  allocated  for  partial
redemption  of Pension  Notes,  $15,703,636  allocated  for  partial  payment of
deferred interest on redeemed Pension Notes, and $413,188 for payment of current
interest due on redeemed Pension Notes. The Partnership  recognized a $9,249,174
gain on sale of those  properties at September  30, 1998.  In October 1998,  the
Partnership recognized  approximately  $1,856,485 of additional interest expense
paid on redeemed Pension Notes resulting from the difference  between the stated
interest rate of 13 percent on the Pension  Notes and the accrued  interest rate
of  approximately  9 percent  recorded by the  Partnership  under the  effective
interest  rate  method.  Due to the partial  redemption  of Pension  Notes,  the
Partnership  recognized  $525,891  of  losses  on early  extinguishment  of debt
relating to the write off of issuance and  organization  costs on Pension  Notes
that were  redeemed.  The partial  redemption  of Pension  Notes will reduce the
amount of deferred interest,  which continues to accrue on the remaining Pension
Notes.

The following is a schedule of the Property owned by the Partnership at December
31,  1999.  The  Amberleigh  is  owned by a  limited  partnership  in which  the
Partnership  is a 99.99  percent  partner.  The  Amberleigh  is  encumbered by a
mortgage 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, 1999                  December 31, 1998
        -------------               -----             -----------------                  -----------------
<S>                                  <C>                     <C>                                <C>
The Amberleigh                       271                     87%                                95%
  At Woodstream Farms
  Williamsville, New York
</TABLE>

On November 5, 1997, the Partnership purchased  approximately 3.10 acres of land
adjacent to The  Amberleigh  for $500,000  plus closing  costs for the potential
expansion of the Amberleigh, as well as to prevent another purchaser from buying
the tract and blocking the facility from view from the main intersection. Due to
licensure and financing  requirements,  the land  currently will not be used for
development.

The  cornerstones  of the General  Partner's  business  plan for  continuing  to
improve the Partnership's remaining property, The Amberleigh,  are to expand the
services  offered to residents to include special  services and home health care
programs,  continued  effective  use of creative  marketing  techniques  such as
outreach to local  hospitals  and  physicians  continuing  cost  effective  site
operations.  The  introduction  of  special  services  and home  health  care is
intended to  accommodate  the needs of residents  as they age in place.  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 facility at a difficult time.  Thus,  offering
special services and home health care tends to attract more people who know they
can stay for

                                       5
<PAGE>




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 remaining property.

Due to the Partnership's  goal to remain competitive in its real estate markets,
the General Partner  developed an ongoing capital  improvement  program that was
implemented in 1994. The program  generally  includes  painting of the building,
replacement  of carpet and  curtains,  purchase of new  furniture  and furniture
refurbishment,  and  purchase of new  equipment.  Budgeted  operational  capital
expenditures for 2000 are approximately $116,300.

ITEM 3.  LEGAL PROCEEDINGS

On or about  October  23,  1998,  Robert  Lewis  filed a putative  class  action
complaint  on  behalf  of  certain  holders  of  assignee  interests   (Assignee
Interests) in NHP  Retirement  Housing  Partners I, LP in the Delaware  Court of
Chancery  against NHP, the Company,  Capital Senior Living  Properties  2-NHPCT,
Inc.  and  Capital  Realty  Group  Senior  Housing,   Inc.   (collectively   the
Defendants).  Mr. Lewis purchased 90 Assignee  Interests in NHP in February 1993
for  $180.  The  complaint  alleges,  among  other  things,  that the  Defendant
breached, or aided and abetted a breach of, the express and implied terms of the
NHP Partnership  Agreement in connection with the sale of four properties by NHP
to Capital Senior Living  Properties  2-NHPCT,  Inc. The complaint seeks,  among
other  relief,  rescission  of the  sale of  these  properties  and  unspecified
damages.  The Company  believes the complaint is without merit and is vigorously
defending itself this action.  The Company has filed a Motion to Dismiss in this
case,  which  currently  is  pending.  The  Company  is unable to  estimate  any
liability related to this claim, if any.

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.


                                       6
<PAGE>




     As of March 1,  2000,  there  were 2,348  registered  holders  of  Assignee
     Interests and 3,159 registered holders of Pension Notes.

     As  of  March  1,  2000,  Capital  Senior  Living  Properties,  Inc.  owned
     approximately  14,131 Pension  Notes,  or  approximately  33 percent of the
     Partnership's outstanding Pension Notes.

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

     For each of the years ended December 31, 1999, 1998 and 1997, interest paid
     to the Pension Note Holders as a group totaled $1,421,799,  $2,589,891, and
     $2,987,040,  respectively,  per year. With respect to the fourth quarter of
     1999,  interest  payments  paid to  Pension  Note  Holders on March 1, 2000
     amounted to $355,661.

     No cash  distributions  were paid to the Assignee  Interest  Holders during
     1999,  1998,  or 1997.  As  presented  in the  Statement  of Cash Flows (as
     excerpt below), cash and cash equivalents (decreased) increased $(267,943),
     $1,325,567  and  $478,552 for the years ended  December 31, 1999,  1998 and
     1997,  respectively.  Future  cash  requirements  have  caused the  General
     Partner  to  determine  that  it is not  financially  appropriate  to  make
     distributions to Assignee Interest Holders.

B.   Not applicable.

                                       7






<PAGE>




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

                                                                      Years Ended December 31,

                                               1999              1998              1997              1996              1995
                                               ----              ----              ----              ----              ----
<S>                                       <C>               <C>               <C>              <C>                <C>
Revenue                                   $  5,322,600      $ 13,746,088      $  15,548,138    $  14,488,099      $ 14,020,626
                                          ============      ============      =============    =============      ============

Net Income (Loss)                         $ (2,474,347)     $ (3,409,569)     $  (3,522,917)   $  (3,574,668)     $ (3,690,549)
                                          ============      ============      =============    =============      ============

Net Income (Loss) per Assignee
Interest                                  $        (57)     $         61      $         (81)   $         (82)     $        (85)
                                          ============      ============      =============    =============      ============

Total assets                              $ 24,333,572      $ 25,262,800      $  55,585,840    $  56,071,884      $ 57,749,496
                                          ============      ============      =============    =============      ============

Long-term obligations,
   Pension Notes, and related
   interest payable                       $ 35,036,889      $ 33,300,689      $  66,402,407    $  63,353,172      $ 60,573,461
                                          ============      ============      =============    =============      ============

Cash distributions per
   Assignee Interest                      $          0      $          0      $           0    $           0      $          0
                                          ============      ============      =============    =============      ============
</TABLE>



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

Results of Operations

Income from rental  operations  decreased  to  $1,456,968  from  $3,402,021  and
$3,166,234 for the years ended December 31, 1999, 1998, and 1997,  respectively.
Rental revenue  decreased in 1999 to $5,322,600 from  $13,746,088 in 1998 due to
the  sale of four  properties  on  September  30,  1998.  Rental  expenses  also
decreased to $3,865,632 in 1999 from $10,344,067 in 1998 due to the sale of four
properties  on  September  30,  1998.  The  Partnership's  net income  (loss) is
$(2,474,347),  $3,409,569,  and  $(3,522,917)  for the years ended  December 31,
1999,  1998,  and  1997,  respectively.  Due to the sale of four  properties  on
September  30,  1998,  the  Partnership  recognized  in  1998 a gain  on sale of
$9,249,174,  a loss on early extinguishment of debt of $525,891,  and additional
interest expense on Pension Notes of $1,856,485 on the redeemed Pension Notes.

Rental revenue decreased in 1998 to $13,746,088 from $15,548,138 in 1997. Rental
expenses also decreased to $10,344,067  in 1998 from  $12,381,904 in 1997.  Both
decreases in rental revenues and expenses from 1997 to 1998 were due to the sale
of four properties on September 30, 1998.

                                       8

<PAGE>


Liquidity and Capital Resources

Net cash used by operating  activities during 1999 was $125,391,  representing a
decrease  over  1998 and  1997 net cash  provided  by  operating  activities  of
$1,727,196  and  $1,561,977,  respectively.  Net  cash  used in 1999  operations
primarily  was due to  decreased  occupancy  at The  Amberleigh  property.  Rent
collections  decreased to $5,056,293 in 1999 from $13,401,008 in 1998, primarily
due to the sale of four  properties  on  September  30, 1998.  Likewise,  rental
collections decreased from $15,239,499 in 1997 to $13,401,008 in 1998 due to the
sale  of  the  properties  in  1998.  Operating  expenses  paid  decreased  from
$9,448,442  in  1998 to  $4,012,953  in 1999  primarily  due to the  sale of the
properties in 1998.  Operating  expenses  decreased from  $10,996,792 in 1997 to
$9,448,442 in 1998 due to the sale of the properties in 1998.  Interest paid was
$1,421,799 in 1999, $2,589,891 in 1998 and $2,987,040 in 1997.

For the years ended 1998 and 1997,  cash  generated  from rental  operations was
sufficient to pay the base interest amount on the  outstanding  Pension Notes of
$2,589,891 and  $2,987,040,  respectively.  However,  cash generated from rental
operations  during  1999 was  insufficient  to pay the base  interest  amount of
$1,421,799.  Interest  payments on the Pension Notes are accrued at a 13 percent
rate,  but were paid based on a 7 percent pay rate in 1999,  1998, and 1997. The
remaining 6 percent unpaid  portion for these years as well as amounts  deferred
in prior years in accordance with the terms of the Pension Notes continues to be
accrued and are due at maturity,  December 31, 2001. Accrued and unpaid interest
at December 31, 1999 amounted to $14,879,063.

Cash and cash  equivalents  at December  31,  1999  amounted  to  $5,553,357  as
compared to  $5,821,300  at December  31,  1998.  Cash  required by  operations,
including  interest on Pension  Notes,  has been  funded by maturing  short-term
investments   or  available   cash  on  hand.   If  operations  do  not  improve
significantly  in the next two years,  future funds may not be available to meet
operating  requirements  and for  full  payment  of the  Pension  Notes'  unpaid
principal  and accrued  interest,  which is due on December 31, 2001.  This cash
need has caused the  General  Partner to  determine  that it is not  financially
appropriate to make distributions to Assignee Interest Holders.

If interest payments on the Pension Notes continue to be deferred at the current
rate (see Note 6 to the  financial  statements),  the total  accrual  for unpaid
interest and principal  will  approximate  $38 million at December 31, 2001, the
maturity  date  of the  Pension  Notes.  This is in  excess  of  projected  cash
reserves.  Accordingly,  there will need to be  improvements  in cash flows from
operations  and/or  increases in the disposition  and refinancing  values of the
Property  to fund both the  accrued  interest  and the unpaid  principal  of the
Pension Notes upon their maturity.

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

                                       9

<PAGE>





Year 2000 Issue

The Partnership did not experience any adverse  computer  disruptions due to the
year 2000  rollover and does not expect any  disruptions  during due to the year
2000 issue in the future.

ITEM 7A. QUALITATIVE AND QUANTITATIVE DISCLOSURE ABOUT MARKET RISK

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

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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


                                       10

<PAGE>





                           REPORT OF ERNST & YOUNG LLP
                              INDEPENDENT AUDITORS

The Partners

NHP Retirement Housing Partners I Limited Partnership

We have  audited  the  accompanying  statements  of  financial  position  of NHP
Retirement  Housing  Partners I Limited  Partnership as of December 31, 1999 and
1998, and the related statements of operations,  partners' equity (deficit), and
cash flows for each of the three years in the period  ended  December  31, 1999.
These  financial   statements  are  the   responsibility  of  the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of NHP Retirement Housing Partners
I Limited  Partnership  at  December  31,  1999 and 1998 and the  results of its
operations  and its cash flows for each of the three  years in the period  ended
December 31, 1999 in conformity with generally accepted accounting principles in
the United States.



                                                  Ernst & Young LLP

Dallas, Texas
February 4, 2000

                                       11
<PAGE>


<TABLE>
<CAPTION>


                               NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                                         STATEMENTS OF FINANCIAL POSITION

                                                                                     December 31,

                                                                           1999                         1998
                                                                           ----                         ----

ASSETS (Note 6)
<S>                                                                   <C>                           <C>
Cash and cash equivalents (Note 2)                                    $  5,553,357                  $  5,821,300

Receivables                                                                 25,690                        12,451

Pension Notes issuance costs (Note 1 and 6)                                238,013                       357,017

Pension Notes organization costs (Note 1 and 6)                                  -                        77,615

Prepaid expenses                                                           119,097                       140,590

Rental property (Notes 1, 4 and 10):
   Land                                                                  2,391,705                     2,391,705

   Buildings and improvements, net of
     accumulated depreciation of $6,354,013
     in 1999 and $5,783,775 in 1998                                     16,001,167                    16,457,649

Other assets                                                                 4,543                         4,473
                                                                             -----                         -----

Total assets                                                          $ 24,333,572                  $ 25,262,800
                                                                      ============                  ============


LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
   Accounts payable                                                   $    175,495                  $    301,673
   Interest payable (Note 6)                                            14,879,063                    13,142,863
   Pension Notes (Note 6)                                               20,157,826                    20,157,826
   Other liabilities (Note 2)                                              296,037                       332,144
                                                                           -------                       -------

                                                                        35,508,421                    33,934,506
                                                                        ----------                    ----------

Contingencies (Note 12)

Partners' deficit (Notes 5 and 7):

   General Partner                                                        (928,115)                     (849,832)
   Assignee Limited Partner - 42,691
     investment units outstanding                                      (10,246,734)                   (7,821,874)
                                                                       -----------                    ----------

Total partners' deficit                                                (11,174,849)                   (8,671,706)
                                                                       -----------                    ----------

Total liabilities and partners' deficit                               $ 24,333,572                  $ 25,262,800
                                                                      ============                  ============
</TABLE>


                        See Notes to Financial Statements

                                       12

<PAGE>



<TABLE>
<CAPTION>

                               NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                                             STATEMENTS OF OPERATIONS

                                                                                    Year Ended December 31,

                                                                             1999                1998               1997
                                                                             ----                ----               ----

REVENUES
<S>                                                                     <C>                <C>                <C>
   Rental income                                                        $  5,069,532       $  13,381,567      $  15,243,028
   Interest income                                                           181,994             149,883             89,872
   Other income                                                               71,074             214,638            215,238
                                                                              ------             -------            -------

                                                                           5,322,600          13,746,088         15,548,138
                                                                           ---------          ----------         ----------

COSTS AND EXPENSES
   Salaries, related benefits and overhead reimbursements (Note 3)         1,074,947           3,318,570          3,984,975
   Management fees, dietary fees and other services (Note 3)                 457,581           1,235,020          1,432,813
   Administrative and marketing                                              228,217             552,944            778,400
   Utilities                                                                 267,087             729,706            890,070
   Maintenance                                                               174,640             421,542            521,464
   Resident services, other than salaries                                     45,182             230,693            296,468
   Food services, other than salaries                                        529,369           1,350,723          1,591,266
   Depreciation                                                              570,238           1,462,362          1,703,233
   Taxes and insurance                                                       518,371           1,042,507          1,183,215
                                                                             -------           ---------          ---------

                                                                           3,865,632          10,344,067         12,381,904
                                                                           ---------          ----------         ----------

INCOME FROM RENTAL OPERATIONS                                              1,456,968           3,402,021          3,166,234
                                                                           ---------           ---------          ---------

OTHER (INCOME) EXPENSES
   Gain on sale (Note 4)                                                           -          (9,249,174)                 -
   Loss on early extinguishment of debt (Note 4)                                   -             525,891                  -
   Interest expense - Pension Notes (Note 6)                               3,157,999           8,119,171          6,036,275
   Amortization of Pension Notes issuance costs                              119,004             220,845            254,792
   Amortization of Pension Notes organization costs                           77,615              43,800             49,776
   Other expenses                                                            576,697             331,919            348,308
                                                                             -------             -------            -------

                                                                           3,931,315              (7,548)         6,689,151
                                                                           ---------              ------          ---------

NET INCOME (LOSS)                                                       $ (2,474,347)        $ 3,409,569      $  (3,522,917)
                                                                        ============         ===========      =============

ALLOCATION OF NET INCOME (LOSS)
   General Partner                                                      $    (49,487)        $   808,125      $     (70,458)
   Assignor Limited Partner                                               (2,424,860)          2,601,444         (3,452,459)
                                                                        ------------         -----------      -------------

                                                                        $ (2,474,347)        $ 3,409,569      $  (3,522,917)
                                                                        ============         ===========      =============

NET INCOME (LOSS) PER ASSIGNEE INTEREST                                 $        (57)        $        61      $         (81)
                                                                        ============         ===========      =============
</TABLE>


                        See Notes to Financial Statements

                                       13

<PAGE>


<TABLE>
<CAPTION>


                               NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                                     STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                                                                                  Assignee
                                                           General                 Limited
                                                           Partner                Partners                   Total
                                                           -------                --------                   -----
<S>                                                  <C>                     <C>                      <C>
Partners' deficit at December 31, 1996               $     (1,465,252)       $    (6,970,859)         $    (8,436,111)

Distributions                                                 (60,960)                     -                  (60,960)

Net Loss                                                      (70,458)            (3,452,459)              (3,522,917)
                                                     ----------------        ---------------          ---------------

Partners' deficit at December 31, 1997                     (1,596,670)           (10,423,318)             (12,019,988)

Distributions                                                 (61,287)                     -                  (61,287)

Net Income                                                    808,125              2,601,444                3,409,569
                                                     ----------------        ---------------          ---------------

Partners' deficit at December 31, 1998                       (849,832)            (7,821,874)              (8,671,706)

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

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

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

</TABLE>

                        See Notes to Financial Statements

                                       14

<PAGE>


<TABLE>
<CAPTION>


                               NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                                             STATEMENTS OF CASH FLOWS

                                                                                           Year Ended December 31,

                                                                               1999                   1998                   1997
                                                                               ----

CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                    <C>                    <C>                    <C>
   Rent collections                                                    $     5,056,293        $    13,401,008        $   15,239,499
   Interest received                                                           181,994                149,883                91,072
   Other income                                                                 71,074                214,638               215,238
   Management fees, dietary fees and other services                           (457,390)            (1,239,970)           (1,429,906)
   Salary, related benefits and overhead reimbursements                     (1,078,502)            (3,440,465)           (3,971,789)
   Other operating expenses paid                                            (2,477,061)            (4,768,007)           (5,595,097)
   Interest paid                                                            (1,421,799)            (2,589,891)           (2,987,040)
                                                                       ---------------        ---------------        --------------

   Net cash (used in) provided by operating activities                        (125,391)             1,727,196             1,561,977

CASH FLOWS FROM INVESTING ACTIVITIES

   Proceeds from sale of properties                                                  -             38,540,462                     -
   Capital expenditures                                                       (113,756)              (662,994)           (1,022,465)
                                                                       ---------------        ---------------        --------------

   Net cash (used in) provided by investing activities                        (113,756)            37,877,468            (1,022,465)

CASH FLOWS FROM FINANCING ACTIVITIES
   Payments on Pension Notes and deferred interest
     payable                                                                         -            (38,217,810)                    -
   Distributions                                                               (28,796)               (61,287)              (60,960)
                                                                       ---------------        ---------------        --------------

   Net cash used in financing activities                                       (28,796)           (38,279,097)              (60,960)
                                                                       ---------------        ---------------        --------------

Net (decrease) increase in cash and cash equivalents                          (267,943)             1,325,567               478,552

Cash and cash equivalents at beginning of year                               5,821,300              4,495,733             4,017,181
                                                                       ---------------        ---------------        --------------

Cash and cash equivalents at end of year                               $     5,553,357        $     5,821,300        $    4,495,733
                                                                       ===============        ===============        ==============

</TABLE>

                        See Notes to Financial Statements

                                       15
<PAGE>


<TABLE>
<CAPTION>


                               NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                                             STATEMENTS OF CASH FLOWS

                                                                                  Year Ended December 31,
                                                                        1999                 1998                1997
                                                                        ----                 ----                ----
<S>                                                              <C>                  <C>                   <C>
RECONCILIATION OF NET INCOME (LOSS)
TO NET CASH (USED IN) PROVIDED BY
OPERATING ACTIVITIES
   Net Income (loss)                                             $    (2,474,347)     $     3,409,569       $   (3,522,917)
                                                                 ---------------      ---------------       --------------

ADJUSTMENTS TO RECONCILE NET INCOME
(LOSS) TO NET CASH (USED IN) PROVIDED
BY OPERATING ACTIVITIES

   Gain on sale of properties                                                  -           (9,249,174)                   -
   Loss on early extinguishment of debt                                        -              525,891                    -
   Depreciation                                                          570,238            1,462,362            1,703,233
   Amortization of Pension Notes organization costs                       77,615               43,800               49,776
   Amortization of Pension Notes issuance costs                          119,004              220,845              254,792
   Interest deferred                                                   1,736,200            5,529,280            3,049,235

CHANGES IN OPERATING ASSETS AND
LIABILITIES

   Interest receivable                                                         -                    -                1,200
   Other assets and receivables                                          (13,309)              56,888               (6,397)
   Prepaid expenses                                                       21,493              138,755              (15,543)
   Accounts payable                                                     (126,178)             (19,123)             (15,650)
   Other liabilities                                                     (36,107)            (391,897)              64,248
                                                                 ---------------      ---------------       --------------


Net cash (used in) provided by operating activities              $      (125,391)     $     1,727,196       $    1,561,977
                                                                 ===============      ===============       ==============

</TABLE>

                        See Notes to Financial Statements

                                       16
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                           DECEMBER 31, 1999 AND 1998

NOTE 1.  SUMMARY OF PARTNERSHIP ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES

Organization

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

Following is a description  of the Project owned  indirectly and operated by the
Partnership at December 31, 1999.

The Amberleigh

This project is a 271-unit  retirement  living center located in  Williamsville,
New York. The facility was  approximately  87 percent and 95 percent occupied at
December 31, 1999 and 1998,  respectively.  On November 5, 1997, the Partnership
purchased  approximately  3.10 acres of land adjacent to The  Amberleigh for the
Expansion for $500,000 plus closing costs.

Following are  descriptions  of the Projects  owned directly and operated by the
Partnership  at December 31, 1997 and  subsequently  sold on September  30, 1998
(see Note 4).

The Atrium of Carmichael

This  project is a 153-unit  retirement  living  center  located in  Sacramento,
California.  This facility was  approximately 96 percent and 99 percent occupied
at September 30, 1998 and December 31, 1997, respectively.

                                       17
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

Crosswood Oaks

This  project is a 122-unit  retirement  living  center  located in  Sacramento,
California.  This facility was  approximately 93 percent and 91 percent occupied
at September 30, 1998 and December 31, 1997, respectively.

The Heatherwood

This project is a 160 -unit  retirement  living  center  located in  Southfield,
Michigan.  This facility was approximately 93 percent and 98 percent occupied at
September 30, 1998 and December 31, 1997, respectively.

Veranda Club

This  project is a 189-unit  retirement  living  center  located in Boca  Raton,
Florida.  This facility was  approximately 90 percent and 96 percent occupied at
September 30, 1998 and December 31, 1997, respectively.

Significant Accounting Policies

Organization  costs related to the sale of Notes were being  amortized using the
straight-line   method  through   February   1999.  The  remaining   balance  of
organization  costs of $68,599 was written  off as required  under the  American
Institute of Certified Public Accountants  Statement of Position 98-5, Reporting
Costs of Start-Up Activities.  Accumulated amortization at December 31, 1998 was
$635,471.  Offering  and issuance  costs  related to the sale of Notes are being
amortized using the straight-line method over the term of the Notes. Accumulated
amortization  at  December  31,  1999 and 1998 was  $3,319,749  and  $3,200,745,
respectively. Selling commissions related to the sale of Interests were recorded
as a direct reduction to the capital account of the holders of Interests. Direct
costs  of  acquisition,  including  acquisition  fees and  expenses  paid to the
General Partner,  have been  capitalized as part of buildings and  improvements.
Other fees and expenses of the  Partnership  are  recognized  as expenses in the
period the related services are performed.

Interest expense on Notes is calculated using the effective interest method (see
Note 6).

                                       18
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

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

The cost of rental property and their useful lives are summarized as follows:

<TABLE>
<CAPTION>

                                                    Useful Life                1999                  1998
                                                    -----------                ----                  ----
<S>                                                 <C>               <C>                     <C>
Land                                                                  $       2,391,705       $     2,391,705
                                                                      =================       ===============

Land improvements                                  30 years           $          40,815       $        36,010
Building and building improvements                 30 years                  21,456,303            21,407,807
Furniture and equipment                             5 years                     752,042               691,587
Construction in process                                   -                     106,020               106,020
                                                                      -----------------       ---------------
                                                                             22,355,180            22,241,424
Less-accumulated depreciation                                                (6,354,013)           (5,783,775)
                                                                      -----------------       ---------------
                                                                      $      16,001,167       $    16,457,649
                                                                      =================       ===============
</TABLE>

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

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

NOTE 2.  CASH AND CASH EQUIVALENTS

As of December 31, 1999 and 1998, 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.


                                       19
<PAGE>




Cash and cash equivalents also includes $135,504 and $133,566 of tenant security
deposits at December 31, 1999 and 1998,  respectively,  which are designated for
the purpose of providing refunds to tenants upon move-out.

                                       20
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

NOTE 3.  TRANSACTIONS WITH THE GENERAL PARTNER AND ITS AFFILIATES

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

Effective  January 23, 1995,  Capital Realty Group Senior Housing,  Inc. (CRGSH)
became the sole General Partner of the Partnership.  Effective February 1, 1995,
CRGSH  assigned its contract  rights to manage the  Partnership's  properties to
Capital  Senior  Living,  Inc.  (CSL),  which,  in 1997,  became a subsidiary of
Capital  Senior  Living  Corporation.  CSL received  $457,390,  $1,239,970,  and
$1,429,906 in 1999, 1998, and 1997,  respectively,  for management fees, dietary
services fees and other  operating  expense  reimbursements  related to services
provided to the Partnership.

Personnel  working at the property  sites and certain home office  personnel who
perform  services  for the  Partnership  were  employees of CSL, an affiliate of
CRGSH until June 30, 1998. The  Partnership  reimbursed CSL for the salaries and
related  benefits of such personnel as reflected in the  accompanying  financial
statements.  During 1999,  1998,  and 1997,  such  reimbursements  for salaries,
related benefits and overhead reimbursements amounted to $1,078,502, $3,440,465,
and $3,971,789, respectively.

During 1997, a former  affiliate of the General  Partner,  Capital Senior Living
Communities,   L.P.,  purchased   approximately  11,318  of  Pension  Notes,  or
approximately 30.74 percent of the Partnership's outstanding Pension Notes at an
average  price of $822 per Note.  On November  3, 1997,  Capital  Senior  Living
Communities,  L.P. sold its Pension Notes to Capital  Senior Living  Properties,
Inc.,  at that time an  affiliate  of the General  Partner and a  subsidiary  of
Capital  Senior Living  Corporation,  at a price of $1,422 per Note. At December
31, 1998,  Capital  Senior Living  Properties,  Inc. holds 14,131 Pension Notes.
Capital  Senior  Living   Corporation  is  subject  to  the  periodic  reporting
obligations of the Securities and Exchange Commission.

                                       21
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

On June 10,  1998,  Capital  sold all of its  shares  of CRGSH  common  stock to
Retirement  Associates,  Inc. (Associates) for $855,000. The source of the funds
is a Promissory Note for $855,000 with a five- year term and bearing an interest
rate of 8 percent per annum as of  December 1, 1999.  Prior to December 1, 1999,
the Promissory  Note had an interest rate of 10 percent per annum;  the interest
rate was decreased to adjust to a market rate and in  consideration of an early,
unscheduled  payment of interest due. The interest will accrue on the Promissory
Note and be payable at the maturity of the  Promissory  Note.  Associates is the
maker of the Note and Capital is the payee. Mr. Robert Lankford is the President
of Associates and has had prior  business  relationships  with Messrs.  Beck and
Stroud,  the former  principals of CRGSH. From 1988 to 1997, Mr. Lankford was an
independent  broker with Capital  Brokerage,  an affiliate of CSLC. From 1997 to
the present,  however,  Mr.  Lankford has been a principal  with Kamco  Property
Company  Commercial  Real  Estate  Brokerage.  In this  capacity,  Mr.  Lankford
provides  independent  commercial  real estate  brokerage  services  for various
clients  including  CSLC,  which  accounts  for  less  than  20  percent  of his
compensation.  The address of the principal  executive  offices of CRGSH is 3516
Merrell Road, Dallas, Texas 75229. The phone number is (972) 679-7477.

In connection  with the sale of four  properties  in 1998 (see Note 4),  Capital
Realty Group Brokerage, Inc. received $1,219,500 in brokerage fees.

NOTE 4.   ACQUISITION AND DISPOSITION OF PROPERTY AND REDEMPTION
OF PENSION NOTES

On September 30, 1998, the  Partnership  sold four  properties to Capital Senior
Living  Properties 2 - NHPCT,  Inc., a wholly owned subsidiary of Capital Senior
Living Corporation, for $40,650,000. The four properties sold were the Atrium at
Carmichael,  Crosswood  Oaks, The  Heatherwood  and the Veranda Club.  After the
sale, The Amberleigh is the only remaining property in which the Partnership has
any interest. After payment of closing costs, the Partnership netted $322,652 in
cash  proceeds  from  the sale  after  $22,514,174  was  allocated  for  partial
redemption  of Pension  Notes,  $15,703,636  allocated  for  partial  payment of
deferred interest,  and $413,188 for payment of current interest due on redeemed
Pension Notes.  The  Partnership  recognized a $9,249,174  gain on sale of those
properties at September 30, 1998.

                                       22
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

In  October  1998,  the  Partnership  recognized   approximately  $1,856,485  of
additional  interest  expense paid on redeemed  Pension Notes resulting from the
difference  between the stated  interest rate of 13 percent on the Pension Notes
and the  accrued  interest  rate of  approximately  9  percent  recorded  by the
Partnership  under  the  effective  interest  rate  method.  Due to the  partial
redemption of Pension Notes,  the Partnership  recognized  $525,891 of losses on
early  extinguishment  of  debt  relating  to  the  write  off of  issuance  and
organization costs on Pension Notes that were redeemed.

On November 5, 1997, the Partnership purchased  approximately 3.10 acres of land
adjacent  to  The   Amberleigh   property  for  $500,000  plus  closing   costs.
Pre-development costs of $106,020 have been incurred as of December 31, 1999.

NOTE 5.  CASH DISTRIBUTION POLICIES

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

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

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

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

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

4.   To the Interest Holders, the balance.


                                       23




<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

No distributions were paid to the Assignee Interest Holders during 1999, 1998 or
1997.  Future cash  requirements have caused the General Partner to determine it
is not  financially  appropriate  to make  distributions  to  Assignee  Interest
holders.

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

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

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

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

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

Taxable 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 percent to the  Assignee  Holders as a class
and 10 percent to the General  Partner.  For book purposes in 1998,  the gain on
sale of $9,249,174  was allocated 90 percent to the Assignee  Holders as a class
and 10 percent to the General  Partner.  Other  provisions exist if there is net
income or loss other than from operations. As discussed in Note 7, 2 percent for
1999,  1998 and 1997 of the Cash  Available  For  Distribution  Before  Interest
Payments was paid to the General  Partner.  Accordingly,  net income or loss for
each of the three years in the period ended  December 31, 1999 was  allocated in
the same manner.

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

                                       24
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

NOTE 6.  PENSION NOTES

The Notes bear stated  simple  interest at a rate equal to 13 percent per annum.
Payment of up to 9 percent of stated  interest  was subject to deferral  through
December  31, 1988 and payment of up to 6 percent of stated  interest is subject
to deferral thereafter.  Deferred interest does not bear interest.  Interest not
deferred is payable quarterly.  Using the effective interest method, interest on
principal and accrued interest of the Pension Notes has been accrued at the rate
of  approximately 9 percent per annum  compounded  quarterly.  The approximate 9
percent effective interest rate was calculated using estimates of the amounts of
interest  that  will be  deferred  and the time  period in which  such  deferred
amounts will be paid. If interest had been provided  based on 13 percent  versus
the  effective  rate of  approximately  9 percent,  an  additional  liability of
approximately  $1,048,519  would be  recorded  at  December  31, 1999 and future
interest  expense would be reduced by this amount.  The Partnership made minimum
interest  payments of $1,421,799,  $2,589,891,  and $2,987,040 in 1999, 1998 and
1997, respectively,  to Pension Note Holders. Relating to the sale of properties
on September 30, 1998, the Partnership paid $22,514,174 for a partial redemption
of Pension  Notes,  and paid  $15,703,636  for a partial  redemption of deferred
interest.  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 Pension Notes is limited to the assets of the Partnership.
The Pension  Notes are subject to  redemption  in whole or in part upon not less
than 30 or more than 60 days prior notice, at the election of the Partnership.

NOTE 7.  DISTRIBUTIONS TO PARTNERS

During  1999,  1998  and  1997,  the  General  Partner  received  distributions,
representing 2 percent of the Cash Available For  Distribution  Before  Interest
Payments  to  the  Pension  Note  Holders.   The  Partnership  did  not  make  a
distribution to the holders of Assignee Interests during 1999, 1998 or 1997.

                                       25
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

NOTE 8.  INCOME TAXES

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

In the event  funds are not  sufficient  to pay  outstanding  Pension  Notes and
deferred interest at maturity,  income may be recognized to the Assignee Holders
for any forgiven debt.

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

                                       26
<PAGE>




              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

Reconciliation  between  financial  statement  net income  (loss) and net income
(loss) for tax purposes follows:

<TABLE>
<CAPTION>
                                                                               Years Ended December 31,
                                                                     1999                 1998                  1997
                                                                     ----                 ----                  ----
<S>                                                           <C>                 <C>                   <C>
Net (income) loss per financial statements                    $   2,474,347       $  (3,409,569)        $    3,522,917

Temporary differences in determining (income)
  losses for federal income tax purposes:
      Gain on sale of properties                                          -          (4,168,952)                     -
      Depreciation                                                  217,692             289,778                617,872
      Amortization of start-up and marketing costs                  (45,064)            (65,660)               (48,116)
      Interest expense - Pension Notes                            2,282,306          (2,932,081)            (3,136,298)
      Miscellaneous                                                  13,354              76,426                  5,966
                                                              -------------       -------------         --------------

Net (income) loss per tax return                              $   4,942,635       $  (4,345,896)        $      962,341
                                                              =============       =============         ==============
</TABLE>

For federal income tax purposes, the basis of building and improvements,  net of
accumulated  depreciation,  was $15,352,637 and $16,026,811 at December 31, 1999
and 1998, respectively.

NOTE 9.  FUTURE OPERATIONS AND CASH FLOWS

Given the level of the Partnership's  cash reserves at December 31, 1999, if the
Partnership is unable to increase cash generated from operations over time, cash
reserves and proceeds  from the sale of the property  will not be  sufficient to
satisfy future obligations of the Partnership.

If interest payments on the Pension Notes continue to be deferred at the current
rate (see Note 6), the total  accrual for unpaid  interest  and  principal  will
approximate  $38 million at December 31, 2001,  the maturity date of the Pension
Notes,  which is in excess of projected cash reserves.  Accordingly,  there will
need to be improvements in cash flows from  operations  and/or  increases in the
disposition  and  refinancing  value of the  Property  to fund both the  accrued
interest and the face value of the Pension Notes upon their maturity.

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

                                       27
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

NOTE 10.  VALUATION OF RENTAL PROPERTY

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 the 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  sale of the  property on
December  31,  2001.  Sales  proceeds,  net of an  estimated  3 percent  cost of
disposal,  are  estimated  using  a 10  percent  capitalization  rate of the net
operating  income projected for the property for the year 2001. The Partnership,
however,  does not intend to sell The Amberleigh in the near future,  but rather
intends to continue to hold and operate it as rental  property.  The Partnership
does not believe  there are any  indicators  that would require an adjustment to
the carrying value of its property or the remaining  useful lives as of December
31, 1999.

NOTE 11. FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying  amounts and fair values of financial  instruments  at December 31,
1999 and 1998 are as follows:
<TABLE>
<CAPTION>

                                                              1999                                  1998
                                                              ----                                  ----
                                                  Carrying             Fair              Carrying             Fair
                                                   Amount             Value               Amount             Value
                                                   ------             -----               ------             -----
<S>                                          <C>                <C>                 <C>                <C>
Cash and cash equivalents                    $   5,553,357      $    5,553,357      $   5,821,300      $    5,821,300
Pension Notes and accrued interest              20,157,826          25,078,033         20,157,826          25,528,411
</TABLE>

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

Cash and Cash Equivalents

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

                                       28
<PAGE>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                      DECEMBER 31, 1999 AND 1998 CONTINUED

Pension Notes and Accrued Interest

The fair values of Pension Notes are based on discounted  cash flows at December
31, 1999 and 1998.

NOTE 12.  CONTINGENCIES

On or about  October  23,  1998,  Robert  Lewis  filed a putative  class  action
complaint  on  behalf  of  certain  holders  of  assignee  interests   (Assignee
Interests) in NHP  Retirement  Housing  Partners I, LP in the Delaware  Court of
Chancery  against NHP, the Company,  Capital Senior Living  Properties  2-NHPCT,
Inc.  and  Capital  Realty  Group  Senior  Housing,   Inc.   (collectively   the
Defendants).  Mr. Lewis purchased 90 Assignee  Interests in NHP in February 1993
for  $180.  The  complaint  alleges,  among  other  things,  that the  Defendant
breached, or aided and abetted a breach of, the express and implied terms of the
NHP Partnership  Agreement in connection with the sale of four properties by NHP
to Capital Senior Living  Properties  2-NHPCT,  Inc. The complaint seeks,  among
other  relief,  rescission  of the  sale of  these  properties  and  unspecified
damages. The Company has filed a Motion to Dismiss in this case, which currently
is  pending.  The Company is unable to estimate  the  liability  related to this
claim, if any.

                                       29
<PAGE>




                                    PART III

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

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

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

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

On January 23, 1995,  CRGSH became the sole General Partner of the  Partnership.
CRGSH is a privately owned corporation  initially organized on December 1, 1988.
Its principal  business  activity has been the ownership and  management of real
property for its own account and for the account of various limited Partnerships
of which it is the General  Partner.  Prior to June 10,  1998,  CRGSH was wholly
owned  subsidiary  of Capital  Realty  Group  Corporation,  a Texas  corporation
(Capital), with its corporate headquarters in Dallas, Texas. Capital is owned by
James A.  Stroud  (50  percent  through  a trust)  and by  Jeffrey  L.  Beck (50
percent).

On June 10,  1998,  Capital  sold all of its  shares  of CRGSH  common  stock to
Retirement  Associates,  Inc. (Associates) for $855,000. The source of the funds
is a Promissory Note for $855,000 with a five- year term and bearing an interest
rate of 8 percent per annum as of  December 1, 1999.  Prior to December 1, 1999,
the Promissory  Note had an interest rate of 10 percent per annum;  the interest
rate was decreased to adjust to a market rate and in  consideration of an early,
unscheduled  payment of interest due. The interest will accrue on the Promissory
Note and be payable at the maturity of the  Promissory  Note.  Associates is the
maker of the Note and Capital is the payee. Mr. Robert Lankford is the President
of Associates and has had prior  business  relationships  with Messrs.  Beck and
Stroud,  the former  principals of CRGSH. From 1988 to 1997, Mr. Lankford was an
independent  broker with Capital  Brokerage,  an affiliate of CSLC. From 1997 to
the present,  however,  Mr.  Lankford has been a principal  with Kamco  Property
Company  Commercial  Real  Estate  Brokerage.  In this  capacity,  Mr.  Lankford
provides  independent  commercial  real estate  brokerage  services  for various
clients  including  CSLC,  which  accounts  for  less  than  20  percent  of his
compensation.  The address of the principal  executive  offices of CRGSH is 3516
Merrell Road, Dallas, Texas 75229. The phone number is (972) 679-7477.

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

                                       30
<PAGE>

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

            Name                               Position

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

Robert L. Lankford

Robert L.  Lankford,  age 45, has served as President of Retirement  Associates,
Inc. since June 1997. From 1988 to 1997, Mr. Lankford was an independent  broker
with Capital Brokerage, an affiliate of CSLC. From 1997 to the present, however,
Mr.  Lankford has been a principal with Kamco Property  Company  Commercial Real
Estate Brokerage. In this capacity, Mr. Lankford provides independent commercial
real  estate  brokerage  services  for various  clients  including  CSLC,  which
accounts for less than 20 percent of his compensation.

Wayne R. Miller

Wayne R. Miller, age 50, has served as Secretary of Retirement Associates,  Inc.
since June 1997.  From 1980 to 1994,  Mr.  Miller was an officer,  director  and
shareholder  of Miller,  Hiersche,  Martens and Hayward,  Inc.  From 1994 to the
present,  Mr. Miller has been President,  Sole Director and Sole  Shareholder of
Wayne R. Miller P.C.

Section 16(a) Beneficial Ownership Reporting Compliance

Based  solely  upon a  review  of Forms  3, 4 and 5 and any  amendments  thereto
furnished to the  Partnership  pursuant to Rule 16a-3(c) of the  Securities  and
Exchange  Commission (SEC) rules, the Partnership is not aware of any failure of
any officer or director of CRGSH or beneficial owner of more than ten percent of
the Assignee  Interests to file timely with the SEC any Forms 3, 4 or 5 relating
to the Partnership for 1998.

ITEM 11.  EXECUTIVE COMPENSATION

NHP  Retirement  Housing  Partners  I Limited  Partnership  has no  officers  or
directors.  However,  various  fees and  reimbursements  are paid to the General
Partner  or its  affiliates.  Such fees paid or  accrued  during  the year ended
December 31, 1999 included cash distributions of $28,796 to the General Partner,
which  represents 2 percent of cash available for  distribution  before interest
payments to the Note Holders. See Item 8, Financial Statements and Supplementary
Data.

                                       31
<PAGE>



ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

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

As of March 1, 1999, a former  affiliate of the General  Partner,  has purchased
approximately   14,131  Pension  Notes,  or  approximately  33  percent  of  the
Partnership's outstanding Pension Notes.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

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

                                     PART IV

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

Financial Statements

Following are the financial  statements,  notes and reports  listed  included in
this report.

                                                                            Page

      Report of Ernst & Young LLP, Independent Auditors                      11

      Statements of Financial Position,
       December 31, 1999 and 1998                                            12

      Statements of Operations for the Years
       Ended December 31, 1999, 1998 and 1997                                13

      Statements of Partners' Equity (Deficit)
       for the Years Ended December 31, 1999, 1998
       and 1997                                                              14

      Statements of Cash Flows for the
       Years Ended December 31, 1999, 1998 and 1997                          15

      Notes to Financial Statements                                          17


                                       32




<PAGE>




Financial Statement Schedules

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

27.1 Financial Data Schedule

Reports on Form 8-K

None.


                                       33



<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, L.P.

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



         By:  /s/ Robert L. Lankford
              ----------------------
              ROBERT L. LANKFORD, President
         March 28, 2000