Report of Independent Public Accountants


            To The Partners
            NHP Retirement Housing Partners I
                Limited Partnership



            We  have audited  the  accompanying statement  of  financial
            position  of  NHP Retirement Housing  Partners I  Limited
            Partnership  (the  Partnership) as  of December  31, 1994,
            and the related statements of operations, partners' equity
            (deficit)  and cash  flows for the  periods ended
            December 31,  1994 and 1993.  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 generally
            accepted  auditing  standards.   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,  such financial  statements present  fairly, in 
            all material respects,  the financial position of NHP Retirement
            Housing Partners I Limited Partnership as of December 31, 1994, and
            the results of its operations and its cash flows for  the periods
            ended  December 31, 1994  and 1993, in  conformity
            with generally accepted accounting principles presents fairly,
            in all material respects,  when read in conjunction with the related
            financial statements, the information therein set forth.

            As discussed in Note  9 to the financial statements, the
            Partnership generated  cash losses from operations over  the past 
            several years prior to 1995.   This shortfall  from operations was
            funded  by the Partnership's  existing cash and maturing short-term
            investments  remaining from its initial  public offering.  Should
            the  cash generated from  operations not continue  to improve
            over  the next several  years, the  Partnership's cash reserves  may
            not be  adequate to fund interest payments  or other Partnership
            obligations.   Management's plans regarding these matters are
            described in Note 9.

            As discussed  in Note 10 to  the financial statements, the
            carrying values of the  Partnership's rental properties may 
            exceed the current  market values of the properties  at
            December  31, 1994.   Should the  Partnership be  forced to
            dispose of one or more of its Properties, it could incur a loss. 
            Management's  plans  in regard to  operations and  the carrying 
            value of  the Partnership's  properties are  described in Notes 9
            and 10.  During 1993, a $3,300,000 write-down was  taken  on  the
            Partnership's  rental  properties; there  can  be no assurance that
            further write-downs will not be needed in the future.

            As discussed in Notes 6 and 9, the Partnership defers a
            significant portion of the  interest on its Pension Notes.  
            Accordingly, there would need to be very significant improvements in
            the cash flows from operations and/or increases in the  values of
            the Properties  to fund both the accrued  interest and the face
            value of the Pension Notes upon their maturity.



            Deloitte & Touche
            Washington, D.C.
            February 17, 1995
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