United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
      of 1934

                     For the quarterly period ended September 30, 2002


[ ]   Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
      of 1934


                    For the transition period from _________to _________

                         Commission file number 0-14554


                          NATIONAL PROPERTY INVESTORS 8
        (Exact name of small business issuer as specified in its charter)



         California                                         13-3254885
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

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

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

<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS




                          NATIONAL PROPERTY INVESTORS 8

                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                               September 30, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  189
   Receivables and deposits                                                     104
   Restricted escrows                                                            18
   Other assets                                                                 611
   Investment properties:
       Land                                                  $ 1,970
       Buildings and related personal property                 30,890
                                                               32,860
       Less accumulated depreciation                          (21,370)       11,490
                                                                           $ 12,412
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 58
   Tenant security deposit liabilities                                           82
   Accrued property taxes                                                       505
   Other liabilities                                                            238
   Mortgage notes payable                                                    15,862

Partners' Deficit
   General partner                                            $ (266)
   Limited partners (44,882 units
      issued and outstanding)                                  (4,067)       (4,333)
                                                                           $ 12,412


                       See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)
<TABLE>
<CAPTION>

                                        Three Months Ended        Nine Months Ended
                                          September 30,             September 30,
                                        2002         2001          2002        2001
Revenues:
<S>                                    <C>          <C>          <C>          <C>
   Rental income                       $ 997        $ 1,081      $ 3,088      $ 3,344
   Other income                            65            97          268          277
     Total revenues                     1,062         1,178        3,356        3,621

Expenses:
   Operating                              478           515        1,378        1,418
   General and administrative              65            78          205          220
   Depreciation                           361           357        1,090        1,073
   Interest                               306           295          907          882
   Property taxes                         121           103          375          300
     Total expenses                     1,331         1,348        3,955        3,893

Net loss                               $ (269)      $ (170)       $ (599)     $ (272)

Net loss allocated to general
  partner (1%)                          $ (3)        $ (2)         $ (6)       $ (3)

Net loss allocated to limited
  partners (99%)                         (266)         (168)        (593)        (269)

                                       $ (269)      $ (170)       $ (599)     $ (272)

Net loss per limited partnership
  unit                                $ (5.93)      $ (3.74)     $(13.21)     $ (5.99)

Distributions per limited
  partnership unit                     $ 3.47       $ 4.75        $ 9.78      $ 14.13

                       See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                          NATIONAL PROPERTY INVESTORS 8

                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

<S>                                   <C>          <C>        <C>          <C>
Original capital contributions        44,882       $ 1        $22,441      $22,442

Partners' deficit at
   December 31, 2001                  44,882      $ (256)     $(3,035)     $(3,291)

Distribution to partners                  --          (4)        (439)        (443)

Net loss for the nine months
   ended September 30, 2002               --          (6)        (593)        (599)

Partners' deficit at
   September 30, 2002                 44,882      $ (266)     $(4,067)     $(4,333)

                       See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                          NATIONAL PROPERTY INVESTORS 8

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                    Nine Months Ended
                                                                      September 30,
                                                                      2002        2001
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net loss                                                          $ (599)     $ (272)
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
     Depreciation                                                    1,090       1,073
     Amortization of loan costs                                         27          33
     Change in accounts:
        Receivables and deposits                                       371        (129)
        Other assets                                                   (24)        (21)
        Accounts payable                                                32         (64)
        Tenant security deposit liabilities                             11           3
        Accrued property taxes                                          74         140
        Other liabilities                                              104          (5)
          Net cash provided by operating activities                  1,086         758

Cash flows from investing activities:
  Property improvements and replacements                              (286)       (575)
  Net withdrawals from restricted escrows                               24         427
          Net cash used in investing activities                       (262)       (148)

Cash flows from financing activities:
  Payments on mortgage note payable                                   (276)       (118)
  Advances from affiliate                                              100          --
  Repayment of advances from affiliate                                (100)         --
  Loan costs paid                                                       --         (14)
  Distributions to partners                                           (443)       (640)
          Net cash used in financing activities                       (719)       (772)

Net increase (decrease) in cash and cash equivalents                   105        (162)

Cash and cash equivalents at beginning of period                        84         345

Cash and cash equivalents at end of period                          $ 189       $ 183

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 830       $ 850


                       See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>
                          NATIONAL PROPERTY INVESTORS 8

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited financial statements of National Property Investors 8
(the  "Partnership"  or  "Registrant")  have been  prepared in  accordance  with
generally accepted accounting  principles for interim financial  information and
with  the  instructions  to Form  10-QSB  and Item  310(b)  of  Regulation  S-B.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of NPI Equity  Investments,  Inc.  ("NPI Equity" or the "Managing
General Partner"), the general partner of the Partnership, which is wholly-owned
by Apartment Investment and Management Company ("AIMCO"), a publicly traded real
estate  investment  trust,  all  adjustments  (consisting  of  normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three and nine month periods ended September 30, 2002
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2002.  For further  information,  refer to the
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the year ended December 31, 2001.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

During the nine months  ended  September  30, 2002 and 2001,  affiliates  of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the Registrant's  properties for providing property management services.  The
Registrant paid to such affiliates  approximately  $176,000 and $186,000 for the
nine months ended September 30, 2002 and 2001,  respectively,  which is included
in operating expenses.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $127,000 and
$258,000 for the nine months ended  September  30, 2002 and 2001,  respectively,
which are  included  in  general  and  administrative  expenses  and  investment
properties.   Included  in  these  amounts  are  fees  related  to  construction
management  services provided by an affiliate of the Managing General Partner of
approximately  $147,000 for the nine months ended September 30, 2001. There were
no construction  service  management fees during the nine months ended September
30, 2002. The  construction  management  service fees are calculated  based on a
percentage of current year additions to investment properties.

For services relating to the  administration of the Partnership and operation of
its properties,  the Managing General Partner is entitled to receive payment for
non-accountable  expenses up to a maximum of $150,000 per year of  distributions
from  operations  based upon the number of  Partnership  units sold,  subject to
certain limitations. The Managing General Partner received approximately $36,000
and $59,000 for the nine months ended September 30, 2002 and 2001, respectively,
for  non-accountable  expense  reimbursements,  which is included in general and
administrative expenses.

The Managing  General Partner has  established a revolving  credit facility (the
"Partnership  Revolver")  to be used to fund  deferred  maintenance  and working
capital needs of the Partnership.  The maximum draw available to the Partnership
under the Partnership Revolver is $500,000. Loans under the Partnership Revolver
will have a term of 365 days,  be unsecured  and bear interest at the rate of 2%
per  annum in  excess of the  prime  rate  announced  from time to time by Chase
Manhattan  Bank.  The maturity date of such borrowing will be accelerated in the
event of: (i) the removal of the Managing  General  Partner  (whether or not for
cause);  (ii) the sale or refinancing of a property by the Partnership  (whether
or not a borrowing under the Partnership  Revolver was made with respect to such
property);  or (iii) the liquidation of the Partnership.  During the nine months
ended  September  30,  2002,  the  Partnership   borrowed   $100,000  under  the
Partnership  Revolver.  Interest  expense during the nine months ended September
30, 2002 was  approximately  $2,000.  The Partnership  repaid this loan prior to
September  30,  2002.  No loans were  outstanding  during the nine months  ended
September 30, 2001.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing  General  Partner.  During the nine months ended
September  30,  2002 and 2001,  the  Partnership  was  charged  by AIMCO and its
affiliates  approximately  $55,000  and  $50,000,  respectively,  for  insurance
coverage and fees associated with policy claims administration.

Note C - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the current trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an  opportunity  to discuss  settlement.  On October  30,  2002,  the court
entered an order extending the stay in effect through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint. The parties are currently in the midst of briefing that appeal.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

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



<PAGE>




ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  The matters discussed
in this report contain certain forward-looking  statements,  including,  without
limitation,  statements regarding future financial performance and the effect of
government regulations. The discussions of the Registrant's business and results
of operations,  including forward-looking statements pertaining to such matters,
do not take into account the effects of any changes to the Registrant's business
and  results of  operations.  Actual  results may differ  materially  from those
described in the forward-looking statements and will be affected by a variety of
risks and factors  including,  without  limitation:  national and local economic
conditions; the terms of governmental regulations that affect the Registrant and
interpretations of those regulations;  the competitive  environment in which the
Registrant  operates;  financing risks,  including the risk that cash flows from
operations  may be  insufficient  to meet  required  payments of  principal  and
interest;  real estate risks, including variations of real estate values and the
general  economic  climate in local markets and  competition for tenants in such
markets; and possible environmental liabilities. Readers should carefully review
the Registrant's financial statements and the notes thereto, as well as the risk
factors  described in the documents the Registrant  files from time to time with
the Securities and Exchange Commission.

The Partnership's  investment properties consist of two apartment complexes. The
following table sets forth the average  occupancy of the properties for the nine
months ended September 30, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Williamsburg on the Lake Apartments           88%        91%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           91%        92%
         Morrisville, North Carolina

The  Managing   General   Partner   attributes  the  decrease  in  occupancy  at
Williamsburg  on  the  Lake  Apartments  to  poor  economic  conditions  in  the
Indianapolis, Indiana market and tenants buying homes due to low interest rates.

Results of Operations

The  Partnership's  net loss for the nine months  ended  September  30, 2002 was
approximately  $599,000 as compared to a net loss of approximately  $272,000 for
the nine months ended  September 30, 2001.  The  Partnership's  net loss for the
three  month  period  ended  September  30, 2002 was  approximately  $269,000 as
compared to a net loss of  approximately  $170,000  for the three  month  period
ended  September  30,  2001.  The increase in net loss for the nine month period
ended September 30, 2002 was due to a decrease in total revenues and an increase
in total  expenses.  The  increase in net loss for the three month  period ended
September 30, 2002 was due to a decrease in total revenues partially offset by a
decrease in expenses.

Total  revenues  decreased for the three and nine month periods ended  September
30,  2002 due to  decreased  rental  income  and  other  income.  Rental  income
decreased  due to decreased  occupancy and increased bad debt expense at both of
the  Partnership's  properties  and reduced  average  rental rates at Huntington
Athletic Club Apartments partially offset by reduced concession costs at both of
the  Partnership's  properties.  Other income  decreased due to reduced interest
income  due to lower  interest  rates and lower  average  balances  in  interest
bearing  accounts  partially  offset  by  increased  utility  reimbursements  at
Williamsburg Apartments.

Total expenses  increased for the nine months ended September 30, 2002 primarily
due to an increase in property tax, depreciation and interest expenses partially
offset by a decrease  in  operating  and general  and  administrative  expenses.
Property tax expense increased due to the timing of the receipt of the tax bills
at Williamsburg on the Lake Apartments, which impacted the accruals at September
30,  2002 and 2001.  In  addition,  property  tax  refunds  for  prior  years of
approximately  $14,000 and $5,000 were received by  Williamsburg on the Lake and
Huntington  Athletic  Club  Apartments,  respectively,  during 2001.  No similar
refunds  were  received  during  the  nine  months  ended  September  30,  2002.
Depreciation  expense  increased due to property  improvements  and replacements
completed during the past twelve months that are now being depreciated. Interest
expense increased due to the refinance of Williamsburg on the Lake Apartments in
December  2001 which  increased the debt balance.  Operating  expense  decreased
primarily due to reduced property expenses. Property expense decreased primarily
due to decreases  in salary and related  benefit  expenses and reduced  employee
apartment  expenses  at both  properties.  General and  administrative  expenses
decreased  due to  reduced  non-accountable  expense  reimbursement  paid to the
Managing General Partner from  distributions from operations per the Partnership
Agreement and reduced accountable management reimbursements paid to the Managing
General Partner as allowed under the Partnership Agreement. Also included in the
general  and  administrative  expenses at both  September  30, 2002 and 2001 are
costs associated with the quarterly and annual communications with investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

Total expenses decreased for the three months ended September 30, 2002 primarily
due to a decrease in  operating  expenses due to decreases in salary and related
benefit expenses and reduced employee apartment expenses at both properties.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting  the  Registrant  from increases in
expenses. As part of this plan, the Managing General Partner attempts to protect
the  Registrant  from the burden of  inflation-related  increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market  conditions,  which can result in the use of rental  concessions
and  rental  reductions  to  offset  softening  market  conditions,  there is no
guarantee that the Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  September  30,  2002,  the  Partnership  held cash and cash  equivalents  of
approximately $189,000 compared to approximately $183,000 at September 30, 2001.
The  increase  of  approximately  $105,000  in cash and cash  equivalents  since
December  31,  2001  is due to  approximately  $1,086,000  of cash  provided  by
operating activities partially offset by approximately  $719,000 of cash used in
financing  activities  and  approximately  $262,000  of cash  used in  investing
activities.  Cash used in financing activities consisted of distributions to the
partners,   payments  of  principal  made  on  the  mortgages   encumbering  the
Partnership's investment properties, and repayment of advances from an affiliate
partially  offset  by  advances  from  an  affiliate.  Cash  used  in  investing
activities consisted of property improvements and replacements  partially offset
by net withdrawals from escrow accounts  maintained by the mortgage lender.  The
Partnership invests its working capital reserves in interest bearing accounts.

On  December  6, 2001,  the  Partnership  refinanced  the  mortgage  encumbering
Williamsburg on the Lake Apartments.  The refinancing  replaced  indebtedness of
approximately  $7,400,000  with a new mortgage in the amount of $9,000,000.  The
new mortgage  carries a stated  interest  rate of 6.63% as compared to the 7.33%
interest rate on the old mortgage. Payments on the mortgage loan are due monthly
until the loan matures on January 1, 2022 at which time the loan is scheduled to
be fully amortized.

The Managing  General Partner has extended to the Partnership a $500,000 line of
credit.  At September 30, 2002, the Partnership  had no outstanding  amounts due
under this line of credit.  During the nine months ended  September 30, 2002 the
Managing General Partner advanced the Partnership $100,000 under the Partnership
Revolver.  Interest  expense during the nine months ended September 30, 2002 was
approximately  $2,000.  The Partnership  repaid this loan prior to September 30,
2002.  No amounts were  outstanding  during the nine months ended  September 30,
2001.  Other  than  cash  and  cash  equivalents,  the  line  of  credit  is the
Partnership's only unused source of liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements. The Managing General
Partner monitors developments in the area of legal and regulatory compliance and
is studying new federal laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including increased legal and audit fees. Capital  improvements for
each of the Partnership's properties are detailed below.

Williamsburg on the Lake Apartments

During the nine months ended  September  30,  2002,  the  Partnership  completed
approximately  $191,000 of budgeted and  non-budgeted  capital  expenditures  at
Williamsburg on the Lake Apartments consisting primarily of floor covering,  air
conditioning  unit and appliance  replacements  and interior  decoration.  These
improvements were funded from operating cash flow. For 2002, the amount budgeted
for capital improvements is approximately  $181,000 and consists of interior and
exterior building  improvements.  Additional  improvements may be considered and
will depend on the physical  condition  of the  property as well as  anticipated
cash flow generated by the property.

Huntington Athletic Club Apartments

During the nine months ended  September  30,  2002,  the  Partnership  completed
approximately  $95,000 of budgeted  and  non-budgeted  capital  expenditures  at
Huntington  Athletic Club Apartments  consisting  primarily of plumbing upgrades
and floor covering and appliance  replacements.  These  improvements were funded
from operating cash flow and replacement reserves. For 2002, the amount budgeted
for capital  improvements  is  approximately  $83,000 and consists  primarily of
lighting,  water heater,  appliance,  air  conditioning  unit and floor covering
replacements  and  interior  and  exterior  building  improvements.   Additional
improvements may be considered and will depend on the physical  condition of the
property as well as anticipated cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately $15,862,000 is amortized over 20 years and matures
June 1, 2020 and  January  1, 2022 at which time the loans are  scheduled  to be
fully amortized.

Pursuant to the Partnership Agreement,  the term of the Partnership is scheduled
to expire on December 31, 2008. Accordingly,  prior to such date the Partnership
will need to either  sell its  investment  properties  or extend the term of the
Partnership.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                       Nine Months      Per Limited      Nine Months       Per Limited
                          Ended         Partnership         Ended          Partnership
                   September 30, 2002      Unit      September 30, 2001       Unit

<S>                       <C>             <C>               <C>              <C>
Operations                $ 410           $ 9.04            $ 640            $14.13
Refinancing (1)              33             0.74               --                --
                          $ 443           $ 9.78            $ 640            $14.13

(1) From the refinancing of Williamsburg on the Lake Apartments during 2001.
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings,  and/or  property  sales.  The  Partnership's  cash  available for
distribution is reviewed on a monthly basis. There can be no assurance, however,
that the  Partnership  will generate  sufficient  funds from  operations,  after
required capital  improvements,  to permit further distributions to its partners
during the remainder of 2002 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 27,371 limited partnership units in
the Partnership  representing  60.98% of the outstanding  units at September 30,
2002. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is  possible  that  AIMCO or its  affiliates  will
acquire additional units of limited  partnership  interest in the Partnership in
exchange  for  cash  or a  combination  of  cash  and  units  in  the  operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the units are
entitled to take action with respect to a variety of matters which would include
voting on certain  amendments to the Partnership  Agreement and voting to remove
the  Managing  General  Partner.  As a result of its  ownership of 60.98% of the
outstanding units, AIMCO is in a position to influence all voting decisions with
respect to the Registrant.  Although the Managing General Partner owes fiduciary
duties to the limited partners of the Partnership,  the Managing General Partner
also owes fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the
duties of the Managing  General Partner,  as managing  general  partner,  to the
Partnership  and its limited  partners may come into conflict with the duties of
the  Managing  General  Partner  to  AIMCO,  as its sole  stockholder.  However,
DeForest  Ventures II L.P.,  from whom AIMCO,  through its merger with Insignia,
acquired 16,447 units, had agreed for the benefit of non-tendering  unitholders,
that it would vote these units: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it or its  affiliates,  in  proportion  to the  votes  cast by non
tendering  unit holders.  Except for the  foregoing,  no other  limitations  are
imposed on AIMCO or its affiliates' right to vote each unit acquired.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.

ITEM 3.     CONTROLS AND PROCEDURES

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



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the current trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an  opportunity  to discuss  settlement.  On October  30,  2002,  the court
entered an order extending the stay in effect through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint. The parties are currently in the midst of briefing that appeal.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  Exhibit  3.4(a),  Amended and Restated  Certificate of Limited
                  Partnership and Agreement of Limited Partnership, incorporated
                  by reference to Exhibit A to the Prospectus of the Partnership
                  dated May 13, 1985, included in the Partnership's Registration
                  Statement on Form S-11 (Reg. No. 2-95864).

                  Exhibit   3.4(b),   Amendments   to   Agreement   of   Limited
                  Partnership,  incorporated by reference to Exhibits 3, 4(b) of
                  the Registrant's  Form 10-K for the fiscal year ended December
                  31, 1985.

                  Exhibit   3.4(c),   Amendments   to   Agreement   of   Limited
                  Partnership, incorporated by reference to the Definitive Proxy
                  Statement of the Partnership, dated April 3, 1991.

                  Exhibit  3.4(d),   Amendments  to  the  Agreement  of  Limited
                  Partnership,   incorporated  by  reference  to  the  Statement
                  Furnished in Connection  with the  Solicitation of Consents of
                  the Partnership dated August 28, 1992.

                  Exhibit 99, Certification of Chief Executive Officer and Chief
                  Financial Officer.

            b) Reports on Form 8-K filed during the quarter ended  September 30,
               2002:

                  None.


<PAGE>



                                   SIGNATURES



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



                                    NATIONAL PROPERTY INVESTORS 8


                                    By:   NPI EQUITY INVESTMENTS, INC.
                                          Its Managing General Partner


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


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


                                    Date: November 13, 2002



<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have reviewed  this  quarterly  report on Form 10-QSB of National  Property
Investors 8;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


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


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


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


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


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


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


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


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


Date:  November 13, 2002

                                    _______________________
                                    Patrick J. Foye
                                    Executive  Vice  President  of NPI  Equity
                                    Investments, Inc.,  equivalent of the chief
                                    executive  officer of the  Partnership


<PAGE>



                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have reviewed  this  quarterly  report on Form 10-QSB of National  Property
Investors 8;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


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


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


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


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


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


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


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


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


Date:  November 13, 2002

                                    _______________________
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of NPI Equity  Investments,  Inc.,
                                    equivalent of the chief financial officer of
                                    the Partnership



<PAGE>


Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form 10-QSB of National  Property
Investors 8 (the  "Partnership"),  for the quarterly  period ended September 30,
2002 as filed with the  Securities  and Exchange  Commission  on the date hereof
(the  "Report"),  Patrick  J. Foye,  as the  equivalent  of the chief  executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

     (1)  The Report fully  complies with the  requirements  of Section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Partnership.


                               /s/ Patrick J. Foye
                              Name: Patrick J. Foye
                              Date: November 13, 2002


                              /s/ Paul J. McAuliffe
                             Name: Paul J. McAuliffe
                             Date: November 13, 2002


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