FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                    For the quarterly period ended June 30, 2001


[ ] 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 0-14554


                           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)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 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___



<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                           NATIONAL PROPERTY INVESTORS 8

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

                                  June 30, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  461
   Receivables and deposits                                                     277
   Restricted escrows                                                            74
   Other assets                                                                 291
   Investment properties:
       Land                                                  $ 1,970
       Buildings and related personal property                 30,325
                                                               32,295
       Less accumulated depreciation                          (19,562)       12,733
                                                                           $ 13,836
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 78
   Tenant security deposit liabilities                                           80
   Accrued property taxes                                                       363
   Other liabilities                                                            306
   Mortgage notes payable                                                    14,619

Partners' Deficit
   General partner                                            $ (239)
   Limited partners (44,882 units
      issued and outstanding)                                  (1,371)       (1,610)
                                                                           $ 13,836


                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>

b)

                           NATIONAL PROPERTY INVESTORS 8

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

                                        Three Months Ended         Six Months Ended
                                             June 30,                  June 30,
                                        2001         2000          2001        2000
Revenues:
<S>                                   <C>           <C>          <C>          <C>
   Rental income                      $ 1,159       $ 1,092      $ 2,263      $ 2,214
   Other income                           102            90          180          164
     Total revenues                     1,261         1,182        2,443        2,378

Expenses:
   Operating                              477           458          903          842
   General and administrative              88            66          142          177
   Interest                               292           266          587          498
   Depreciation                           359           326          716          646
   Property taxes                         114           127          197          249
     Total expenses                     1,330         1,243        2,545        2,412

Loss before extraordinary item            (69)          (61)        (102)         (34)
Extraordinary loss on early
   extinguishment of debt                  --          (181)          --         (181)

Net loss                               $ (69)       $ (242)       $ (102)     $ (215)

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

Net loss allocated to limited
  partners (99%)                          (68)         (240)        (101)        (213)

                                       $ (69)       $ (242)       $ (102)     $ (215)
Per limited partnership unit:
  Loss before extraordinary item      $ (1.52)      $ (1.36)     $ (2.25)     $ (0.76)
  Extraordinary loss on the
    early extinguishment of debt           --         (3.99)          --        (3.99)

Net loss                              $ (1.52)      $ (5.35)     $ (2.25)     $ (4.75)

Distributions per limited
  partnership unit                     $ 9.38       $ 73.37       $ 9.38      $ 96.05

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

c)

                           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, 2000                  44,882      $ (234)     $ (849)      $(1,083)

Distribution to partners                  --          (4)        (421)        (425)

Net loss for the six months
   ended June 30, 2001                    --          (1)        (101)        (102)

Partners' deficit at
   June 30, 2001                      44,882      $ (239)     $(1,371)     $(1,610)


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

d)

                           NATIONAL PROPERTY INVESTORS 8

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

                                                                    Six Months Ended
                                                                        June 30,
                                                                     2001        2000
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net loss                                                          $ (102)     $ (215)
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
     Depreciation                                                      716         646
     Amortization of loan costs                                         21          18
     Extraordinary loss on early extinguishment of debt                 --         181
     Change in accounts:
        Receivables and deposits                                      (107)       (230)
        Other assets                                                   (19)        (43)
        Accounts payable                                               (79)         16
        Tenant security deposit liabilities                              9          (5)
        Accrued property taxes                                          19         (10)
        Other liabilities                                               73          63

          Net cash provided by operating activities                    531         421

Cash flows from investing activities:
  Property improvements and replacements                              (362)       (283)
  Net withdrawals from (deposits to) restricted escrows                464        (454)

          Net cash provided by (used in) investing activities          102        (737)

Cash flows from financing activities:
  Payments on mortgage note payable                                    (78)        (22)
  Payoff of mortgage note payable                                       --      (3,364)
  Proceeds from mortgage note payable                                   --       7,372
  Prepayment penalty                                                    --        (168)
  Loan costs paid                                                      (14)       (175)
  Distributions to partners                                           (425)     (4,355)

          Net cash used in financing activities                       (517)       (712)

Net increase (decrease) in cash and cash equivalents                   116      (1,028)

Cash and cash equivalents at beginning of period                       345       1,743

Cash and cash equivalents at end of period                          $ 461       $ 715

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 567       $ 458

At  December  31,  2000,  approximately  $97,000 of  property  improvements  and
replacements were included in accounts payable.

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

e)

                           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. (the "Managing General Partner"),
all adjustments  (consisting of normal recurring accruals)  considered necessary
for a fair presentation have been included.  Operating results for the three and
six month  periods  ended June 30, 2001 are not  necessarily  indicative  of the
results that may be expected for the fiscal year ending  December 31, 2001.  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, 2000. The General  Partner is an affiliate of Apartment  Investment
and  Management  Company  ("AIMCO"),  a publicly  traded real estate  investment
trust.

Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also established  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership  has only one  reportable  segment.  The  Managing  General  Partner
believes that  segment-based  disclosures  will not result in a more  meaningful
presentation than the financial statements as currently presented.

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. The following expenditures were paid or
accrued to the Managing  General  Partner and  affiliates  during the six months
ended June 30, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)
 Property management fees (included in operating expenses)        $124      $120
 Reimbursement for services of affiliates (included in
   investment properties and operating and general and
   administrative expenses)                                         75        64
 Non-accountable partnership reimbursement (included in
   general and administrative expense)                              37        67
 Partnership management fee (included in general and
   administrative expense)                                          --        24
 Loan costs (included in other assets)                              --        74


During the six months ended June 30, 2001 and 2000,  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  $124,000 and $120,000 for the
six months ended June 30, 2001 and 2000, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $75,000 and
$64,000 for the six months ended June 30, 2001 and 2000, respectively.

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 $37,000
and $67,000 for the six months ended June 30, 2001 and 2000,  respectively,  for
non-accountable expense reimbursements.

For managing the affairs of the Partnership, the Managing General Partner of the
Partnership  is entitled to receive a  partnership  management  fee.  The fee is
equal to 4% of the  Partnership's  adjusted cash from operations,  as defined in
the Partnership  Agreement,  in any year, provided that 50% of the fee shall not
be paid until the Partnership has distributed to the limited  partners  adjusted
cash from operations in such year which is equal to 5% of the limited  partners'
adjusted invested capital, as defined,  on a non-cumulative  basis. In addition,
50% of the fee shall not be paid until the  Partnership  has  distributed to the
limited partners adjusted cash from operations in such year which is equal to 8%
of the limited partners'  adjusted  invested capital on a non-cumulative  basis.
The fee shall be paid when adjusted cash from  operations is  distributed to the
limited partners.  The Managing General Partner was paid  approximately  $24,000
during the six months ended June 30, 2000 for such fees.  The  Managing  General
Partner  was not  entitled  to  receive a similar  reimbursement  during the six
months ended June 30, 2001.

In addition to reimbursement for services of affiliates, the Partnership paid an
affiliate of the General Partner approximately $74,000 for loan costs related to
the  refinancing of one of the  Partnership's  properties  during the six months
ended June 30,  2000.  These costs were  capitalized  and are  included in other
assets on the consolidated balance sheet.

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.  The Partnership has not
borrowed under the Partnership Revolver to date.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 26,457 limited partnership
units in the Partnership  representing 58.95% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates or affiliates of the Managing  General  Partner.  It is possible that
AIMCO or its  affiliates  will make one or more  additional  offers  to  acquire
additional  limited  partnership  interests  in the  Partnership  for cash or in
exchange for units in the operating  partnership of AIMCO. 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  without
limitation, voting on certain amendments to the Partnership Agreement and voting
to remove the Managing General  Partner.  As a result of its ownership of 58.95%
of the  outstanding  units,  AIMCO is in a  position  to  influence  all  voting
decisions with respect to the Registrant. When voting on matters, AIMCO would in
all likelihood vote the units it acquired in a manner  favorable to the interest
of the Managing  General Partner  because of its  affiliation  with the Managing
General Partner.  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.

Note C - Distributions

During the six months  ended June 30,  2001,  the  Registrant  declared and paid
distributions of approximately $425,000  (approximately  $421,000 to the limited
partners or $9.38 per limited  partnership unit) from operations.  Subsequent to
June 30, 2001, the Registrant declared a distribution of approximately  $215,000
(approximately $213,000 to the limited partners or $4.75 per limited partnership
unit) from operations. During the six months ended June 30, 2000, the Registrant
declared  and paid  distributions  of  approximately  $4,355,000  (approximately
$4,311,000  to the  limited  partners or $96.05 per  limited  partnership  unit)
consisting of approximately $1,177,000  (approximately $1,165,000 to the limited
partners  or  $25.96  per  limited   partnership   unit)  from   operations  and
approximately  $3,178,000  (approximately  $3,146,000 to the limited partners or
$70.09 per limited partnership unit) from the refinancing proceeds of Huntington
Athletic Club Apartments.

Note D - Refinance of Mortgage Note Payable

On May 11, 2000, the Partnership  refinanced the mortgage encumbering Huntington
Athletic Club Apartments. The refinancing replaced indebtedness of approximately
$3,364,000  with a new  mortgage in the amount of  $7,372,000.  The new mortgage
carries a stated  interest rate of 8.15% as compared to the 9.85%  interest rate
on the old  mortgage.  Payments on the mortgage  loan are due monthly  until the
loan matures on June 1, 2020 at which time the loan will be fully amortized.  In
addition,  the  Partnership  was  required  to  establish  a  repair  escrow  of
approximately  $454,000 with the lender for certain capital replacements.  Total
capitalized loan costs were  approximately  $160,000 for the year ended December
31, 2000. Additional loan costs of approximately $14,000 were capitalized during
the six months ended June 30, 2001.

Note E - 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. 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 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.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  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  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for the six
months ended June 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Williamsburg on the Lake Apartments           92%        93%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           92%        88%
         Morrisville, North Carolina

The Managing General Partner  attributes the increase in occupancy at Huntington
Athletic Club  Apartments to increased  advertising and marketing to attract new
tenants.

Results of Operations

The  Registrant's  net  loss  for  the  six  months  ended  June  30,  2001  was
approximately  $102,000 as compared to a net loss of approximately  $215,000 for
the six months  ended June 30,  2000.  The  Registrant's  net loss for the three
month period ended June 30, 2001 was approximately  $69,000 as compared to a net
loss of  approximately  $242,000 for the three month period ended June 30, 2000.
The decrease in net loss for the three and six month periods ended June 30, 2001
was  due  to  the  recognition  in  2000  of  an  extraordinary  loss  on  early
extinguishment  of debt,  as well as an  increase in total  revenues,  partially
offset  by an  increase  in  total  expenses.  The  extraordinary  loss on early
extinguishment  of debt relates to the refinancing of the mortgage at Huntington
Athletic Club Apartments (see "Liquidity and Capital Resources").

Total revenues increased for the three and six month periods ended June 30, 2001
due to increased rental income and other income.  Rental income increased due to
increased  occupancy  and  decreased  concessions  at  Huntington  Athletic Club
Apartments  and  increased  average  rental  rates at  Williamsburg  on the Lake
Apartments  which were  partially  offset by  increased  bad debt  expenses  and
decreased  occupancy at  Williamsburg  on the Lake  Apartments and a decrease in
average  rental  rates at  Huntington  Athletic  Club  Apartments.  Other income
increased  due to an increase  in laundry  income and  utilities  reimbursements
primarily at Williamsburg on the Lake Apartments

Total expenses increased for the six months ended June 30, 2001 due to increases
in interest, depreciation, and operating expenses which were partially offset by
decreases  in  property  tax and  general  and  administrative  expenses.  Total
expenses  increased  for the  three  month  period  ended  June 30,  2001 due to
increases in interest,  depreciation,  and general and  administrative  expenses
which were  partially  offset by a decrease in property  tax  expense.  Interest
expense increased due to the refinancing of Huntington Athletic Club Apartments,
which increased the debt balance at the property. Depreciation expense increased
due to property  improvements  and  replacements  during the past twelve months.
Operating  expenses  increased for the six months ended June 30, 2001  primarily
due to an increase  in  expenses  associated  with the rental of  apartments  to
employees and utility expenses at both of the Partnership's  properties,  and an
increase  in  maintenance  salaries  at  Williamsburg  on the  Lake  Apartments.
Property tax expense  decreased due to the timing of the receipt of the property
tax bills which affected prior estimates.  General and  administrative  expenses
decreased  for the six  months  ended  June 30,  2001 due to a  decrease  in the
non-accountable  partnership  reimbursement and partnership management fees paid
to the Managing General Partner from  distributions  from operations as provided
in the Partnership Agreement.  General and administrative expenses increased for
the three  month  period  ended June 30,  2001 due to an increase in the cost of
services  included in the  management  reimbursements  to the  Managing  General
Partner  as  allowed  under  the  Partnership  Agreement.  In  addition,   costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory  agencies and the annual audit required by the Partnership  Agreement
are also included in general and administrative expenses.

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  June  30,  2001,  the  Partnership   held  cash  and  cash   equivalents  of
approximately  $461,000 compared to approximately $715,000 at June 30, 2000. The
increase of approximately  $116,000 in cash and cash equivalents  since December
31,  2000  is due to  approximately  $531,000  of  cash  provided  by  operating
activities and approximately  $102,000 of cash provided by investing  activities
which was partially offset by  approximately  $517,000 of cash used in financing
activities.  Cash provided by investing  activities consisted of net withdrawals
from escrow  accounts  maintained  by the mortgage  lender  partially  offset by
property  improvements  and  replacements.  Cash  used in  financing  activities
consisted of  distributions  to the partners,  payments of principal made on the
mortgage  encumbering  Huntington  Athletic Club Apartments,  and the payment of
loan costs.  The Partnership  invests its working  capital  reserves in interest
bearing accounts.

On May 11, 2000, the Partnership  refinanced the mortgage encumbering Huntington
Athletic Club Apartments. The refinancing replaced indebtedness of approximately
$3,364,000  with a new  mortgage in the amount of  $7,372,000.  The new mortgage
carries a stated  interest rate of 8.15% as compared to the 9.85%  interest rate
on the old  mortgage.  Payments on the mortgage  loan are due monthly  until the
loan matures on June 1, 2020 at which time the loan will be fully amortized.  In
addition,  the  Partnership  was  required  to  establish  a  repair  escrow  of
approximately  $454,000 with the lender for certain capital replacements.  Total
capitalized loan costs were  approximately  $160,000 for the year ended December
31, 2000. Additional loan costs of approximately $14,000 were capitalized during
the six months ended June 30, 2001.

The Managing  General Partner has extended to the Partnership a $500,000 line of
credit.  At the present time, the  Partnership  has no  outstanding  amounts due
under this line of credit.  Based on present plans, the Managing General Partner
does not anticipate  the need to borrow in the near future.  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 Registrant and to comply with
Federal, state and local legal and regulatory requirements. Capital improvements
for each of the Registrant's properties are detailed below.

Williamsburg on the Lake Apartments

During  the  six  months  ended  June  30,  2001,  the   Partnership   completed
approximately  $160,000 of budgeted and  non-budgeted  capital  expenditures  at
Williamsburg  on the Lake  Apartments  consisting  primarily of carpet and vinyl
replacements, major landscaping, structural improvements, window treatments, and
appliances.  These  improvements  were funded from  operating  cash flow and the
Partnership's  reserves.  The Partnership has evaluated the capital  improvement
needs of the property for the year 2001.  The amount  budgeted is  approximately
$147,000,  consisting primarily of water heater  replacements,  air conditioning
unit  replacement,  appliances,  and carpet and vinyl  replacements.  Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Huntington Athletic Club Apartments

During  the  six  months  ended  June  30,  2001,  the   Partnership   completed
approximately  $105,000 of budgeted and  non-budgeted  capital  expenditures  at
Huntington Athletic Club Apartments consisting primarily of carpet replacements,
structural improvements, and interior decoration. These improvements were funded
from the  Partnership's  reserves.  The  Partnership  has  evaluated the capital
improvement  needs of the  property  for the year 2001.  The amount  budgeted is
approximately   $101,000,   consisting   primarily  of  air  conditioning   unit
replacements and carpet and tile  replacements.  Additional  improvements may be
considered and will depend on the physical  condition of the property as well as
replacement reserves and 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. Huntington Athletic
Club Apartment's mortgage indebtedness of approximately  $7,219,000 is amortized
over  20  years  and  matures  June  1,  2020.  The  mortgage   encumbering  the
Williamsburg  on the Lake  Apartments  requires  interest only payments with the
principal  balance of  $7,400,000  due in November  2003.  The Managing  General
Partner will attempt to refinance such indebtedness  and/or sell Williamsburg on
the Lake prior to such maturity  date.  If the property  cannot be refinanced or
sold for a  sufficient  amount,  the  Registrant  may risk losing such  property
through foreclosure.

During the six months  ended June 30,  2001,  the  Registrant  declared and paid
distributions of approximately $425,000  (approximately  $421,000 to the limited
partners or $9.38 per limited  partnership unit) from operations.  Subsequent to
June 30, 2001, the Registrant declared a distribution of approximately  $215,000
(approximately $213,000 to the limited partners or $4.75 per limited partnership
unit) from operations. During the six months ended June 30, 2000, the Registrant
declared  and paid  distributions  of  approximately  $4,355,000  (approximately
$4,311,000  to the  limited  partners or $96.05 per  limited  partnership  unit)
consisting of approximately $1,177,000  (approximately $1,165,000 to the limited
partners  or  $25.96  per  limited   partnership   unit)  from   operations  and
approximately  $3,178,000  (approximately  $3,146,000 to the limited partners or
$70.09 per limited partnership unit) from the refinancing proceeds of Huntington
Athletic Club Apartments. 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 Registrant's
distribution policy is reviewed on a quarterly basis. There can be no assurance,
however,  that the Registrant  will generate  sufficient  funds from  operations
after  required  capital  improvements  to permit further  distributions  to its
partners during the remainder of 2001 or subsequent periods.



<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. 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 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.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

               None.

            b) Reports on Form 8-K filed during the quarter ended June 30, 2001:

               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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: