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 June 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)

                                  June 30, 2002

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 226
   Receivables and deposits                                                     171
   Restricted escrows                                                            18
   Other assets                                                                 644
   Investment properties:
       Land                                                  $ 1,970
       Buildings and related personal property                 30,751
                                                               32,721
       Less accumulated depreciation                          (21,009)       11,712
                                                                           $ 12,771
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 41
   Tenant security deposit liabilities                                           78
   Accrued property taxes                                                       384
   Other liabilities                                                            220
   Mortgage notes payable                                                    15,955

Partners' Deficit
   General partner                                            $ (262)
   Limited partners (44,882 units
      issued and outstanding)                                  (3,645)       (3,907)
                                                                           $ 12,771


                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         Six Months Ended
                                             June 30,                  June 30,
                                        2002         2001          2002        2001
Revenues:
<S>                                   <C>           <C>          <C>          <C>
   Rental income                      $ 1,004       $ 1,159      $ 2,091      $ 2,263
   Other income                           102           102          203          180
     Total revenues                     1,106         1,261        2,294        2,443

Expenses:
   Operating                              464           477          900          903
   General and administrative              71            88          140          142
   Interest                               300           292          601          587
   Depreciation                           366           359          729          716
   Property taxes                         129           114          254          197
     Total expenses                     1,330         1,330        2,624        2,545

Net loss                               $ (224)       $ (69)       $ (330)     $ (102)

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

Net loss allocated to limited
  partners (99%)                         (222)          (68)        (327)        (101)

                                       $ (224)       $ (69)       $ (330)     $ (102)

Net loss per limited partnership
  unit                                $ (4.95)      $ (1.52)     $ (7.29)     $ (2.25)

Distributions per limited
  partnership unit                     $ 6.31       $ 9.38        $ 6.31      $ 9.38

                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                  --          (3)        (283)        (286)

Net loss for the six months
   ended June 30, 2002                    --          (3)        (327)        (330)

Partners' deficit at
   June 30, 2002                      44,882      $ (262)     $(3,645)     $(3,907)

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                        NATIONAL PROPERTY INVESTORS 8

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

                                                                    Six Months Ended
                                                                        June 30,
                                                                     2002        2001
Cash flows from operating activities:
<S>                                                                 <C>         <C>
  Net loss                                                          $ (330)     $ (102)
  Adjustments to reconcile net loss to net cash provided by
   operating activities:
     Depreciation                                                      729         716
     Amortization of loan costs                                         18          21
     Change in accounts:
        Receivables and deposits                                       304        (107)
        Other assets                                                   (48)        (19)
        Accounts payable                                                15         (79)
        Tenant security deposit liabilities                              7           9
        Accrued property taxes                                         (47)         19
        Other liabilities                                               86          73
          Net cash provided by operating activities                    734         531

Cash flows from investing activities:
  Property improvements and replacements                              (147)       (362)
  Net withdrawals from restricted escrows                               24         464
          Net cash (used in) provided by investing activities         (123)        102

Cash flows from financing activities:
  Payments on mortgage note payable                                   (183)        (78)
  Advances from affiliate                                              100          --
  Repayment of advances from affiliate                                (100)         --
  Loan costs paid                                                       --         (14)
  Distributions to partners                                           (286)       (425)
          Net cash used in financing activities                       (469)       (517)

Net increase in cash and cash equivalents                              142         116

Cash and cash equivalents at beginning of period                        84         345

Cash and cash equivalents at end of period                          $ 226       $ 461

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 531       $ 567


                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 six month  periods  ended June 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 six months ended June 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  $119,000 and $124,000 for the
six months  ended June 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  $89,000 and
$75,000 for the six months ended June 30, 2002 and 2001, respectively, which are
included in general and administrative expenses.

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 $22,000
and $37,000 for the six months ended June 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 six months
ended June 30, 2002, the  Partnership  borrowed  $100,000 under the  Partnership
Revolver.  Interest  expense  during  the six  months  ended  June 30,  2002 was
approximately  $2,000.  The Partnership repaid this loan prior to June 30, 2002.
No amounts were outstanding during the six months ended June 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 six months ended June
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.

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  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, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Williamsburg on the Lake Apartments           90%        92%
         Indianapolis, Indiana
      Huntington Athletic Club Apartments           88%        92%
         Morrisville, North Carolina

The Managing General Partner  attributes the decrease in occupancy at Huntington
Athletic Club Apartments to poor market  conditions and tenants buying homes due
to low interest rates.

Results of Operations

The  Registrant's  net  loss  for  the  six  months  ended  June  30,  2002  was
approximately  $330,000 as compared to a net loss of approximately  $102,000 for
the six months  ended June 30,  2001.  The  Registrant's  net loss for the three
month period ended June 30, 2002 was approximately $224,000 as compared to a net
loss of  approximately  $69,000 for the three month  period ended June 30, 2001.
The increase in net loss for the six month period ended June 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 June 30, 2002 was due to a decrease in
total revenues with no change in total expenses.

Total  revenues  decreased  for the six month  period ended June 30, 2002 due to
decreased rental income  partially offset by an increase in other income.  Total
revenues  decreased  for the  three  month  period  ended  June 30,  2002 due to
decreased  rental  income.  Rental income  decreased for the three and six month
periods ended June 30, 2002 due to decreased  occupancy and average rental rates
at both of the  Partnership's  properties.  Other income  increased  for the six
months  ended June 30,  2002 due to an increase  in late  charges and  utilities
reimbursements primarily at Williamsburg on the Lake Apartments

Total expenses increased for the six months ended June 30, 2002 primarily due to
an  increase  in property  tax  expense.  Property  tax  expense  increased  for
Williamsburg  on the Lake  Apartments,  which  impacted the accruals at June 30,
2002 and 2001. General and administrative  expenses remained relatively constant
over the comparable periods. Included in the general and administrative expenses
at both June 30 2002 and 2001 are reimbursements to the Managing General Partner
allowed under the  Partnership  Agreement  associated with its management of the
Partnership.  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 included.

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,  2002,  the  Partnership   held  cash  and  cash   equivalents  of
approximately  $226,000 compared to approximately $461,000 at June 30, 2001. The
increase of approximately  $142,000 in cash and cash equivalents  since December
31,  2001  is due to  approximately  $734,000  of  cash  provided  by  operating
activities offset by approximately $469,000 of cash used in financing activities
and approximately  $123,000 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 the present time, the  Partnership  has no  outstanding  amounts due
under  this line of  credit.  During  the six  months  ended  June 30,  2002 the
Managing General Partner advanced the Partnership $100,000 under the Partnership
Revolver.  Interest  expense  during  the six  months  ended  June 30,  2002 was
approximately  $2,000.  The Partnership repaid this loan prior to June 30, 2002.
No amounts were  outstanding  during the six months  ended June 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 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,  2002,  the   Partnership   completed
approximately  $83,000  of  capital  expenditures  at  Williamsburg  on the Lake
Apartments consisting primarily of floor covering and appliance replacements and
interior and exterior building improvements. These improvements were funded from
operating cash flow. For 2002, the amount  budgeted for capital  improvements is
approximately   $141,000  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  six  months  ended  June  30,  2002,  the   Partnership   completed
approximately  $64,000 of  capital  expenditures  at  Huntington  Athletic  Club
Apartments consisting primarily of fencing, plumbing upgrades and floor covering
and appliance  replacements.  These improvements were funded from operating cash
flow. For 2002, the amount budgeted for capital  improvements  is  approximately
$71,000 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 $15,955,000 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 six months ended
June 30, 2002 and 2001 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2002         Unit        June 30, 2001         Unit

<S>                     <C>              <C>              <C>              <C>
Operations              $ 253            $ 5.57           $ 425            $ 9.38
Refinancing (1)             33             0.74               --               --
                        $ 286            $ 6.31           $ 425            $ 9.38
</TABLE>

(1)   From the refinancing of Williamsburg on the Lake Apartments during 2001.

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 June 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. In this regard, on June
25, 2002, a tender offer by AIMCO Properties,  L.P., to acquire all of the units
not  owned by  affiliates  of AIMCO  for a  purchase  price of  $60.00  per unit
expired.  Pursuant to this offer,  AIMCO  acquired  854 units during the quarter
ended June 30, 2002.  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 owed fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnerships 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.



<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.

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 June 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: August 14, 2002


<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 June 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:  August 14, 2002


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 14, 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.