SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                            ------------------------


                                    FORM 10-Q


/X/  Quarterly report pursuant to Section 13 or 15(d) of the 
     Securities Exchange Act of 1934


                        For Quarter Ended March 31, 1997


                         -------------------------------
                         COMMISSION FILE NUMBER 33-13668
                           (S-11 Registration Number)
                         -------------------------------


                     HOLCO MORTGAGE ACCEPTANCE CORPORATION-I
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                                    DELAWARE
                         -------------------------------
                         (State or other jurisdiction of
                         incorporation of organization)


                             220 WEST COLFAX STREET
                                    SUITE 200
                              SOUTH BEND, IN 46601
                    ----------------------------------------
                    (Address of principal executive offices)


                                   38-2733561
                      ------------------------------------
                      (IRS Employer Identification Number)


                                 (219) 289-3585
              ----------------------------------------------------
              (Registrant's Telephone Number, including Area Code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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 [   ]

The number of shares outstanding of each class of Registrant's  Common Stock was
563,750 shares of common stock, par value $.01 as of March 31, 1997.
<PAGE>





Item 1.Financial Statements

                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I
                                 BALANCE SHEETS

<TABLE>
                                                                 March 31, 1997  December 31,
                                                                  (Unaudited)       1996
                                                                 --------------  ------------
<S>                                                              <C>             <C> 

ASSETS

CASH ..........................................................   $     1,000    $     1,000

INTEREST RECEIVABLE ...........................................   $    71,741    $    72,293

INVESTMENTS:
     Insured GNMA mortgages, at cost ..........................     9,383,279      9,403,269
     Funds held by Trustee ....................................        93,749         91,144
                                                                  -----------    -----------
     Net Investments ..........................................     9,477,028      9,494,413

ORGANIZATION COSTS, at amortized cost .........................             0              0

COLLATERALIZED MORTGAGE BOND OFFERING COSTS, net of accumulated
amortization of $1,051,522
                                                                        9,459         11,571
                                                                  -----------    -----------
          Total Assets ........................................   $ 9,559,228    $ 9,579,277
                                                                  ===========    ===========

                LIABILITIES & STOCKHOLDERS' EQUITY

LIABILITIES:

     COLLATERALIZED MORTGAGE BONDS ............................   $ 8,794,000    $ 8,816,000

     ACCOUNTS PAYABLE .........................................        39,943         38,756

     INTEREST PAYABLE .........................................       137,214        137,565
                                                                  -----------    -----------

          Total Liabilities ...................................   $ 8,971,157    $ 8,992,321

STOCKHOLDERS' EQUITY:

     COMMON STOCK, $0.01 par value;
     authorized 700,000 shares; issued and
     outstanding 563,750 shares ...............................   $     5,638    $     5,638
     ADDITIONAL PAID-IN CAPITAL ...............................     2,862,878      2,862,878

     RETAINED EARNINGS ........................................    (2,280,445)    (2,281,560)
                                                                  -----------    -----------

          Total Stockholders' Equity ..........................   $   588,071    $   586,956
                                                                  -----------    -----------

          Total Liabilities & Stockholders' Equity ............   $ 9,559,228    $ 9,579,277
                                                                  ===========    ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I


                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
            For the Three Month Period Ended March 31, 1997 and 1996


                                                                       For the
                                                         For the        Three
                                                       Three Months     Ended
                                                          Ended         Months
                                                         March 31,     March 31,
                                                           1997          1996
                                                        ------------   ---------

INCOME:

     INTEREST INCOME .............................       $213,872       $215,759

     INTEREST INCOME - Market Discount ...........          4,194         33,995
                                                         --------       --------
          Total Income ...........................       $218,066       $249,754
                                                         --------       --------



EXPENSES:

     INTEREST EXPENSE ............................       $206,102       $208,125
     INTEREST EXPENSE - AMORTIZATION OF
     BOND OFFERING COSTS .........................          2,112          9,183
     MANAGEMENT FEE ..............................          1,542          1,542
                                                         --------       --------
          Total Expenses .........................       $209,756       $218,850

NET INCOME BEFORE PROVISION
FOR STATE INCOME TAXES ...........................       $  8,310       $ 30,904
PROVISION FOR STATE TAXES ........................          1,187            890
                                                         --------       --------
          Net Income .............................       $  7,123       $ 30,014
                                                         ========       ========
          Net Income per share (563,750 shares 
            outstanding) ........................        $   0.01       $   0.05
                                                         ========       ========


See Notes to Financial Statements.
<PAGE>


                    HOLCO MORTGAGE ACCEPTANCE CORPORATION -I

                             STATEMENTS OF CASH FLOW
                                   (Unaudited)
<TABLE>

                                                                                 For the Three     For the Three 
                                                                                  Months Ended      Months Ended
                                                                                 March 31, 1997    March 31, 1996
                                                                                 --------------    --------------
<S>                                                                              <C>               <C> 

Cash flows from operating activities:
     Net income for the period .................................................   $   7,123         $  30,014
     Adjustments  to  reconcile  net income to net cash  provided  by  operating
     activities:
          Amortization of net GNMA
          certificate discount .................................................      (4,194)          (33,995)
          Amortization of collateralized mortgage
          obligation bond offering costs .......................................       2,112             9,183
          Decrease (increase) in:
               Interest Receivable .............................................         182             1,165
          Increase (decrease) in:
               Accounts payable ................................................       1,187               890
               Interest payable ................................................        (351)             (313)
                                                                                   ---------         ---------
               Cash flows provided by operating activities .....................   $   6,059         $   6,944
                                                                                   ---------         ---------

Cash flows from investing activities:
     Principal payments on GNMA certificates ...................................   $  24,184         $  22,045
                                                                                   ---------         ---------

Cash flows from financing activities:
     Redemption of collateralized mortgage obligation bonds ....................   $ (22,000)        $ (20,000)
     Dividend payment to stockholders ..........................................      (5,638)           (5,637)
                                                                                   ---------         ---------
          Cash flows used in financing activities ..............................   $ (27,638)        $ (25,637)
                                                                                   ---------         ---------

          Increase (decrease) in cash and cash equivalents .....................   $   2,605         $   3,352
Cash and cash equivalents, beginning ...........................................      92,144            87,334
                                                                                   ---------         ---------
Cash and cash equivalents, ending ..............................................   $  94,749         $  90,686
                                                                                   =========         =========

Supplemental disclosure of cash flow information:
Cash paid during the year for:
     Interest ..................................................................     206,453           208,438
     State income taxes ........................................................           0                 0
</TABLE>

See Notes to Financial Statements.
<PAGE>



                          NOTES TO FINANCIAL STATEMENTS



Note 1. In the opinion of the Corporation,  the accompanying unaudited financial
        statements  contain  all  adjustments  necessary  to present  fairly the
        financial  position as of March 31,  1997 and the results of  operations
        and changes in financial position for the three months then ended.


Note 2. The results of  operations  for the three month  period  ended March 31,
        1997 is not necessarily indicative of the results to be expected for the
        full year.

<PAGE>



Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

The  Corporation's  results  of  operations  depend  primarily  on the amount of
interest  paid on the  Multifamily  GNMA  Certificates  securing the Bonds,  the
incidence of prepayments of principal made on the mortgage loans underlying such
multifamily  GNMA  Certificates,  the amount of earnings from  re-investment  of
distributions  on such  Multifamily  GNMA  Certificates  and the  amount  of the
Corporation's expenses,  including, among other things, interest payments due on
the Bonds and the operating  expenses of the Corporation.  Substantially  all of
the Corporation's  expenses are interest  payments due on the Bonds,  management
fees, audit, legal,  trustee and other related expenses,  state and local taxes,
reporting requirement fees and costs of maintaining the Corporation's  corporate
qualifications.  It is anticipated that scheduled  distributions of principal of
and interest on the Multifamily GNMA Certificates  pledged as collateral for the
Bonds, together with the re-investment earnings thereon, will provide sufficient
funds to make timely payment of all amounts due on the Bonds in accordance  with
their terms and to pay all of the operating expenses of the Corporation.

The  Corporation's  primary  sources  of funds  with  respect  to the  Bonds are
payments of  principal  of and  interest on the  Multifamily  GNMA  Certificates
pledged to secure the Bonds and re-investment  earnings thereon. The Corporation
anticipates that it will have sufficient  liquidity and capital resources to pay
all  other  expenses  of the  Corporation.  The  Corporation  does  not have any
significant  source of funds other than  distributions  on the Multifamily  GNMA
Certificates  pledged to secure the bonds and  re-investment  earnings  thereon.
Virtually all of the assets and  liabilities of the  Corporation are monetary in
nature. Because the Bonds are secured by Multifamily GNMA Certificates which pay
interest at specified  rates, and because payments on the Bonds are at specified
rates of interest, inflationary pressures are not expected to affect the ability
of the Corporation to meet its obligations as they become due.

The  Corporation  expects  that  scheduled  distributions  of  principal  of and
interest  on the  Multifamily  GNMA  Certificates  pledged  to secure the Bonds,
together with the re-investment  earnings thereon,  will at all times exceed the
aggregate  of the amounts due as payments of  principal  of and  interest on the
Bonds and operating expenses of the Corporation.

Because  the amount of  interest  income  that the  Corporation  receives on the
Multifamily  GNMA  Certificates,  together  with the  re-investment  earnings on
distributions of principal of and interest on the Multifamily GNMA Certificates,
may in some periods be less than the sum of the  Corporation's  interest expense
on the Bonds and operating expenses for such periods, the Corporation's ratio of
earnings to fixed charges for such periods may be less than one to one. Any such
income shortfalls will not, however,  be cash flow shortfalls  because principal
and  interest  payments on the  Multifamily  GNMA  Certificates,  together  with
re-investment  income thereon,  will be available in sufficient  amounts to meet
interest income shortfalls and to make required principal payments on the Bonds.
In addition,  the  amortization  of issuance  costs of the Bonds will reduce the
Corporation's  ratio of earnings to fixed charges but will not affect the amount
of cash available to meet fixed charges.


<PAGE>


                           PART II - OTHER INFORMATION




Item 6.Exhibits and Reports on Form 8-K.


     (a)  The  following  documents  are  filed  as part of this  Form  10-Q and
          incorporated herein by this reference:

          4.1  Specimen  certificate  representing  Pass-Through Equity Residual
               Certificates of the Registrant.*

          4.2  Specimens  of  the  Series  A,  B and C  Collateralized  Mortgage
               Obligation Bonds.*

          4.3  Trust Indenture dated as of August 26, 1987.*

          4.4  Form of Guaranty  Agreement  between the  servicer  and GNMA with
               respect to Project Loan Securities under the GNMA I Program.**

          28   Form 10-K of registrant.***

          *    Each of the foregoing was filed as an Exhibit with Post Effective
               Amendment No. 1 on Form S-11 (Registration No. 33-13688) filed on
               September 10, 1987.

          **   The  foregoing  was  filed  as an  Exhibit  to  the  Registration
               Statement on Form S-11, No. 33-13668 on April 22, 1987.

          ***  The foregoing was filed by the registrant on March 31, 1997.

     (b)  No reports on form 8-K have been filed  during the fiscal  quarter for
          which this Form 10-Q is being filed.


<PAGE>


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                       HOLCO MORTGAGE ACCEPTANCE CORPORATION-I
                                      (Registrant)


Date:  May 13, 1997                     /s/ John T. Phair
                                       -----------------------------------------
                                       John T. Phair
                                       Vice President, Treasurer and Director
                                       Chief Accounting Officer


Date:  May 13, 1997                    /s/ Kevin C. Horton
                                       -----------------------------------------
                                       Kevin C. Horton
                                       Vice President, Secretary and Director