FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities exchange Act of 1934

                For the Quarterly Period Ended September 30, 1997

                         Commission File Number 0-16815

                        NHP RETIREMENT HOUSING PARTNERS I
                               LIMITED PARTNERSHIP
                        (A Delaware Limited Partnership)
             (Exact name of registrant as specified in its charter)


                 DELAWARE                                52-1453513
     (State of other jurisdiction of        (I.R.S. Employer Identification No.)
      incorporation or organization)


                         14160 DALLAS PARKWAY, SUITE 300
                                DALLAS, TX 75240
                    (Address of principal executive offices)
                                   (Zip Code)


                                 (972) 770-5600
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                          if changed since last report)

     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 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

<TABLE>
<CAPTION>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                        Statements of Financial Position

                                                                     September 30, 1997           December 31, 1996
                                                                     ------------------           -----------------

                                     ASSETS

<S>                                                                   <C>                        <C>               
Cash and cash equivalents                                             $       4,889,610          $        4,017,181
Interest receivable                                                                   0                       1,200
Other receivables                                                                30,249                      28,363
Pension notes issuance costs                                                  1,073,540                   1,264,634
Organization and offering costs                                                 227,770                     265,102
Prepaid expenses                                                                212,182                     285,111
Rental property:
     Land                                                                     6,318,028                   6,318,028
     Building, net of accumulated
      depreciation of $14,999,566 in 1997 and $13,752,920 in 1996            43,019,467                  43,853,213
Other assets                                                                     37,735                      39,052
                                                                      -----------------          ------------------

Total assets                                                          $      55,808,581          $       56,071,884
                                                                      =================          ==================


                        LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
     Accounts payable                                                 $         351,253          $          336,446
     Interest payable                                                        22,974,071                  20,681,172
     Pension notes                                                           42,672,000                  42,672,000
     Other liabilities                                                          934,208                     818,377
                                                                      -----------------          ------------------

                                                                             66,931,532                  64,507,995
                                                                      -----------------          ------------------
Partners' deficit:
     General Partner-NHP/RHGP-I Limited
        Partnership                                                          (1,563,675)                 (1,465,252)
     Assignor Limited Partner-NHP RHP-I
        Assignor Corporation-42,691 investment
        units outstanding                                                    (9,559,276)                 (6,970,859)
                                                                      -----------------          ------------------

Total partners' deficit                                                     (11,122,951)                 (8,436,111)
                                                                      -----------------          ------------------

Total liabilities and partners' deficit                               $      55,808,581          $       56,071,884
                                                                      =================          ==================
                       See notes to financial statements.
</TABLE>

                                       1

  
<PAGE>

<TABLE>
<CAPTION>



              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP

                              A Limited Partnership
                             Statement of Operations
                  For the Three Months Ended September 30, 1997

                                                                              Three months ended September 30,
                                                                                1997                    1996
REVENUE:
<S>                                                                      <C>                     <C>             
     Rental income                                                       $       3,785,468       $      3,561,786
     Interest income                                                                22,346                 19,771
     Other income                                                                   55,501                 36,206
                                                                         -----------------       ----------------

                                                                                 3,863,315              3,617,763
                                                                         -----------------       ----------------

COSTS AND EXPENSES:
     Salaries, related benefits and overhead reimbursements                      1,016,138                953,087
     Management fees, dietary fees and other services                              379,788                346,870
     Administrative and marketing                                                  152,151                162,441
     Utilities                                                                     217,240                218,502
     Maintenance                                                                   131,337                112,381
     Resident services, other than salaries                                         72,057                 70,819
     Food services, other than salaries                                            404,760                379,176
     Depreciation                                                                  415,548                411,634
     Taxes and insurance                                                           280,728                275,564
                                                                         -----------------       ----------------

                                                                                 3,069,747              2,930,474
                                                                         -----------------       ----------------

INCOME FROM RENTAL OPERATIONS                                                      793,568                687,289
                                                                         -----------------       ----------------

COSTS AND EXPENSES:
     Interest expense - pension notes                                            1,509,068              1,441,688
     Amortization of pension notes issuance costs                                   63,698                 63,698
     Amortization of organization and offering costs                                12,444                 12,444
     Other expenses                                                                 59,331                 34,563
                                                                         -----------------       ----------------

                                                                                 1,644,541              1,552,393
                                                                         -----------------       ----------------

NET (LOSS)                                                               $        (850,973)      $       (865,104)
                                                                         =================       ================

NET (LOSS) PER ASSIGNEE INTEREST                                         $             (20)      $            (20)
                                                                         =================       ================
                       See notes to financial statements.
</TABLE>

                                       2
<PAGE>

<TABLE>
<CAPTION>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                             Statement of Operations
                  For the Nine Months Ended September 30, 1997

                                                                               Nine months ended September 30,
                                                                                1997                    1996
REVENUE:
<S>                                                                      <C>                     <C>             
     Rental income                                                       $      11,312,802       $     10,599,375
     Interest income                                                                66,908                 57,472
     Other income                                                                  145,880                119,664
                                                                         -----------------       ----------------

                                                                                11,525,590             10,776,511
                                                                         -----------------       ----------------

COSTS AND EXPENSES:
     Salaries, related benefits and overhead reimbursements                      3,035,525              2,877,275
     Management fees, dietary fees and other services                            1,132,286              1,052,628
     Administrative and marketing                                                  434,381                474,984
     Utilities                                                                     673,716                666,512
     Maintenance                                                                   379,627                318,704
     Resident services, other than salaries                                        216,193                216,925
     Food services, other than salaries                                          1,186,222              1,123,939
     Depreciation                                                                1,246,645              1,234,902
     Taxes and insurance                                                           837,156                810,070
                                                                         -----------------       ----------------

                                                                                 9,141,751              8,775,939
                                                                         -----------------       ----------------

INCOME FROM RENTAL OPERATIONS                                                    2,383,839              2,000,572
                                                                         -----------------       ----------------

COSTS AND EXPENSES:
     Interest expense - pension notes                                            4,527,205              4,325,063
     Amortization of pension notes issuance costs                                  191,094                191,094
     Amortization of organization and offering costs                                37,332                 37,332
     Other expenses                                                                269,450                147,648
                                                                         -----------------       ----------------

                                                                                 5,025,081              4,701,137
                                                                         -----------------       ----------------

NET (LOSS)                                                               $      (2,641,242)      $     (2,700,565)
                                                                         =================       ================

NET (LOSS) PER ASSIGNEE INTEREST                                         $             (61)      $            (62)
                                                                         =================       ================

                       See notes to financial statements.
</TABLE>
                                       3
<PAGE>

<TABLE>
<CAPTION>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                         Statement of Partners' Deficit
                  For the Nine Months Ended September 30, 1997



                                                     GENERAL PARTNER
                                                  CAPITAL REALTY GROUP           ASSIGNOR LIMITED
                                                  SENIOR HOUSING, INC.               PARTNER                TOTAL

Partners' deficit
<S>                                                <C>                          <C>                   <C>         
   at December 31, 1996                            $       (1,465,252)          $     (6,970,859)     $(8,436,111)

Distributions                                                 (45,598)                         0
                                                                                                          (45,598)
Net Loss - Nine months
   ended September 30, 1997                                   (52,825)                (2,588,417)      (2,641,242)
                                                   ------------------           ----------------     ------------
Partners' deficit
   at September 30, 1997                           $       (1,563,675)          $     (9,559,276)    $(11,122,951)
                                                   ==================           ================     ============
Percentage interest
   at September 30, 1997                                    2%                          98%                100%
                                                            ==                          ===                ====

                       See notes to financial statements.
</TABLE>
                                       4

<PAGE>
<TABLE>
<CAPTION>


              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                            Statements of Cash Flows


                                                                                  Nine months ended September 30,
                                                                                 1997                      1996
                                                                                 ----                      ----

Cash flows from operating activities:
<S>                                                                        <C>                     <C>              
     Rent collections                                                      $     11,310,916        $      10,605,814
     Interest received                                                               68,108                   57,537
     Other income                                                                   145,880                  119,664
     Salary and related benefits                                                 (3,043,414)              (2,877,275)
     Management fees, dietary fees
       and other services                                                        (1,138,430)              (1,058,043)
     Other operating expenses paid                                               (3,777,828)              (3,583,265)
     Interest paid                                                               (2,234,306)              (2,242,840)
                                                                           ----------------        -----------------

     Net cash provided by
       operating activities                                                       1,330,926                1,021,592
                                                                           ----------------        -----------------

Cash flows from investing activities:
     Capital Expenditures                                                          (412,899)                (404,622)
                                                                           ----------------        -----------------

     Net cash used in investing activities                                         (412,899)                (404,622)
                                                                           ----------------        -----------------

Cash flows from financing activities:
     Distributions                                                                  (45,598)                 (45,772)
                                                                           ----------------        -----------------

     Net cash used in financing activities                                          (45,598)                 (45,772)
                                                                           ----------------        -----------------

Net increase in cash and
     cash equivalents                                                               872,429                  571,198

Cash and cash equivalents
     at beginning of period                                                       4,017,181                3,478,604
                                                                           ----------------        -----------------

Cash and cash equivalents
     at end of period                                                      $      4,889,610        $       4,049,802
                                                                           ================        =================
                       See notes to financial statements.
</TABLE>
                                       5
<PAGE>

<TABLE>
<CAPTION>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                            Statements of Cash Flows

                                   (Continued)



                                                                                 Nine months Ended September 30,
                                                                                1997                        1996
                                                                                ----                        ----  

RECONCILIATION OF NET LOSS TO NET CASH
     PROVIDED BY OPERATING ACTIVITIES:

<S>                                                                       <C>                         <C>              
Net loss                                                                  $     (2,641,242)           $     (2,700,565)

Adjustments to reconcile net loss to net cash used in operating activities:
       Depreciation                                                              1,246,645                   1,234,902
       Amortization of organization
         and offering costs                                                         37,332                      37,332
       Amortization of pension notes
         issuance costs                                                            191,094                     191,094

Changes in operating assets and liabilities:
       Interest receivable                                                           1,200                          65
       Other assets and receivables                                                   (569)                    836,263
       Prepaid expenses                                                             72,929                     145,751
       Accounts payable                                                             14,807                    (151,217)
       Interest payable                                                          2,292,899                   2,082,223
       Purchase installments                                                             0                    (552,000)
       Other liabilities                                                           115,831                    (102,256)
                                                                          ----------------            ----------------

           Total adjustments                                                     3,972,168                   3,722,157
                                                                          ----------------            ----------------

Net cash provided by
  in operating activities                                                 $      1,330,926            $      1,021,592
                                                                          ================            ================
                       See notes to financial statements.
</TABLE>
                                       6
<PAGE>

              NHP RETIREMENT HOUSING PARTNERS I LIMITED PARTNERSHIP
                              A Limited Partnership
                          Notes to Financial Statements


(1)    ACCOUNTING POLICIES

       Nature of Business

       NHP Retirement Housing Partners I Limited Partnership (the "Partnership")
       is a  limited  partnership  organized  under  the  laws of the  State  of
       Delaware on March 10, 1986. The Partnership was formed for the purpose of
       raising  capital by issuing both Pension  Notes  ("Notes") to  tax-exempt
       investors  and selling  additional  partnership  interests in the form of
       Assignee  Interests  ("Interests")  to  taxable  individuals.   Interests
       represent  assignments  of  the  limited  partnership  interests  of  the
       Partnership  issued to the Assignor Limited  Partner,  NHP RHP-I Assignor
       Corporation.  The proceeds from the sale of the Notes and Interests  have
       been  invested  in  residential  rental  properties  for  retirement  age
       occupants.

       Basis of Presentation

       The  accompanying  unaudited  interim  financial  statements  reflect all
       adjustments which are, in the opinion of management, necessary to present
       a fair statement of the financial condition and results of operations for
       the interim periods presented.

       While the General  Partner  believes that the  disclosures  presented are
       adequate to make the  information  not  misleading,  it is suggested that
       these  financial  statements  be read in  conjunction  with the financial
       statements  and the notes  included in the  Partnership's  Annual Reports
       filed in Forms 10-K for the year ended December 31, 1996.


(2)    TRANSACTIONS  WITH THE  GENERAL  PARTNER AND  AFFILIATES  OF THE  GENERAL
       PARTNER

       Until January 23, 1995, the sole general  partner of the  Partnership was
       NHP/RHGP-1  Limited  Partnership  (NHP/RHGP-1).  On  December  19,  1991,
       NHP/RHGP-1  executed  an amended and  restated  purchase  agreement  with
       Capital  Realty  Group  Properties,  Inc.  (CRGP) for the transfer of the
       General Partner's interest in the Partnership, subject to the approval of
       holders of Interests ("Assignee  Holders.") CRGP's rights and obligations
       under the purchase agreement were subsequently assigned to Capital Realty
       Group Senior Housing,  Inc. (CRGSH).  Pursuant to a Consent  Solicitation
       dated  October 25, 1994,  Assignee  Holders  holding more than 64% of the
       equity  interests in the  Partnership  approved the election of CRGSH, as
       the replacement general partner of the Partnership. Effective January 23,
       1995,  CRGSH has become the new sole general  partner of the  Partnership
       and NHP/RHGP-I has withdrawn as general partner.

       Personnel working at the Property sites and certain home office personnel
       who perform  services for the Partnership are employees of Capital Senior
       Living, Inc. (CSL), an affiliate of CRGSH. The Partnership reimburses CSL
       for the salaries,  related benefits, and overhead  reimbursements of such
       personnel as reflected in the accompanying financial statements.  Salary,
       related benefits and overhead  reimbursements  reimbursed and expensed by
       the  Partnership to CSL for the third fiscal quarter ended  September 30,
       1997 and 1996,  were  $1,016,138 and $953,087,  respectively.  Management
       fees,  dietary  fees and other  services  reimbursed  and expensed by the

                                       7
<PAGE>

       Partnership to CSL for the third fiscal quarter ended  September 30, 1997
       and 1996, were $379,789 and $346,870, respectively.

       Distributions of $45,598 were made to the General Partner during the nine
       months ended September 30, 1997.

(3)    VALUATION OF RENTAL PROPERTY

       Generally  accepted  accounting  principles  require that the Partnership
       evaluate  whether it is probable that the estimated  undiscounted  future
       cash flows of its properties,  taken individually,  will be less than the
       respective net book value of the properties.  If such a shortfall  exists
       and is material, then a write-down is warranted. The Partnership performs
       such  evaluations  on an on-going  basis.  During the nine  months  ended
       September  30,  1997,  based  on the  Partnership's  evaluation  of  each
       respective property,  the Partnership did not believe that any additional
       write-down was warranted.


ITEM 2.       MANAGEMENT'S DISCUSSION  AND ANALYSIS  OF FINANCIAL  CONDITION AND
              RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

The following  schedule  summarizes the occupancy  levels at the four properties
wholly owned by the Partnership and at Amberleigh in which the Partnership has a
99.9% partnership interest.
<TABLE>
<CAPTION>

                                                        Available            September 30           September 30
                                                          Units                   1997                  1996
                                                          -----                   ----                  ----

<S>                                                        <C>                     <C>                   <C>
The Amberleigh                                             271                     96%                   97%
The Atrium at Carmichael                                   153                     98%                   95%
Crosswood Oaks                                             121                     88%                   84%
Heatherwood                                                160                     94%                   88%
Veranda Club                                               189                     91%                   89%

</TABLE>

Rent collections for the nine month period increased to $11,310,916 in 1997 from
$10,605,814 in 1996, or 6.6%, primarily from rental rate increases and increased
occupancies.  Salaries,  management  fees  and  other  operating  expenses  paid
likewise  increased,  from  $7,518,583  in 1996 to  $7,959,672  in 1997 or 5.9%,
primarily from increased salary and related benefits expenses,  management fees,
dietary fees, and other services, maintenance and food services.

Cash generated from rental  operations  prior to the payment of interest expense
was  sufficient  to pay all of the  interest  on the  Pension  Notes,  which was
$2,234,306 for the nine month period ended September 30, 1997. Net cash provided
from operations,  after the payment of interest expense,  during the nine months
ended September 30, 1997 and 1996 was $1,330,926 and  $1,021,592,  respectively.
Interest on the Pension Notes is accrued at a 13% rate, which totaled $4,527,205
and  $4,325,063  for  the  nine  months  ended  September  30,  1997  and  1996,
respectively,  but is paid  based on a 7% pay  rate.  The  remaining  6%  unpaid
portion continues to be accrued and is due at maturity. Total accrued and unpaid
interest  amounted to  $22,974,071  and  $20,681,172  at September  30, 1997 and
December 31, 1996, respectively.

                                       8

<PAGE>

Capital expenditures increased $8,277 from $404,622 in 1996 to $412,899 in 1997.
Capital  improvement  programs  implemented at several of the properties  during
1995 continued during 1996 and 1997.

Cash and cash  equivalents  at September 30, 1997 and December 31, 1996 amounted
to $4,889,610 and $4,017,181, respectively.

If operations do not improve  significantly  in the long-term,  future funds may
not be available to meet operating requirements,  including the ultimate payment
of principal  and  deferred  interest on the Pension  Notes.  This cash need has
caused the General Partner to determine that it is not  financially  appropriate
to make distributions to Assignee Holders.  The General Partner anticipates that
distributions   will   continue  to  be  suspended   until   operating   results
significantly improve.

Cash generated from operations over the several years prior to 1994 had not been
adequate to meet the Partnership's  minimum interest payment  requirements.  The
annual   shortfall  was   approximately   $59,000   during  1993,  and  averaged
approximately  $1.5 million  annually in the five-year period prior to 1993. The
shortfall has been funded by  Partnership's  cash  reserves,  which  principally
resulted from funds remaining from the initial offering of Partnership Interests
and Pension Notes, after the acquisition of the Partnership's properties.  Since
1993,   cash  generated  from   operations  has  been  sufficient  to  meet  the
Partnership's  minimum  interest  payment  requirements.  If  interest  payments
continue to be deferred at the current rate of 6%, the total  accrual for unpaid
interest and principal  will  approximate  $81 million at December 31, 2001, the
maturity  date of the Pension  Notes,  which is far in excess of projected  cash
reserves.  Accordingly,  there will need to be very significant  improvements in
cash  flows  from  operations   and/or  increases  in  the  disposition   and/or
refinancing  values of the Properties to fund both the accrued  interest and the
face value of the Pension Notes upon their maturity.  Management's  plans are to
continue to manage the Properties  prudently to achieve positive cash flows from
operations after interest payments.


RESULTS OF OPERATIONS
---------------------

The Partnership's net loss for the nine months ended September 30, 1997 includes
rental operations from each of the Partnership's  properties.  The net loss also
includes   depreciation,   amortization   of  Pension  Notes   issuance   costs,
amortization  of  organization  and  offering  costs and  accrued  Pension  Note
interest expense which are noncash in nature.

The  Partnership's net loss decreased from $2,700,565 to $2,641,242 for the nine
month period  ending  September  30, 1996 and 1997,  respectively.  Net loss per
Interest decreased from $62 to $61 for the 42,691 Interests,  respectively. This
decreased loss was principally due to increased  rental income and  occupancies.
Rental income  increased to $11,312,802  for the nine months ended September 30,
1997 from  $10,599,375  for the same  period  in 1996,  or  approximately  6.7%,
primarily as a result of rental rate increases and increased occupancies. Rental
expenses  increased  to  $9,141,751  from  $8,775,939  for the nine month period
ending  September 30, 1997 and 1996,  respectively,  or 4.2%.  Increased  rental
expense was primarily due to increased  salaries,  management fees,  maintenance
and food services.  Pension Note interest  expense  increased from $4,325,063 to
$4,527,205  for the  nine  month  periods  ending  September  30,  1996 and 1997
respectively.  Other expenses relating to Partnership  administration  increased
from $147,648 to $269,450 for the nine month periods  ending  September 30, 1996
and 1997, respectively.  Increased other expenses was primarily due to increased
professional fees and administrative overhead.

                                       9


<PAGE>

For the three months ended  September 30, 1997 as compared with the three months
ended  September 30, 1996, the  Partnership's  revenue and expenses  reflect the
same variances as discussed  above with the exception  that  utilities  slightly
decreased for the 3 months ending September 30, 1997, and that resident services
slightly increased for the 3 months ending September 30, 1997.

As discussed previously,  the Partnership performs an on-going evaluation of the
individual  carrying  value  of  each of the  rental  properties.  Based  on the
Partnership's  evaluation of these carrying values at September 30, 1997, it was
determined that no additional  write-downs were warranted.  The Partnership will
continue to evaluate the properties in the future,  and  additional  write-downs
may be necessary.

ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable


PART II

All items not applicable.
-------------------------


                                       10
<PAGE>


SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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.

                          NHP Retirement Housing Partners I, Limited Partnership


                          by:      Capital Realty Group Senior Housing, Inc.
                                   General Partner



                                    By: /s/ Keith Johannessen
                                        ----------------------------------------
                                        Keith Johannessen
                                        President




                                    By: /s/ James A. Stroud
                                        ----------------------------------------
                                        James A. Stroud
                                        Chief Operating Officer


                                    Date:    November 11, 1997