SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   Form 10-KSB

[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
                 For the fiscal year ended December 31, 2003

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

               For the transition period _________to _________

                         Commission file number 0-13465

                   NATIONAL HOUSING PARTNERSHIP REALTY FUND I
                 (Name of small business issuer in its charter)

         Maryland                                               52-1358879
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                                 (864) 239-1000
                            Issuer's telephone number

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                      11,356 Limited Partnership Interests
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.   $129,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2003. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None


<PAGE>


The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

Item 1.     Description of Business

National Housing Partnership Realty Fund I (A Maryland Limited Partnership) (the
"Partnership" or the "Registrant") was formed under the Maryland Revised Uniform
Limited Partnership Act as of October 21, 1983. On May 25, 1984, the Partnership
commenced offering 20,000 limited  partnership  interests,  at a price of $1,000
per interest,  through a public  offering  registered  with the  Securities  and
Exchange  Commission (the  "Offering").  The Offering was terminated on November
29, 1984, with subscriptions for 11,519 limited partnership interests.

On June 3, 1997,  Apartment Investment and Management Company, a publicly traded
real estate  investment  trust ("AIMCO" and,  together with its subsidiaries and
other controlled  entities,  the "AIMCO Group"),  acquired all of the issued and
outstanding  capital stock of NHP Partners,  Inc., a Delaware  corporation ("NHP
Partners"), and the AIMCO Group acquired all of the outstanding interests in NHP
Partners Two Limited Partnership,  a Delaware limited partnership ("NHP Partners
Two").  NHP Partners owns all of the  outstanding  capital stock of the National
Corporation  for  Housing  Partnerships,  a  District  of  Columbia  corporation
("NCHP"),  which is the general partner of The National Housing  Partnership,  a
District of  Columbia  limited  partnership  ("NHP" or the  "General  Partner").
Together,  NCHP  and NHP  Partners  Two own all of the  outstanding  partnership
interests in NHP. NHP is the general partner of the  Registrant.  As a result of
these  transactions,  the AIMCO Group acquired control of the general partner of
the Registrant  and,  therefore,  may be deemed to have acquired  control of the
Registrant.

The  Partnership's  business is to hold limited  partnership  interests in three
limited  partnerships  ("Local  Limited  Partnerships"),  each of which owns and
operates a multi-family  rental housing property  ("Properties")  which receives
one or more forms of  assistance  from the Federal  Government  at December  31,
2003.  The  Partnership  held interests in two limited  partnerships  which sold
their properties  during the year ended December 31, 2003 and an interest in one
limited  partnership  which sold its property during the year ended December 31,
2002. The Partnership  held interests in four other Local Limited  Partnerships,
three of which sold their  properties and one whose interest was foreclosed upon
prior to 2002.


<PAGE>



The  Partnership  acquired  interests  in the Local  Limited  Partnerships  from
sellers who originally  developed the Properties.  In each instance,  NHP is the
general  partner of the Local Limited  Partnership  and the  Partnership  is the
principal limited partner. As a limited partner, the Partnership's liability for
obligations of the Local Limited Partnerships is limited to its investment,  and
the  Partnership  does not  exercise  control over the  activities  of the Local
Limited Partnerships in accordance with the partnership agreements. See "Item 6.
Management's  Discussion  and  Analysis or Plan of  Operation"  for  information
relating  to  the  Partnership's  rights  and  obligations  to  make  additional
contributions or loans to Local Limited Partnerships.

      The Partnership's investment objectives are to:

      (1)   preserve and protect Partnership capital;

      (2)   provide  current  tax  benefits  to Limited  Partners  to the extent
            permitted by law,  including,  but not limited to,  deductions  that
            Limited  Partners may use to offset  otherwise  taxable  income from
            other sources;

      (3)   provide  capital  appreciation  through  increase  in  value  of the
            Partnership's  investments,  subject  to  considerations  of capital
            preservation and tax planning; and

      (4)   provide potential cash  distributions  from sales or refinancings of
            the  Partnership's   investments  and,  on  a  limited  basis,  from
            operations.

The  Partnership  does not have any  employees.  Services are  performed for the
Partnership by the General Partner and agents retained by it.

The  following  is a  schedule  of the  Properties  owned by the  Local  Limited
Partnerships in which the Partnership is a limited partner:


<PAGE>



          SCHEDULE OF PROPERTIES OWNED BY LOCAL LIMITED PARTNERSHIPS
    IN WHICH NATIONAL HOUSING PARTNERSHIP REALTY FUND I HAS AN INVESTMENT

<TABLE>
<CAPTION>

                                                          Units
                                           Financed,    Authorized        Occupancy
                                            Insured     for Rental        Percentage
                                              and       Assistance     for the Year Ended
 Property Name, Location       Number of  Subsidized      Under           December 31,
   and Partnership Name        Units         Under      Section 8 (B)  2003       2002

Forest Green                    (D)           (D)          (D)         (D)         (D)
  Gainesville, Florida
   (Forest Green Limited
     Partnership)
<S>                             <C>                        <C>         <C>        <C>
Howard F. Robbins Tower         191           (A)          167         100%       100%
 Mayfield Heights, Ohio
 (Gates Mills I Limited
  Partnership)
Northgate Village               (C)           (C)          (C)         (C)         (C)
  Columbus, Georgia
   (Northgate Village
     Limited Partnership)
San Jose                        220           (A)          215         100%       100%
 San Antonio, Texas
 (San Jose Limited
    Partnership)
Talladega Downs                 100           (A)          100         99%        100%
 Talladega, Alabama
 (Hurbell IV Limited
    Partnership)
Village Green                   (D)           (D)          (D)         (D)         (D)
 Gainesville, Florida
 (Village Green Limited
  Partnership
</TABLE>

   (A)      The mortgage is insured by the Federal Housing  Administration under
            the provisions of Section 236 of the National Housing Act.

   (B)      Section 8 of Title II of the Housing and Community  Development  Act
            of 1974.

   (C)      Property was sold during the year ended December 31, 2002.

   (D)      Property was sold during the year ended December 31, 2003.



<PAGE>


Ownership Percentages

The following table details the Partnership's ownership percentages of the Local
Limited  Partnerships  and  the  cost of  acquisition  of  such  ownership.  All
interests are limited  partner  interests.  Also included is the total  mortgage
encumbrance  on each property for each of the Local Limited  Partnerships  as of
December 31, 2003.

<TABLE>
<CAPTION>

                         NHP Realty Fund I Original Cost
                             Percentage     of Ownership  Mortgage     Notes Payable and
       Partnership            Interest        Interest     Notes      Accrued Interest (1)

<S>                              <C>            <C>         <C>              <C>
Gates Mills I L.P.               98%            $1,561      $1,663           $7,800
San Jose L.P.                    99%             1,156       1,342            4,988
Hurbell IV L.P.                  99%               372         791            1,767
</TABLE>

(1)   See "Item 6.  Management's  Discussion  and Analysis or Plan of Operation"
      for further details.

Although each Local Limited  Partnership in which the  Partnership  has invested
owns an apartment complex which must compete with other apartment  complexes for
tenants,  government  mortgage  interest and rent  subsidies make it possible to
rent units to eligible tenants at below market rates. In general, this insulates
the Properties from market competition.

Regulation

General

Multifamily  apartment  properties  are subject to various laws,  ordinances and
regulations,  including regulations relating to recreational  facilities such as
swimming  pools,  activity  centers  and other  common  areas.  Changes  in laws
increasing  the potential  liability for  environmental  conditions  existing on
properties or increasing the restrictions on discharges or other conditions,  as
well  as  changes  in  laws  effecting  development,   construction  and  safety
requirements, may result in significant unanticipated expenditures,  which would
adversely  affect the  Partnership's  cash flow from  operating  activities.  In
addition,  future enactment of rent control or rent  stabilization laws or other
laws  regulating  multi-family  housing  may reduce  rental  revenue or increase
operating costs in particular markets.

Regulation of Affordable Housing

The  Federal  Housing   Administration  (FHA)  has  contracted  with  the  three
subsidized  rental  projects  under  Section  8 of Title II of the  Housing  and
Community  Development  Act of 1974 to make housing  assistance  payments to the
Local  Limited  Partnerships  on behalf of qualified  tenants.  The terms of the
agreements are one or five years with one year renewal options.

In 1997 and again in 1999,  Congress  enacted new ways to determine  rent levels
for properties  receiving HUD's rental  assistance under Section 8 of the United
States  Housing Act of 1937 ("Section 8") after the expiration of their original
Section 8 contracts.  This legislation affects 482 units, or 94% of the units in
which the  Partnership  had invested at December 31, 2003.  On October 27, 1997,
the  President  signed  into law the  Multifamily  Assisted  Housing  Reform and
Affordability Act of 1997 (the "1997 Housing Act").  Under the 1997 Housing Act,
certain  properties  assisted under expiring  Section 8 contracts and which have
been receiving rents deemed to be above comparable  market levels for unassisted
properties,  and financed with HUD-insured  mortgage loans,  will have, upon the
renewal or extension of Section 8 contracts,  rents marked to market.  This will
be  accomplished  in various ways,  the goal being to reduce  Section 8 rents to
comparable  market  levels,  thereby  reducing  the  federal  Section  8 subsidy
obligation,  and (ideally) by simultaneously lowering, or eliminating,  required
debt  service  costs  (and  decreasing  operating  costs)  as  needed  to ensure
financial  viability at the reduced rent levels. The program also incorporates a
requirement  to  perform  any  repair  or  rehabilitation  deemed  necessary  by
depositing  funds to cover the first twelve month's work, and making  sufficient
monthly reserve  deposits to ensure work required in succeeding  years. In 1999,
Congress  enacted  legislation  (the "1999  Housing  Act") that  expanded on and
clarified  the  provisions  of  the  1997  Housing  Act,  including   permitting
properties whose Section 8 rents were below comparable  market rents to increase
their Section 8 rents to market.

The 1997 and 1999  Housing  Acts  (together,  the  "Housing  Acts")  permit  the
retention of project  based  Section 8 contracts  for most  properties in rental
markets  with a limited  supply of  affordable  housing or where the tenants are
particularly  vulnerable  populations  including the elderly,  disabled or large
families.  In rental markets without a limited supply of affordable housing, the
Housing Acts provide for phasing out project  based  subsidies,  converting  the
assistance to tenant based assistance or vouchers.  Under a tenant based system,
rental  vouchers  would be issued to  qualified  tenants who then could elect to
reside at  properties  of their  choice,  including  the  property in which they
currently  reside.   Voucher  rent  levels  are  established  by  local  housing
authorities  under  guidelines set by HUD. While the Partnership does not expect
the provisions of the Housing Acts to result in a significant  number of tenants
relocating from the properties  owned by the Local Limited  Partnerships,  there
can be no  assurance  that  the  new  legislation  will  not  significantly  and
adversely  affect  the  operations  of  the  properties  of  the  Local  Limited
Partnerships.

The following  table  indicates the year within which the Section 8 rent subsidy
contracts expire:

                                      Subsidized Units       Subsidized Units
                                        Expiring as a          Expiring as a
                       Number of     Percentage of Total       Percentage of
                         Units        Subsidized Units          Total Units

2004                     482                100%                   94%

All of the units (482 in total)  receiving  rent  subsidies  from Section 8 have
their  contracts  expiring during the year ending December 31, 2004. The Housing
Acts provide for several  options  under which a Local Limited  Partnership  may
elect, as appropriate, to renew its Section 8 contracts: (1) marking rents up to
the  comparable  market rent, if current  rents are below  market;  (2) renewing
rents at the  current  level,  if the level  does not exceed  comparable  market
rents, and receiving an operating cost adjustment factor (an "OCAF") or a budget
based rent increase, as long as the rents do not exceed comparable market rents;
(3) marking rents down to comparable  market rents; (4) marking their rents down
to an "exception rent" level,  when comparable  market rents would be too low to
permit  continued  operation of the property  under the Section 8 program,  even
with full debt  restructuring;  or (5) opting out of the section 8 program.  For
properties   assisted  by  Section  8,  but  not  subject  to  these  provisions
(including,  but not limited to,  properties  which do not have  underlying  HUD
insured  mortgages,  or which have been financed  through  certain state housing
finance agency or bond-financed  mortgage programs),  rents will be continued at
current  levels,  plus  an OCAF or (in  some  instances)  a  budget  based  rent
increase.  In addition,  properties can opt out of the Section 8 program only if
very strict notice requirements have been met, including a requirement that HUD,
the tenants,  and the local  governing  body, be given twelve months notice of a
Local  Limited  Partnership's  intention  to opt  out of the  program  prior  to
contract termination.

Each of the options  requires an application to HUD, and, to a greater or lesser
extent,  the  fulfillment  of certain  procedural  submission  requirements  and
financial   requirements,   which  must  be  weighed  in  connection   with  the
determination of which option to select.

The Section 8  requirements  are separate  from the  requirements  governing the
underlying  HUD-insured  mortgage  loans,  and any  other  HUD,  state  or local
requirements, all of which must be fulfilled,  irrespective of the option chosen
with regard to the continuation of Section 8 participation.

HUD Approval and Enforcement

The  properties  owned  by  the  Local  Limited   Partnerships  are  subject  to
regulations by HUD. Under its regulations, HUD reserves the right to approve the
owner and the manager of HUD-insured  and  HUD-assisted  properties,  as well as
their  "principals"  (e.g.  general  partners,  stockholders with 10% or greater
interest,  officers and  directors)  in  connection  with the  acquisition  of a
property,  participation in HUD programs or the award of a management  contract.
This approval process is commonly  referred to as "2530 Clearance." HUD monitors
the performance of properties with HUD-insured mortgage loans. HUD also monitors
compliance with  applicable  regulations,  and takes  performance and compliance
into  account  in  approving  the  acquisition  of  management  of  HUD-assisted
properties.

Laws Benefiting Disabled Persons

Under  the  Americans  with  Disabilities  Act of 1990,  all  places  of  public
accommodations  are required to meet  certain  Federal  requirements  related to
access and use by disabled persons. These requirements became effective in 1992.
A  number  of  additional  Federal,  state  and  local  laws  may  also  require
modifications to the Properties,  or restrict certain further renovations of the
Properties, with respect to access thereto by disabled persons. For example, the
Fair Housing Amendments Act of 1988 requires apartment properties first occupied
after March 13, 1990 to be accessible  to the  handicapped.  Noncompliance  with
these laws  could  result in the  imposition  of fines or an award of damages to
private litigants and also could result in an order to correct any non-complying
feature,  which could result in substantial capital  expenditures.  Although the
Partnership  believes that its properties are  substantially  in compliance with
present requirements,  it may incur unanticipated  expenses to comply with these
laws.

Environment

Various  Federal,  state and local laws subject  property owners or operators to
liability  for  the  costs  of  removal  or  remediation  of  certain  hazardous
substances  present on a  property.  Such laws often  impart  liability  without
regard to whether the owner or operator  knew of, or was  responsible  for,  the
release of the  hazardous  substances.  The  presence of, or failure to properly
remediate,  hazardous  substances may adversely affect occupancy at contaminated
apartment  communities and the  Partnership's  ability to sell or borrow against
contaminated properties.  In addition to the costs associated with investigation
and  remediation  actions  brought by  governmental  agencies,  the  presence of
hazardous wastes on a property could result in claims by private  plaintiffs for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal or  remediation  of hazardous or toxic
substances  at the disposal or treatment  facility.  Anyone who arranges for the
disposal or treatment of hazardous or toxic  substances  is  potentially  liable
under such laws.  These laws often  impose  liability  whether or not the person
arranging  for the disposal  ever owned or operated the  disposal  facility.  In
connection with the ownership or operation of properties,  the Partnership could
potentially be liable for environmental liabilities or costs associated with its
properties or properties it may acquire in the future.

The  General  Partner  believes  that the  properties  owned by the  Partnership
through  the  ownership  of  limited  partnership  interests  in  Local  Limited
Partnerships are covered by adequate fire, flood and property insurance provided
by reputable companies and with commercially reasonable deductibles and limits.

Item 2.     Properties

See  "Item  1.  Description  of  Business"  for the  real  estate  owned  by the
Partnership  through the  ownership  of limited  partnership  interests in Local
Limited Partnerships.

Item 3.     Legal Proceedings

The  Partnership  is unaware of any pending or  outstanding  litigation  matters
involving it or the Local Limited Partnerships in which it has invested that are
not of a routine nature arising in the ordinary course of business.

Item 4.     Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of the Unit holders through the solicitation
of proxies or otherwise during the quarter ended December 31, 2003.


<PAGE>



                                     PART II

     Item 5. Market for the Registrant's Partnership Interests and Related
                               Partnership Matters

      (a)   Interests in the  Partnership  were sold through a public  offering.
            There is no established  market for resale of Partnership  interests
            nor is a market expected to develop in the near future. Accordingly,
            an investor may be unable to sell or otherwise dispose of his or her
            interest in the Partnership.

      (b)   As of December  31,  2003,  there were 947  registered  holders of
            11,356  limited   partnership   interests  (in  addition  to  1133
            Fifteenth Street Associates - See "Item 7. Financial  Statements -
            Note 1").  In 2003 and 2002,  the  number of  Limited  Partnership
            Units decreased by 73 and 60 units,  respectively,  due to Limited
            Partners  abandoning  his or her units.  In abandoning  his or her
            Limited  Partnership  Unit(s), a Limited Partner  relinquishes all
            rights,  title and interest in the  Partnership  as of the date of
            abandonment.

      (c)   The  following  table  sets  forth  the  distributions  made  by the
            Partnership for the year ended December 31, 2003.

                                                  Distributions
                                                           Per Other Limited
                                        Aggregate        Partnership Interest
                                      (in thousands)
       01/01/03 - 12/31/03               $ 666 (1)              $58.27

      (1)   Consists  of cash  from  proceeds  from the sales of  Village  Green
            Limited Partnership and Forest Green Limited Partnership.

            There were no  distributions  to the partners  during the year ended
            December 31, 2002.

Item 6.     Management's Discussion and Analysis or Plan of Operation

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Liquidity and Capital Resources

The Properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,  loans or advances is generally  restricted  by these  government
assistance programs. These restrictions, however, are not expected to impact the
Partnership's ability to meet its cash obligations.

As discussed in Note 2 to the financial statements included in Item 7. Financial
Statements, San Jose, Gates Mills I and Hurbell IV Limited Partnerships all have
notes which were executed by the respective Local Limited  Partnerships with the
seller  as  part  of the  acquisition  of the  property  by  the  Local  Limited
Partnership.  The notes are nonrecourse  notes secured by both the Partnership's
and NHP's interests in the Local Limited  Partnerships  and are  subordinated to
the respective mortgage notes on each property for as long as the mortgage notes
are insured by HUD.  Any  payments  due from  project  income are  payable  from
surplus  cash,  as defined by the HUD  Regulatory  Agreement.  Neither the Local
Limited  Partnership  nor any  partner  thereof,  present or future,  assume any
personal  liability for the payment of the notes.  The notes were due August 29,
1999, October 1, 1999, and November 9, 1999, respectively. Interest continues to
be paid or accrued under the original terms of the respective  agreements.  Each
note is in default and the noteholders have not exercised their rights under the
notes, including the foreclosure on NHP's and the Partnership's interests in the
Local Limited  Partnerships.  Continuation  of the Local  Limited  Partnerships'
operations  in their  present  form is  dependent  on its  ability to extend the
maturity date of their  respective  notes,  or to repay or refinance their note.
The financial  statements do not include any adjustments which might result from
the outcome of this  uncertainty.  There can be no assurance as to when,  or if,
such holders may seek to exercise such rights.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately $39,000 for the year ended December 31, 2003.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately $34,000 for the year ended December 31, 2003.

During the year ended December 31, 2002,  Northgate Village Limited  Partnership
entered into a sales agreement with an unaffiliated  third party for the sale of
Northgate Village Apartments.  The closing occurred on December 16, 2002, with a
sale price of $3,500,000.  Net proceeds of approximately $3,389,000 were used to
repay the mortgage  encumbering  the  property  and the holder  ("AIMCO") of the
Northgate Village note received payment of approximately  $2,131,000.  The Local
Limited Partnership  recognized a gain on the sale of approximately  $1,215,000,
which is included in gain from sale of  discontinued  operations,  and a gain on
debt  forgiveness  of  approximately  $100,000,  which is  included in gain from
discontinued operations during the year ended December 31, 2002.

During the years ended  December 31, 2003 and 2002, no advances were made by the
Partnership to the Local Limited  Partnerships.  During the years ended December
31, 2003 and 2002, the Partnership received  approximately $78,000 and $6,000 as
repayment  of advances  plus  accrued  interest of  approximately  $129,000  and
$3,000, respectively, from two Local Limited Partnerships. There were no amounts
owed  to  the  Partnership  for  working  capital   advances  to  Local  Limited
Partnerships at December 31, 2003.

During  the  year  ended  December  31,  2002,  the  General  Partner   advanced
approximately  $1,000  to one Local  Limited  Partnership,  to fund  partnership
entity  expenses,  including  expenses  incurred  relating to potential sales or
refinancing under the Low Income Housing Preservation and Resident Homeownership
Act of 1990  (LIHPRHA).  During the years ended  December 31, 2003 and 2002, one
and two Local  Limited  Partnerships  made  principal  payments  to the  General
Partner of  approximately  $39,000 and  $43,000,  respectively.  At December 31,
2003, the balance owed to the General Partner by the Local Limited  Partnerships
was approximately  $39,000,  including accrued interest of approximately $8,000.
Interest  on these  advances  is charged at a rate equal to the Chase  Manhattan
Bank prime interest rate plus 2% or 6.00% at December 31, 2003.

The Local Limited  Partnerships  accrued annual partnership  administration fees
payable to the General Partner of  approximately  $23,000 and $45,000 during the
years ended December 31, 2003 and 2002, respectively. Payments of these fees are
made to the General  Partner from surplus cash  available  for  distribution  to
partners  pursuant to HUD regulations.  During the years ended December 31, 2003
and  2002,  the Local  Limited  Partnerships  paid  approximately  $131,000  and
$128,000,  respectively.  The  accumulated  fees  owed to NHP are  approximately
$121,000 at December 31, 2003.

Net  cash  used  in  operations  for  the  year  ended  December  31,  2003  was
approximately   $1,078,000   compared  to  net  cash  used  in   operations   of
approximately  $262,000 for the year ended  December  31, 2002.  The increase in
cash used in  operations  was a result of an  increase  in  payments  of accrued
administrative  and reporting fees to the General  Partner,  partially offset by
decreases  in  interest  payments  on  outstanding  General  Partner  loans  and
operating  expenses  paid and an increase  in  interest  received on advances to
Local Limited Partnerships.

Distributions  received in excess of investment  in Local  Limited  Partnerships
represent the Partnership's proportionate share of the excess cash available for
distribution from the Local Limited Partnerships.  As a result of the use of the
equity method of accounting  for the  Partnership's  investment in Local Limited
Partnerships,  investment  carrying values for the three remaining Local Limited
Partnerships have been reduced to zero. Cash distributions received are recorded
in revenues as  distributions  received in excess of investment in Local Limited
Partnerships for these partnerships.  There were no such distributions  received
during the years ended December 31, 2003 and 2002.  Approximately  $1,669,000 in
distributions were received from the two Local Limited Partnerships in which the
Partnership  had an  investment  during the year ended  December  31,  2003 from
proceeds from the sales of the underlying  properties (as discussed  above).  No
cash distributions were received from the Local Limited  Partnerships during the
year ended  December 31, 2002. The receipt of  distributions  in future years is
dependent on the  operations of the  underlying  properties of the Local Limited
Partnerships and the sale or refinancing of the underlying properties.

The  Partnership  had cash and cash  equivalents  of  approximately  $15,000  at
December  31,  2003 as compared to cash and cash  equivalents  of  approximately
$12,000  at  December  31,  2002.  The  ability of the  Partnership  to meet its
on-going cash  requirements,  in excess of cash on hand at December 31, 2003, is
dependent on  distributions  from recurring  operations  received from the Local
Limited  Partnerships  and  proceeds  from  the  sales  or  refinancings  of the
underlying   properties.   Total  distributions   received  from  Local  Limited
Partnerships  were  approximately  $1,669,000 during the year ended December 31,
2003.  There  were  no  such  distributions  received  from  the  Local  Limited
Partnerships  during the year ended  December 31, 2002. The  Partnership's  only
other form of liquidity is from General Partner loans.  The General Partner will
evaluate lending the Partnership  additional funds as such funds are needed, but
is in no way legally obligated to make such loans.

There were no advances made by the General Partner to the Partnership during the
years ended December 31, 2003 or 2002.  During the year ended December 31, 2002,
the  Partnership  repaid the balance in advances of  approximately  $158,000 and
accrued interest of approximately  $23,000 to the General Partner. No repayments
of advances were made during the year ended December 31, 2003.

As of December 31, 2003, the Partnership owed the General Partner  approximately
$43,000 for administrative and reporting  services  performed.  During the years
ended December 31, 2003 and 2002, the Partnership paid approximately  $1,154,000
and  $150,000,  respectively,  to the  General  Partner for  administrative  and
reporting  services.  There is no guarantee that the Local Limited  Partnerships
will generate future surplus cash sufficient to distribute to the Partnership in
amounts adequate to repay  administrative  and reporting fees owed;  rather, the
payment of the unpaid  administrative and reporting fees will most likely result
from the sale or refinancing  of the underlying  properties of the Local Limited
Partnerships, rather than through recurring operations.

Results of Operations

At December 31, 2003, the  Partnership  holds an interest in three Local Limited
Partnerships,  which  operate  three  rental  housing  properties.  Forest Green
Limited  Partnership and Village Green Limited Partnership sold their underlying
properties during the year ended December 31, 2003 (as discussed above).  Due to
the sale of the properties  owned by these two Local Limited  Partnerships,  the
Local Limited Partnerships recognized a loss from sale of investment property of
approximately  $73,000 for the year ended  December  31, 2003 and (loss)  income
from  operations  of  approximately  ($82,000)  and $41,000 was recorded for the
years ended December 31, 2003 and 2002, respectively. The Partnership recognized
approximately  ($136,000)  and $40,000 of the (losses)  profits from these Local
Limited   Partnershipos  for  the  years  ended  December  31,  2003  and  2002,
respectively.  Approximately  $18,000 of losses from  Forest  Green for the year
ended December 31, 2003 were not  recognized as the  investment  balance in this
Local  Limited  Partnership  had been  reduced  to zero.  Due to the sale of the
property held by Northgate  Village  Limited  Partnership  during the year ended
December 31, 2002 (as discussed  above) a gain from sale of investment  property
of approximately  $1,215,000 and income from operations of approximately $10,000
was recorded by the Local Limited  Partnerships in 2002,  which more than offset
losses  not taken in  previous  years.  The  Partnership  recorded  its share of
profits of approximately $7,000 from this Local Limited Partnership for the year
ended December 31, 2002.

The Partnership realized a net loss of approximately $157,000 for the year ended
December 31, 2003, compared to a net loss of approximately  $96,000 for the year
ended  December  31,  2002.  Net loss per unit of limited  partnership  interest
increased  from $8.18 to $13.39 for the units  outstanding  at December 31, 2003
and  2002,  respectively.  The  increase  in net  loss was  primarily  due to an
increase  in  the   Partnership's   share  of  losses  from  the  Local  Limited
Partnerships,  partially offset by an increase in interest  received on advances
to  Local  Limited  Partnerships.  The  loss  on  investment  in  Local  Limited
Partnerships  of  approximately  $11,000  recognized in 2003 is comprised of the
write-off of the  remaining  investment  balance of the  Partnership  in Village
Green Limited  Partnership as a result of this entity  liquidating  during 2003.
The loss on  investment  recognized  in 2002 is comprised of the writeoff of the
remaining  investment  balance of the  Partnership in Northgate  Village Limited
Partnership as a result of its liquidation during 2002.

The Partnership did not recognize  approximately $487,000 of its allocated share
of losses from four Local Limited  Partnerships  for the year ended December 31,
2003, as the Partnership's net carrying basis in these  partnerships was reduced
to zero in a prior year (see Note 2 to the Partnership's financial statements).

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003, FIN 46 will apply for financial statements filed after December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption  of FIN 46 will  have an impact  on cash  flow,  the
Partnership cannot make any definitive  conclusion on the impact on net earnings
until it completes its evaluation,  including an evaluation of the Partnership's
maximum exposure to loss.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely  deferred the provisions of SFAS 150 for finite life  partnerships.
The  adoption  of SFAS 150 did not have a material  impact on the  Partnership's
results of operations taken as a whole.


<PAGE>



Item 7.     Financial Statements

NATIONAL HOUSING PARTNERSHIP REALTY FUND I

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 2003

      Statements of Operations - Years ended December 31, 2003 and 2002

      Statements  of Changes in Partners'  (Deficiency)  Capital - Years ended
      December 31, 2003 and 2002

      Statements of Cash Flows - Years ended December 31, 2003 and 2002

      Notes to Financial Statements



<PAGE>


                          Independent Auditors' Report



To The Partners of
National Housing Partnership Realty Fund I
Indianapolis, Indiana


We have audited the accompanying  balance sheet of National Housing  Partnership
Realty Fund I (the  "Partnership")  as of  December  31,  2003,  and the related
statements of operations,  partners'  (deficiency)  capital,  and cash flows for
each of the two years in the period ended  December 31,  2003.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.  We did not audit the financial  statements of Gates Mills I Limited
Partnership or Hurbell IV Limited Partnership (investees of the Partnership) for
the years ended  December 31, 2003 and 2002.  The financial  statements of these
investees  were audited by other  auditors  whose reports have been furnished to
us,  and our  opinion,  insofar as it  relates  to  amounts  included  for these
investees, is based solely on the reports of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  Partnership  management,  as well as evaluating  the overall  financial
statement  presentation.  We believe  that our  audits and the  reports of other
auditors provide a reasonable basis for our opinion.

In our  opinion,  based upon our audits and the reports of other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the financial position of National Housing Partnership Realty Fund I at December
31, 2003,  and the results of its  operations and its cash flows for each of the
two years in the period ended  December 31, 2003 in conformity  with  accounting
principles generally accepted in the United States.

As discussed in Note 6 to the financial statements,  the due dates of certain of
the Local Partnership's notes payable have expired, and therefore, the notes are
in default.  These  conditions  raise  substantial  doubt about their ability to
continue  as a going  concern.  The  financial  statements  do not  include  any
adjustments that might result from the outcome of these uncertainties.



                                                          /s/Ernst & Young LLP
Indianapolis, Indiana
March 7, 2004


<PAGE>


                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

                                  BALANCE SHEET

                                December 31, 2003

                        (in thousands, except unit data)






                               ASSETS
  Cash and cash equivalents                                          $      15
  Investments in and advances to Local Limited Partnerships
  (Note 2)                                                                  --
                                                                     $      15
           LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
  Administrative and reporting fee payable to
     General Partner (Note 3)                                        $      43
Partners' (deficiency) capital:
  General Partner -- The National Housing Partnership (NHP)                (89)
  Original Limited Partner -- 1133 Fifteenth Street

     Associates                                                            (94)
  Other Limited Partners -- 11,356 investment units                        155
                                                                            (28)
                                                                       $      15

                 See Accompanying Notes to Financial Statements




<PAGE>



                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS

                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                                 Years Ended December 31,
                                                                    2003           2002
Revenues:
  Interest received on advances to Local Limited
<S>                    <C>                                     <C>             <C>
    Partnerships (Note 2)                                      $   129         $     3
Cost and expenses:
  Share of losses (profits) from Local Limited Partnerships
    (Note 2)                                                       136             (47)
  Loss on investment in Local Limited Partnership (Note 2)          11               7
  Administrative and reporting fees to General
    Partner (Note 3)                                                86              86
  Interest expense on loans from General Partner (Note 3)           --               1
  Other operating expenses                                          53              52
                                                                   286              99

Net loss                                                       $  (157)        $   (96)

Allocation of net loss
  General Partner - NHP                                        $    (2)        $    (1)
  Original Limited Partner - 1133 Fifteenth Street
    Associates                                                      (2)             (1)
  Other Limited Partners                                          (153)            (94)
                                                                  (157)            (96)

Net loss per Other Limited Partnership interest                $(13.39)        $ (8.18)
Distributions per Other Limited Partnership Interest           $ 58.27         $    --

                 See Accompanying Notes to Financial Statements
</TABLE>




<PAGE>



                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

           STATEMENTS OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL

                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                   The National      1133
                                     Housing      Fifteenth       Other
                                   Partnership      Street       Limited
                                      (NHP)       Associates     Partners        Total

(Deficiency) capital at
<S>        <C>                     <C>             <C>          <C>            <C>
   January 1, 2002                 $   (86)        $  (91)      $ 1,068        $   891

Net loss for the year ended
   December 31, 2002                    (1)            (1)          (94)           (96)

(Deficiency) capital at
   December 31, 2002                   (87)           (92)          974            795

Distributions to partners               --             --          (666)          (666)

Net loss for the year ended
   December 31, 2003                    (2)            (2)         (153)          (157)

(Deficiency) capital at
   December 31, 2003               $   (89)        $  (94)      $   155        $   (28)

Percentage interest at
   December 31, 2003 and 2002           1%             1%           98%           100%
                                        (A)            (B)           (C)

(A)   General Partner

(B)   Original Limited Partner

(C)   Consists  of 11,356  investment  units at  December  31,  2003 and  11,429
      investment  units at December  31, 2002.  During 2003 and 2002,  73 and 60
      units were abandoned, respectively (see Note 7).


                 See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>





                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS

                                 (in thousands)

<TABLE>
<CAPTION>

                                                                   Years Ended December 31,
                                                                     2003           2002
Cash flows from operating activities:
 Administrative and reporting fees paid to General
<S>                                                               <C>            <C>
    Partner                                                       $(1,154)       $   (150)
 Interest paid on General Partner loans                                --             (23)
  Interest received on advances to Local Limited
   Partnerships                                                        129              3
  Operating expenses paid                                              (53)           (92)

  Net cash used in operating activities                             (1,078)          (262)

Cash flows from investing activities:
  Distributions from Local Limited Partnerships                      1,669             --
  Repayment of advances to Local Limited Partnerships                   78              6

  Net cash provided by investing activities                          1,747              6

Cash flows from financing activities:
  Repayment of advances from General Partner                            --           (158)
  Distributions to partners                                           (666)            --

  Net cash used in financing activities                               (666)          (158)

Net increase (decrease) in cash and cash equivalents                     3           (414)

Cash and cash equivalents, beginning of year                            12            426

Cash and cash equivalents, end of year                             $    15       $     12

Reconciliation of net loss to net cash used in operating activities:

Net loss                                                          $  (157)       $    (96)
Adjustments to reconcile net loss to net cash used
  in operating activities:
   Share of losses (profits) from Local Limited Partnerships          136             (47)
   Loss on investment in Local Limited Partnerships                    11               7
   Decrease in administrative and reporting fees payable
     to General Partner                                            (1,068)            (64)
   Decrease in accrued interest on partner loans                       --             (22)
   Decrease in accrued expenses                                        --             (40)

         Total adjustments                                           (921)           (166)
      Net cash used in operating activities                       $(1,078)       $   (262)


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>




<PAGE>

                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS



1. SUMMARY OF PARTNERSHIP ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

National  Housing   Partnership   Realty  Fund  I  (the   "Partnership"  or  the
"Registrant") is a limited partnership  organized under the laws of the State of
Maryland under the Maryland  Revised Uniform Limited  Partnership Act on October
21,  1983.  The  Partnership  was formed for the  purpose of raising  capital by
offering and selling limited partnership interests and then investing in limited
partnerships ("Local Limited Partnerships"),  each of which owns and operates an
existing  rental housing  project which is financed  and/or operated with one or
more forms of rental assistance or financial assistance from the U.S. Department
of  Housing  and  Urban  Development  (HUD).  On  May  25,  1984,  inception  of
operations,  the Partnership  began raising  capital and acquiring  interests in
Local Limited Partnerships.

The General  Partner was  authorized  to raise  capital for the  Partnership  by
offering  and selling not more than 20,000  limited  partnership  interests at a
price of $1,000 per  interest.  During 1984,  the sale of  interests  was closed
after the sale of 11,519 interests to limited partners.

During 1984, the Partnership  acquired limited  partnership  interests of 99% in
nine Local Limited Partnerships and 98% in one Local Limited  Partnership.  Each
Local  Limited  Partnership  was  organized  to acquire  and operate an existing
rental housing project.  The Partnership  continues to own a 99% interest in two
Local Limited  Partnerships and a 98% interest in one Local Limited  Partnership
at December 31, 2003.

On June 3, 1997,  Apartment Investment and Management Company, a publicly traded
real estate  investment  trust ("AIMCO" and,  together with its subsidiaries and
other controlled  entities,  the "AIMCO Group"),  acquired all of the issued and
outstanding  capital stock of NHP Partners,  Inc., a Delaware  corporation ("NHP
Partners"), and the AIMCO Group acquired all of the outstanding interests in NHP
Partners Two Limited Partnership,  a Delaware limited partnership ("NHP Partners
Two").  NHP Partners owns all of the  outstanding  capital stock of the National
Corporation  for  Housing  Partnerships,  a  District  of  Columbia  corporation
("NCHP"),  which is the general partner of The National Housing  Partnership,  a
District of  Columbia  limited  partnership  ("NHP" or the  "General  Partner").
Together,  NCHP  and NHP  Partners  Two own all of the  outstanding  partnership
interests in NHP. NHP is the general partner of the  Registrant.  As a result of
these transactions,  the AIMCO Group has acquired control of the general partner
of the Registrant and, therefore,  may be deemed to have acquired control of the
Registrant.

The  Original  Limited  Partner  of the  Partnership  is 1133  Fifteenth  Street
Associates,  whose  limited  partners were key employees of NCHP at the time the
Partnership was formed and whose general partner is NHP.

Significant Accounting Policies

The financial statements of the Partnership are prepared on the accrual basis of
accounting.  Direct  costs  of  acquisition,   including  acquisition  fees  and
reimbursable  acquisition  expenses  paid  to the  General  Partner,  have  been
capitalized  as investments  in the Local Limited  Partnerships.  Other fees and
expenditures  of the  Partnership  are  recognized as expenses in the period the
related services are performed.

Investments  in Local  Limited  Partnerships  are accounted for using the equity
method and thus are  carried at cost plus the  Partnership's  share of the Local
Limited  Partnerships' profits less the Partnership's share of the Local Limited
Partnerships'  losses and distributions  (see Note 2). An investment  account is
maintained for each of the limited  partnership  investments  and losses are not
recognized once an investment  account has decreased to zero. Cash distributions
are limited by the Regulatory  Agreements between the Local Limited Partnerships
and HUD to the extent of surplus cash as defined by HUD.  Undistributed  amounts
are cumulative and may be distributed in subsequent  years if future  operations
provide surplus cash in excess of current requirements.  Distributions  received
from Local Limited  Partnerships in which the Partnership's  investment  account
has  decreased  to zero are  recorded as revenue in the year they are  received.
Advances to Local Limited  Partnerships  are included with  Investments in Local
Limited  Partnerships to the extent that the advances are not temporary advances
of working capital.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions  that effect the reported  amounts of assets and liabilities and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

For purposes of the  Statements  of Cash Flows,  the  Partnership  considers all
highly  liquid debt  instruments  purchased  with  original  maturities of three
months or less to be cash equivalents.

Fair Value of Financial Instruments

Statement of Financial Accounting Standards ("SFAS") No. 107, "Disclosures About
Fair  Value  of  Financial  Instruments,"  requires  disclosure  of  fair  value
information about significant financial  instruments,  when it is practicable to
estimate that value and excessive  costs would not be incurred.  The Partnership
believes that the carrying value of other assets and liabilities reported on the
statement of financial  position that require such disclosure  approximates fair
value.

Segment Reporting

SFAS  No.  131,   "Disclosure  about  Segments  of  an  Enterprise  and  Related
Information"  established standards for the way that public business enterprises
report information about operating  segments in annual financial  statements and
requires that those  enterprises  report  selected  information  about operating
segments in interim financial reports.  SFAS No. 131 also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003, and with respect to variable interests held before February 1,
2003, FIN 46 will apply for financial statements filed after December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments in unconsolidated  partnerships that may be deemed variable interest
entities under the provisions of FIN 46. The  Partnership has not yet determined
the anticipated  impact of adopting FIN 46 for its  partnership  agreements that
existed as of January 31, 2003. However, FIN 46 may require the consolidation of
the  assets,   liabilities  and  operations  of  certain  of  the  Partnership's
unconsolidated  partnership  investments.  Although  the  Partnership  does  not
believe  the full  adoption  of FIN 46 will  have an impact  on cash  flow,  the
Partnership cannot make any definitive  conclusion on the impact on net earnings
until it completes its evaluation,  including an evaluation of the Partnership's
maximum exposure to loss.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely  deferred the provisions of SFAS 150 for finite life  partnerships.
The  adoption  of SFAS 150 did not have a material  impact on the  Partnership's
results of operations taken as a whole.

2. INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

The Partnership owns a 98% limited partnership interest in Gates Mills I Limited
Partnership  and 99% limited  partnership  interests in two other Local  Limited
Partnerships: San Jose Limited Partnership and Hurbell IV Limited Partnership.

On  January  3,  2003,  Forest  Green  Limited  Partnership  sold  Forest  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately  $39,000 for the year ended December 31, 2003,
which is included in loss from sale of  discontinued  operations in the combined
statements of operations below.

On January  3, 2003,  Village  Green  Limited  Partnership  sold  Village  Green
Apartments to an unaffiliated  third party for a gross sale price of $1,725,000.
A portion of the net proceeds of approximately  $1,653,000 was used to repay the
mortgage  encumbering the property.  The Local Limited Partnership  recognized a
loss on the sale of approximately  $34,000 for the year ended December 31, 2003,
which is included in loss from sale of  discontinued  operations in the combined
statements of operations below.

During the year ended December 31, 2002,  Northgate Village Limited  Partnership
entered into a sales agreement with an unaffiliated  third party for the sale of
Northgate Village Apartments.  The closing occurred on December 16, 2002, with a
sale price of $3,500,000.  Net proceeds of approximately $3,389,000 were used to
repay the mortgage  encumbering  the  property  and the holder  ("AIMCO") of the
Northgate Village note received payment of approximately  $2,131,000.  The Local
Limited Partnership  recognized a gain on the sale of approximately  $1,215,000,
which is included in gain from sale of  discontinued  operations,  and a gain on
debt  forgiveness of  approximately  $100,000,  which is included in income from
discontinued operations.

Since the Partnership,  as a limited partner, does not exercise control over the
activities of the Local Limited  Partnerships in accordance with the partnership
agreements,  these investments are accounted for using the equity method.  Thus,
the  investments are carried at cost plus the  Partnership's  share of the Local
Limited  Partnerships' profits less the Partnership's share of the Local Limited
Partnerships'  losses and distributions.  However,  since the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its investment in each of the individual Local Limited Partnerships,
increased  for its share of  profits,  reduced  for its share of losses and cash
distributions, reaches zero.

Forest  Green and  Village  Green  Limited  Partnerships  sold their  underlying
properties during the year ended December 31, 2003 (as discussed above).  Due to
the sale of the properties  owned by these two Local Limited  Partnerships,  the
Local Limited Partnerships recognized a loss from sale of investment property of
approximately  $73,000 for the year ended  December  31, 2003 and (loss)  income
from  operations  of  approximately  ($82,000)  and $41,000 was recorded for the
years ended December 31, 2003 and 2002, respectively. The Partnership recognized
approximately  ($136,000)  and $40,000 of the (losses)  profits from these Local
Limited   Partnershipos  for  the  years  ended  December  31,  2003  and  2002,
respectively.  Approximately  $18,000 of losses from  Forest  Green for the year
ended December 31, 2003 were not  recognized as the  investment  balance in this
Local  Limited  Partnership  had been  reduced  to zero.  Due to the sale of the
property held by Northgate  Village  Limited  Partnership  during the year ended
December 31, 2002 (as discussed  above) a gain from sale of investment  property
of approximately  $1,215,000 and income from operations of approximately $10,000
was recorded by the Local Limited  Partnerships in 2002,  which more than offset
losses  not taken in  previous  years.  The  Partnership  recorded  its share of
profits of approximately $7,000 from this Local Limited Partnership for the year
ended  December  31,  2002.  The  Partnership  did not  recognize  approximately
$487,000 and $494,000 of losses from four and three Local  Limited  Partnerships
during 2003 and 2002, respectively. As of December 31, 2003, the Partnership has
not  recognized  approximately  $8,387,000 of its allocated  share of cumulative
losses from the three Local  Limited  Partnerships  in which its  investment  is
zero. In addition, the Partnership did not recognize approximately $1,206,000 of
its allocated  share of profits from one Local Limited  Partnership for the year
ended  December  31, 2002 as this amount was offset by  previously  unrecognized
losses.  The  Partnership  recognized  a loss on  investment  in  Local  Limited
Partnership of approximately  $11,000 which is comprised of the write-off of the
remaining  investment  balance  of the  Partnership  in  Village  Green  Limited
Partnership  as a result of this entity  liquidating  during  2003.  The loss on
investment  recognized  in 2002 is comprised of the  write-off of the  remaining
investment  balance of the Partnership in Northgate Village Limited  Partnership
as a result of its liquidation during 2002.

Advances made by the  Partnership to the individual  Local Limited  Partnerships
are  considered   part  of  the   Partnership's   investment  in  Local  Limited
Partnerships.  When advances are made,  they are charged to operations as a loss
on investment in the Local Limited  Partnership  using  previously  unrecognized
cumulative  losses. As discussed above, due to the cumulative losses incurred by
the Local Limited  Partnerships,  the aggregate  balance of  investments  in and
advances to Local Limited  Partnerships has been reduced to zero at December 31,
2003 for three Local  Limited  Partnerships.  To the extent  these  advances are
repaid by the Local Limited  Partnerships in the future,  the repayments will be
credited as  distributions  and  repayments  received in excess of investment in
Local  Limited  Partnerships.  These  advances  remain  due and  payable  to the
Partnership. Interest is calculated at the Chase Manhattan prime rate plus 2% or
6.00% at December 31, 2003. Payment of principal and interest is contingent upon
the Local Limited  Partnerships having available surplus cash, as defined by HUD
regulations,  from  operations or from  refinancing or sale of the Local Limited
Partnership properties.

During the years ended  December 31, 2003 and 2002, no advances were made by the
Partnership to the Local Limited  Partnerships.  During the years ended December
31, 2003 and 2002, the Partnership received  approximately $78,000 and $6,000 as
repayment  of advances  plus  accrued  interest of  approximately  $129,000  and
$3,000, respectively, from two Local Limited Partnerships. There were no amounts
owed  to  the  Partnership  for  working  capital   advances  to  Local  Limited
Partnerships at December 31, 2003.

Summaries of the combined  balance  sheet of the  aforementioned  Local  Limited
Partnerships as of December 31, 2003, and the combined results of operations for
each of the two years in the period ended December 31, 2003, are as follows. The
combined  financial  statements  have been  restated  as of January 1, 2002,  in
accordance  with Statement of Financial  Accounting  Standards  ("SFAS") No. 144
"Accounting for the Impairment or Disposal of Long-Lived Assets", to reflect the
loss from operations of Northgate Village  Apartments,  Village Green Apartments
and Forest Green  Apartments as loss from  discontinued  operations due to their
sales in December 2002 and January 2003.

                           CONDENSED COMBINED BALANCE SHEET
                          OF THE LOCAL LIMITED PARTNERSHIPS
                                    (in thousands)
                                                               December 31, 2003
Assets:
  Land                                                               $ 1,267
  Buildings and improvements, net of accumulated
   depreciation of approximately $6,809                                 7,221
  Other assets                                                          1,564
                                                                     $ 10,052
Liabilities and Partners' Deficit:
  Liabilities:
  Mortgage notes payable                                             $ 3,796
  Notes payable                                                         5,014
  Accrued interest on notes payable                                     9,541
  Other liabilities                                                       590

                                                                       18,941
Partners' Deficit:
  National Housing Partnership Realty Fund I                          (8,674)
  Other partners                                                        (215)
                                                                      (8,889)
                                                                    $ 10,052


                       CONDENSED COMBINED RESULTS OF OPERATIONS
                          OF THE LOCAL LIMITED PARTNERSHIPS
                                    (in thousands)
<TABLE>
<CAPTION>

                                                         Years Ended December 31,
                                                           2003             2002
                                                                         (Restated)
Revenues:
<S>                                                      <C>              <C>
  Rental income                                          $ 2,370          $ 2,261
  Other income                                               119              227

    Total revenues                                         2,489            2,488

Expenses:
  Operating expenses                                       1,971            2,014
  Financial expenses                                          25               31
  Interest on notes payable                                  495              496
  Depreciation                                               475              448

    Total expenses                                         2,966            2,989

Loss from continuing operations                             (477)            (501)

(Loss) gain from sale of discontinued operations             (73)           1,215

(Loss) income from discontinued operations                   (82)              51

Net (loss) income                                         $ (632)          $ 765
</TABLE>

The combined financial statements of the Local Limited Partnerships are prepared
on the accrual basis of accounting.  Each Local Limited  Partnership  was formed
during 1984 for the purpose of acquiring and operating a rental housing  project
originally  organized under Section 236 of the National  Housing Act. During the
years  ended  December  31,  2003  and  2001 the  projects  received  a total of
approximately $1,414,000 and $2,083,000,  respectively of rental assistance from
HUD.

In 1997 and again in 1999,  Congress  enacted new ways to determine  rent levels
for properties  receiving HUD's rental  assistance under Section 8 of the United
States  Housing Act of 1937 ("Section 8") after the expiration of their original
Section 8 contracts.  This legislation affects 482 units, or 94% of the units in
which the  Partnership  has invested at December 31, 2003.  On October 27, 1997,
the  President  signed  into law the  Multifamily  Assisted  Housing  Reform and
Affordability Act of 1997 (the "1997 Housing Act").  Under the 1997 Housing Act,
certain  properties  assisted under expiring  Section 8 contracts and which have
been receiving rents deemed to be above comparable  market levels for unassisted
properties,  and financed with HUD-insured  mortgage loans,  will have, upon the
renewal or extension of Section 8 contracts,  rents marked to market.  This will
be  accomplished  in various ways,  the goal being to reduce  Section 8 rents to
comparable  market  levels,  thereby  reducing  the  federal  Section  8 subsidy
obligation,  and (ideally) by simultaneously lowering, or eliminating,  required
debt  service  costs  (and  decreasing  operating  costs)  as  needed  to ensure
financial  viability at the reduced rent levels. The program also incorporates a
requirement  to  perform  any  repair  or  rehabilitation  deemed  necessary  by
depositing  funds to cover the first twelve month's work, and making  sufficient
monthly reserve  deposits to ensure work required in succeeding  years. In 1999,
Congress  enacted  legislation  (the "1999  Housing  Act") that  expanded on and
clarified  the  provisions  of  the  1997  Housing  Act,  including   permitting
properties whose Section 8 rents were below comparable  market rents to increase
their Section 8 rents to market.

The 1997 and 1999  Housing  Acts  (together,  the  "Housing  Acts")  permit  the
retention of project  based  Section 8 contracts  for most  properties in rental
markets  with a limited  supply of  affordable  housing or where the tenants are
particularly  vulnerable  populations  including the elderly,  disabled or large
families.  In rental markets without a limited supply of affordable housing, the
Housing Acts provide for phasing out project  based  subsidies,  converting  the
assistance to tenant based assistance or vouchers.  Under a tenant based system,
rental  vouchers  would be issued to  qualified  tenants who then could elect to
reside at  properties  of their  choice,  including  the  property in which they
currently  reside.   Voucher  rent  levels  are  established  by  local  housing
authorities  under  guidelines set by HUD. While the Partnership does not expect
the provisions of the Housing Acts to result in a significant  number of tenants
relocating from the properties  owned by the Local Limited  Partnerships,  there
can be no  assurance  that  the  new  legislation  will  not  significantly  and
adversely  affect  the  operations  of  the  properties  of  the  Local  Limited
Partnerships.

The following  table  indicates the year within which the Section 8 rent subsidy
contracts expire:

                                      Subsidized Units       Subsidized Units
                                        Expiring as a          Expiring as a
                       Number of     Percentage of Total       Percentage of
                         Units        Subsidized Units          Total Units

2004                      482               100%                    94%

All of the units (482 in total)  receiving  rent  subsidies  from Section 8 have
their  contracts  expiring during the year ending December 31, 2004. The Housing
Acts provide for several  options  under which a Local Limited  Partnership  may
elect, as appropriate, to renew its Section 8 contracts: (1) marking rents up to
the  comparable  market rent, if current  rents are below  market;  (2) renewing
rents at the  current  level,  if the level  does not exceed  comparable  market
rents, and receiving an operating cost adjustment factor (an "OCAF") or a budget
based rent increase, as long as the rents do not exceed comparable market rents;
(3) marking rents down to comparable  market rents; (4) marking their rents down
to an "exception rent" level,  when comparable  market rents would be too low to
permit  continued  operation of the property  under the Section 8 program,  even
with full debt  restructuring;  or (5) opting out of the section 8 program.  For
properties   assisted  by  Section  8,  but  not  subject  to  these  provisions
(including,  but not limited to,  properties  which do not have  underlying  HUD
insured  mortgages,  or which have been financed  through  certain state housing
finance agency or bond-financed  mortgage programs),  rents will be continued at
current  levels,  plus  an OCAF or (in  some  instances)  a  budget  based  rent
increase.  In addition,  properties can opt out of the Section 8 program only if
very strict notice requirements have been met, including a requirement that HUD,
the tenants,  and the local  governing  body, be given twelve months notice of a
Local  Limited  Partnership's  intention  to opt  out of the  program  prior  to
contract termination.

Each of the options  requires an application to HUD, and, to a greater or lesser
extent,  the  fulfillment  of certain  procedural  submission  requirements  and
financial   requirements,   which  must  be  weighed  in  connection   with  the
determination of which option to select.

The Section 8  requirements  are separate  from the  requirements  governing the
underlying  HUD-insured  mortgage  loans,  and any  other  HUD,  state  or local
requirements, all of which must be fulfilled,  irrespective of the option chosen
with regard to the continuation of Section 8 participation.

Fixed assets are recorded on the basis of cost.  Depreciation  of the  buildings
and improvements and equipment is computed generally by the straight-line method
over the estimated lives of the related assets.

The mortgage  notes  payable are insured by the Federal  Housing  Administration
(FHA) and collateralized by first deeds of trust on the rental  properties.  The
notes bear  interest at rates  ranging from 7% to 7.5% per annum.  However,  FHA
makes  subsidy  payments  directly to the mortgage  lender  reducing the monthly
principal and interest  payments of the project  owner to an effective  interest
rate of 1% over the  forty-year  term of the notes.  The  liability of the Local
Limited Partnerships under the mortgage notes is limited to the underlying value
of the real estate collateral plus other amounts deposited with the lenders.

Notes payable were executed by the Local  Limited  Partnerships  with the former
owners  as  part of the  acquisition  of the  properties  by the  Local  Limited
Partnerships.  These notes bear simple interest at rates of 9% or 10% per annum.
The  notes  are  nonrecourse  notes  secured  by  a  security  interest  in  all
partnership  interests  in the  respective  Local  Limited  Partnership  and are
subordinated to the respective mortgage note for as long as the mortgage note is
insured by HUD.  Any  payments  due from  project  income are  payable  from the
respective  Local  Limited   Partnership's  surplus  cash,  as  defined  by  the
respective  HUD  Regulatory  Agreement.  The notes may be prepaid in whole or in
part  at  any  time  without  penalty.  Neither  the  respective  Local  Limited
Partnership  nor any partner  thereof,  present or future,  assumes any personal
liability for the payment of these notes.

These notes matured as follows:
<TABLE>
<CAPTION>

Local Partnership                             Due Date   Note Amount  Accrued Interest
                                                                (in thousands)
<S>                                           <C>  <C>     <C>            <C>
San Jose Limited Partnership                  8/29/99*     $ 1,699        $ 3,289
Gates Mills I Limited Partnership             10/1/99*        2,667          5,133
Hurbell IV Limited Partnership                11/9/99*          648          1,119
Total Delinquent                                           $ 5,014        $ 9,541
</TABLE>

* Notes are in default.

SFAS No. 144  "Accounting  for the Impairment or Disposal of Long-Lived  Assets"
(the  "Statement")  requires an  impairment  loss to be recognized if the sum of
estimated future cash flows  (undiscounted and without interest charges) is less
than the carrying  amount of rental  property.  The impairment loss would be the
amount  by  which  the  carrying  value  exceeds  the fair  value of the  rental
property.  If the rental property is to be disposed of, fair value is calculated
net of costs to sell. No impairment  losses were recorded during the years ended
December 31, 2003 and 2002.

3. TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership accrued administrative and reporting fees payable to the General
Partner  of  approximately  $86,000  annually  during  each of the  years  ended
December 31, 2003 and 2002. The Partnership  paid  approximately  $1,154,000 and
$150,000 of accrued  administrative  and reporting  fees to the General  Partner
during the years ended December 31, 2003 and 2002, respectively.  As of December
31, 2003, the Partnership owed approximately  $43,000 to the General Partner for
accrued administrative and reporting fees.

There  were no  working  capital  advances  made by the  General  Partner to the
Partnership  during the years ended December 31, 2003 and 2002.  During the year
ended December 31, 2002, the Partnership repaid the balance in advances from the
General Partner of approximately  $158,000 and accrued interest of approximately
$23,000 to the General  Partner.  No repayments of advances were made during the
year ended December 31, 2003.  Interest was charged at the Chase  Manhattan Bank
prime interest rate plus 2% or 6.00% at December 31, 2003.  Interest accrued for
the year  ended  December  31,  2002 was  approximately  $1,000.  There  were no
outstanding loans or associated  accrued interest payable to the General Partner
at December 31, 2003.

An affiliate of the General  Partner,  NHP Management  Company  ("NHPMC") is the
project  management agent for the projects operated by one and four of the Local
Limited   Partnerships   for  the  years  ended  December  31,  2003  and  2002,
respectively.  NHPMC and other affiliates of NCHP earned approximately  $113,000
and $344,000 from the Local Limited Partnerships for management fees provided to
the Local  Limited  Partnerships  during the years ended  December  31, 2003 and
2002,  respectively.  During the years ended December 31, 2003 and 2002, one and
four Local Limited Partnerships  operated by an affiliate of the General Partner
were charged a fee related to construction management services provided by AIMCO
and its affiliates,  respectively.  The fee was calculated based on a percentage
of additions to fixed assets. This fee is payable from surplus cash. This fee of
approximately $6,000 and $10,000 for the years ended December 31, 2003 and 2002,
respectively,  has been  capitalized  as part of fixed assets for the respective
Local Limited Partnerships.

Personnel working at the project sites, which are managed by NHPMC are employees
of NHPMC.  The  projects  reimburse  NHPMC for the actual  salaries  and related
benefits  of such  employees.  Total  reimbursements  earned  for  salaries  and
benefits  for the years  ended  December  31,  2003 and 2002 were  approximately
$178,000 and $490,000, respectively.

An affiliate of the Local Partner of Gates Mills I Limited Partnership  provides
management  services for the property  owned by the Local  Limited  Partnership.
During the years  ended  December  31,  2003 and 2002,  the  affiliate  received
approximately   $74,000  and   $61,000,   respectively,   for  these   services.
Additionally, in 2003 and 2002, approximately $14,000 and $15,000, respectively,
was paid to this affiliate for accounting services and approximately $13,000 was
paid to another  affiliate for painting  services during the year ended December
31, 2002.

During the years  ended  December  31, 2003 and 2002,  the  General  Partner was
entitled   to   reimbursement   of   accountable   administrative   expenses  of
approximately  $34,000  and  $39,000,  respectively,   from  one  Local  Limited
Partnership.

4. INCOME TAXES

The  Partnership  is not taxed on its income.  The  partners  are taxed in their
individual  capacities based upon their  distributive share of the Partnership's
taxable  income  or  loss  and are  allowed  the  benefits  to be  derived  from
off-setting  their  distributive  share of the tax losses against taxable income
from other sources  subject to passive loss  limitations.  The taxable income or
loss differs from  amounts  included in the  statements  of  operations  because
different  methods  are used in  determining  the  losses of the  Local  Limited
Partnerships as discussed below. The tax loss is allocated to the partner groups
in accordance with Section 704(b) of the Internal  Revenue Code and therefore is
not necessarily proportionate to the interest percentage owned.

A reconciliation follows:

                                                  Years Ended December 31,
                                                     2003            2002
                                                       (in thousands)

Net loss per financial statements                   $ (157)         $ (96)

  Other                                                 (9)            (90)
  Partnership's share of limited local
   Partnership                                       3,296           3,134
Income per tax return                               $3,130          $2,948

The following is a reconciliation between the Partnership's reported amounts and
the federal tax basis of net liabilities:

                                                   December 31, 2003
                                                     (in thousands)

      Net liabilities as reported                      $    (28)
      Add (deduct):
       Investment in Partnerships                        (8,155)
       Other                                                334
      Net deficit - federal tax basis                  $ (7,849)

5.    ALLOCATION  OF RESULTS OF  OPERATIONS,  CASH  DISTRIBUTIONS  AND GAINS AND
      LOSSES FROM SALES OR REFINANCING

Cash received by the Partnership  from the sale or refinancing of any underlying
property of the Local  Limited  Partnerships,  after  payment of the  applicable
mortgage debt and the payment of all expenses  related to the  transaction is to
be  distributed  in the  following  manner in  accordance  with  Realty Fund I's
Partnership Agreement.

      First,  to the General  Partner for any unrepaid loans to the  Partnership
      and any unpaid fees (other than disposition and refinancing fees);

      Second,  to the  establishment  of any reserves which the General  Partner
      deems  reasonably  necessary  for  contingent,   unmatured  or  unforeseen
      liabilities or obligations of the Partnership.

      Third, to the Limited  Partners until the Limited Partners have received a
      return of their  capital  contributions,  after  deduction  for prior cash
      distributions  from sales or refinancing,  but without deduction for prior
      cash distributions from operations;

      Fourth, to the Limited  Partners,  until each Limited Partner has received
      an amount  equal to a  cumulative  noncompounded  6% annual  return on its
      capital contribution, after deduction of (a) an amount equal to 50% of the
      tax  losses   allocated  to  the  Limited   Partner  and  (b)  prior  cash
      distributions  from operations and prior cash  distributions from sales or
      refinancing;

      Fifth,  to the General  Partner  until the General  Partner has received a
      return  of its  capital  contribution,  after  deduction  for  prior  cash
      distributions  from sales or refinancing,  but without deduction for prior
      cash distributions from operations;

      Sixth,  to the  General  Partner for  disposition  and  refinancing  fees,
      including prior  disposition and refinancing  fees which have been accrued
      but are unpaid;

      Seventh,  to the partners  with  positive  capital  accounts to bring such
      accounts to zero; and

      Finally,  85% of the remaining sales proceeds to the Limited  Partners and
      15% to the General Partner.

Net income or loss from  operations of the  Partnership  is allocated 98% to the
Limited  Partners,  1% to the  General  Partner and 1% to the  Original  Limited
Partner.   Cash  distributions   from  operations,   after  payment  of  certain
obligations  including  reimbursement  on a cumulative  basis of direct expenses
incurred by the General  Partner or its affiliate in managing the properties and
payment of annual cumulative  administrative  and reporting fees, is distributed
98% to the Limited  Partners,  1% to the General  Partner and 1% to the Original
Limited Partner.

Gain for federal income tax purposes realized in the event of dissolution of the
Partnership  or  upon  sale  of  interests  in a Local  Limited  Partnership  or
underlying property will be allocated in the following manner:

      First, to the Limited Partners in an amount up to the negative balances of
      the capital  accounts of Limited  Partners in the same  proportion as each
      Limited  Partner's  negative  capital  account  bears  to  such  aggregate
      negative capital accounts;

      Second,  to the General  Partner in an amount up to the General  Partner's
      negative capital account, if any;

      Third,  to the  Limited  Partners  up to the  aggregate  amount of capital
      contributions  of the Limited  Partners,  after  deduction  for prior cash
      distributions  from sales or refinancing,  but without deduction for prior
      cash  distributions  from  operations,  in the same  proportion  that each
      Limited  Partner's  capital  contribution  bears to the  aggregate  of all
      Limited Partners' capital contributions;

      Fourth,  to the  Limited  Partners,  until each  Limited  Partner has been
      allocated an amount equal to a cumulative  noncompounded  6% annual return
      on its capital contribution, after deduction of (a) an amount equal to 50%
      of the tax losses  allocated  to the  Limited  Partner  and (b) prior cash
      distributions  from operations and prior cash  distributions from sales or
      refinancing;

      Fifth,  to the  General  Partner  up to the  aggregate  amount of  capital
      contributions made by the General Partner,  after deduction for prior cash
      distributions  from sales or refinancing,  but without deduction for prior
      cash distributions from operations; and

      Finally,  85% of the remaining gain to the Limited Partners and 15% to the
      General Partner.

Losses for federal  income tax purposes  realized in the event of dissolution of
the  Partnership  or upon sale of interests in a Local  Limited  Partnership  or
underlying property will be allocated 85% to the Limited Partners and 15% to the
General Partner.


<PAGE>



6. GOING CONCERN

Certain of the Local  Limited  Partnership's  notes  payable  are past due,  and
therefore,  the notes are in  default  (see Note 2).  Continuation  of the Local
Limited  Partnerships'  operations  in their  present  form is  dependent on its
ability to extend the maturity date of these notes,  or to repay or to refinance
the notes.  These  conditions  raise  substantial  doubt about their  ability to
continue  as a going  concern.  The  financial  statements  do not  include  any
adjustments which might result from the outcome of these uncertainties.

7. ABANDONMENT OF LIMITED PARTNERSHIP UNITS

During  the years  ended  December  31,  2003 and 2002,  the  number of  Limited
Partnership  Units  decreased by 73 and 60 units,  respectively,  due to limited
partners  abandoning  their units. In abandoning his or her Limited  Partnership
Unit(s),  a limited partner  relinquishes all right,  title, and interest in the
partnership  as of the date of  abandonments.  However,  the limited  partner is
allocated  his or her share of net  income or loss for that  year.  The loss per
Limited  Partnership  Unit  in the  accompanying  statements  of  operations  is
calculated  based on the number of units  outstanding  at the  beginning  of the
year.

8. LEGAL PROCEEDINGS

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

9.    REAL ESTATE AND ACCUMULATED  DEPRECIATION OF LOCAL LIMITED PARTNERSHIPS IN
      WHICH NHP REALTY FUND I HAS INVESTED

<TABLE>
<CAPTION>

                                         Initial Cost                   Cost
                                        To Partnership               Capitalized
                                        (in thousands)                (Removed)
                                                                   Net Subsequent
                                                                   to Acquisition
                                                                   (in thousands)
                                                Buildings
                                               and Related
                                                Personal                   Carrying Cost
     Description      Encumbrances    Land      Property    Improvements    Adjustments

<S>                          <C>     <C>        <C>            <C>          <C>
Gates Mills I                (1)     $  669     $ 6,058        $   322      $      --
 Limited Partnership
San Jose                     (1)        440       4,728          2,113             --
 Limited Partnership
Hurbell IV                   (1)        100       2,159            168         (1,460)
 Limited Partnership
  Totals                             $1,209     $12,945        $ 2,603      $  (1,460)
</TABLE>

                         Gross Amount At Which
                                Carried
                              At December 31, 2003
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                                     Life upon
                                                                                       which
                                                                                  depreciation in
                            Buildings                                                  latest
                               And                                                   statement
                             Related                                                of operations
                            Personal               Accumulated   Date of     Date     is computed
     Description      Land  Property  Total(2)(3) Depreciation Construction Acquired  (years)


<S>                   <C>    <C>       <C>           <C>           <C>       <C>         <C>
Gates Mills I         $669   $ 6,380   $ 7,049       $ 2,783       1972      10/84       5-30

 Limited Partnership
San Jose Limited
 Partnership          497      6,784     7,281         3,671       1970       9/84       5-50

Hurbell IV
 Limited Partnership  101        866       967           355       1974      11/84       5-30

  Totals              $1,267 $14,030   $15,297       $ 6,809
</TABLE>

(1)    Schedule of Encumbrances

<TABLE>
<CAPTION>

                                                                  Notes
                                                                 Payable and
                                                   Mortgage       Accrued
Partnership Name                                    Notes        Interest      Total
                                                               (in thousands)

<S>                                                <C>            <C>        <C>
Gates Mills I Limited Partnership                  $ 1,663        $ 7,800    $ 9,463

San Jose Limited Partnership                         1,342          4,988      6,330

Hurbell IV Limited Partnership                         791          1,767      2,558

  Total - December 31, 2003                        $ 3,796        $14,555    $18,351
</TABLE>

(2)   The   aggregate   cost  of  land  for  Federal   income  tax  purposes  is
      approximately   $1,208,000  and  the  aggregate  costs  of  buildings  and
      improvements for Federal income tax purposes is approximately $15,551,000.
      The total of the above-mentioned items is approximately $16,759,000.

(3)   Reconciliation of real estate

                                                 Years Ended December 31,
                                                   2003           2002
                                                      (in thousands)
Balance at beginning of year                     $ 20,637       $ 24,316
Improvements                                          226            321
Disposals of rental properties                     (5,566)        (4,000)
Balance at end of year                           $ 15,297       $ 20,637

Reconciliation of accumulated depreciation

                                                 Years Ended December 31,
                                                   2003           2002
                                                      (in thousands)
Balance at beginning of year                      $ 8,920       $ 9,975
Depreciation expense                                  475            787
Disposals of rental properties                     (2,586)        (1,842)
Balance at end of year                            $ 6,809       $ 8,920



<PAGE>



Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosures

            None.

Item 8A.    Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.


<PAGE>




                                    PART III


Item 9. Directors and Executive Officers of the Registrant

The Partnership has no directors, executive officers or significant employees of
its own.

The names, ages, business experience and involvement in legal proceedings of the
directors and officers of National  Corporation for Housing Partnerships (NCHP),
the sole general partner of The National Housing  Partnership,  the sole general
partner of the Partnership, and certain of its affiliates, are as follows:

Directors of NCHP

Three individuals comprise the Board of Directors of NCHP.

Jeffrey Adler                    42   Director and Executive Vice President
Ronald D. Monson                 47   Director and Executive Vice President
David R. Robertson               38   Director, President and Chief Executive
                                     Officer

Jeffrey Adler has been a Director and an Executive Vice President of the General
Partner since February 2004. Mr. Adler was appointed  Executive Vice  President,
Conventional Property Operations of AIMCO in February 2004. Previously he served
as Senior Vice President of Risk  Management and Marketing of AIMCO from 2002 to
2004.  Prior to joining AIMCO from 2000 to 2002,  Mr. Adler was Vice  President,
Property/Casualty  for Channelpoint,  a software company.  From 1990 to 2000 Mr.
Adler held several positions at Progressive Insurance.

Ronald D. Monson has been a Director  and an  Executive  Vice  President  of the
General  Partner since February  2001.  Mr. Monson was appointed  Executive Vice
President of AIMCO in February  2001.  Beginning in February  2004,  Mr.  Monson
assumed oversight of four of AIMCO's regional operating  centers.  From February
2001 to February  2004,  Mr. Monson  served as the head of AIMCO's  conventional
property operations.  Previously,  he served as Regional Vice President of AIMCO
from March 1997 to May 1998,  when he was appointed to Senior Vice  President of
the Midwest  Division  until  January 1999,  when he was  appointed  Senior Vice
President of the Far West Division, which role he filled until February 2001.

David R. Robertson has been a Director and President and Chief Executive Officer
of the General Partner since February 2004. Mr.  Robertson has been an Executive
Vice President of AIMCO since  February  2002,  and was appointed  President and
Chief  Executive  Officer of AIMCO  Capital in October  2002.  Mr.  Robertson is
responsible for property operations, asset management and transaction activities
within AIMCO Capital's portfolio of affordable properties, and for redevelopment
and construction  activities for both the  conventional and affordable  property
portfolios.  Since  February  1996,  Mr.  Robertson  has been Chairman and Chief
Executive  Officer of Robeks  Corporation,  a privately  held chain of specialty
food stores.


<PAGE>



Officers

The current officers of NCHP and a description of their principal occupations in
recent years are listed below.

Martha L. Long                   44   Director and Senior Vice President
Harry G. Alcock                  41   Executive Vice President
Miles Cortez                     60   Executive Vice President, General Counsel
                                      and Secretary
Patti K. Fielding                40   Executive Vice President
Paul J. McAuliffe                47   Executive Vice President and Chief
                                      Financial Officer
Thomas M. Herzog                 41   Senior Vice President and Chief Accounting
                                     Officer

Jeffrey Adler                        See "Directors of NCHP".
Ronald D. Monson                     See "Directors of NCHP".
David R. Robertson                   See "Directors of NCHP".

Martha L. Long has been a Director  and Senior  Vice  President  of the  General
Partner since February 2004. Ms. Long has been with AIMCO since October 1998 and
has served in various  capacities.  From 1998 to 2001, Ms. Long served as Senior
Vice President and Controller of AIMCO and the General Partner.  During 2002 and
2003,  Ms. Long served as Senior Vice  President of Continuous  Improvement  for
AIMCO.

Harry G. Alcock was appointed Executive Vice President of the General Partner in
February 2004 and has been Executive Vice President and Chief Investment Officer
of AIMCO since October  1999.  Prior to October 1999 Mr. Alcock served as a Vice
President  of AIMCO  from July 1996 to October  1997,  when he was  promoted  to
Senior Vice  President-Acquisitions  where he served  until  October  1999.  Mr.
Alcock has had responsibility for acquisition and financing  activities of AIMCO
since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary of the General  Partner in February  2004 and of AIMCO in August 2001.
Prior to joining  AIMCO,  Mr. Cortez was the senior  partner of Cortez  Macaulay
Bernhardt  &  Schuetze  LLC,  a Denver  law firm,  from  December  1997  through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the General  Partner in  February  2004 and of AIMCO in  February  2003.  Ms.
Fielding  previously  served as Senior Vice  President - Securities  and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been  Executive Vice President of the General  Partner and
AIMCO since  February  1999 and was  appointed  Chief  Financial  Officer of the
General  Partner and AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the General  Partner in February  2004 and of AIMCO in January  2004.
Prior to  joining  AIMCO in January  2004,  Mr.  Herzog  was at GE Real  Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000, including a two-year assignment in the real estate national office.

There is no family  relationship  between  any of the  foregoing  directors  and
officers.

The board of  directors of the General  Partner  does not have a separate  audit
committee.  As such, the board of directors of the General Partner  fulfills the
functions of an audit  committee.  The board of directors  has  determined  that
David R.  Robertson  meets  the  requirement  of an "audit  committee  financial
expert".

The  directors  and  officers of the General  Partner  with  authority  over the
Partnership are all employees of subsidiaries of AIMCO. AIMCO has adopted a code
of ethics that applies to such  directors and officers that is posted on AIMCO's
website  (www.AIMCO.com).  AIMCO's  website is not  incorporated by reference to
this filing.

Item 10.    Executive Compensation

National  Housing  Partnership  Realty Fund I has no directors  or officers.  No
direct form of compensation  or remuneration  was paid by the Partnership to any
director or officer of the General Partner.  However,  reimbursements  and other
payments have been made to the Partnership's General Partner and its affiliates,
as described in "Item 12. Certain Relationships and Related Transactions."

Item 11. Security Ownership of Certain Beneficial Owners and Management

1133 Fifteenth Street Associates, a Maryland Limited Partnership,  whose general
partner is NHP and whose limited partners were key employees of NCHP at the time
the Partnership was formed, owns a 1% interest in the Partnership.

The following table sets forth certain information regarding limited partnership
units  of the  Partnership  owned  by each  person  or  entity  as  known by the
Partnership to own  beneficially or exercise voting or dispositive  control over
more than 5% of the Partnership's  limited  partnership units as of December 31,
2003.

         Name of Beneficial Owner              Number of Units        % of Class

AIMCO Properties, LP                               1,332.50             11.73%
  (affiliate of the General Partner)

The business  address of AIMCO  Properties,  LP is 4582 S. Ulster St. Parkway,
Suite 1100, Denver, Colorado 80237.

Item 12. Certain Relationships and Related Transactions

The Partnership accrued administrative and reporting fees payable to the General
Partner  of  approximately  $86,000  annually  during  each of the  years  ended
December 31, 2003 and 2002. The Partnership  paid  approximately  $1,154,000 and
$150,000 of accrued  administrative  and reporting  fees to the General  Partner
during the years ended December 31, 2003 and 2002, respectively.  As of December
31, 2003, the Partnership owed approximately  $43,000 to the General Partner for
accrued administrative and reporting fees.

There  were no  working  capital  advances  made by the  General  Partner to the
Partnership  during the years ended December 31, 2003 and 2002.  During the year
ended  December  31,  2002,  the  Partnership  repaid the balance in advances of
approximately  $158,000  and accrued  interest of  approximately  $23,000 to the
General  Partner.  No  repayments  of  advances  were made during the year ended
December  31,  2002.  Interest  was  charged at the Chase  Manhattan  Bank prime
interest  rate plus 2% or 6.00% at December 31, 2003.  Interest  accrued for the
year ended December 31, 2002 was approximately $1,000. There were no outstanding
loans of associated  accrued interest payable to the General Partner at December
31, 2003.

An affiliate of the General  Partner,  NHP Management  Company  ("NHPMC") is the
project  management agent for the projects operated by one and four of the Local
Limited   Partnerships   for  the  years  ended  December  31,  2003  and  2002,
respectively.  NHPMC and other affiliates of NCHP earned approximately  $113,000
and $344,000 from the Local Limited Partnerships for management fees provided to
the Local  Limited  Partnerships  during the years ended  December  31, 2003 and
2002,  respectively.  During the years ended December 31, 2003 and 2002, one and
four Local Limited Partnerships  operated by an affiliate of the General Partner
were charged a fee related to construction management services provided by AIMCO
and its affiliates,  respectively.  The fee was calculated based on a percentage
of additions to fixed assets. This fee is payable from surplus cash. This fee of
approximately $6,000 and $10,000 for the years ended December 31, 2003 and 2002,
respectively,  has been  capitalized  as part of fixed assets for the respective
Local Limited Partnerships.

Personnel working at the project sites, which are managed by NHPMC are employees
of NHPMC.  The  projects  reimburse  NHPMC for the actual  salaries  and related
benefits  of such  employees.  Total  reimbursements  earned  for  salaries  and
benefits  for the years  ended  December  31,  2003 and 2002 were  approximately
$178,000 and $490,000, respectively.

An affiliate of the Local Partner of Gates Mills I Limited Partnership  provides
management  services for the property  owned by the Local  Limited  Partnership.
During the years  ended  December  31,  2003 and 2002,  the  affiliate  received
approximately   $74,000  and   $61,000,   respectively,   for  these   services.
Additionally, in 2003 and 2002, approximately $14,000 and $15,000, respectively,
was paid to this affiliate for accounting services and approximately $13,000 was
paid to another  affiliate for painting  services during the year ended December
31, 2002.

During the years  ended  December  31, 2003 and 2002,  the  General  Partner was
entitled   to   reimbursement   of   accountable   administrative   expenses  of
approximately  $34,000  and  $39,000,  respectively,   from  one  Local  Limited
Partnership.

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            31.1 Certification of equivalent of Chief Executive Officer pursuant
            to  Securities  Exchange Act Rules  13a-14(a)/15d-14(a),  as Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

            31.2 Certification of equivalent of Chief Financial Officer pursuant
            to  Securities  Exchange Act Rules  13a-14(a)/15d-14(a),  as Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

            32.1  Certification  Pursuant to 18 U.S.C.  Section 1350, as Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

            32.2 Independent  Auditors Report for Hurbell IV Limited Partnership
            - year ended December 31, 2003.

            32.3 Independent  Auditors Report for Hurbell IV Limited Partnership
            - year ended December 31, 2002.

            32.4   Independent   Auditors   Report  for  Gates  Mill  I  Limited
            Partnership - year ended December 31, 2003.

            32.5   Independent   Auditors   Report  for  Gates  Mill  I  Limited
            Partnership - year ended December 31, 2002.

      (b) Reports on Form 8-K:

            None filed during the quarter ended December 31, 2003.

Item 14.    Principal Accounting Fees and Services

The General Partner has reappointed Ernst & Young LLP as independent auditors to
audit the financial statements of the Partnership for 2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately  $42,000 and $41,000  for the years  ended  December  31, 2003 and
2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $3,000 and $4,000, respectively.


<PAGE>


                                   SIGNATURES


In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                National Housing Partnership Realty Fund I

                                By:   The National Housing Partnership,
                                      its sole general partner

                                By:   National Corporation for
                                      Housing Partnerships,
                                      its sole general partner

                                By:   /s/David R. Robertson
                                      David R. Robertson
                                      President and Chief Executive Officer

                                By:   /s/Thomas M. Herzog
                                      Thomas M. Herzog
                                      Senior Vice President
                                      and Chief Accounting Officer

                                Date: March 29, 2004


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
dates indicated.

/s/Ronald D. Monson           Director and Executive  Date: March 29, 2004
Ronald D. Monson              Vice President

/s/David R. Robertson         Director, President     Date: March 29, 2004
David R. Robertson            and Chief Executive
                              Officer

/s/Thomas M. Herzog           Senior Vice President   Date: March 29, 2004
Thomas M. Herzog              and Chief Accounting
                              Officer



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, David R. Robertson, certify that:


1.    I have  reviewed  this annual  report on Form  10-KSB of National  Housing
      Partnership Realty Fund I;

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

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

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

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

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: March 29, 2004

                                    /s/David R. Robertson
                                    David R. Robertson
                                    President and Chief
                                    Executive Officer of
                                    National Corporation for
                                    Housing Partnerships,
                                    equivalent of the chief
                                    executive officer of the
                                    Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Thomas M. Herzog, certify that:


1.    I have  reviewed  this annual  report on Form  10-KSB of National  Housing
      Partnership Realty Fund I;

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

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

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

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

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

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

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: March 29, 2004

                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior Vice President and Chief
                                    Accounting Officer of National
                                    Corporation for Housing Partnerships,
                                    equivalent of the chief financial officer
                                    of the Partnership


<PAGE>




Exhibit 32.1


                          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  Annual  Report  on Form  10-KSB  of  National  Housing
Partnership Realty Fund I (the  "Partnership"),  for the year ended December 31,
2003 as filed with the  Securities  and Exchange  Commission  on the date hereof
(the  "Report"),  David R.  Robertson,  as the equivalent of the chief executive
officer of the Partnership, and Thomas M. Herzog, 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/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  March 29, 2004

                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  March 29, 2004

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


<PAGE>


Exhibit 32.2
                          Independent Auditor's Report

To the Partners
Hurbell IV Limited Partnership

We  have  audited  the   accompanying   balance  sheet  of  Hurbell  IV  Limited
Partnership, a Limited Partnership, FHA Project No. 062-44054-LD, as of December
31, 2003,  and the related  statements of profit and loss,  changes in partners'
equity  (deficit)  and cash  flows  for the year  then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Hurbell IV Limited Partnership
as of December 31, 2003,  and the results of its  operations  and its cash flows
for the year then  ended in  conformity  with  accounting  principles  generally
accepted in the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will  continue as a going  concern.  As  discussed in Note H to the
financial statements, the Partnership has notes payable that matured on November
9, 1999. This condition raises  substantial  doubt about its ability to continue
as a going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports  dated  February  5, 2004 on our  consideration  of  Hurbell  IV Limited
Partnership's  internal  control and on our tests of its compliance with certain
provisions of laws,  regulations,  contracts,  and grants.  Those reports are an
integral  part of an audit  performed in  accordance  with  Government  Auditing
Standards and should be read in conjunction  with this report in considering the
results of our audit.

The accompanying  supplemental  information  (shown on pages 15-19) is presented
for the purposes of additional  analysis and is not a required part of the basic
financial  statements of Hurbell IV Limited  Partnership.  Such  information has
been  subjected  to the  auditing  procedures  applied in the audit of the basic
financial  statements  and, in our  opinion,  is fairly  stated in all  material
respects in relation to the financial statements taken as a whole.

                                                             /s/Carter & Company


Atlanta, Georgia
February 5, 2004


<PAGE>


Exhibit 32.3
                          Independent Auditor's Report

To the Partners
Hurbell IV Limited Partnership

We have audited the accompanying balance sheet of Hurbell IV Limited Partnership
(a limited partnership),  FHA Project No. 062-44054-LD, as of December 31, 2002,
and the related  statements of partners' equity  (deficit),  operations and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management.  Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting  principles used in
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Hurbell IV Limited Partnership
as of December 31, 2002,  and the results of its  operations  and its cash flows
for the year then  ended in  conformity  with  accounting  principles  generally
accepted in the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will  continue as a going  concern.  As  discussed in Note H to the
financial statements, the Partnership has notes payable that matured on November
9, 1999. This condition raises  substantial  doubt about its ability to continue
as a going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports  dated  February  22,  2003 on our  consideration  of Hurbell IV Limited
Partnership's  internal  control and on our tests of its compliance with certain
provisions  of laws,  regulations,  contracts  and grants.  Those reports are an
integral  part of an audit  performed in  accordance  with  Government  Auditing
Standards and should be read in conjunction  with this report in considering the
results of our audit.

The accompanying  supplemental  information  (shown on pages 15-19) is presented
for the purposes of additional  analysis and is not a required part of the basic
financial  statements of Hurbell IV Limited  Partnership.  Such  information has
been  subjected  to the  auditing  procedures  applied in the audit of the basic
financial  statements  and, in our  opinion,  is fairly  stated in all  material
respects in relation to the financial statements taken as a whole.

                                                             /s/ SR Allen, LLC


Atlanta, Georgia
February 22, 2003


<PAGE>


Exhibit 32.4

                          Independent Auditor's Report

To the Partners
Gates Mills I Limited Partnership

We have  audited  the  accompanying  balance  sheet  of  Gates  Mills I  Limited
Partnership,  as of December 31, 2003, and the related statements of operations,
partners'  equity  (deficit)  and cash  flows  for the year  then  ended.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Gates  Mills  I  Limited
Partnership as of December 31, 2003, and the results of its operations,  changes
in  partners'  equity  (deficit)  and cash  flows  for the year then  ended,  in
conformity with accounting principles generally accepted in the United States of
America.

The  accompanying  financial  statements have been prepared  assuming that Gates
Mills I Limited  Partnership  will continue as a going concern.  As discussed in
Note C to the financial statements, the Partnership's deferred acquisition notes
were due October 1, 1999. As of the date of this report, the Partnership has not
renegotiated  the terms of the notes which  raises  substantial  doubt about the
Partnership's ability to continue as a going concern. The Partnership's plans in
regard to this matter are also described in Note C. The financial  statements do
not  include  any  adjustments  that  might  result  from  the  outcome  of this
uncertainty.

In accordance with Government  Auditing  Standards,  and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 20,
2004,  on our  consideration  of Gates  Mills I Limited  Partnership's  internal
control and on its compliance with specific requirements applicable to major HUD
programs and fair housing and non-discrimination.  Those reports are an integral
part of an audit performed in accordance with Government  Auditing Standards and
should be read in conjunction with this report in considering the results of our
audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The accompanying supplemental information
on pages 24 through 37 is presented for purposes of  additional  analysis and is
not a required part of the basic financial  statements of the Partnership.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the  basic  financial  statements  and,  in  our  opinion,  the  supplemental
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.

                                                 /s/Reznick Fedder & Silverman
Bethesda, Maryland
January 20, 2004


<PAGE>



Exhibit 32.5
                          Independent Auditor's Report

To the Partners
Gates Mills I Limited Partnership

We  have  audited  the  accompanying  balance  sheet  of  Gates  Mill I  Limited
Partnership, An Ohio Limited Partnership,  F.H.A. Project No.: 042-44062-LDP, as
of December 31, 2002, and the related statements of operations, partners' equity
(deficit) and cash flow for the year then ended. These financial  statements are
the  responsibility of the Partnership's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Gates  Mills  I  Limited
Partnership as of December 31, 2002, and the results of its operations,  changes
in  partners'  equity  (deficit)  and cash  flows  for the year then  ended,  in
conformity with accounting principles generally accepted in the United States of
America.

The  accompanying  financial  statements have been prepared  assuming that Gates
Mills I Limited  Partnership  will continue as a going concern.  As discussed in
Note C to the financial statements, the Partnership's deferred acquisition notes
were due October 1, 1999. As of the date of this report, the Partnership has not
renegotiated  the terms of the notes which  raises  substantial  doubt about the
Partnership's  ability to continued as a going concern.  The Partnership's plans
in regard to this matter are also described in Note C. The financial  statements
do not  include  any  adjustments  that might  result  from the  outcome of this
uncertainty.

In accordance with Government  Auditing  Standards,  and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 15,
2003,  on our  consideration  of Gates  Mills I Limited  Partnership's  internal
control and on its compliance with specific requirements applicable to major HUD
programs and fair housing and non-discrimination.  Those reports are an integral
part of an audit performed in accordance with Government  Auditing Standards and
should be read in conjunction with this report in considering the results of our
audit.

Our audit was made for the purpose of forming an opinion on the basic  financial
statements taken as a whole. The supplemental information on pages 37 through 29
is presented for purposes of  additional  analysis and is not a required part of
the basic financial statements. Such information has been subjected to the audit
procedures  applied in the audit of the basic  financial  statements and, in our
opinion, the supplemental  information is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.

                                                 /s/Reznick Fedder & Silverman
Bethesda, Maryland
January 15, 2003