UNITED STATES
                       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, 2004

[ ]   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:

                      11,341 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.   None

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, 2004. 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

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,
2004.  The  Partnership  held interests in two limited  partnerships  which sold
their  properties  during the year ended December 31, 2003. The Partnership held
interests  in five other Local  Limited  Partnerships,  four of which sold their
properties and one whose interest was foreclosed upon prior to 2003.

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:

          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      2004       2003
                                                                             (B)

<S>                             <C>                        <C>         <C>        <C>
Howard F. Robbins Tower         191           (A)          167         100%       100%
 Mayfield Heights, Ohio
 (Gates Mills I Limited
  Partnership)
San Jose                        220           (A)          215         99%        100%
 San Antonio, Texas
 (San Jose Limited
    Partnership)
Talladega Downs                 100           (A)          100         99%         99%
 Talladega, Alabama
 (Hurbell IV 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.

<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, 2004.
<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      $1,556           $8,066
San Jose L.P.                    99%             1,156       1,207            5,158
Hurbell IV L.P.                  99%               372         739            1,825
</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, 2004.  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

2005                     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, 2005. 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
General  Partner  believes that its properties are  substantially  in compliance
with present requirements,  the Partnership 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 involving it
or the underlying  investment  properties of the Local Limited  Partnerships  in
which the  Partnership  invests 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, 2004.

                                     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,  2004,  there were 939  registered  holders of
            11,341  limited   partnership   interests  (in  addition  to  1133
            Fifteenth Street Associates - See "Item 7. Financial  Statements -
            Note 1").  In 2004 and 2003,  the  number of  Limited  Partnership
            Units decreased by 15 and 73 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, 2004.

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. The General Partner monitors
developments in the area of legal and regulatory  compliance.  For example,  the
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
charges,  the Partnership  expects that it will incur higher expenses related to
compliance.

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 these uncertainties. 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 a 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 a 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 years ended  December 31, 2004 and 2003, no advances were made by the
Partnership  to the Local Limited  Partnerships.  During the year ended December
31,  2003,  the  Partnership  received  approximately  $78,000 as  repayment  of
advances plus accrued interest of approximately  $129,000 from one Local Limited
Partnership.  No such repayments of advances were received during the year ended
December 31, 2004.  There were no amounts  owed to the  Partnership  for working
capital advances to Local Limited Partnerships at December 31, 2004.

During the years ended  December 31, 2004 and 2003,  there were no advances made
by the General  Partner to the Local Limited  Partnerships  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 year ended  December  31,  2003,  one Local
Limited   Partnership  made  principal   payments  to  the  General  Partner  of
approximately  $39,000  There were no repayments of advances made to the General
Partner by the Local  Limited  Partnerships  during the year ended  December 31,
2004. At December 31, 2004, the balance owed to the General Partner by the Local
Limited  Partnerships was approximately  $41,000,  including accrued interest of
approximately $10,000.  Interest on these advances is charged at a rate equal to
the Chase  Manhattan  Bank prime  interest rate plus 2% or 7.25% at December 31,
2004.

The Local Limited  Partnerships  accrued annual partnership  administration fees
payable to the General Partner of approximately $23,000 during each of the years
ended December 31, 2004 and 2003, 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 year ended December 31, 2003, the Local
Limited  Partnerships paid  approximately  $131,000.  No such payments were made
during the year ended  December 31, 2004. The  accumulated  fees owed to NHP are
approximately $144,000 at December 31, 2004.

Net  cash  used  in  operations  for  the  year  ended  December  31,  2004  was
approximately  $17,000  compared to net cash used in operations of approximately
$1,078,000  for the year ended  December 31, 2003.  The decrease in cash used in
operations was a result of decreases in payments of accrued  administrative  and
reporting fees to the General Partner and operating  expenses,  partially offset
by a decrease 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, 2004 and 2003.  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, 2004. 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 less than $1,000 at December
31, 2004 as compared to cash and cash  equivalents of  approximately  $15,000 at
December  31, 2003.  The ability of the  Partnership  to meet its on-going  cash
requirements,  in excess of cash on hand at December 31,  2004,  is dependent on
distributions  from  recurring   operations  received  from  the  Local  Limited
Partnerships  and  proceeds  from the sales or  refinancings  of the  underlying
properties.  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.

During  the  year  ended  December  31,  2004,  the  General  Partner   advanced
approximately $2,000 to the Partnership to fund operating expenses.  Interest is
charged at the prime rate plus 2% (7.25% at December 31, 2004). Interest expense
was less than $1,000 for the year ended December 31, 2004. No such advances were
made by the General  Partner to the  Partnership  during the year ended December
31,  2003.  At December  31,  2004,  the total  amount of  advances  and accrued
interest is approximately $2,000.

As of December 31, 2004, the Partnership owed the General Partner  approximately
$129,000 for administrative and reporting  services  performed.  During the year
ended December 31, 2003, the Partnership  paid  approximately  $1,154,000 to the
General Partner for  administrative  and reporting  services.  No such fees were
paid to the General Partner during the year ended December 31, 2004. 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, 2004, 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  from
operations  of  approximately  $82,000 was recorded for the year ended  December
2003,  respectively.  The Partnership  recognized  approximately $136,000 of the
losses from these Local  Limited  Partnerships  for the year ended  December 31,
2003.  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.

The Partnership realized a net loss of approximately $107,000 for the year ended
December 31, 2004, compared to a net loss of approximately $157,000 for the year
ended  December  31,  2003.  Net loss per unit of limited  partnership  interest
decreased  to $9.25 from $13.39 for the units  outstanding  at December 31, 2004
and 2003, respectively.  The decrease in net loss was primarily due to decreases
in the  Partnership's  share of  losses  from the  Local  Limited  Partnerships,
operating   expenses,   and  loss   recorded  on  investment  in  Local  Limited
Partnership,  partially offset by a decrease in interest received on advances to
Local Limited Partnerships.  The loss on investment in Local Limited Partnership
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 Partnership did not recognize  approximately $321,000 of its allocated share
of losses from two Local Limited  Partnerships and approximately  $51,000 of its
allocated share of profits from one Local Limited Partnership for the year ended
December 31, 2004, 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 included in "Item 7. Financial Statements").

Recent Accounting Pronouncements

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both. Upon
adoption of FIN 46, the  Partnership  determined  that its three  Local  Limited
Partnerships in which it held investments were not VIE's.

Item 7.     Financial Statements

NATIONAL HOUSING PARTNERSHIP REALTY FUND I

LIST OF FINANCIAL STATEMENTS

      Report of Independent Registered Public Accounting Firm

      Balance Sheet - December 31, 2004

      Statements of Operations - Years ended December 31, 2004 and 2003

      Statements  of Changes in Partners'  (Deficiency)  Capital - Years ended
      December 31, 2004 and 2003

      Statements of Cash Flows - Years ended December 31, 2004 and 2003

      Notes to Financial Statements



<PAGE>


           Report of Independent Registered Public Accounting Firm


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,  2004,  and the related
statements of operations,  partners'  (deficiency)  capital,  and cash flows for
each of the two years in the period ended  December 31,  2004.  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,  2004 and 2003.  We did not audit the  financial
statements of San Jose Limited Partnership (investee of the Partnership) for the
year ended December 31, 2004. The financial  statements of these  investees have
been audited by other  auditors whose reports have been furnished to us; insofar
as our opinion on the financial statements relates to amounts included for these
investees, it is based solely on their reports.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (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.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
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, 2004,  and the results of its  operations and its cash flows for each of the
two years in the period ended December 31, 2004 in conformity with United States
generally accepted accounting principles.

As discussed in Note 6 to the financial  statements,  the due dates of the Local
Limited  Partnerships' notes payable have expired, and therefore,  the notes are
in default.  Continuation of the Partnership's operations in its present form is
dependent  on the Local  Limited  Partnerships'  ability to extend the  maturity
dates of the notes or repay or  refinance  the  notes.  These  conditions  raise
substantial  doubt about the Local Limited  Partnerships'  and the Partnership's
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 28, 2005


<PAGE>




                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I

                              A LIMITED PARTNERSHIP

                                  BALANCE SHEET

                                December 31, 2004

                        (in thousands, except unit data)


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

Liabilities:
  Administrative and reporting fees payable to
     General Partner (Note 3)                                        $     129
Due to General Partner (Note 3)                                              2
Other accrued expenses                                                       4
                                                                             135
Partners' (deficiency) capital:
  General Partner -- The National Housing Partnership (NHP)                (90)
  Original Limited Partner -- 1133 Fifteenth Street

     Associates                                                            (95)
  Other Limited Partners -- 11,341 investment units                         50
                                                                           (135)
                                                                     $      --

                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,
                                                                  2004         2003
Revenues:
  Interest received on advances to Local Limited
<S>                    <C>                                    <C>          <C>
    Partnerships (Note 2)                                     $    --      $   129
Cost and expenses:
  Share of losses from Local Limited Partnerships
    (Note 2)                                                       --          136
  Loss on investment in Local Limited Partnership (Note 2)         --           11
  Administrative and reporting fees to General
    Partner (Note 3)                                               86           86
  Other operating expenses                                         21           53
                                                                  107          286

Net loss (Note 4)                                             $  (107)     $  (157)

Allocation of net loss
  General Partner - NHP                                       $    (1)     $    (2)
  Original Limited Partner - 1133 Fifteenth Street
    Associates                                                     (1)          (2)
  Other Limited Partners                                         (105)        (153)
                                                                 (107) (157)

Net loss per Other Limited Partnership interest               $ (9.25)     $(13.39)
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, 2003                 $   (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)

Net loss for the year ended
   December 31, 2004                    (1)            (1)         (105)          (107)

(Deficiency) capital at
   December 31, 2004               $   (90)        $  (95)      $    50        $  (135)

Percentage interest at
   December 31, 2004 and 2003           1%             1%           98%           100%
                                        (A)            (B)           (C)

(A)   General Partner

(B)   Original Limited Partner

(C)   Consists  of 11,341  investment  units at  December  31,  2004 and  11,356
      investment  units at December  31, 2003.  During 2004 and 2003,  15 and 73
      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,
                                                                     2004           2003
Cash flows from operating activities:
 Administrative and reporting fees paid to General
<S>                                                               <C>            <C>
    Partner                                                       $    --        $(1,154)
  Interest received on advances to Local Limited
   Partnerships                                                         --            129
  Operating expenses paid                                              (17)           (53)

  Net cash used in operating activities                                (17)        (1,078)

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

  Net cash provided by investing activities                             --          1,747

Cash flows from financing activities:
  Advance from General Partner                                           2             --
  Distributions to partners                                             --           (666)

  Net cash provided by (used in) financing activities                    2           (666)

Net (decrease) increase in cash and cash equivalents                   (15)             3

Cash and cash equivalents, beginning of year                            15             12

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

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

Net loss                                                          $  (107)       $  (157)
Adjustments to reconcile net loss to net cash used
  in operating activities:
   Share of losses from Local Limited Partnerships                     --            136
   Loss on investment in Local Limited Partnerships                    --             11
   Increase (decrease) in administrative and reporting
     fees payable to General Partner                                   86         (1,068)
   Increase in accrued expenses                                         4             --

         Total adjustments                                             90           (921)
Net cash used in operating activities                             $   (17)       $(1,078)


                See Accompanying Notes to 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, 2004.

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 affect 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

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both. Upon
adoption of FIN 46, the  Partnership  determined  that its three  Local  Limited
Partnerships in which it held investments were not VIE's.

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 a 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 a 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.

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  from
operations of  approximately  $82,000 was recorded for the year ended  December
31, 2003. The Partnership  recognized  approximately $136,000 of the losses from
these  Local  Limited  Partnerships  for  the  year  ended  December  31,  2003.
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.  The  Partnership  did not  recognize
approximately  $321,000 and  $487,000 of losses from two and four Local  Limited
Partnerships  during  2004  and  2003,  respectively.  The  Partnership  did not
recognize  approximately  $51,000 of profits from one Local Limited  Partnership
during  2004.  As of December  31,  2004,  the  Partnership  has not  recognized
approximately  $8,657,000 of its allocated  share of cumulative  losses from the
three  Local  Limited   Partnerships  in  which  its  investment  is  zero.  The
Partnership  recognized a loss on  investment in Local  Limited  Partnership  of
approximately  $11,000  during 2003 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.

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,
2004 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
7.25% at December 31, 2004. 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, 2004 and 2003, no advances were made by the
Partnership  to the Local Limited  Partnerships.  During the year ended December
31,  2003,  the  Partnership  received  approximately  $78,000 as  repayment  of
advances plus accrued interest of approximately  $129,000 from one Local Limited
Partnership.  There were no amounts owed to the  Partnership for working capital
advances to Local Limited Partnerships at December 31, 2004.

Summaries of the combined  balance  sheet of the  aforementioned  Local  Limited
Partnerships as of December 31, 2004, and the combined results of operations for
each of the two years in the period ended December 31, 2004, are as follows.

                           CONDENSED COMBINED BALANCE SHEET
                          OF THE LOCAL LIMITED PARTNERSHIPS
                                    (in thousands)
                                                              December 31, 2004
Assets:
  Land                                                              $ 1,273
  Buildings and improvements, net of accumulated
   depreciation of approximately $7,300                               6,926
  Other assets                                                        1,937
                                                                    $10,136
Liabilities and Partners' Deficit:
  Liabilities:
  Mortgage notes payable                                            $ 3,502
  Notes payable                                                       5,014
  Accrued interest on notes payable                                  10,035
  Other liabilities                                                     750
                                                                     19,301
Partners' Deficit:
  National Housing Partnership Realty Fund I                         (8,944)
  Other partners                                                       (221)
                                                                     (9,165)
                                                                    $10,136

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

                                                         Years Ended December 31,
                                                           2004             2003
Revenues:
<S>                                                      <C>              <C>
  Rental income                                          $2,615           $ 2,370
  Other income                                              140               119

    Total revenues                                        2,755             2,489

Expenses:
  Operating expenses                                      2,014             1,971
  Financial expenses                                         31                25
  Interest on notes payable                                 495               495
  Depreciation                                              491               475

    Total expenses                                        3,031             2,966

Loss from continuing operations                            (276)             (477)

Loss from sale of discontinued operations                    --               (73)

Loss from discontinued operations                            --               (82)

Net loss                                                 $ (276)           $ (632)
</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,  2004  and  2003 the  projects  received  a total of
approximately $1,695,000 and $1,414,000,  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, 2004.  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

2005                     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, 2005. 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        $ 3,459
Gates Mills I Limited Partnership             10/1/99*        2,667          5,399
Hurbell IV Limited Partnership                11/9/99*          648          1,177
Total Delinquent                                           $ 5,014        $ 10,035
</TABLE>

* Notes are in default.

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, 2004 and 2003. The  Partnership  paid  approximately  $1,154,000 of
accrued administrative and reporting fees to the General Partner during the year
ended  December 31, 2003. No such fees were paid to the General  Partner  during
the year ended December 31, 2004. As of December 31, 2004, the Partnership  owed
approximately  $129,000 to the General  Partner for accrued  administrative  and
reporting fees.

During  the  year  ended  December  31,  2004,  the  General  Partner   advanced
approximately $2,000 to the Partnership to fund operating expenses.  Interest is
charged at the prime rate plus 2% (7.25% at December 31, 2004). Interest expense
was less than $1,000 for the year ended December 31, 2004. No such advances were
made by the General  Partner to the  Partnership  during the year ended December
31,  2003.  At December  31,  2004,  the total  amount of  advances  and accrued
interest is approximately $2,000 and is included in due to General Partner.

An affiliate of the General  Partner,  NHP Management  Company  ("NHPMC") is the
project  management  agent for the project  operated by one of the Local Limited
Partnerships  for the years ended  December  31, 2004 and 2003.  NHPMC and other
affiliates  of NCHP earned  approximately  $112,000 and $113,000  from the Local
Limited   Partnership   for  management  fees  provided  to  the  Local  Limited
Partnerships  during the years ended  December 31, 2004 and 2003,  respectively.
During the years ended December 31, 2004 and 2003, one

Local Limited  Partnership  operated by an affiliate of the General  Partner was
charged a fee related to construction  management services provided by AIMCO and
its  affiliates.  The fee was  calculated  based on a percentage of additions to
fixed assets.  This fee is payable from surplus cash. This fee of  approximately
$7,000 and $6,000 for the years ended December 31, 2004 and 2003,  respectively,
has been  capitalized as part of fixed assets for the  respective  Local Limited
Partnership.

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,  2004 and 2003 were  approximately
$191,000 and $178,000, 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,  2004 and 2003,  the  affiliate  received
approximately   $77,000  and   $74,000,   respectively,   for  these   services.
Additionally, in 2004 and 2003, approximately $15,000 and $14,000, respectively,
was paid to this affiliate for accounting services.

During the years  ended  December  31, 2004 and 2003,  the  General  Partner was
entitled   to   reimbursement   of   accountable   administrative   expenses  of
approximately  $43,000  and  $34,000,  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,
                                                     2004            2003
                                                       (in thousands)

Net loss per financial statements                   $ (107)         $ (157)

  Other                                                (56)             (9)
  Partnership's share of local limited
   partnership's income                                417           3,296
Income per tax return                               $ 254           $3,130

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

                                                   December 31, 2004
                                                     (in thousands)

      Net liabilities as reported                      $  (135)
      Add (deduct):
       Investment in Partnerships                       (7,738)
       Other                                               290
      Net deficit - federal tax basis                  $(7,583)

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.

6. GOING CONCERN

The Local Limited  Partnerships' 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 their ability to
extend the maturity date of these notes,  or to repay or to refinance the notes.
These  conditions  raise  substantial  doubt about  their and the  Partnership's
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,  2004 and 2003,  the  number of  Limited
Partnership  Units  decreased by 15 and 73 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  abandonment.  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. The number of units  outstanding  was 11,429 and 11,356 at January 1, 2003
and 2004, respectively.

8. CONTINGENCIES

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

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition  or results of  operations.  Similarly,  the General  Partner does not
believe that the ultimate  outcome  will have a material  adverse  effect on the
Partnership's financial condition or results of operations.

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

<TABLE>
<CAPTION>

                                         Initial Cost                 Net Cost
                                        To Partnership               Capitalized
                                        (in thousands)                (Removed)
                                                                      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        $   343      $      --
 Limited Partnership
San Jose                     (1)        440       4,728          2,294             --
 Limited Partnership
Hurbell IV                   (1)        100       2,159            168         (1,460)
 Limited Partnership
  Totals                             $1,209     $12,945        $ 2,805      $  (1,460)
</TABLE>

<TABLE>
<CAPTION>

                         Gross Amount At Which
                                Carried
                              At December 31, 2004
                                 (in thousands)
                                                                                 Life upon
                                                                                   which
                                                                                depreciation
                                                                                     in
                            Buildings                                              latest
                               And                                               statement
                             Related                                           of operations
                            Personal             Accumulated   Date of    Date   is computed
     Description      Land  Property  Total(2)   Depreciation Construct- Acquired  (years)
                                         (3)         (3)         ion

<S>                   <C>    <C>       <C>           <C>        <C>     <C>         <C>
Gates Mills I         $ 669  $ 6,401   $ 7,070       $ 2,945    1972    10/84       5-30

 Limited Partnership
San Jose Limited
 Partnership           503     6,959     7,462         3,972    1970     9/84       5-50

Hurbell IV
 Limited Partnership  101        866       967           383    1974    11/84       5-30

  Totals              $1,273 $14,226   $15,499       $ 7,300
</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                  $ 1,556        $ 8,066    $ 9,622

San Jose Limited Partnership                         1,207          5,158      6,365

Hurbell IV Limited Partnership                         739          1,825      2,564

  Total - December 31, 2004                        $ 3,502        $15,049    $18,551
</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 $15,752,000.
      The total of the above-mentioned items is approximately $16,960,000.

(3)   Reconciliation of real estate

                                                 Years Ended December 31,
                                                   2004           2003
                                                      (in thousands)
Balance at beginning of year                     $ 15,297       $ 20,637
Improvements                                          202            226
Disposals of rental properties                         --         (5,566)
Balance at end of year                           $ 15,499       $ 15,297

Reconciliation of accumulated depreciation

                                                 Years Ended December 31,
                                                   2004           2003
                                                      (in thousands)
Balance at beginning of year                      $ 6,809       $ 8,920
Depreciation expense                                  491            475
Disposals of rental properties                         --         (2,586)
Balance at end of year                            $ 7,300       $ 6,809

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 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Item 8B.    Other Information

            None.
                                    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  (the  "General  Partner"),  and  certain  of  its
affiliates, are as follows:

Directors of NCHP

Three individuals comprise the Board of Directors of NCHP.

Jeffrey Adler                    43   Director and Executive Vice President
Ronald D. Monson                 48   Director and Vice President
David R. Robertson               39   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.

Ronald D. Monson has been a Director of the General Partner since February 2001.
Beginning in February  2004,  Mr.  Monson  assumed  oversight of four of AIMCO's
regional  operating  centers  and was  appointed  Senior Vice  President  of the
Midwest Division.  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  had been Chairman and Chief
Executive  Officer of Robeks  Corporation,  a privately  held chain of specialty
food stores.

Officers

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

Martha L. Long                   45   Senior Vice President
Harry G. Alcock                  42   Executive Vice President
Miles Cortez                     61   Executive Vice President, General Counsel
                                      and Secretary
Patti K. Fielding                41   Executive Vice President
Paul J. McAuliffe                48   Executive Vice President and Chief
                                      Financial Officer
Stephen B. Waters                43   Vice President


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 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 was  appointed  Treasurer  of AIMCO in January  2005.  Ms.  Fielding is
responsible  for  debt  financing  and the  treasury  department.  Ms.  Fielding
previously  served  as Senior  Vice  President.  Ms.  Fielding  joined  AIMCO in
February 1997 as a Vice President.

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.

Stephen B. Waters was appointed Vice  President of the General  Partner in April
2004. Mr. Waters previously served as a Director of Real Estate Accounting since
joining AIMCO in September 1999. Mr. Waters has responsibilities for real estate
and partnership accounting with AIMCO.

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,
2004.

         Name of Beneficial Owner              Number of Units       % of Class

AIMCO Properties, LP                               1,332.50              11.75%
  (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, 2004 and 2003. The  Partnership  paid  approximately  $1,154,000 of
accrued administrative and reporting fees to the General Partner during the year
ended  December 31, 2003. No such fees were paid to the General  Partner  during
the year ended December 31, 2004. As of December 31, 2004, the Partnership  owed
approximately  $129,000 to the General  Partner for accrued  administrative  and
reporting fees.

During  the  year  ended  December  31,  2004,  the  General  Partner   advanced
approximately $2,000 to the Partnership to fund operating expenses.  Interest is
charged at the prime rate plus 2% (7.25% at December 31, 2004). Interest expense
was less than $1,000 for the year ended December 31, 2004. No such advances were
made by the General  Partner to the  Partnership  during the year ended December
31,  2003.  At December  31,  2004,  the total  amount of  advances  and accrued
interest is approximately $2,000.

An affiliate of the General  Partner,  NHP Management  Company  ("NHPMC") is the
project  management  agent for the project  operated by one of the Local Limited
Partnerships  for the years ended  December  31, 2004 and 2003.  NHPMC and other
affiliates  of NCHP earned  approximately  $112,000 and $113,000  from the Local
Limited   Partnership   for  management  fees  provided  to  the  Local  Limited
Partnerships  during the years ended  December 31, 2004 and 2003,  respectively.
During the years ended December 31, 2004 and 2003, one Local Limited Partnership
operated by an  affiliate  of the  General  Partner was charged a fee related to
construction  management services provided by AIMCO and its affiliates.  The fee
was calculated  based on a percentage of additions to fixed assets.  This fee is
payable from surplus cash. This fee of  approximately  $7,000 and $6,000 for the
years ended December 31, 2004 and 2003,  respectively,  has been  capitalized as
part of fixed assets for the respective Local Limited Partnership.

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,  2004 and 2003 were  approximately
$191,000 and $178,000, 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,  2004 and 2003,  the  affiliate  received
approximately   $77,000  and   $74,000,   respectively,   for  these   services.
Additionally, in 2004 and 2003, approximately $15,000 and $14,000, respectively,
was paid to this affiliate for accounting services.

During the years  ended  December  31, 2004 and 2003,  the  General  Partner was
entitled   to   reimbursement   of   accountable   administrative   expenses  of
approximately  $43,000  and  $34,000,  respectively,   from  one  Local  Limited
Partnership.

Item 13.    Exhibits

            See Exhibit Index.

Item 14.    Principal Accountant Fees and Services

The General Partner has reappointed Ernst & Young LLP as independent auditors to
audit the financial  statements of the  Partnership for 2005. The aggregate fees
billed  for  services  rendered  by  Ernst & Young  LLP for  2004  and  2003 are
described below.

Audit Fees. Fees for audit services  totaled  approximately  $16,000 and $42,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees. Fees for tax services totaled  approximately  $3,000 for both 2004 and
2003, respectively.

                  NATIONAL HOUSING PARTNERSHIP REALTY FUND I


                                INDEX OF 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, 2004.

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

32.4  Independent  Auditors  Report for Gates Mill I Limited  Partnership - year
      ended December 31, 2004.

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

32.6  Independent Auditors Report for San Jose Limited Partner - year
ended December 31, 2004.


<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
                                      Director,  President and Chief Executive
                                      Officer

                                      /s/Stephen B. Waters
                                By:   Stephen B. Waters
                                      Vice President

                                Date: March 30, 2005


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 Senior  Date: March 30, 2005
Ronald D. Monson              Vice President

/s/David R. Robertson         Director, President  Date: March 30, 2005
David R. Robertson            and Chief Executive
                              Officer

/s/Stephen B. Waters          Vice President       Date: March 30, 2005
Stephen B. Waters


<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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date: March 30, 2005

                                    /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, Stephen B. Waters, 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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date: March 30, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President 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,
2004 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 Stephen B. Waters,  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 30, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  March 30, 2005


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, 2004,  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, 2004,  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 8 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 reports
dated January 31, 2005 on our consideration of Hurbell IV Limited  Partnership's
internal  control over  financial  reporting and on our tests of its  compliance
with certain provisions of laws,  regulations,  contracts,  and grant agreements
and other matters.  The purpose of those reports is to describe the scope of our
testing of internal  control over financial  reporting or on  compliance.  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
shown on pages 16-20 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


Destin, Florida
January 31, 2005


<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, 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 32.4

                          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, 2004, 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, 2004, 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
are in default and the time period for cure has expired.  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"  (the  "Guide"),  we have also issued  reports
dated  January  25,  2005,  on  our  consideration  of  Gates  Mills  I  Limited
Partnership's  internal control over financial reporting and on our tests of 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 the Guide should
be considered in assessing 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 Group P.C.
Bethesda, Maryland
January 25, 2005


<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  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 32.6

                          Independent Auditor's Report

To the Partners
San Jose Limited Partnership

We have audited the accompanying  balance sheet of San Jose Limited Partnership,
a Limited  Partnership,  Project  Number  115-44003-LDP-SUP,  as of December 31,
2004, 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 San Jose Limited Partnership as
of December 31, 2004,  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.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports  dated  January  15,  2004  on our  consideration  of San  Jose  Limited
Partnership's  internal control over financial reporting and on our tests of its
compliance with certain provisions of laws,  regulations,  contracts,  and grant
agreements  and other  matters.  The purpose of those reports is to describe the
scope  of our  testing  of  internal  control  over  financial  reporting  or on
compliance.  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
shown on pages 14 - 18 is presented for the purpose 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, if our opinion, is fairly stated in
all material respects in relation to the financial statements taken as a whole.

                                                             /s/Carter & Company

Destin, Florida
January 15, 2005