SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  F O R M 10-Q
                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended October 31, 2001                    Commission File No. 0-8862
                                                                          ------

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

                           First Hartford Corporation
                          ----------------------------
                          (Exact name of registrant as
                            specified in its charter)

         Maine                                                   01-0185800
------------------------                                   ---------------------
(State of Incorporation)                                      (I.R.S. Employer
                                                             Identification No.)

149 Colonial Road, Manchester, Connecticut                          06040
------------------------------------------                       -----------
(Address of principal executive offices)                          (Zip Code)

                                 (860) 646-6555
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

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

      Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.

                                YES |_|   NO |X|

      As of November 8, 1997, 3,089,985 shares of common stock of the Registrant
were outstanding.
<PAGE>

                           FIRST HARTFORD CORPORATION

                                      INDEX

     PART I. FINANCIAL INFORMATION                                         PAGE
                                                                           ----
Item 1.  Financial Statements

          Independent Auditor's Review Letter                                1

          Consolidated Balance Sheets -
            October 31, 2001 and April 30, 2001                            2 & 3

          Consolidated Statements of Operations
            For the Six Months and Three Months
                   Ended October 31, 2001 and 2000                           4

          Consolidated Statements of Cash Flows
            For the Six Months and Three Months
                   Ended October 31, 2001 and 2000                         5 & 6

          Notes to Consolidated Financial Statements                         7

Item 2.  Management's Discussion and Analysis
                      of Financial Condition and Results
                      of Operations                                          8

     PART II. OTHER INFORMATION

          Signatures                                                          9
<PAGE>

                 [LETTERHEAD OF KOSTIN RUFFKESS & COMPANY, LLC]

To the Board of Directors
First Hartford Corporation and Subsidiaries

                         INDEPENDENT ACCOUNTANTS' REPORT

We have reviewed the accompanying consolidated balance sheet of First Hartford
Corporation and Subsidiaries as of October 31, 2001, and the related
consolidated statements of operations, and cash flows for the three months and
six months then ended. These consolidated financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified
Public Accountants. A review of interim financial information consists
principally of applying analytical procedures to financial data and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with auditing
standards generally accepted in the United States of America, the objective of
which is the expression of an opinion regarding the consolidated financial
statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements in order for them
to be in conformity with accounting principles generally accepted in the United
States of America.

West Hartford, Connecticut
December 12, 2001
<PAGE>

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements:

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

         Assets                                        Oct. 31,       April 30,
                                                         2001            2001
                                                     -----------     -----------
Real Estate and equipment:

 Developed properties                                $20,627,562     $20,627,572

 Equipment and leasehold improvements                    111,800         111,468
                                                     -----------     -----------
                                                      20,739,362      20,739,040

 Less accumulated depreciation and
  amortization                                         1,977,721       1,748,778
                                                     -----------     -----------
                                                      18,761,641      18,990,262
 Properties under construction and
  investment in undeveloped properties                   123,873          19,048
  and investments                                    -----------     -----------
                                                      18,885,514      19,009,310

Cash                                                     166,880          91,371

Accounts receivable, less allowance
 for doubtful accounts of $50,129
 and $50,129 respectively                              1,510,759       1,710,243

Deposits, escrows, and prepaid and
 deferred expenses                                     2,061,042         706,898

Investment in affiliates                                 626,404         847,500

Due from related parties and affiliates, and
 investment in affiliated partnership                  2,700,482       3,153,497

Deferred Tax Assets                                    1,700,000       1,700,000
                                                     -----------     -----------
                                                     $27,651,081     $27,218,819
                                                     ===========     ===========


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION
                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

                                                  Oct. 31,           April 30,
                                                    2001               2001
                                                ------------       ------------
Liabilities:

 Mortgages, notes payable
  and capital lease obligations:

  Mortgages payable                               23,534,588         21,710,399

  Notes Payable:
         Other                                     4,061,517          4,791,159
                                                ------------       ------------
                                                  27,596,105         26,501,558

 Accounts payable                                  1,906,464          2,863,259
 Accrued Liabilities                                 622,671            730,933
 Deferred Income                                     800,155            658,911
 Due to Related Parties and affiliated
 partnerships                                      2,030,143          2,280,011
                                                ------------       ------------
                                                  32,955,538         33,034,672

Shareholders' equity (deficiency):

 Common stock, $1 par; authorized
   6,000,000 shares; issued 3,322,213
   shares                                          3,322,213          3,322,213
 Capital in excess of par                          4,857,645          4,857,645
 Deficit                                         (11,416,191)       (11,927,587)
                                                ------------       ------------
                                                  (3,236,333)        (3,747,729)

 Less 232,228 shares of common stock
   held in treasury, at cost                       2,068,124          2,068,124
                                                ------------       ------------
                                                  (5,304,457)        (5,815,853)
                                                ------------       ------------
                                                $ 27,651,081       $ 27,218,819
                                                ============       ============


                                       3
<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF INCOME (LOSS)
       FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                              Six Months Ended                   Three Months Ended
                                              ----------------                   ------------------
                                   October 31, 2001   October 31, 2000   October 31, 2001   October 31, 2000
                                   ----------------   ----------------   ----------------   ----------------
<S>                                   <C>                <C>                <C>                <C>
Revenues, Including Related
 Party Respectively:
   Sale of Real Estate                $  860,000         $   148,367        $        -0-       $        -0-
   Construction                           95,953             109,310             57,124             45,549
   Rental                              1,801,629           1,772,310            920,973            796,525
   Other                                 713,365             136,484            651,396             90,522
                                      ----------         -----------        -----------        -----------
                                       3,470,947           2,166,471          1,629,493            932,596
Costs and Expenses:

  Cost of Sales Real Estate              102,511              25,356             75,000                -0-
  Construction                            75,488              69,548             42,148             30,620
  Operating, selling, general
   and administrative                  1,263,119             952,277            804,404            506,095
  Interest                             1,005,453           1,041,897            518,339            505,650
  Depreciation and amortization          250,180             241,578            125,755            120,767
  Real estate taxes                      262,800             325,408             99,752             77,984
                                      ----------         -----------        -----------        -----------

                                       2,959,551           2,656,064          1,665,398          1,241,116
                                      ----------         -----------        -----------        -----------

Net Income Gain (Loss)                $  511,396         ($  489,593)       ($   35,905)       ($  308,520)
                                      ==========         ===========        ===========        ===========

Income Per Share                           $0.17              ($0.16)            ($0.01)            ($0.10)

Weighted Average Number of Common
  Shares Outstanding                   3,089,985           3,089,985          3,089,985          3,089,985
                                      ==========         ===========        ===========        ===========
</TABLE>


                                       4
<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
       FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2001 AND 2000

<TABLE>
<CAPTION>
Cash flows from operating                              6 months ended                   3 months ended
 activities:                                      10/31/01         10/31/00         10/31/01       10/31/00
                                                -----------      -----------      -----------      ---------
<S>                                             <C>              <C>              <C>              <C>
Net Income (Loss)                               $   511,396      ($  489,593)     ($   35,905)     ($308,520)

Adjustments to reconcile net income (loss)
  to net cash used in operating activities:

  Depreciation                                      232,534          229,726          115,993        114,906
  Amortization                                       17,646           11,852            9,762          5,861
  Gain on sale of real estate                      (859,990)                               -0-
  Changes in assets and liabilities:
    Increase (Decrease) in:

Accounts and notes receivable                       199,484          (17,202)        (604,719)      (254,974)

Deposits, escrows, prepaid and
     deferred expenses                           (1,371,790)        (319,633)      (1,368,366)       101,997
Accrued liabilities and
     deferred income                                 32,982           59,884          330,702        (20,281)

(Increase) Decrease in:

Acct's payable                                     (956,795)        (567,296)        (230,729)         9,591
                                                -----------      -----------      -----------      ---------

Net cash used in oper. activities                (2,194,533)      (1,092,262)      (1,783,262)      (351,420)
                                                -----------      -----------      -----------      ---------

Cash flow from investing activities:

Purchases of Investments                            221,096          (26,244)         221,096             --
 Purchase of equip & leasehold imp.                  (3,923)          (1,407)              --         (1,407)

Payments for:
 Additions to properties
   under construction                              (104,825)        (140,062)         (87,658)       (72,250)
                                                -----------      -----------      -----------      ---------

Net Cash provided by
 investing activities:                              112,348         (167,713)         133,438        (73,657)
                                                -----------      -----------      -----------      ---------
</TABLE>

                  The accompanying notes are an integral part
                         of these financial statements.


                                       5
<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENT OF CASH FLOWS, CONTINUED
       FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2001 AND 2000

<TABLE>
<CAPTION>
                                                6 months ended                    3 months ended
                                            10/31/01         10/31/00         10/31/01       10/31/00
                                          -----------      -----------      -----------      ---------
<S>                                       <C>              <C>              <C>              <C>
Cash flows from operating activities:

 Proceeds from:
         Construction Loan                $        --      $   419,545      $        --      $      --
         Mortgage Payable                   2,000,000        1,575,000        2,000,000             --
         Notes Payable                        170,000          500,000               --             --

Principal payments on:
         Construction Loan                         --               --               --             --
         Mortgage Payable                    (175,811)        (147,995)         (89,139)       (80,742)
         Notes Payable                       (899,642)        (710,000)        (250,000)       (50,000)
         Gross Proceeds Sale of Real
           Estate                             860,000                                 --

Adv. from Related Parties and
  affiliated Parties                          203,147         (521,207)         141,717        285,205
                                          -----------      -----------      -----------      ---------

Net Cash Provided by Financing
  Activities                                2,157,694        1,115,343        1,802,578        154,463
                                          -----------      -----------      -----------      ---------
Net Increase (Decrease) in cash
  & Cash Equivalents                           75,509         (144,632)         152,754       (270,614)

Cash & Cash Equivalents
  Beginning of Period                          91,371          146,405           14,126        272,387
                                          -----------      -----------      -----------      ---------

Cash & Cash Equivalents
  End of Period                           $   166,880      $     1,773      $   166,880      $   1,773
                                          ===========      ===========      ===========      =========
</TABLE>

                  The accompanying notes are an integral part
                         of these financial statements.


                                       6
<PAGE>

Summary of Significant Account Policies:

      Description of business:

      First Hartford Corporation (the Company) was incorporated in Maine in
1909, and is engaged in the purchase, development, ownership, management and
sale of real estate. The Company extends credit to companies/tenants throughout
the United States.

      Principles of consolidation:

      The accompanying financial statements include the accounts of the Company
and its wholly-owned subsidiaries, including partnerships in which the Company
is a majority owner. All significant intercompany transactions and accounts have
been eliminated in the consolidated financial statements, including construction
revenues and costs of development for the Company's own use (rental/future
sale). The Company records its investment in partnerships in which it is not a
majority owner on the equity method.

      Financial Statement Presentation:

      Because the Company is engaged in the development and sale of real estate
in various stages of construction, the operating cycle may extend beyond one
year. Accordingly, following the usual practice of the real estate industry, the
accompanying consolidated balance sheets are unclassified.

      Revenue recognition:

      Since the Company is primarily involved in development for its own use
(rental/future sale), construction revenue is recorded only upon sale of the
property built for sale to third parties. Revenues from projects built for third
parties are recognized on the percentage-of-completion method of accounting
based on costs incurred to date in relation to total actual costs and estimated
costs to complete. Revisions in costs and profit estimates are reflected in
operations during the accounting period in which the facts become known. The
Company provides for estimated losses on contracts in the year such losses
become known. There are no properties built for sale to third parties during the
periods ended October 31, 2001 and 2000.

      Rental revenues are recognized as income under the operating method as the
rentals become due. Other income includes management and service fees and
interest income which is recognized over the period in which the service is
provided or the interest is earned.


                                       7
<PAGE>

Interim Financial Information (Unaudited)

The interim financial statements of the Company for the three months ended
October 31, 2001 and 2000 included herein, have been prepared by the Company,
without audit, pursuant to the rules and regulations of the SEC. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principals generally accepted in the
United States of America have been condensed or omitted pursuant to the rules
and regulations relating to interim financial statements.

Item 2. FIRST HARTFORD CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND
        ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Result of Operations

      The quarter ended October 31, 2001 included the placing of a mortgage on a
50% owned shopping center in New Jersey. As a result of a equity distribution on
that center our cost has fallen under zero. This will be followed with an
additional debt financed distribution in the next quarter from funds held in
escrow (approximately $400,000).

      This quarter produced a loss of ($35,905), (.01)per share compared to a
loss of ($308,520), (.10) per share for the quarter ended October 31, 2000. The
six months ended October 31,2001 produced an income swing of approximately
$1,000,000 over the six months ended October 31, 2000. Of that amount $634,000
is from sale of Real Estate. The balance is reflected in other income (less
certain increases in expenses). The other income reflected our ability to offset
some of our expense to partnership projects.

      Capital resource and liquidity have always been a major impediment of the
Company. Reputation, industry contacts and capital resources are the key
elements of the real estate development business. Management has continued to
explore new lenders and believes we will continue to find capital resources at
reasonable rates. Liquidity is worked on a daily basis through tight cash
management and the Company believes that will be adequate.


                                       8
<PAGE>

PART II - OTHER INFORMATION

                                   Signatures

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

                                                      FIRST HARTFORD CORPORATION


                                                      /s/ Stuart Greenwald
                                                      --------------------------
                                                      Stuart Greenwald
                                                      Treasurer
                                                      Chief Financial Officer
                                                      (Duly Authorized Officer,
                                                      Principal Financial and
                                                      Accounting Officer)

      Date: DEC. 14, 2001
      -------------------


                                       9