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 Jan. 31, 2002                       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 Company (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 Company
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 -
             Jan. 31, 2002 and April 30, 2001                           2 & 3

           Consolidated Statements of Operations
             Nine Months Ended Jan. 31, 2002 and 2001
             Three Months Ended Jan. 31, 2002 and 2001                    4

           Consolidated Statements of Cash Flows
             Nine Months Ended Jan. 31, 2002 and 2001
             Three Months Ended Jan. 31, 2002 and 2001                  5 & 6

           Note 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 January 31, 2002, and the related
consolidated statements of operations, and cash flows for the three months and
nine 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.


/s/ Kostin, Ruffkess & Company, LLC

West Hartford, Connecticut
March 12, 2002

<PAGE>

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

           Assets                                    Jan. 31,         April 30,
                                                       2002              2001
                                                   -----------       -----------
Real Estate and equipment:

 Developed properties                              $20,395,562       $20,627,572
 Equipment and leasehold improvements                  120,791           111,468
                                                   -----------       -----------
                                                    20,516,353        20,739,040

 Less accumulated depreciation                       2,081,996         1,748,778
                                                   -----------       -----------
                                                    18,434,357        18,990,262
 Properties under construction and
  investment in undeveloped properties                 173,147            19,048
                                                   -----------       -----------
                                                    18,607,504        19,009,310

Cash                                                   155,169            91,371

Accounts receivable, less allowance
 for doubtful accounts of $129 and
 $50,129 respectively                                  604,526         1,710,243

Deposits, escrows, and prepaid and
 deferred expenses                                   1,864,122           706,898

Investments in Affiliates                               67,500           847,500

Due from related parties and affiliated              3,116,912         3,153,497
  partnerships

Deferred Tax Assets                                  1,700,000         1,700,000
                                                   -----------       -----------

                                                   $26,115,733       $27,218,819
                                                   ===========       ===========

<PAGE>

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

                                                  Jan. 31,           April 30,
                                                    2002               2001
                                                ------------       ------------

Liabilities:

 Mortgages and notes payable:

  Mortgages payable                             $ 23,338,055       $ 21,710,399

  Notes Payable:
           Other                                   3,811,517          4,791,159
                                                ------------       ------------
                                                  27,149,572         26,501,558

 Accounts payable                                  1,591,481          2,863,259
 Accrued Liabilities                                 445,770            730,933
 Deferred Income                                     885,129            658,911

 Due to Related Parties and affiliated
 partnerships                                      1,582,279          2,280,011
                                                ------------       ------------
                                                  31,654,231         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                                         (11,650,232)       (11,927,587)
                                                ------------       ------------
                                                  (3,470,374)        (3,747,729)

 Less 232,228 shares of common stock
   held in treasury, at cost                       2,068,124          2,068,124
                                                ------------       ------------

                                                  (5,538,498)        (5,815,853)
                                                ------------       ------------
                                                $ 26,115,733       $ 27,218,819
                                                ============       ============

<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF INCOME (LOSS)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                          Nine Months Ended                      Three Months Ended
                                          -----------------                      ------------------
                                 January 31, 2002    January 31, 2001     January 31, 2002   January 31, 2001
                                 ----------------    ----------------     ----------------   ----------------
<S>                                  <C>                <C>                 <C>                 <C>
REVENUES, INCLUDING RELATED
  PARTY RESPECTIVELY:
  Sale of Real Estate                $  860,000         $   148,367         $       -0-         $       -0-
  Construction                          105,072             143,708               9,119              34,398
  Rental                              2,731,509           2,658,589             929,880             886,279
  Other                                 903,686             472,276             190,321             335,792
                                     ----------         -----------         -----------         -----------

                                      4,600,267           3,422,940           1,129,320           1,256,469
COSTS AND EXPENSES:
  Cost of Sale of Real Estate           102,511              25,356                 -0-                 -0-
  Construction                           86,110              81,318              10,622              11,770
  Operating, selling general
    and administrative                1,937,432           1,978,015             674,313           1,025,738
  Interest                            1,421,461           1,607,016             416,008             565,119
  Depreciation and amortization         376,673             362,456             126,493             120,878
  Real Estate Taxes                     398,725             523,209             135,925             197,801
                                     ----------         -----------         -----------         -----------

                                      4,322,912           4,577,370           1,363,361           1,921,306
                                     ----------         -----------         -----------         -----------

NET INCOME (LOSS) BEFORE
 INC. TAX                               277,355          (1,154,430)           (234,041)           (664,837)
Federal Income Tax                          -0-                 -0-                 -0-                 -0-
                                     ----------         -----------         -----------         -----------
NET INCOME (LOSS) AFTER
 INC. TAX                            $  277,355         ($1,154,430)        ($  234,041)        ($  664,837)
                                     ==========         ===========         ===========         ===========

INCOME (LOSS) PER SHARE              $     0.09         ($     0.37)        ($     0.08)        ($     0.22)

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

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

<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                January 31, 2002
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

<TABLE>
<CAPTION>
Cash flows from operating                               9 months ended                    3 months ended
 activities:                                      01/31/2002        01/31/2001      01/31/2002      01/31/2001
                                                 -----------       -----------      ----------      ----------
<S>                                              <C>               <C>               <C>             <C>
 Net Profit (Loss)                               $   277,355       ($1,154,430)      ($234,041)      ($664,837)

 Adjustments to reconcile net loss
  to net cash used in operating activities:

  Depreciation                                       348,569           344,632         116,035         114,906
  Amortization                                        28,104            17,824          10,458           5,972

  Gain on sale of Real Estate                       (859,990)

  Changes in assets and liabilities:
    Increase (Decrease) in:

  Accounts & Notes Receivable                      1,105,717           (59,241)        906,233         (42,039)
  Deposits, escrows, prepaid and
     deferred expenses                            (1,185,328)          369,052         186,462         688,685
  Accrued liabilities                                (58,945)          (22,890)        (91,927)        (82,774)

   Decrease in:

Acct's payable                                    (1,271,778)         (515,956)       (314,983)         51,340
                                                 -----------       -----------       ---------       ---------

Net cash used in oper. activities                 (1,616,296)       (1,021,009)        578,237          71,253
                                                 -----------       -----------       ---------       ---------

Cash flow from investing activities:

 Purchase of Investments                             780,000           (26,244)        558,904             -0-
 Purchase of equip & leasehold imp.                   (9,323)           (1,737)         (5,400)           (330)
 Reduction in Prior Development Cost                 232,000                           232,000

Payments for:
 Additions to properties
   under construction                               (169,450)         (162,834)        (64,625)        (22,772)
                                                 -----------       -----------       ---------       ---------
 Net Cash used in investing
   activities:                                       833,227          (190,815)        720,879         (23,102)
                                                 -----------       -----------       ---------       ---------
</TABLE>

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

<PAGE>

                   FIRST HARTFORD CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENT OF CASH FLOWS, CONTINUED
                     INCREASE (DECREASE) IN CASH EQUIVALENTS

<TABLE>
<CAPTION>
Cash flows from operating                         9 months ended                      3 months ended
 activities:                                01/31/2002        01/31/2001        01/31/2002      01/31/2001
                                           -----------       -----------       -----------      ----------
<S>                                        <C>               <C>               <C>               <C>
Cash flows from financing activities:

 Proceeds from:
       Mortgage Payable                      2,000,000         1,994,545               -0-             -0-
       Notes Payable                           170,000           500,000               -0-             -0-

Principal payments on:
       Mortgage Payable                       (372,344)         (251,597)         (196,533)       (103,602)
       Notes Payable                        (1,149,642)         (785,001)         (250,000)        (75,001)
Gross Proceeds Sale of Real Estate             860,000               -0-               -0-             -0-

Adv. from Related Parties and
  affiliated Parties                          (661,147)         (261,174)         (864,294)        260,033
                                           -----------       -----------       -----------       ---------
Net Cash Provided by (used in)
 Financing Activities                          846,867         1,196,773        (1,310,827)         81,430
                                           -----------       -----------       -----------       ---------

Net Increase (Decrease) in cash
  & Cash Equivalents                            63,798           (15,051)          (11,711)        129,581

Cash & Cash Equivalents
  Beginning of Period                           91,371           146,405           166,880           1,773
                                           -----------       -----------       -----------       ---------

Cash & Cash Equivalents
  End of Period                            $   155,169       $   131,354       $   155,169       $ 131,354
                                           ===========       ===========       ===========       =========
</TABLE>

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

<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 January 31, 2002 and 2001.

      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.

<PAGE>

Interim Financial Information (Unaudited)

The interim financial statements of the Company for the three months ended
January 31, 2002 and 2001 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 nine months ended January 31, 2002 included the placing of a mortgage
on a 50% owned shopping center in New Jersey. As a result of an equity
distribution on that center our cost has fallen under zero. The Investment in
affiliate has been reduced by $780,000 due to this distribution.

      This quarter produced a loss of ($234,041), (.08)per share compared to a
loss of ($664,837), (.22) per share for the quarter ended January 31, 2001. The
nine months ended January 31, 2002 produced an income swing of approximately
$1,400,000 over the nine months ended January 31, 2002. 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.

<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: March 18, 2002