<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                  For the Quarterly Period Ended JUNE 30, 2000

                         Commission File Number 0-13808

                            HOUSING PROGRAMS LIMITED
                       (A California Limited Partnership)

                  I.R.S. Employer Identification No. 95-3906167

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CALIF. 90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191



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


                                 Yes [X]  No [ ]



<PAGE>   2

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 2000



<TABLE>
<S>                                                                                        <C>
PART I.  FINANCIAL INFORMATION

            Item 1.  Financial Statements

                  Balance Sheets, June 30, 2000 and December 31, 1999 ......................1

                  Statements of Operations,
                        Six and Three Months Ended June 30, 2000 and 1999...................2

                  Statement of Partners' Deficiency,
                        Six Months Ended June 30, 2000 .....................................3

                  Statements of Cash Flow,
                        Six Months Ended June 30, 2000 and 1999.............................4

                  Notes to Financial Statements ............................................5

            Item 2.  Management's Discussion and Analysis of Financial
                         Condition and Results of Operation................................12


PART II.  OTHER INFORMATION

            Item 1.  Legal Proceedings.....................................................16

            Item 6.  Exhibits and Reports on Form 8-K......................................16

            Signatures.....................................................................17
</TABLE>



<PAGE>   3

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 2000 AND DECEMBER 31, 1999

<TABLE>
<CAPTION>
                                                      2000
                                                   (Unaudited)            1999
                                                   ------------       ------------
<S>                                                <C>                <C>
                                 ASSETS

INVESTMENTS IN LIMITED PARTNERSHIPS                $         --       $         --
   (Notes 1 and 2)

CASH AND CASH EQUIVALENTS (Note 1)                      916,876            817,796
                                                   ------------       ------------

          TOTAL ASSETS                             $    916,876       $    817,796
                                                   ============       ============

                 LIABILITIES AND PARTNERS' DEFICIENCY

LIABILITIES:
     Notes payable (Notes 3 and 7)                 $  4,600,000       $  4,600,000
     Accrued fees and expenses due general
         partners (Note 4)                            1,630,164          1,730,608
     Accrued interest payable (Notes 3 and 7)         6,233,361          6,014,861
     Accounts payable (Note 2)                           70,015             63,528
                                                   ------------       ------------

                                                     12,533,540         12,408,997
                                                   ------------       ------------


COMMITMENTS AND CONTINGENCIES (Notes 2, 4 and 5)

PARTNERS' DEFICIENCY:
     General partners                                  (366,914)          (366,659)
     Limited partners                               (11,249,750)       (11,224,542)
                                                   ------------       ------------

                                                    (11,616,664)       (11,591,201)
                                                   ------------       ------------
           TOTAL LIABILITIES AND PARTNERS'
                DEFICIENCY                         $    916,876       $    817,796
                                                   ============       ============
</TABLE>


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


                                       1
<PAGE>   4

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
                SIX AND THREE MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                      Six months       Three months      Six months       Three months
                                                         ended            ended             ended             ended
                                                     June 30, 2000     June 30, 2000    June 30, 1999     June 30, 1999
                                                     -------------     -------------    -------------     --------------
<S>                                                  <C>               <C>              <C>               <C>
INTEREST INCOME                                        $     150         $      50         $   7,022         $     150
                                                       ---------         ---------         ---------         ---------
OPERATING EXPENSES:
     Management fees - general partner (Note 4)          130,556            50,360           208,488           104,244
     General and administrative (Note 4)                  32,899            23,450            51,693            20,996
     Legal and accounting (Note 4)                        70,024            17,366            66,869            39,550
     Interest (Notes 3 and 4)                            218,500           109,250           218,500           109,250
                                                       ---------         ---------         ---------         ---------

       Total operating expenses                          451,979           200,426           545,550           274,040
                                                       ---------         ---------         ---------         ---------

LOSS FROM OPERATIONS                                    (451,829)         (200,376)         (538,528)         (273,890)

GAIN ON SALE OF LIMITED
     PARTNERSHIP INTEREST (Note 2)                       323,759            75,582

DISTRIBUTIONS FROM LIMITED
     PARTNERSHIPS RECOGNIZED
     AS INCOME                                           102,607           102,607           560,711           560,711
                                                       ---------         ---------         ---------         ---------


NET (LOSS) INCOME                                      $ (25,463)        $ (22,187)        $  22,183         $ 286,821
                                                       =========         =========         =========         =========

NET (LOSS) INCOME PER LIMITED
       PARTNERSHIP INTEREST                            $      (2)        $      (2)        $       2         $      23
                                                       =========         =========         =========         =========
</TABLE>


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


                                       2
<PAGE>   5

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                       STATEMENTS OF PARTNERS' DEFICIENCY
                         SIX MONTHS ENDED JUNE 30, 2000
                                   (Unaudited)


<TABLE>
<CAPTION>
                                          General             Limited
                                          Partners            Partners               Total
                                        ------------         ------------         ------------
<S>                                     <C>                  <C>                  <C>
PARTNERSHIP INTERESTS                                              12,368
                                                             ============


DEFICIENCY, January 1, 2000             $   (366,659)        $(11,224,542)        $(11,591,201)

     Net loss for the six months
     ended June 30, 2000                        (255)             (25,208)             (25,463)
                                        ------------         ------------         ------------

DEFICIENCY, June 30, 2000               $   (366,914)        $(11,249,750)        $(11,616,664)
                                        ============         ============         ============
</TABLE>


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


                                       3
<PAGE>   6

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                     SIX MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                               2000              1999
                                                                            ---------         ---------
<S>                                                                         <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss                                                                $ (25,463)        $  22,183
    Adjustments to reconcile net income (loss) to net
       cash provided by operating activities:
           Gain on sale of partnership interests                             (323,759)               --
           Increase in other assets                                                --           (64,300)
           Increase in accrued interest payable                               218,500           218,500
           (Decrease) increase in accrued fees and expenses
              due general partners                                           (100,444)          272,787
           Increase (decrease) in accounts payable                              6,487          (221,742)
                                                                            ---------         ---------

                 Net cash (used in) provided by operating activities         (224,679)          227,428

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sales of partnership interests                              323,759           202,714

CASH FLOWS FROM FINANCING ACTIVITIES:
    Distributions to partners                                                      --          (702,714)
                                                                            ---------         ---------

NET INCREASE (DECREASE) IN CASH AND
    CASH EQUIVALENTS                                                           99,080          (272,572)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                817,796           831,751
                                                                            ---------         ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                    $ 916,876         $ 559,179
                                                                            =========         =========
</TABLE>


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


                                       4
<PAGE>   7

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        GENERAL

        The information contained in the following notes to the financial
        statements is condensed from that which would appear in the annual
        audited financial statements; accordingly, the financial statements
        included herein should be reviewed in conjunction with the financial
        statements and related notes thereto contained in the Housing Programs
        Limited (the "Partnership") annual report for the year ended December
        31, 1999. National Partnership Investments Corp. ("NAPICO") is a general
        partner for the Partnership. Accounting measurements at interim dates
        inherently involve greater reliance on estimates than at year end. The
        results of operations for the interim period presented are not
        necessarily indicative of the results for the entire year.

        In the opinion of NAPICO, the accompanying unaudited financial
        statements contain all adjustments (consisting primarily of normal
        recurring accruals) necessary to present fairly the financial position
        of the Partnership at June 30, 2000 and the results of operations and
        changes in cash flows for the six and three months then ended.

        ORGANIZATION

        Housing Programs Limited (the "Partnership"), formed under the
        California Uniform Limited Partnership Act, was organized on May 15,
        1984. The Partnership was formed to invest primarily in other limited
        partnerships which own or lease and operate federal, state or local
        government-assisted housing projects. The general partners of the
        Partnership are National Partnership Investments Corp. (NAPICO), and
        Coast Housing Investment Associates (CHIA), a limited partnership and
        Housing Programs Corporation II.

        The general partners have a 1 percent interest in profits and losses of
        the Partnership. The limited partners have the remaining 99 percent
        interest which is allocated in proportion to their respective individual
        investments. National Partnership Investments Corp. (NAPICO) is the
        corporate general partner of the Partnership. Casden Properties Inc.
        owns a 95.25% economic interest in NAPICO, with the balance owned by
        Casden Investment Corporation ("CIC"). CIC, which is wholly owned by
        Alan I. Casden, owns 95% of the voting common stock of NAPICO.

        On December 30, 1998, the Partnership sold its limited partnership
        interests in 7 local limited partnerships for net proceeds of $202,714
        to subsidiaries of Casden Properties Inc.


                                        5

<PAGE>   8

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        USE OF ESTIMATES

        The preparation of financial statements in conformity with accounting
        principles generally accepted in the United States of America 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 reported
        amounts of revenues and expenses during the reporting period. Actual
        results could differ from those estimates.

        METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

        The investments in local limited partnerships are accounted for on the
        equity method. Acquisition, selection fees and other costs related to
        the acquisition of the projects have been capitalized to the investment
        account and amortized on a straight line basis over the estimated lives
        of the underlying assets, which is generally 30 years.

        NET LOSS PER LIMITED PARTNERSHIP INTEREST

        Net loss per limited partnership interest was computed by dividing the
        limited partners' share of net loss by the number of limited partnership
        interests outstanding during the year. The number of limited partnership
        interests was 12,368 for all years presented.

        CASH AND CASH EQUIVALENTS

        Cash and cash equivalents consist of cash and bank certificates of
        deposit with an original maturity of three months or less. The
        Partnership has its cash and cash equivalents on deposit primarily with
        one money market mutual fund. Such cash and cash equivalents are
        uninsured.

        INCOME TAXES

        No provision has been made for income taxes in the accompanying
        financial statements since such taxes, if any, are the liability of the
        individual partners.



                                        6

<PAGE>   9

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        IMPAIRMENT OF LONG-LIVED ASSETS

        The Partnership reviews long-lived assets to determine if there has been
        any permanent impairment whenever events or changes in circumstances
        indicate that the carrying amount of the asset may not be recoverable.
        If the sum of the expected future cash flows is less than the carrying
        amount of the assets, the Partnership recognizes an impairment loss.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

        As of June 30, 2000, the Partnership holds limited partnership interests
        in 10 limited partnerships. As of June 30, 1999, the limited
        partnerships own residential low income rental projects consisting of
        1,685 apartment units. The mortgage loans of these projects are payable
        to or insured by various governmental agencies.

        The Partnership, as a limited partner, is entitled to 99 percent of the
        profits and losses of the limited partnerships.

        Distributions from the limited partnerships are recognized as a
        reduction of capital until the investment balance has been reduced to
        zero or to a negative amount equal to further capital contributions
        required. Subsequent distributions are recognized as income.

        The Partnership has no carrying value in investments in limited
        partnerships as of June 30, 2000.



                                        7

<PAGE>   10

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        The following are unaudited combined estimated statements of operations
        for the six and three months ended June 30, 2000 and 1999 for the
        limited partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                                    Six months      Three months       Six months       Three months
                                      ended             ended             ended             ended
                                  June 30, 2000     June 30, 2000     June 30, 1999     June 30, 1999
                                  -------------     -------------     -------------     -------------
<S>                               <C>               <C>               <C>               <C>
        INCOME
           Rental and Other        $ 5,160,000       $ 2,580,000       $ 8,420,000       $ 4,210,000
                                   -----------       -----------       -----------       -----------

        EXPENSES
           Depreciation              1,034,000           517,000         1,682,000           841,000
           Interest                    876,000           438,000         1,626,000           813,000
           Operating                 3,756,000         1,878,000         5,418,000         2,709,000
                                   -----------       -----------       -----------       -----------

               Total expenses        5,666,000         2,833,000         4,726,000         4,363,000
                                   -----------       -----------       -----------       -----------

        NET LOSS                   $  (506,000)      $  (253,000)      $  (306,000)      $  (153,000)
                                   ===========       ===========       ===========       ===========
</TABLE>

        NAPICO, or one of its affiliates, is the general partner and property
        management agent for certain of the limited partnerships included above.

        Under recent adopted law and policy, the United States Department of
        Housing and Urban Development ("HUD") has determined not to renew the
        Housing Assistance Payment ("HAP") Contracts on a long term basis on the
        existing terms. In connection with renewals of the HAP Contracts under
        such new law and policy, the amount of rental assistance payments under
        renewed HAP Contracts will be based on market rentals instead of above
        market rentals, which was generally the case under existing HAP
        Contracts. The payments under the renewed HAP Contracts are not expected
        to be in an amount that would provide sufficient cash flow to permit
        owners of properties subject to HAP Contracts to meet the debt service
        requirements of existing loans insured by the Federal Housing
        Administration of HUD ("FHA") unless such mortgage loans are
        restructured. In order to address the reduction in payments under HAP
        Contracts as a result of this new policy, the Multi-family Assisted
        Housing Reform and


                                        8

<PAGE>   11

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        Affordability Act of 1997 ( "MAHRAA"), which was adopted in October
        1997, provides for the restructuring of mortgage loans insured by the
        FHA with respect to properties subject to the Section 8 program. Under
        MAHRAA, an FHA-insured mortgage loan can be restructured into a first
        mortgage loan which will be amortized on a current basis and a low
        interest second mortgage loan payable to FHA which will only be payable
        on maturity of the first mortgage loan. This restructuring results in a
        reduction in annual debt service payable by the owner of the FHA-insured
        mortgage loan and is expected to result in an insurance payment from FHA
        to the holder of the FHA-insured loan due to the reduction in the
        principal amount. MAHRAA also phases out project-based subsidies on
        selected properties serving families not located in rental markets with
        limited supply, converting such subsidies to a tenant-based subsidy.

        On September 11, 1998, HUD issued interim regulations implementing
        MAHRAA and final regulations are expected to be issued in 2000.

        When the HAP Contracts are subject to renewal, there can be no assurance
        that the local limited partnerships in which the Partnership has an
        investment will be permitted to restructure its mortgage indebtedness
        under MAHRAA. In addition, the economic impact on the Partnership of the
        combination of the reduced payments under the HAP Contracts and the
        restructuring of the existing FHA-insured mortgage loans under MAHRAA is
        uncertain.

        During the six months ended June 30, 2000, the Partnership surrendered
        its interests in one limited partnership for a net payment of $323,759.
        The Partnership recognized a gain of $323,759 from the sale because it
        had no investment balance related to this partnership.

        On December 30, 1998, the Partnership sold its limited partnership
        interests in 7 local limited partnerships to the Operating Partnership.
        The sale resulted in cash proceeds to the Partnership of $202,714 which
        was collected in 1999. In March 1999, the Partnership made cash
        distributions of $695,687 to the limited partners and $7,027 to the
        general partners, which included using proceeds from the sale of the
        partnership interests.




                                        9

<PAGE>   12

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 3 - NOTES PAYABLE

        Certain of the Partnership's investments involved purchases of
        partnership interests from partners who subsequently withdrew from the
        operating partnership. The Partnership is obligated for non-recourse
        notes payable of $4,600,000 to the sellers of the partnership interests,
        bearing interest at 9.5 percent per annum to the various sellers of the
        partnership interests. These obligations and the related interest are
        collateralized by the Partnership's investment in the investee limited
        partnerships and are payable only out of cash distributions from the
        investee partnerships, as defined in the notes. The notes matured in
        December 1999, at which time all unpaid interest became due.

        Notes payable and related accrued interest payable aggregating
        $10,833,361 as of June 30, 2000 matured on December 31, 1999. Due to the
        Partnership's lack of cash and partners' deficiency, there is
        substantial doubt about its ability to satisfy these obligations, which
        would result in the possible foreclosure of the investments in the local
        limited partnerships. As a result, there is substantial doubt about the
        Partnerships' ability to continue as a going concern.

        Management is in process of attempting to negotiate extensions of the
        maturity dates on the notes payable.

NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS

        Under the terms of the Restated Certificate and Agreement of the Limited
        Partnership, the Partnership is obligated to the general partners for an
        annual management fee equal to 0.5 percent of the original invested
        assets of the limited partnerships. Invested assets is defined as the
        costs of acquiring project interests including the proportionate amount
        of the mortgage loans related to the Partnership's interests in the
        capital accounts of the respective limited partnerships.

        As of June 30, 2000, the fees and expenses due the general partners
        exceeded the Partnership's cash. The general partners, during the
        forthcoming year, will not demand payment of amounts due in excess of
        such cash or such that the Partnership would not have sufficient
        operating cash; however, the Partnership will remain liable for all such
        amounts.



                                       10

<PAGE>   13

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2000


NOTE 5 - CONTINGENCIES

        On August 27, 1998, two investors holding an aggregate of eight units of
        limited partnership interests in Real Estate Associates Limited III (an
        affiliated partnership in which NAPICO is the managing general partner)
        and two investors holding an aggregate of five units of limited
        partnership interest in Real Estate Associates Limited VI (another
        affiliated partnership in which NAPICO is the managing general partner)
        commenced an action in the United States District Court for the Central
        District of California against the Partnership, NAPICO and certain other
        affiliated entities. The complaint alleges that the defendants breached
        their fiduciary duty to the limited partners of certain NAPICO managed
        partnerships and made materially false and misleading statements in the
        consent solicitation statements sent to the limited partners of such
        partnerships relating to approval of the transfer of partnership
        interests in limited partnerships, owning certain of the properties, to
        affiliates of Casden Properties Inc., organized by an affiliate of
        NAPICO. The plaintiffs seek equitable relief, as well as compensatory
        damages and litigation related costs. On August 4, 1999, one investor
        holding one unit of limited partnership interest in the Partnership
        commenced a virtually identical action in the United States District
        Court for the Central District of California against the Partnership,
        NAPICO and certain other affiliated entities. The managing general
        partner of such NAPICO managed partnerships and the other defendants
        believe that the plaintiffs' claims are without merit and are contesting
        the actions vigorously.

        NAPICO is a plaintiff in various lawsuits and has also been named as
        defendant in other lawsuits arising from transactions in the ordinary
        course of business. In the opinion of NAPICO, the claims will not result
        in any material liability to the Partnership.

NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS

        Statement of Financial Accounting Standards No. 107, "Disclosure about
        Fair Value of Financial Instruments," requires disclosure of fair value
        information about financial instruments. The carrying amount of other
        assets and liabilities reported on the balance sheets that require such
        disclosure approximates fair value due to their short-term maturity.


                                       11

<PAGE>   14

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000


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

        LIQUIDITY AND CAPITAL RESOURCES

        The Partnership's primary sources of funds include interest income on
        money market accounts and certificates of deposit and distributions from
        limited partnerships in which the Partnership has invested. It is not
        expected that any of the local limited partnerships in which the
        Partnership has invested will generate cash flow sufficient to provide
        for distributions to the Partnership's limited partners in any material
        amount. The Partnership made a distribution to the investors in March
        1999, which included using proceeds from disposition of its investments
        in certain limited partnerships.

        RESULTS OF OPERATIONS

        Partnership revenues consist primarily of interest income earned on
        certificates of deposit and other temporary investment of funds. The
        Partnership also receives distributions from the lower-tier limited
        partnerships in which it has invested.

        Distributions received from limited partnerships are recognized as
        return of capital until the investment balance has been reduced to zero
        or to a negative amount equal to future capital contributions required.
        Subsequent distributions received are recognized as income.

        Except for certificates of deposit and money market funds, the
        Partnership's investments consist entirely of interests in other limited
        partnerships owning government assisted housing projects. Available cash
        is invested to provide interest income as reflected in the statements of
        operations. These funds can be converted to cash to meet obligations as
        they arise. The Partnership intends to continue investing available
        funds in this manner.

        A recurring partnership expense is the annual management fee. The fee is
        payable to the General Partners of the Partnership and is calculated at
        .5 percent of the Partnership's invested assets. The management fee is
        paid to the General Partners for their continuing management of
        partnership affairs. The fee is payable beginning with the month
        following the Partnership's initial investment in a local limited
        partnership. Management fees were $130,556 and $208,488 for the six
        months ended June 30, 2000 and 1999, respectively. The fees have
        decreased due to the sale of partnership interests in 1999, which
        reduced the invested assets.




                                       12

<PAGE>   15

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000


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

        RESULTS OF OPERATION (CONTINUED)

        The Partnership is obligated on non-recourse notes payable of $4,600,000
        at June 30, 2000 and December 31, 1999, which bear interest at 9.5
        percent per annum and mature on December 31, 1999. The Partnership was
        relieved of notes payable in the amount of $4,069,743 in connection with
        the sale of the partnership interests to Casden Properties Inc. The
        notes and related interest are payable from cash flow generated from
        operations of the related rental properties as defined in the notes.
        These obligations are collateralized by the Partnership's investments in
        the limited partnerships. Unpaid interest is due at maturity of the
        notes.

        Operating expenses, other than management fees and interest expense,
        consist of legal and accounting fees for services rendered to the
        Partnership and administrative expenses, which were generally consistent
        for periods presented. Legal and accounting fees were $66,869 and
        $66,869 for the six months ended June 30, 2000 and 1999, respectively.
        General and administrative expenses were $32,899 and $51,693 for the six
        months ended June 30, 2000 and 1999, respectively.

        The Partnership accounts for its investments in the local limited
        partnerships on the equity method, thereby adjusting its investment
        balance by its proportionate share of the income or loss of the local
        limited partnerships. Losses incurred after the limited partnership
        investment account is reduced to zero are not recognized.

        Under recent adopted law and policy, the United States Department of
        Housing and Urban Development ("HUD") has determined not to renew the
        Housing Assistance Payment ("HAP") Contracts on a long term basis on the
        existing terms. In connection with renewals of the HAP Contracts under
        such new law and policy, the amount of rental assistance payments under
        renewed HAP Contracts will be based on market rentals instead of above
        market rentals, which was generally the case under existing HAP
        Contracts. The payments under the renewed HAP Contracts are not expected
        to be in an amount that would provide sufficient cash flow to permit
        owners of properties subject to HAP Contracts to meet the debt service
        requirements of existing loans insured by the Federal Housing
        Administration of HUD ("FHA") unless such mortgage loans are
        restructured. In order to address the reduction in payments under HAP
        Contracts as a result of this new policy, the Multi-family Assisted
        Housing Reform and Affordability Act of 1997 ( "MAHRAA"), which was
        adopted in October 1997, provides for



                                       13

<PAGE>   16

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000


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

        RESULTS OF OPERATION (CONTINUED)

        the restructuring of mortgage loans insured by the FHA with respect to
        properties subject to the Section 8 program. Under MAHRAA, an
        FHA-insured mortgage loan can be restructured into a first mortgage loan
        which will be amortized on a current basis and a low interest second
        mortgage loan payable to FHA which will only be payable on maturity of
        the first mortgage loan. This restructuring results in a reduction in
        annual debt service payable by the owner of the FHA-insured mortgage
        loan and is expected to result in an insurance payment from FHA to the
        holder of the FHA-insured loan due to the reduction in the principal
        amount. MAHRAA also phases out project-based subsidies on selected
        properties serving families not located in rental markets with limited
        supply, converting such subsidies to a tenant-based subsidy.

        On September 11, 1998, HUD issued interim regulations implementing
        MAHRAA and final regulations are expected to be issued in 2000.

        When the HAP Contracts are subject to renewal, there can be no assurance
        that the local limited partnerships in which the Partnership has an
        investment will be permitted to restructure its mortgage indebtedness
        under MAHRAA. In addition, the economic impact on the Partnership of the
        combination of the reduced payments under the HAP Contracts and the
        restructuring of the existing FHA-insured mortgage loans under MAHRAA is
        uncertain.

        During the six months ended June 30, 2000, the Partnership surrendered
        its interests in one limited partnership for a net payment of $323,759.
        The Partnership recognized a gain of $323,759 from the sale because it
        had no investment balance related to this partnership.

        On December 30, 1998, the Partnership sold its limited partnership
        interests in 7 local limited partnerships to the subsidiaries of Casden
        Properties Inc. The sale resulted in cash proceeds to the Partnership of
        $202,714 and a net gain of $5,398,973, after deducting selling costs.
        The cash proceeds were held in escrow at December 31, 1998 and were
        collected in 1999. In March 1999, the Partnership made cash
        distributions of $695,687 to the limited partners and $7,027 to the
        general partners, primarily using proceeds from the sale of the
        partnership interests.

        Notes payable and related accrued interest payable aggregating
        $10,833,361 as of June 30, 2000 matured on December 31, 1999. Due to the
        Partnership's lack of cash and partners' deficiency, there is
        substantial doubt about its ability to satisfy these obligations, which
        would



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<PAGE>   17

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000


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

        RESULTS OF OPERATION (CONTINUED)

        result in the possible foreclosure of the investments in the local
        limited partnerships. As a result, there is substantial doubt about the
        Partnerships' ability to continue as a going concern.

        Management is in process of attempting to negotiate extensions of the
        maturity dates on the notes payable.




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<PAGE>   18

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000


PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership interests in Real Estate Associates Limited III (an affiliated
partnership in which NAPICO is the managing general partner) and two investors
holding an aggregate of five units of limited partnership interest in Real
Estate Associates Limited VI (another affiliated partnership in which NAPICO is
the managing general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other affiliated entities. The complaint alleges that the defendants
breached their fiduciary duty to the limited partners of certain NAPICO managed
partnerships and made materially false and misleading statements in the consent
solicitation statements sent to the limited partners of such partnerships
relating to approval of the transfer of partnership interests in limited
partnerships, owning certain of the properties, to affiliates of Casden
Properties Inc., organized by an affiliate of NAPICO. The plaintiffs seek
equitable relief, as well as compensatory damages and litigation related costs.
On August 4, 1999, one investor holding one unit of limited partnership interest
in the Partnership commenced a virtually identical action in the United States
District Court for the Central District of California against the Partnership,
NAPICO and certain other affiliated entities. The managing general partner of
such NAPICO managed partnerships and the other defendants believe that the
plaintiffs' claims are without merit and are contesting the actions vigorously.

As of June 30, 2000, NAPICO was a plaintiff or defendant in several lawsuits.
None of these suits are related to the Partnership. In the opinion of NAPICO,
the claims will not result in any material liability to the Partnership.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)     No exhibits are required per the provision of Item 6 of
                regulation S-K and no reports on Form 8-K were filed during the
                quarter ended June 30, 2000.




                                       16

<PAGE>   19

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2000

                                   SIGNATURES


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


                          HOUSING PROGRAMS LIMITED
                          (a California limited partnership)



                          By:  National Partnership Investments Corp.
                               General Partner



                               /s/ BRUCE NELSON
                               ---------------------------------
                               Bruce Nelson
                               President


                          Date: August 21, 2000
                               -------------------------


                                /s/ PAUL PATIERNO
                               ---------------------------------
                               Paul Patierno
                               Chief Financial Officer


                          Date: August 21, 2000
                               -------------------------




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