UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

              For the quarterly period ended September 30, 2004


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

           For the transition period from __________ to __________

                         Commission file number 0-13808


                            HOUSING PROGRAMS LIMITED
      (Exact name of small business issuer as specified in its charter)


          California                                             95-3906167
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization                               Identification No.)

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

                                 (864) 239-1000
                           (Issuer's telephone number)



Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes  X   No ___



<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                                  BALANCE SHEET
                                 (in thousands)

                               SEPTEMBER 30, 2004
                                   (Unaudited)



                             ASSETS

Investments in local limited partnerships (Note 2)                       $ --
Cash and cash equivalents                                                    30

            Total assets                                                 $ 30

               LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
   Notes payable in default (Note 3)                                    $ 2,000
   Accrued interest payable in default (Note 3)                           3,655
   Accrued fees due to affiliates (Note 4)                                   37
   Accounts payable                                                          58
   Advances due to affiliates (Note 4)                                      101
                                                                           5,851
Partners' deficit:
   General partners                                                        (308)
   Limited partners                                                      (5,513)
                                                                         (5,821)

            Total liabilities and partners' deficit                      $ 30

                See Accompanying Notes to Financial Statements



<PAGE>





                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                            STATEMENTS OF OPERATIONS
              (Unaudited) (in thousands, except per interest data)

<TABLE>
<CAPTION>


                                              Three Months Ended           Nine Months Ended
                                                 September 30,               September 30,
                                              2004          2003           2004          2003

<S>                                            <C>          <C>            <C>           <C>
INTEREST INCOME                                $ 1          $ --           $ 1           $ --

operating Expenses:
  Management fees - partners (Note 4)             37            50           111            148
  General and administrative (Note 4)              4            14            25             34
  Legal and accounting                            31            18            81             64
  Interest                                        49            48           143            257
        Total operating expenses                 121           130           360            503

Loss from partnership operations                (120)         (130)         (359)          (503)
Distributions from local limited
  partnerships recognized as income
     (Note 2)                                     22            --            22          6,820
Gain on extinguishment of debt (Note 3)           --            --            --            102

Net (loss) income                             $ (98)       $ (130)        $ (337)       $ 6,419

Net (loss) income to general partners
  (1%)                                        $ (1)         $ (1)          $ (3)         $ 64
Net (loss) income to limited partners
  (99%)                                          (97)         (129)         (334)         6,355

                                              $ (98)       $ (130)        $ (337)       $ 6,419
Net (loss) income per limited
  partnership interest (Note 1)              $ (7.91)      $(10.43)      $(27.24)       $513.83



                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>




                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                  STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                      (in thousands, except interest data)


<TABLE>
<CAPTION>


                                        General          Limited
                                       Partners          Partners          Total

Partners' deficit,
<S>        <C> <C>                      <C>              <C>              <C>
  December 31, 2003                     $ (305)          $ (5,179)        $ (5,484)

Net loss for the nine months
  ended September 30, 2004                   (3)             (334)            (337)

Partners' deficit,
  September 30, 2004                    $ (308)          $ (5,513)        $ (5,821)

Percentage interest at
  September 30, 2004                      1%               99%              100%
                                                           (A)

(A)   Consists of 12,250 partnership  interests at September 30, 2004 and 12,260
      partnership  interests at December 31, 2003.  During the nine months ended
      September 30, 2004, 10 interests were abandoned (Note 5).

                See Accompanying Notes to Financial Statements
</TABLE>

                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>



                                                                       Nine Months Ended
                                                                         September 30,
                                                                      2004            2003
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                  <C>            <C>
  Net (loss) income                                                  $ (337)        $ 6,419
  Adjustments to reconcile net (loss) income to net cash
   (used in) provided by operating activities:
     Distributions from local limited partnerships                       --          (6,615)
     Gain on extinguishment of debt                                      --            (102)
     Increase (decrease) in:
      Accrued interest payable                                          143             257
      Accounts payable and accrued expenses                              48             (91)
      Accrued fees due to partners                                      (50)            161
         Net cash (used in) provided by operating activities           (196)             29

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                   (196)             29
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                          226               5

CASH AND CASH EQUIVALENTS, END OF PERIOD                              $ 30            $ 34

SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION:
During the nine months ended  September 30, 2003,  proceeds from a  distribution
from a local limited partnership of approximately  $6,615,000 were sent directly
to a trustee which,  in turn,  paid the proceeds  directly to the noteholders in
satisfaction of the principal and accrued interest on the notes.


                See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>



                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               SEPTEMBER 30, 2004


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The  information  contained in the following  notes to the  unaudited  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  Partnership's  annual report for the year ended
December 31, 2003.  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  the  Partnership,  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  September  30,  2004 and the  results of  operations  for the three and nine
months ended September 30, 2004 and 2003.

Organization

The Partnership was organized under the California  Uniform Limited  Partnership
Act 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" or the "Corporate General
Partner"),  Housing Programs Corporation II and National Partnership  Investment
Associates  (collectively,  the "General  Partners").  The General  Partners are
subsidiaries  of  Apartment  Investment  and  Management  Company  ("AIMCO"),  a
publicly traded real estate investment trust.

The general  partners  have a one 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.

Basis of Presentation

The  accompanying  financial  statements  have been prepared in conformity  with
accounting principles generally accepted in the United States.

Method of Accounting for Investment in Limited Partnerships

The  investments in local limited  partnerships  are accounted for on the equity
method.

Net (Loss) Income Per Limited Partnership Interest

Net (loss) income per limited partnership  interest was computed by dividing the
limited  partners'  share  of  net  (loss)  income  by  the  number  of  limited
partnership  interests  outstanding  at the beginning of the year. The number of
limited  partnership  interests  was 12,260 at  December  31, 2003 and 12,368 at
December 31, 2002.

Recent Accounting Pronouncements

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

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

NOTE 2 - INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of September 30, 2004, the Partnership holds limited partnership interests in
four local limited  partnerships (the "Local Limited  Partnerships").  The Local
Limited  Partnerships  own residential low income rental projects  consisting of
736  apartment  units.  The mortgage  loans of these  projects are payable to or
insured by various governmental agencies.

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash from operations from most of the Local Limited  Partnerships are restricted
by the Local Limited Partnerships'  Regulatory Agreements with the United States
Department of Housing and Urban Development  ("HUD").  These  restrictions limit
the distribution to a portion,  generally less than 10%, of the initial invested
capital.  The excess surplus cash is deposited into a residual receipts reserve,
of which  the  ultimate  realization  by the  Partnership  is  uncertain  as HUD
frequently retains it upon sale or dissolution of the Local Limited Partnership.
The Partnership is allocated profits and losses and receives  distributions from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. The
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships  and is not otherwise  committed to provide  additional  support to
them. Therefore, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment  balance is reduced to zero. When the investment balance has been
reduced to zero, subsequent  distributions  received are recognized as income in
the accompanying statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

The  Partnership  has no  carrying  value in  investments  in the Local  Limited
Partnerships as of September 30, 2004.

The following are unaudited combined estimated  statements of operations for the
three and nine months ended  September  30, 2004 and 2003 for the Local  Limited
Partnerships in which the Partnership has investments (in thousands):

<TABLE>
<CAPTION>

                                          Three Months Ended       Nine Months Ended
                                            September 30,            September 30,
                                          2004        2003         2004        2003
                                                   (Restated)               (Restated)
Revenues
<S>                                     <C>          <C>          <C>         <C>
  Rental and other                      $ 1,311      $ 1,237      $ 3,796     $ 3,407

Expenses
  Operating                                 777          206        2,335       1,602
  Interest                                  355          282        1,065         847
  Depreciation                              282          277          846         830
                                          1,414          765        4,246       3,279

Net (loss) income                        $ (103)      $ 472        $ (450)     $ 128
</TABLE>

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
the combined results of operations for the three and nine months ended September
30, 2003 have been restated to exclude the operations of Lancaster Heights, Cape
LaCroix and Cloverleaf as these properties were sold in 2003.

NAPICO,  or one of its affiliates,  is the general partner and property  manager
for one and four of the Local Limited  Partnerships  discussed above. During the
nine months  ended  September  30, 2004 and 2003,  affiliates  of the  Corporate
General Partner were paid approximately $24,000 and $75,000,  respectively,  for
providing property management services.

One of the Local Limited Partnerships,  Cloverdale Heights Apartments, Ltd., has
outstanding  purchase money notes and accrued  interest that matured in December
2000. In addition,  a second Local Limited  Partnership,  Jenny Lind Hall Second
Limited  Partnership,  has a subordinated note and accrued interest that matured
in December  1999.  Each of these Local  Limited  Partnerships  is in default on
these  obligations.  The Partnership risks losing its investments in these Local
Limited Partnerships  through  foreclosure.  All of the investments in the Local
Limited Partnerships were zero at September 30, 2004.

Under recently 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 may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not 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")  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.

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.

NOTE 3 - NOTE PAYABLE

Two of the  Partnership's  investments,  Evergreen and Plaza  Village,  involved
purchases  of  partnership  interests  in the Local  Limited  Partnerships  from
partners who  subsequently  withdrew  from the Local  Limited  Partnership.  The
Partnership issued non-recourse notes payable totaling $4,600,000 to the sellers
of the partnership interests, such notes bearing interest at 9.5% per annum. The
notes matured in 1999. These obligations and related interest are collateralized
by  the  Partnership's  investment  in the  Local  Limited  Partnership.  Unpaid
interest was due at maturity of the notes.

During the nine months  ended  September  30,  2003,  Evergreen  refinanced  the
mortgage  encumbering its investment  property.  The distribution from Evergreen
relating to the refinancing of approximately $6,765,000 was recognized as income
in the accompanying statements of operations. Pursuant to the agreement with the
noteholders,  approximately $6,615,000 of the proceeds were sent to a trustee in
order  to  satisfy  in  full  the  principal  of  approximately  $2,600,000  and
approximately  $4,015,000 of accrued interest. The trustee distributed the funds
directly  to  the  noteholders.  The  Partnership  also  recognized  a  gain  on
extinguishment  of debt of  approximately  $102,000  due to the write off of the
remaining accrued interest as it was forgiven by the noteholders.

At September  30, 2004,  the  obligation  relating to the Plaza Village note was
$2,000,000  and accrued  interest was  approximately  $3,655,000.  AIMCO,  which
indirectly  owns the Corporate  General  Partner of the  Partnership,  has a 15%
interest in and is the trustee for the Plaza Village note payable.

The  Partnership  has not made any payments on the Plaza  Village note and is in
default  under the terms of the note.  Management  is  attempting  to  negotiate
extensions  of the maturity date on the note payable.  If the  negotiations  are
unsuccessful,  the  Partnership  could lose its  investment in the Local Limited
Partnership,  Plaza  Village  Group,  to  foreclosure.  The  investment in Plaza
Village was zero at September 30, 2004.

NOTE 4 - TRANSACTIONS WITH AFFILIATED PARTIES

Under  the  terms of the  Restated  Certificate  and  Agreement  of the  Limited
Partnership,  the  Partnership  is obligated  to pay to the general  partners an
annual  management fee equal to 0.5 percent of the original  invested  assets of
the Local  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 Local Limited  Partnerships.  For the nine months ended September 30,
2004 and 2003,  approximately  $111,000  and  $148,000,  respectively,  has been
expensed. At September 30, 2004, approximately $37,000 in accrued fees is due to
affiliates.

The Partnership  reimburses  NAPICO for certain  expenses.  The reimbursement to
NAPICO was  approximately  $14,000 for both the nine months ended  September 30,
2004 and 2003 and is included in general and administrative expenses.

In accordance with the Partnership Agreement,  the Corporate General Partner has
advanced  the  Partnership  funds to  assist  in  paying  for  normal  operating
expenses.  These advances do not accrue interest.  As of September 30, 2004, the
Corporate General Partner had advanced approximately $101,000 for such purposes.

AIMCO,  which indirectly owns the Corporate  General Partner of the Partnership,
has a 15% interest in, and is the trustee for, the Plaza Village note payable.

NOTE 5 - ABANDONMENT OF LIMITED PARTNERSHIP INTERESTS

During  the nine  months  ended  September  30,  2004,  the  number  of  Limited
Partnership  Interests  decreased  by  10  interests  due  to  limited  partners
abandoning   their  units.   In  abandoning  his  or  her  Limited   Partnership
Interest(s),  a limited partner  relinquishes all right,  title, and interest in
the Partnership as of the date of abandonment.  However,  the limited partner is
allocated  his or her share of net income or loss for that  year.  The income or
loss  per  Limited  Partnership  Interest  in  the  accompanying  statements  of
operations is  calculated  based on the number of interests  outstanding  at the
beginning of the year.

NOTE 6 - CONTINGENCIES

The  Corporate  General  Partner is involved in various  lawsuits  arising  from
transactions  in the ordinary  course of business.  In the opinion of management
and the Corporate  General  Partner,  the claims will not result in any material
liability to the Partnership.

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

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

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

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

Liquidity and Capital Resources

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,  loans or advances is generally  restricted  by those  government
assistance programs.

The  Partnership's  primary sources of funds include interest income earned from
investing  available cash and distributions  from Local 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.

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately  $30,000  which was  invested in interest  bearing  accounts.  The
amount of interest  income  varies with market  rates  available on deposits and
with  the  amount  of  funds  available  for  investment.  Interest  earned  was
approximately  $1,000 for the nine months ended  September 30, 2004. It was less
than $1,000 in 2003. The  Partnership  intends to continue  investing  available
funds in this manner.

Two of the  Partnership's  investments,  Evergreen and Plaza  Village,  involved
purchases  of  partnership  interests  in the Local  Limited  Partnerships  from
partners who  subsequently  withdrew  from the Local  Limited  Partnership.  The
Partnership issued non-recourse notes payable totaling $4,600,000 to the sellers
of the partnership interests, such notes bearing interest at 9.5% per annum. The
notes matured in 1999. These obligations and related interest are collateralized
by  the  Partnership's  investment  in the  Local  Limited  Partnership.  Unpaid
interest was due at maturity of the notes.

During the nine months  ended  September  30,  2003,  Evergreen  refinanced  the
mortgage  encumbering its investment  property.  The distribution from Evergreen
relating to the refinancing of approximately $6,765,000 was recognized as income
in the accompanying statements of operations. Pursuant to the agreement with the
noteholders,  approximately $6,615,000 of the proceeds were sent to a trustee in
order  to  satisfy  in  full  the  principal  of  approximately  $2,600,000  and
approximately  $4,015,000 of accrued interest. The trustee distributed the funds
directly  to  the  noteholders.  The  Partnership  also  recognized  a  gain  on
extinguishment  of debt of  approximately  $102,000  due to the write off of the
remaining accrued interest as it was forgiven by the noteholders.

The  Partnership  has not made any payments on the Plaza  Village note and is in
default  under the terms of the note.  Management  is  attempting  to  negotiate
extensions  of the maturity date on the note payable.  If the  negotiations  are
unsuccessful,  the  Partnership  could lose its  investment in the Local Limited
Partnership,  Plaza  Village  Group,  to  foreclosure.  The  investment in Plaza
Village is zero at September 30, 2004.

One of the Local Limited Partnerships,  Cloverdale Heights Apartments, Ltd., has
outstanding  purchase money notes and accrued  interest that matured in December
2000. In addition,  a second Local Limited  Partnership,  Jenny Lind Hall Second
Limited  Partnership,  has a subordinated note and accrued interest that matured
in December  1999.  Each of these Local  Limited  Partnerships  is in default on
these  obligations.  The Partnership risks losing its investments in these Local
Limited Partnerships through foreclosure.  All of the investments in these Local
Limited Partnerships were zero at September 30, 2004.

Results of Operations

Except for investing cash in money market funds, the  Partnership's  investments
consist   entirely  of   interests   in  Local   Limited   Partnerships   owning
government-assisted  housing  projects.  Available  cash not  invested  in Local
Limited Partnerships is invested in these money market funds to provide interest
income.  These funds can be converted to cash to meet obligations as they arise.
The Partnership intends to continue investing available funds in this manner.

An annual  management fee is payable to the general  partners of the Partnership
and is  calculated  at 0.5 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  approximately  $111,000  and  $148,000  for the  nine  months  ended
September 30, 2004 and 2003, respectively.  These fees decreased for 2004 due to
the sales of Lancaster Heights, Cape LaCroix and Cloverleaf in 2003.

In accordance with the Partnership Agreement,  the Corporate General Partner has
advanced  the  Partnership  funds to  assist  in  paying  for  normal  operating
expenses.  These advances do not accrue interest.  As of September 30, 2004, the
Corporate General Partner had advanced approximately $101,000 for such purposes.

Operating expenses,  other than management fees and interest expense, consist of
legal and accounting  fees for services  rendered to the Partnership and general
and  administrative  expenses.  Legal and  accounting  fees  were  approximately
$81,000  and  $64,000 for the nine  months  ended  September  30, 2004 and 2003,
respectively.  The  increase in legal and  accounting  fees is due to  increased
legal expenses associated with the preparation of consent solicitations. General
and administrative  expenses were approximately $25,000 and $34,000 for the nine
months ended  September 30, 2004 and 2003,  respectively.  Interest  expense was
approximately $143,000 and $257,000 for the nine months ended September 30, 2004
and 2003,  respectively.  The decrease in interest expense was due to the payoff
of the note for Evergreen in 2003.

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and  operations,  including  refinancing or selling  decisions of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investment in the Local Limited  Partnerships using the equity method.  Thus the
individual  investments are carried at cost plus the Partnership's  share of the
Local Limited  Partnership's  profits less the Partnership's  share of the Local
Limited  Partnership's  losses,  distributions and impairment charges.  However,
since the  Partnership  is not legally  liable for the  obligations of the Local
Limited  Partnerships,  or is not  otherwise  committed  to  provide  additional
support to them, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment balance is reduced to zero. Subsequent distributions received are
recognized  as  income  in  the  accompanying  statements  of  operations.   The
Partnership  received  approximately   $6,820,000  in  distributions  that  were
recognized  as income  during the nine  months  ended  September  30,  2003.  No
distributions  were  recognized as income during the nine months ended September
30, 2004. For those  investments  where the  Partnership has determined that the
carrying value of its investments approximates the estimated fair value of those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization of acquisition costs from those Local Limited Partnerships.  During
the nine months ended September 30, 2004 and 2003, there was no equity in losses
in Local Limited Partnerships.  The Partnership did not make any advances during
the nine months ended September 30, 2004 or 2003.

Under recently 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 may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not 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")  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.

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.

Other

AIMCO and its affiliates owned 580.5 limited  partnership units (the "Units") or
1,161.0 limited partnership  interests in the Partnership  representing 9.48% of
the  outstanding  Units at September  30,  2004. A Unit  consists of two limited
partnership interests.  It is possible that AIMCO or its affiliates will acquire
additional  Units in  exchange  for cash or a  combination  of cash and units in
AIMCO  Properties,  L.P., the operating  partnership  of AIMCO.  Pursuant to the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take action with  respect to a variety of matters that  include,  but are not
limited to, voting on certain amendments to the Partnership Agreement and voting
to remove the Corporate General Partner.  Although the Corporate General Partner
owes fiduciary duties to the limited partners of the Partnership,  the Corporate
General partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the Corporate  General  Partner,  as corporate  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Corporate General Partner to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted  in the  United  States  requires  the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Method of Accounting for Investments in Local Limited Partnerships

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash from operations from most of the Local Limited  Partnerships are restricted
by the Local Limited Partnerships'  Regulatory Agreements with the United States
Department of Housing and Urban Development  ("HUD").  These  restrictions limit
the distribution to a portion,  generally less than 10%, of the initial invested
capital.  The excess surplus cash is deposited into a residual receipts reserve,
of which  the  ultimate  realization  by the  Partnership  is  uncertain  as HUD
frequently retains it upon sale or dissolution of the Local Limited Partnership.
The Partnership is allocated profits and losses and receives  distributions from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. The
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships  and is not otherwise  committed to provide  additional  support to
them. Therefore, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment  balance is reduced to zero. When the investment balance has been
reduced to zero, subsequent  distributions  received are recognized as income in
the accompanying statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

Recent Accounting Pronouncements

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

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

ITEM 3.     CONTROLS AND PROCEDURES

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

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

                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS


                  See Exhibit Index attached.


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the registrant  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.
                                          Corporate General Partner


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


                                    By:   /s/Brian H. Shuman
                                          Brian H. Shuman
                                          Senior Vice President and Chief
                                          Financial Officer


                                    Date: November 12, 2004

<PAGE>


                             HOUSING PROGRAM LIMITED
                                  EXHIBIT INDEX


 Exhibit    Description of Exhibit


    3       Restated  Certificate and Agreement of Limited Partnership dated May
            15, 1984 filed with the Securities and Exchange Commission Form S-11
            No. 2-92352, which is hereby incorporated by reference.

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

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

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




<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, David R. Robertson, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of Housing  Programs
      Limited;

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

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

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

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

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

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

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

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

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


Date:  November 12, 2004

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


<PAGE>



Exhibit 31.2


                                  CERTIFICATION

I, Brian H. Shuman, certify that:

1.    I have reviewed this quarterly  report on Form 10-QSB of Housing  Programs
      Limited;

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

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

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

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

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

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

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

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

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


Date:  November 12, 2004

                                    /s/Brian H. Shuman
                                    Brian H. Shuman
                                    Senior Vice President and Chief  Financial
                                    Officer of National Partnership
                                    Investments  Corporation,   equivalent  of
                                    the  chief   financial   officer   of  the
                                    Partnership



<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form  10-QSB of Housing  Programs
Limited (the  "Partnership"),  for the quarterly period ended September 30, 2004
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"),  David R. Robertson, as the equivalent of the chief executive officer
of the  Partnership,  and  Brian  H.  Shuman,  as the  equivalent  of the  chief
financial  officer of the  Partnership,  each hereby  certifies,  pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  November 12, 2004


                                           /s/Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  November 12, 2004


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