<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 MARCH 31, 2001

                         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 MARCH 31, 2001


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

            Item 1.  Financial Statements

                     Balance Sheets, March 31, 2001 and December 31, 2000 ...............     1

                     Statements of Operations,
                        Three Months Ended March 31, 2001 and 2000.......................     2

                     Statement of Partners' Deficiency,
                        Three Months Ended March 31, 2001 ...............................     3

                     Statements of Cash Flow,
                        Three Months Ended March 31, 2001 and 2000.......................     4

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

            Item 2.  Management's Discussion and Analysis of Financial
                         Condition and Results of Operation..............................    10


PART II. OTHER INFORMATION

            Item 1.  Legal Proceedings...................................................    13

            Item 6.  Exhibits and Reports on Form 8-K....................................    13

            Signatures...................................................................    14
</TABLE>


<PAGE>   3

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                   AS OF MARCH 31, 2001 AND DECEMBER 31, 2000

                                     ASSETS

<TABLE>
<CAPTION>
                                                                 2001                   2000
                                                              (Unaudited)             (Audited)
                                                             ------------           ------------
<S>                                                          <C>                    <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Notes 1 and 2)          $         --           $         --

CASH AND CASH EQUIVALENTS (Note 1)                                318,905                372,546

DUE FROM ESCROW (Note 2)                                               --                 15,000
                                                             ------------           ------------

          TOTAL ASSETS                                       $    318,905           $    387,546
                                                             ============           ============



                                LIABILITIES AND PARTNERS' DEFICIENCY

LIABILITIES:
     Notes payable (Notes 3)                                 $  4,600,000           $  4,600,000
     Accrued fees and expenses due general
         partners (Note 4)                                      1,040,235              1,097,089
     Accrued interest payable (Notes 3)                         6,561,111              6,451,861
     Accounts payable                                              71,803                 69,855
                                                             ------------           ------------

                                                               12,273,149             12,218,805
                                                             ------------           ------------


COMMITMENTS AND CONTINGENCIES (Notes 4 and 5)

PARTNERS' DEFICIENCY:
     General partners                                            (370,290)              (369,060)
     Limited partners                                         (11,583,954)           (11,462,199)
                                                             ------------           ------------

                                                              (11,954,244)           (11,831,259)
                                                             ------------           ------------
           TOTAL LIABILITIES AND PARTNERS'
                DEFICIENCY                                   $    318,905           $    387,546
                                                             ============           ============
</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
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                            2001                2000
                                                         ---------           ---------
<S>                                                      <C>                 <C>
INTEREST INCOME                                          $   4,291           $     100
                                                         ---------           ---------

OPERATING EXPENSES:
     Management fees - general partner (Note 4)             50,802              80,196
     General and administrative (Note 4)                    14,574               9,449
     Legal and accounting (Note 4)                          17,650              52,658
     Interest (Notes 3 and 4)                              109,250             109,250
                                                         ---------           ---------

         Total operating expenses                          192,276             251,553
                                                         ---------           ---------

LOSS FROM OPERATIONS                                      (187,985)           (251,453)

GAIN IN SALE OF PARTNERSHIP INTERESTS (Note 2)              65,000             248,178
                                                         ---------           ---------


NET LOSS                                                 $(122,985)          $  (3,275)
                                                         =========           =========

NET LOSS PER LIMITED PARTNERSHIP INTEREST                $     (10)          $      (0)
                                                         =========           =========
</TABLE>


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


                                       2
<PAGE>   5

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                        STATEMENT OF PARTNERS' DEFICIENCY
                        THREE MONTHS ENDED MARCH 31, 2001
                                   (Unaudited)

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

DEFICIENCY, January 1, 2001                  $   (369,060)          $(11,462,199)          $(11,831,259)

      Net loss for the three months
      ended March 31, 2001                         (1,230)              (121,755)              (122,985)
                                             ------------           ------------           ------------

DEFICIENCY, March 31, 2001                   $   (370,290)          $(11,583,954)          $(11,954,244)
                                             ============           ============           ============
</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
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                       2001                2000
                                                                    ---------           ---------
<S>                                                                 <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net  loss                                                      $(122,985)          $  (3,275)
     Adjustments to reconcile net loss to net cash used in
        operating activities:
            Gain on sale of partnership interests                     (65,000)           (248,178)
            Decrease in due from escrow                                15,000                  --
            Increase in accrued interest payable                      109,250             109,250
            Decrease in accrued fees and expenses
                  due general partners                                (56,854)            (94,804)
            Increase in accounts payable                                1,948              23,304
                                                                    ---------           ---------

                  Net cash used in operating activities              (118,641)           (213,703)
                                                                    ---------           ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of partnership interests                       65,000             248,178
                                                                    ---------           ---------


NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                  (53,641)             34,475

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                        372,546             817,796
                                                                    ---------           ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                            $ 318,905           $ 852,271
                                                                    =========           =========
</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

                                 MARCH 31, 2001


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,
       2000. 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 March 31, 2001 and the results of operations and
       changes in cash flows for the 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),
       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.

       BASIS OF PRESENTATION

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


                                       5
<PAGE>   8

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

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 period. 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.

       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.


                                       6
<PAGE>   9

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

       As of March 31, 2001, the Partnership holds limited partnership interests
       in 7 limited partnerships, after selling its interest in one limited
       partnership in January 2001. The limited partnerships owned as of March
       31, 2001, residential low income rental projects consisting of 1,153
       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 equity investment in limited partnerships as of
       March 31, 2001.

       The following are unaudited combined estimated statements of operations
       for the three months ended March 31, 2001 and 2000 for the limited
       partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                                         Three months               Three months
                                             ended                     ended
                                        March 31, 2001             March 31, 2000
                                        --------------             --------------
<S>                                     <C>                        <C>
      INCOME
         Rental and Other                 $ 1,892,000                $ 2,580,000
                                          -----------                -----------

      EXPENSES
         Depreciation                         362,000                    517,000
         Interest                             242,000                    438,000
         Operating                          1,339,000                  1,878,000
                                          -----------                -----------

             Total expenses                 1,943,000                  2,833,000
                                          -----------                -----------

      NET LOSS                            $   (51,000)               $  (253,000)
                                          ===========                ===========
</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 may not be in an
       amount that would provide sufficient cash flow to permit owners of
       properties subject to HAP Contracts to meet the


                                       7
<PAGE>   10

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

       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 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.

       During the three months ended March 31, 2001 and 2000, the Partnership
       sold its interests in two limited partnerships for net payments of
       $65,000 and $248,178, respectively. The Partnership recognized gains of
       $65,000 from the sales equal to the net payments received because it had
       no investment balance related to this partnership. At December 31, 2000,
       the Partnership had a deposit in escrow of $15,000 related to the sale in
       2001.

       On December 30, 1998, after obtaining the consents of the limited
       partners, the Partnership sold its limited partnership interests in 7
       local limited partnerships to affiliates of Casden Properties Inc. 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.

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. The Partnership was relieved of notes
       payable in the amount of $4,069,743 in connection with the sale of the
       partnership interests to the Operating Partnership in 1998. The notes
       matured in December 1999. 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. Unpaid interest is due at
       maturity of the notes.


                                       8
<PAGE>   11


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001
NOTE 3 - NOTES PAYABLE (CONTINUED)

       Notes payable and related accrued interest payable aggregating
       $11,051,861 as of December 31, 2000 become payable prior to December 31,
       2000. The Partnership has not made any payments and is in default under
       the terms of the notes. Due to the Partnership's lack of cash and
       partners' deficiency, there is substantial doubt about its ability to
       make these payments, 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 March 31, 2001, 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.

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 second action has been
       subsumed in the first action, which has been certified as a class action.
       The managing general partner of such NAPICO managed partnerships and the
       other


                                       9
<PAGE>   12

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 5 - CONTINGENCIES (CONTINUED)

       defendants believe that the plaintiffs' claims are without merit and
       intend to contest 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, when it is practicable to
       estimate that value. The notes payable are collateralized by the
       Partnership's investments in investee limited partnerships, which account
       for the Partnership's primary source of revenues, are subject to various
       government rules, regulations and restrictions which make it
       impracticable to estimate the fair value of the notes and related accrued
       interest payable. It is impracticable to estimate the fair value of the
       amounts due general partner due to their related party nature. 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.


                                       10
<PAGE>   13

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001

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
       2000, 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 $50,802 and $80,196 for the three
       months ended March 31, 2001 and 2000, respectively.

       The Partnership is obligated on non-recourse notes payable of $4,600,000
       at March 31, 2001, which bear interest at 9.5 percent per annum and
       matured on December 31, 1999. The notes and related interest were 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. The notes and
       unpaid interests became payable on December 31, 1999. Management is in
       process of attempting to negotiate extensions of the maturity dates on
       the notes payable.


                                       11
<PAGE>   14

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001

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

       RESULTS OF OPERATION (CONTINUED)

       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 $17,650 and $52,658
       for the three months ended March 31, 2001 and 2000, respectively. General
       and administrative expenses were $14,574 and $9,449 for the periods ended
       March 31, 2001 and 2000, 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 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"), 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.

       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.


                                       12
<PAGE>   15

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001

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

       RESULTS OF OPERATION (CONTINUED)

       During the three months ended March 31, 2001, the Partnership sold its
       interest in one limited partnership for a net payment of $65,000. The
       Partnership recognized a gain of $65,000 from the sale because it had no
       investment balance related to this partnership.

       On December 30, 1998, after obtaining the consents of the limited
       partners, the Partnership sold its limited partnership interests in 7
       local limited partnerships to affiliates of Casden Properties Inc. 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,
       primarily using proceeds from the sale of the partnership interests.


                                       13
<PAGE>   16

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001

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 second action has been
subsumed in the first action, which has been certified as a class action. The
managing general partner of such NAPICO managed partnerships and the other
defendants believe that the plaintiffs' claims are without merit and intend to
contest the actions vigorously.

As of March 31, 2001, 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 March
              31, 2001.


                                       14
<PAGE>   17

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001

                                   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:  MAY 15, 2001
                                        ----------------------------------------


                                        /s/ BRIAN H. SHUMAN
                                        ----------------------------------------
                                        Brian H. Shuman
                                        Chief Financial Officer


                                   Date:  MAY 15, 2001
                                        ----------------------------------------


                                       15