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

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2003


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

              For the transition period from __________ to __________

                         Commission file number 0-13808


                            HOUSING PROGRAMS LIMITED
             (Exact name of registrant 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)

<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                                  BALANCE SHEET
                                 (in thousands)

                                 MARCH 31, 2003
                                   (Unaudited)



                             ASSETS

Investments in local limited partnerships (Note 3)                       $ --
Cash and cash equivalents                                                   2

            Total assets                                                  $ 2

               LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
   Notes payable in default (Note 1)                                    $ 4,600
   Accrued interest payable in default (Note 1)                           7,433
   Accrued fees due to affiliates (Note 4)                                1,321
   Accounts payable                                                         160
   Advances due to affiliates                                               101

                                                                          13,615
Commitments and Contingencies

Partners' deficit:
   General partners                                                        (387)
   Limited partners                                                     (13,226)

                                                                        (13,613)

            Total liabilities and partners' deficit                       $ 2

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


<PAGE>





                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

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



                                                          Three Months Ended
                                                              March 31,
                                                        2003              2002
  OPERATING EXPENSES:
    Management fee - partners (Note 4)                  $ 49              $ 50
    General and administrative (Note 4)                      6               11
    Legal and accounting                                    14               21
    Interest                                               108              109
          Total operating expenses                         177              191

  Loss from Partnership operations                        (177)            (191)
  Equity in loss of limited partnerships
    (Note 3)                                                --              (30)

  Net loss                                             $ (177)           $ (221)

  Net loss to general partners (1%)                     $ (2)             $ (2)
  Net loss to limited partners (99%)                      (175)            (219)

                                                       $ (177)           $ (221)
  Net loss per limited partnership interest
    (Note 2)                                           $(14.15)         $(17.71)

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


<PAGE>




                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                        General          Limited
                                       Partners          Partners          Total

Partners' deficit,
<S>        <C> <C>                      <C>              <C>              <C>
  December 31, 2002                     $ (385)          $(13,051)        $(13,436)

Net loss for the three months
  ended March 31, 2003                       (2)             (175)            (177)

Partners' deficit,
  March 31, 2003                        $ (387)          $(13,226)        $(13,613)


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

</TABLE>

<PAGE>

                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                       Three Months Ended
                                                                           March 31,
                                                                      2003            2002
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                  <C>             <C>
  Net loss                                                           $ (177)         $ (221)
  Adjustments to reconcile net loss to net cash (used in)
   provided by operating activities:
     Equity in loss of limited partnerships                              --              30
     Increase in:
      Accrued interest payable                                          108             109
      Accounts payable and accrued expenses                              12              13
      Accrued fees due to affiliates                                     54              91
         Net cash (used in) provided by operating activities             (3)             22

CASH FLOWS FROM INVESTING ACTIVITIES:
  Advances to local limited partnerships                                 --             (31)

NET DECREASE IN CASH AND CASH EQUIVALENTS                                (3)             (9)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                            5               9

CASH AND CASH EQUIVALENTS, END OF PERIOD                              $ 2             $ --


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

</TABLE>

<PAGE>



                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2003


NOTE 1 - GOING CONCERN

The  accompanying  unaudited  financial  statements have been prepared  assuming
Housing Programs Limited ("HPL" or the  "Partnership")  will continue as a going
concern.  The Partnership  continues to generate recurring  operating losses and
suffers  from a lack  of cash as well  as a  partners'  deficit.  The  Corporate
General  Partner  may  approve  advances  to the  Partnership  to  fund  certain
operating expenses;  however, it is not required to take such action. Management
is in  discussions  with the  Corporate  General  Partner  to fund  the  current
shortfall.

Two of the  Partnership's  investments,  Evergreen and Plaza  Village,  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%.  Total  outstanding  accrued  interest  at March 31,  2003 is
approximately  $7,433,000.  The notes  matured in 1999.  These  obligations  and
related interest are collateralized by the Partnership's investment in the local
limited  partnership,  as  defined  in the  notes.  Unpaid  interest  was due at
maturity of the notes.  Apartment  Investment and Management Company, a Maryland
corporation  ("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 and is in default under the terms of
the notes.  Management  is  attempting  to negotiate  extensions of the maturity
dates  on  the  notes  payable.  If  the  negotiations  are  unsuccessful,   the
Partnership  could  lose  its  investment  in  these  limited   partnerships  to
foreclosure.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going concern.  The financial statements do not include
any adjustments to reflect the possible future effects of the recoverability and
classification  of assets or amounts and  classification of liabilities that may
result from these uncertainties.

NOTE 2 - 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, 2002.  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,  2003 and the results of  operations  and changes in cash flows for
the three months ended March 31, 2003 and 2002.

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"),  Coast Housing Investment  Associates (CHIA), a limited  partnership,
and Housing Programs Corporation II (collectively, the "General Partners").

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. NAPICO is
the corporate general partner of the Partnership.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other transaction  documents with AIMCO and certain of its subsidiaries,
pursuant to which, on March 11, 2002, AIMCO acquired Casden  Properties Inc. and
its  subsidiaries,  including  100% of the stock of  NAPICO.  Prior to March 11,
2002, Casden  Properties Inc. owned 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, owned 95% of the voting common stock of NAPICO prior to
March 11, 2002. As a result of this  transaction,  the Corporate General Partner
became a subsidiary of AIMCO, a publicly traded real estate investment trust.

Basis of Presentation

The  accompanying  financial  statements  have been prepared in conformity  with
generally accepted accounting principles 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.  Acquisition,  selection fees and other costs related to the acquisition
of the projects have been  capitalized to the  investment  account and are being
amortized by the straight line method 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 both periods presented.

Recent Accounting Pronouncements

In  January  2003,  the  FASB  issued  FASB  Interpretation  No.  46  ("FIN46"),
"Consolidation of Variable Interest Entities,  an Interpretation of ARB No. 51."
FIN46 requires  certain  variable  interest  entities to be  consolidated by the
primary  beneficiary of the entity if the equity  investors in the entity do not
have the  characteristics  of a  controlling  financial  interest or do not have
sufficient  equity at risk for the  entity to  finance  its  activities  without
additional subordinated financial support from other parties. FIN46 is effective
for all new variable  interest  entities  created or acquired  after January 31,
2003. For variable  interest  entities  created or acquired prior to February 1,
2003,  the  provisions  of FIN46 must be applied for the first interim or annual
period  beginning after June 15, 2003. The  Partnership is currently  evaluating
the  effect,  if any,  that the  adoption  of FIN46 will have on its  results of
operations and financial condition.

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of March 31, 2003, the  Partnership  holds limited  partnership  interests in
seven local limited partnerships (the "Local Limited Partnerships"). As of March
31, 2003,  the seven Local Limited  Partnerships  owned  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,  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 March 31, 2003.

The following are unaudited combined estimated  statements of operations for the
three months ended March 31, 2003 and 2002 for the Local Limited Partnerships in
which the Partnership has investments (in thousands):

                               Three Months Ended
                                    March 31,
                              2003           2002
Revenues
  Rental and other          $ 1,811         $ 1,885

Expenses
  Operating                   1,341           1,402
  Interest                      244             242
  Depreciation                  366             374
                              1,951           2,018

Net loss                     $ (140)        $ (133)

NAPICO,  or one of its affiliates,  is the general partner and property  manager
for certain of the Local Limited  Partnerships  included above. During the three
months  ended  March 31,  2003 and 2002,  affiliates  of the  Corporate  General
Partner were paid approximately $25,000 and $22,000, respectively, for providing
property management services.

Four of the Local Limited Partnerships have outstanding purchase money notes and
accrued  interest  that matured in December  2000.  In  addition,  a fifth Local
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 March 31, 2003.

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 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 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 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 three months ended March 31, 2003
and 2002,  approximately $49,000 and $50,000,  respectively,  has been expensed.
The unpaid balance at March 31, 2003 is approximately $1,297,000.

The Partnership  reimburses  NAPICO for certain  expenses.  The reimbursement to
NAPICO was approximately $5,000 for the three months ended March 31, 2002 and is
included in general and administrative  expenses. No such payments were made for
the three months ended March 31, 2003.  The unpaid  balance at March 31, 2003 is
approximately $24,000.

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 March 31,  2003,  the
Corporate General Partner had advanced approximately $101,000 for such purposes.

As of March 31, 2003,  the fees and expenses due the general  partners  exceeded
the Partnership's  cash. The general partners,  during the forthcoming year, are
not  expected  to 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.

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 - 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 corporate  general partner) and two investors
holding an  aggregate  of five units of limited  partnership  interests  in Real
Estate Limited Associates VI (another affiliated  partnership in which NAPICO is
the corporate general partner) commenced an action in the United States District
Court for the Central  District of California  against  NAPICO and certain other
defendants.  The complaint alleged that the defendants  breached their fiduciary
duty to the limited partners of certain NAPICO managed partnerships and violated
securities  laws by making  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  sought
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  entities.  The second action was subsumed in the first
action,  and was  certified as a class  action.  On August 21, 2001,  plaintiffs
filed a supplemental complaint,  which added new claims,  including a rescission
of the transfer of partnership  interests and an  accounting.  In November 2002,
the jury returned  special  verdicts against NAPICO and certain other defendants
in the amount of  approximately  $25.2 million for violations of securities laws
and against  NAPICO for  approximately  $67.3  million for breaches of fiduciary
duty. In addition,  the jury awarded the  plaintiffs  punitive  damages  against
NAPICO of  approximately  $92.5  million.  On April 29, 2003,  the Court entered
judgment  against  NAPICO and certain  other  defendants  in the amount of $25.2
million for  violations of securities  laws and against NAPICO for $67.3 million
for breaches of fiduciary duty, both amounts plus interest of $25.6 million, and
for punitive  damages  against NAPICO in the amount of $2.6 million.  NAPICO has
appealed the judgment.  Since the amount of the judgment  substantially  exceeds
NAPICO's  net  worth,  NAPICO  cannot  post a bond  for the full  amount  of the
judgment in order to stay execution of the judgment  during the appeal  process.
NAPICO has asserted its right to indemnification  from the prior shareholders of
Casden   Properties   Inc.   pursuant  to   documents,   including   the  Master
Indemnification  Agreement  dated as of December 3, 2001,  related to the NAPICO
acquisition,  which  was  completed  in  March  2002.  On May 13,  2003,  NAPICO
commenced  an action  in New York  against  the  former  shareholders  of Casden
Properties Inc. for damages  relating to the litigation.  In connection with the
judgment,  the plaintiffs  issued a press release  indicating their intention to
file a motion to seek to have a court-appointed  receiver take possession of all
of NAPICO's assets,  liquidate or operate  NAPICO's assets,  recover assets that
allegedly   may  have  been  conveyed  by  NAPICO  for  improper  or  inadequate
consideration  prior to the receivership,  and enforce NAPICO's rights under the
Master Indemnification Agreement.  NAPICO will vigorously oppose the motion. The
Corporate  General  Partner cannot  predict the outcome of these  matters,  what
other actions that may be pursued by the plaintiffs to satisfy the judgment,  or
the impact, if any, on the Partnership.

The holder of a purchase  money  promissory  note issued by  Cloverleaf  limited
partnership,  one of the  Partnership's  investments,  in the amount of $845,000
plus  accrued  interest  payable of  $1,197,000  as of March 31,  2003,  filed a
foreclosure action against the Cloverleaf limited  partnership.  The Partnership
and other defendants have answered the complaint and intend to vigorously defend
this action.  The  Partnership  has no investment  balance related to this Local
Limited Partnership.

The holders of three cash flow notes,  with an  aggregate  principal  balance of
$3,825,000,  issued by Oshtemo Limited Dividend Housing Association,  one of the
Partnership's investments,  filed a suit on June 18, 2002 to reduce the notes to
judgment and  foreclosure  on the  Partnership's  interest in this Local Limited
Partnership.  As of March 31, 2003,  the parties had reached a settlement  which
requires the Local  Limited  Partnership  to  refinance  the property by May 31,
2003. The proceeds from the  refinancing  will be used to settle the outstanding
notes. The suit has been stayed until May 31, 2003, pending  consummation of the
settlement.  The  Partnership  has no investment  balance  related to this Local
Limited Partnership.

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.

<PAGE>

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.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  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; 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  and  is  studying  new  federal  laws,   including  the
Sarbanes-Oxley  Act of 2002. 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, including increased legal and audit
fees.

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.

The  accompanying   financial   statements  have  been  prepared   assuming  the
Partnership  will  continue as a going  concern.  The  Partnership  continues to
generate recurring operating losses and suffers from a lack of cash as well as a
partners'  deficit.  The Corporate  General Partner may approve  advances to the
Partnership to fund certain operating  expenses;  however, it is not required to
take such action.  In addition,  the  Partnership is in default on notes payable
and related accrued interest payable that matured in December 1999.

Two of the  Partnership's  investments,  Evergreen and Plaza  Village,  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. Total outstanding accrued interest at March 31, 2003 is
approximately $7,433,000.  The notes matured in December 1999. These obligations
and the related interest are  collateralized by the Partnership's  investment in
the local limited  partnerships  and are payable only out of cash  distributions
from the local limited  partnerships,  as defined in the notes.  Unpaid interest
was due at maturity of the notes.  The Partnership has not made any payments and
is in  default  under  the  terms of the  notes.  Management  is  attempting  to
negotiate  extensions  of the  maturity  dates  on  the  notes  payable.  If the
negotiations  are  unsuccessful,  the  Partnership  could lose its investment in
these Local Limited  Partnerships to foreclosure.  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.

As a result of the above,  there is  substantial  doubt about the  Partnership's
ability to continue as a going concern.  The financial statements do not include
any adjustments to reflect the possible future effects of the recoverability and
classification of assets or amounts and  classifications of liabilities that may
result from these uncertainties.

Four of the Local Limited Partnerships have outstanding purchase money notes and
accrued  interest  that matured in December  2000.  In  addition,  a fifth Local
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 March 31, 2003.

Results of Operations

Partnership  revenues consist  primarily of interest income earned on investment
of funds.  The Partnership  also receives  distributions  from the Local Limited
Partnerships in which it has invested.

Except for investing cash in money market funds, the  Partnership's  investments
consist  entirely  of  interests  in other  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  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.

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 $49,000 and $50,000 for the three months ended March 31,
2003 and 2002, respectively.

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 March 31,  2003,  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
$14,000  and  $21,000  for the  three  months  ended  March  31,  2003 and 2002,
respectively.  General and administrative expenses were approximately $6,000 and
$11,000 for the periods ended March 31, 2003 and 2002, respectively.

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 and 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.  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 three months
ended March 31, 2002 the Partnership  recognized equity in loss of approximately
$30,000 resulting from advances made to Local Limited  Partnerships.  Management
believed that  repayment of these  advances was doubtful and fully reserved them
in 2002. The Partnership did not make any advances in the same period in 2003.

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 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.

ITEM 3.     CONTROLS AND PROCEDURES

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, within 90 days of
the filing date of this quarterly  report,  evaluated the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.


<PAGE>




                           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 corporate  general partner) and two investors
holding an  aggregate  of five units of limited  partnership  interests  in Real
Estate Limited Associates VI (another affiliated  partnership in which NAPICO is
the corporate general partner) commenced an action in the United States District
Court for the Central  District of California  against  NAPICO and certain other
defendants.  The complaint alleged that the defendants  breached their fiduciary
duty to the limited partners of certain NAPICO managed partnerships and violated
securities  laws by making  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  sought
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  entities.  The second action was subsumed in the first
action,  and was  certified as a class  action.  On August 21, 2001,  plaintiffs
filed a supplemental complaint,  which added new claims,  including a rescission
of the transfer of partnership  interests and an  accounting.  In November 2002,
the jury returned  special  verdicts against NAPICO and certain other defendants
in the amount of  approximately  $25.2 million for violations of securities laws
and against  NAPICO for  approximately  $67.3  million for breaches of fiduciary
duty. In addition,  the jury awarded the  plaintiffs  punitive  damages  against
NAPICO of  approximately  $92.5  million.  On April 29, 2003,  the Court entered
judgment  against  NAPICO and certain  other  defendants  in the amount of $25.2
million for  violations of securities  laws and against NAPICO for $67.3 million
for breaches of fiduciary duty, both amounts plus interest of $25.6 million, and
for punitive  damages  against NAPICO in the amount of $2.6 million.  NAPICO has
appealed the judgment.  Since the amount of the judgment  substantially  exceeds
NAPICO's  net  worth,  NAPICO  cannot  post a bond  for the full  amount  of the
judgment in order to stay execution of the judgment  during the appeal  process.
NAPICO has asserted its right to indemnification  from the prior shareholders of
Casden   Properties   Inc.   pursuant  to   documents,   including   the  Master
Indemnification  Agreement  dated as of December 3, 2001,  related to the NAPICO
acquisition,  which  was  completed  in  March  2002.  On May 13,  2003,  NAPICO
commenced  an action  in New York  against  the  former  shareholders  of Casden
Properties Inc. for damages  relating to the litigation.  In connection with the
judgment,  the plaintiffs  issued a press release  indicating their intention to
file a motion to seek to have a court-appointed  receiver take possession of all
of NAPICO's assets,  liquidate or operate  NAPICO's assets,  recover assets that
allegedly   may  have  been  conveyed  by  NAPICO  for  improper  or  inadequate
consideration  prior to the receivership,  and enforce NAPICO's rights under the
Master Indemnification Agreement.  NAPICO will vigorously oppose the motion. The
Corporate  General  Partner cannot  predict the outcome of these  matters,  what
other actions that may be pursued by the plaintiffs to satisfy the judgment,  or
the impact, if any, on the Partnership.

The holder of a purchase  money  promissory  note issued by  Cloverleaf  limited
partnership,  one of the  Partnership's  investments,  in the amount of $845,000
plus  accrued  interest  payable of  $1,197,000  as of March 31,  2003,  filed a
foreclosure action against the Cloverleaf limited  partnership.  The Partnership
and other defendants have answered the complaint and intend to vigorously defend
this action.  The  Partnership  has no investment  balance related to this Local
Limited Partnership.

The holders of three cash flow notes,  with an  aggregate  principal  balance of
$3,825,000,  issued by Oshtemo Limited Dividend Housing Association,  one of the
Partnership's investments,  filed a suit on June 18, 2002 to reduce the notes to
judgment and  foreclosure  on the  Partnership's  interest in this Local Limited
Partnership. As of December 31, 2002, the parties had reached a settlement which
requires the Local  Limited  Partnership  to  refinance  the property by May 31,
2003. The proceeds from the  refinancing  will be used to settle the outstanding
notes. The suit has been stayed until May 31, 2003, pending  consummation of the
settlement.  The  Partnership  has no investment  balance  related to this Local
Limited Partnership.

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.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  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.

                  Exhibit 99, Certification  Pursuant to 18 U.S.C. Section 1350,
                  as Adopted Pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.

            b) Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2003.


<PAGE>


                                   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, Chief Executive Officer
                                          and Director


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


                                    Date: May 15, 2003


<PAGE>



                                  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  quarterly  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 quarterly
report;


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

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


<PAGE>



                                  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  quarterly  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 quarterly
report;


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

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


<PAGE>


Exhibit 99


                          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 Ltd.
(the "Partnership"), for the quarterly period ended March 31, 2003 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:  May 15, 2003


                                    /s/  Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  May 15, 2003


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