<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


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

                  For the Quarterly Period Ended JUNE 30, 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 JUNE 30, 2001




<TABLE>
PART I.  FINANCIAL INFORMATION

<S>                                                                               <C>
         Item 1.  Financial Statements

                 Balance Sheets, June 30, 2001 and December 31, 2000 ..............1

                 Statements of Operations,
                          Six and Three Months Ended June 30, 2001 and 2000........2

                 Statement of Partners' Deficiency,
                          Six Months Ended June 30, 2001 ..........................3

                 Statements of Cash Flow,
                          Six Months Ended June 30, 2001 and 2000..................4

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

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


PART II.  OTHER INFORMATION

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

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

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



<PAGE>   3

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 2001 AND DECEMBER 31, 2000

                                     ASSETS

<TABLE>
<CAPTION>
                                                                          2001
                                                                       (Unaudited)           2000
                                                                      ------------       ------------

<S>                                                                   <C>                <C>
INVESTMENTS IN LIMITED PARTNERSHIPS  (Note 2)                         $          -       $          -

CASH AND CASH EQUIVALENTS                                                  130,026            372,546

DUE FROM ESCROW                                                                  -             15,000
                                                                      ------------       ------------
          TOTAL ASSETS                                                $    130,026       $    387,546
                                                                      ============       ============

                      LIABILITIES AND PARTNERS' DEFICIENCY

LIABILITIES:
     Notes payable (Notes 3 and 6)                                    $  4,600,000       $  4,600,000
     Accrued fees and expenses due general
         partners (Note 4)                                               1,020,289          1,097,089
     Accrued interest payable (Notes 3 and 6)                            6,670,361          6,451,861
     Accounts payable                                                       78,842             69,855
                                                                      ------------       ------------
                                                                        12,369,492         12,218,805
                                                                      ------------       ------------

COMMITMENTS AND CONTINGENCIES
    (Notes 4 and 5)

PARTNERS' DEFICIENCY:
     General partners                                                     (373,142)          (369,060)
     Limited partners                                                  (11,866,324)       (11,462,199)
                                                                      ------------       ------------
                                                                       (12,239,466)       (11,831,259)
                                                                      ------------       ------------
           TOTAL LIABILITIES AND PARTNERS'
                DEFICIENCY                                            $    130,026       $    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
                SIX AND THREE MONTHS ENDED JUNE 30, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                       Six months      Three months    Six months      Three months
                                                         ended            ended           ended           ended
                                                     June 30, 2001    June 30, 2001   June 30, 2000   June 30, 2000
                                                     -------------    -------------   -------------   -------------
<S>                                                  <C>              <C>             <C>             <C>
INTEREST INCOME                                         $   6,027       $   1,736       $     150       $      50
                                                        ---------       ---------       ---------       ---------

OPERATING EXPENSES:
     Management fees - general partner (Note 4)           100,599          49,797         130,556          50,360
     General and administrative (Note 4)                   29,458          14,884          32,899          23,450
     Legal and accounting                                  45,289          27,639          70,024          17,366
     Interest (Notes 3)                                   218,500         109,250         218,500         109,250
                                                        ---------       ---------       ---------       ---------

        Total operating expenses                          393,846         201,570         451,979         200,426
                                                        ---------       ---------       ---------       ---------

LOSS FROM OPERATIONS                                     (387,819)       (199,834)       (451,829)       (200,376)

EQUITY IN INCOME OF LIMITED
    PARTNERSHIPS (Note 2)                                 (96,589)        (96,589)

GAIN ON SALE OF LIMITED
     PARTNERSHIP INTEREST (Note 2)                         65,000               -         323,759          75,582

DISTRIBUTIONS FROM LIMITED
     PARTNERSHIPS RECOGNIZED
     AS INCOME (Note 2)                                    11,201          11,201         102,607         102,607
                                                        ---------       ---------       ---------       ---------
NET LOSS                                                $(408,207)      $(285,222)      $ (25,463)      $ (22,187)
                                                        =========       =========       =========       =========
NET LOSS PER LIMITED PARTNERSHIP
        INTEREST                                        $     (33)      $     (23)      $      (2)      $      (2)
                                                        =========       =========       =========       =========
</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
                         SIX MONTHS ENDED JUNE 30, 2001
                                   (Unaudited)


<TABLE>
<CAPTION>

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

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

                Net loss for the six months
                ended June 30, 2001                           (4,082)           (404,125)         (408,207)
                                                           ----------       ------------      ------------
         DEFICIENCY, June 30, 2001                         $ (373,142)      $(11,866,324)     $(12,239,466)
                                                           ==========       ============      ============
</TABLE>




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


                                        3

<PAGE>   6



                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                     SIX MONTHS ENDED JUNE 30, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                             2001            2000
                                                                         -----------      ----------
<S>                                                                       <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                                             $(408,207)      $ (25,463)
     Adjustments to reconcile net loss to net cash used in
        operating activities:
            Gain on sale of partnership interests                           (65,000)       (323,759)
            Equity in income of Limited Partnership                          96,589
            Decrease in due from escrow                                      15,000               -
            Increase in accrued interest payable                            218,500         218,500
            Decrease in accrued fees and expenses
                    due general partners                                    (76,800)       (100,444)
            Increase in accounts payable                                      8,987           6,487
                                                                          ---------       ---------
                  Net cash used in operating activities                    (210,931)       (224,679)
                                                                          ---------       ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
        Proceeds from sales of partnership interests                         65,000         323,759
        Advance to properties                                               (96,589)              -
                                                                          ---------       ---------
                 Net cash (used in) provided by investing activities        (31,589)        323,759
                                                                          ---------       ---------
NET INCREASE (DECREASE) IN CASH AND
     CASH EQUIVALENTS                                                      (242,520)         99,080
                                                                          ---------       ---------
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                              372,546         817,796
                                                                          ---------       ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                  $ 130,026       $ 916,876
                                                                          =========       =========
</TABLE>





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



                                       4
<PAGE>   7

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 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. National Partnership Investments Corp. (NAPICO) is the
        managing general partner of the Partnership. Accounting measurements at
        interim dates inherently involve greater reliance on estimates than at
        year end. The results of operations for the interim period presented are
        not necessarily indicative of the results for the entire year.

        In the opinion of NAPICO, the accompanying unaudited financial
        statements contain all adjustments (consisting primarily of normal
        recurring accruals) necessary to present fairly the financial position
        of the Partnership at June 30, 2001 and the results of operations and
        changes in cash flows for the six and three months then ended.

        ORGANIZATION

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



                                       5
<PAGE>   8
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         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.

         USE OF ESTIMATES

         The preparation of financial statements in conformity with accounting
         principles generally accepted in the United States of America requires
         management to make estimates and assumptions that affect the reported
         amounts of assets and liabilities and disclosure of contingent assets
         and liabilities at the date of the financial statements and reported
         amounts of revenues and expenses during the reporting period. Actual
         results could differ from those estimates.

         METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

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

         NET LOSS PER LIMITED PARTNERSHIP INTEREST

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




                                       6
<PAGE>   9
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         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 with high
         credit quality financial institutions. Such cash and cash equivalents
         are in excess of the FDIC insurance limit.

         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.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

         As of June 30, 2001, the Partnership holds limited partnership
         interests in 10 limited partnerships, located in 5 different states. As
         of June 30, 2001, the limited partnerships own residential low income
         rental projects consisting of 1,685 apartment units. The mortgage loans
         of these projects are payable to or insured by various governmental
         agencies.

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

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


                                       7
<PAGE>   10
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

         The Partnership has no carrying value in investments in limited
         partnerships as of June 30, 2001.

         The following are unaudited combined estimated statements of operations
         for the six and three months ended June 30, 2001 and 2000 for the
         limited partnerships in which the Partnership has investments:
<TABLE>
<CAPTION>

                                           Six months            Three months            Six months           Three months
                                              ended                  ended                  ended                 ended
                                          June 30, 2001          June 30, 2001          June 30, 2000         June 30, 2000
                                          -------------          -------------          -------------         -------------
<S>                                         <C>                    <C>                    <C>                   <C>
         INCOME
            Rental and Other                $3,784,000             $1,892,000             $5,160,000           $2,580,000
                                            ----------             ----------             ----------           ----------

         EXPENSES
            Depreciation                       724,000                362,000              1,034,000              517,000
            Interest                           484,000                242,000                876,000              438,000
            Operating                        2,678,000              1,339,000              3,756,000            1,878,000
                                           -----------            -----------            -----------          -----------

                Total expenses               3,886,000              1,943,000              5,666,000            2,833,000
                                           -----------            -----------             -----------         -----------

         NET LOSS                          $  (102,000)           $   (51,000)            $ (506,000)          $ (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. The Local Partnerships pay the affiliate property management
         fees in the amount of 5 percent of their gross rental revenues and data
         processing fees. The amounts paid were approximately $29,261 for the
         six months ended June 30, 2001.

         Under recently adopted law and policy, the United States Department of
         Housing and Urban Development ("HUD") has determined not to renew the
         Housing Assistance Payment ("HAP") Contracts on a long term basis on
         the existing terms. In connection with renewals of the HAP Contracts
         under such new law and policy, the amount of rental assistance payments
         under renewed HAP Contracts will be based on market rentals instead of
         above market rentals, which may be the case under existing HAP
         Contracts. The payments under the renewed HAP



                                       8
<PAGE>   11
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

         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.

         During the six months ended June 30, 2001, the Partnership surrendered
         its interests 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, the Partnership sold its limited partnership
         interests in 7 local limited partnerships to the Operating Partnership.
         The sale resulted in cash proceeds to the Partnership of $202,714 which
         was collected in 1999. In March 1999, the Partnership made cash
         distributions of $695,687 to the limited partners and $7,027 to the
         general partners, which included using proceeds from the sale of the
         partnership interests.



                                       9
<PAGE>   12
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 3 - NOTES PAYABLE

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

         Notes payable and related accrued interest payable aggregating
         $11,270,361 as of June 30, 2001 matured on December 31, 1999. Due to
         the Partnership's lack of cash and partners' deficiency, there is
         substantial doubt about its ability to satisfy these obligations, which
         would result in the possible foreclosure of the investments in the
         local limited partnerships. As a result, there is substantial doubt
         about the Partnerships' ability to continue as a going concern.

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

NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS

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

         The Partnership reimburses NAPICO for certain expenses. The expenses
         incurred to NAPICO was approximately $10,997 and $10,000 for the period
         ended June 30, 2001 and June 30, 2000, respectively.



                                       10
<PAGE>   13
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS (CONTINUED)

         As of June 30, 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.
         NAPICO, the managing general partner of such partnerships, and the
         other defendants believe that the plaintiffs' claims are without merit
         and are contesting the actions vigorously.

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



                                       11
<PAGE>   14
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001

NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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



                                       12
<PAGE>   15
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 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
         1999, which included using proceeds from disposition of its investments
         in certain limited partnerships.

         RESULTS OF OPERATIONS

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

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

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

         A recurring partnership expense is the annual management fee. The fee
         is payable to the General Partners of the Partnership and is calculated
         at .5 percent of the Partnership's invested assets. The management fee
         is paid to the General Partners for their continuing management of
         partnership affairs. The fee is payable beginning with the month
         following the Partnership's initial investment in a local limited
         partnership. Management fees were $100,599 and $130,556 for the six
         months ended June 30, 2001 and 2000, respectively.



                                       13
<PAGE>   16
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2001

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

         RESULTS OF OPERATIONS (CONTINUED)

         The Partnership is obligated on non-recourse notes payable of
         $4,600,000 at June 30, 2001 and December 31, 2000, which bear interest
         at 9.5 percent per annum and matured on December 31, 1999. The notes
         and related interest are payable from cash flow generated from
         operations of the related rental properties as defined in the notes.
         These obligations are collateralized by the Partnership's investments
         in the limited partnerships. Unpaid interest was due at maturity of the
         notes.

         Operating expenses, other than management fees and interest expense,
         consist of legal and accounting fees for services rendered to the
         Partnership and administrative expenses, which were generally
         consistent for periods presented. Legal and accounting fees were
         $45,289 and $70,024 for the six months ended June 30, 2001 and 2000,
         respectively. General and administrative expenses were $29,458 and
         $32,899 for the six months ended June 30, 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 recently adopted law and policy, the United States Department of
         Housing and Urban Development ("HUD") has determined not to renew the
         Housing Assistance Payment ("HAP") Contracts on a long term basis on
         the existing terms. In connection with renewals of the HAP Contracts
         under such new law and policy, the amount of rental assistance payments
         under renewed HAP Contracts will be based on market rentals instead of
         above market rentals, which may be the case under existing HAP
         Contracts. The payments under the renewed HAP Contracts may not be in
         an amount that would provide sufficient cash flow to permit owners of
         properties subject to HAP Contracts to meet the debt service
         requirements of existing loans insured by the Federal Housing
         Administration of HUD ("FHA") unless such mortgage loans are
         restructured. In order to address the reduction in payments under HAP
         Contracts as a result of this new policy, the Multi-family Assisted
         Housing Reform and Affordability Act of 1997



                                       14
<PAGE>   17
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2001


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

         RESULTS OF OPERATION (CONTINUED)

         ("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 six months ended June 30, 2001, the Partnership surrendered
         its interests 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, the Partnership sold its limited partnership
         interests in 7 local limited partnerships to the subsidiaries of Casden
         Properties Inc. The sale resulted in cash proceeds to the Partnership
         of $202,714, 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.

         Notes payable and related accrued interest payable aggregating
         $11,270,361 as of June 30, 2001 matured on December 31, 1999. Due to
         the Partnership's lack of cash and partners' deficiency, there is
         substantial doubt about its ability to satisfy these obligations, which
         would



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<PAGE>   18
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2001

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

         RESULTS OF OPERATION (CONTINUED)

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

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



                                       16
<PAGE>   19
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 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. NAPICO, the managing general
partner of such partnerships, and the other defendants believe that the
plaintiffs' claims are without merit and are contesting the actions vigorously.

As of June 30, 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 ended
              June 30, 2001.




                                       17
<PAGE>   20
                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 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:  August 14, 2001
                                          -------------------------------------



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


                                      Date:  August 14, 2001
                                           ------------------------------------



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