<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, 1997

                         Commission File Number 2-92352

                            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, 1997

<TABLE>
<CAPTION>

PART I.  FINANCIAL INFORMATION

            Item 1.  Financial Statements

<S>                                                                                        <C>
                  Balance Sheets, June 30, 1997 and December 31, 1996 ......................1

                  Statements of Operations,
                        Six and Three Months Ended June 30, 1997 and 1996...................2

                  Statement of Partners' Deficiency,
                        Six Months Ended June 30, 1997 .....................................3

                  Statements of Cash Flow,
                        Six Months Ended June 30, 1997 and 1996.............................4

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

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


PART II.  OTHER INFORMATION

            Item 1.  Legal Proceedings.....................................................12

            Item 6.  Exhibits and Reports on Form 8-K......................................12

            Signatures  ...................................................................13
</TABLE>


<PAGE>   3


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 1997 AND DECEMBER 31, 1996

                                     ASSETS


<TABLE>
<CAPTION>
                                                                   1997                1996
                                                                (Unaudited)          (Audited)
                                                                ------------        ------------
<S>                                                            <C>                 <C>         

         INVESTMENTS IN LIMITED PARTNERSHIPS
             (Notes 1 and 2)                                    $ 13,165,812        $ 14,364,056

         CASH AND CASH EQUIVALENTS (Note 1)                        1,267,265             948,476

         OTHER ASSETS                                                 64,299                   -

                                                                ------------        ------------

                   TOTAL ASSETS                                 $ 14,497,376        $ 15,312,532
                                                                ============        ============


LIABILITIES AND PARTNERS' DEFICIENCY

         LIABILITIES:
              Notes payable (Notes 3 and 6)                     $  8,669,743        $ 10,169,743
              Accrued interest payable (Notes 3 and 6)             9,535,399          10,811,557
              Accrued fees and expenses due general
                  partners (Note 4)                                1,480,373           1,317,044
              Accounts payable                                        18,354              30,905
                                                                ------------        ------------

                                                                  19,703,869          22,329,249
                                                                ------------        ------------

         COMMITMENTS AND CONTINGENCIES (Notes 2, 4 and 5)

         PARTNERS' DEFICIENCY:
              General partners                                      (302,811)           (320,913)
              Limited partners                                    (4,903,682)         (6,695,804)
                                                                ------------        ------------

                                                                  (5,206,493)         (7,016,717)
                                                                ------------        ------------
                    TOTAL LIABILITIES AND PARTNERS'
                         DEFICIENCY                             $ 14,497,376        $ 15,312,532
                                                                ============        ============
</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, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                       Six months        Three months       Six months        Three months
                                                         ended              ended              ended              ended
                                                     June  30, 1997     June  30, 1997     June  30, 1996     June  30, 1996
                                                      -----------        -----------        -----------        -----------

<S>                                                  <C>                <C>                <C>                <C>        
INTEREST INCOME                                       $    24,996        $    12,958        $    19,563        $    12,847

OPERATING EXPENSES:
     Management fees - general partner (Note 4)           263,326            131,663            263,326            131,663
     General and administrative (Note 4)                   32,131             17,918             25,964             10,946
     Legal and accounting (Note 4)                         74,624             30,141             66,152             21,348
     Interest (Notes 3 and 4)                             505,563            252,781            521,770            252,781
                                                      -----------        -----------        -----------        -----------

       Total operating expenses                           875,644            432,503            877,212            416,738
                                                      -----------        -----------        -----------        -----------

LOSS FROM OPERATIONS                                     (850,648)          (419,545)          (857,649)          (403,891)

DISTRIBUTIONS FROM LIMITED
     PARTNERSHIPS RECOGNIZED
     AS INCOME                                            439,020            305,164            145,401                  -

EQUITY IN INCOME  OF LIMITED
     PARTNERSHIPS AND AMORTIZATION
     OF ACQUISITION COSTS (Note 2)                         72,756             36,378             76,000             38,000
                                                      -----------        -----------        -----------        -----------

NET LOSS BEFORE EXTRAORDINARY GAIN                    $  (338,872)       $   (78,003)       $  (636,248)       $  (365,891)
                                                      ===========        ===========        ===========        ===========

NET INCOME  (LOSS) PER LIMITED PARTNERSHIP
     INTEREST BEFORE EXTRAORDINARY GAIN               $       (27)       $        (6)       $       (51)       $       (30)
                                                      ===========        ===========        ===========        ===========

EXTRAORDINARY GAIN -
    DEBT FORGIVENESS (NOTE 3)                           2,149,096          2,149,096                  -                  -
                                                      -----------        -----------        -----------        -----------

NET INCOME (LOSS) AFTER EXTRAORDINARY GAIN            $ 1,810,224        $ 2,071,093        $  (636,248)       $  (365,891)
                                                      ===========        ===========        ===========        ===========

NET INCOME  (LOSS) PER LIMITED PARTNERSHIP
     INTEREST AFTER EXTRAORDINARY GAIN                $       146        $       167        $       (51)       $       (30)
                                                      ===========        ===========        ===========        ===========
</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, 1997

                                   (Unaudited)


<TABLE>
<CAPTION>
                                           General           Limited
                                          Partners           Partners           Total
                                        -----------        -----------        -----------
<S>                                    <C>                <C>                <C>         
PARTNERSHIP INTERESTS
    June 30, 1997                                               12,368
                                                           ===========

DEFICIENCY, January 1, 1997             $  (320,913)       $(6,695,804)       $(7,016,717)

    Net income for the six months
    ended June 30, 1997                      18,102          1,792,122          1,810,224
                                        -----------        -----------        -----------

DEFICIENCY, June 30, 1997               $  (302,811)       $(4,903,682)       $(5,206,493)
                                        ===========        ===========        ===========
</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, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                              1997               1996
                                                                           -----------        -----------

<S>                                                                        <C>                <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net  income (loss)                                                     $ 1,810,224        $  (636,248)
    Adjustments to reconcile net income (loss) to net cash (used in)
       provided by operating activities:
           Equity in income of limited partnerships
              and amortization of acquisition costs                            (72,756)           (76,000)
           Extraordinary gain - Debt forgiveness                            (2,149,096)                 -
           Increase in accrued interest payable                                374,538            505,563
           Increase in accrued fees and
              expenses due general partners                                    163,329            179,987
           Increase (decrease) in accounts payable                             (12,551)           147,185
                                                                           -----------        -----------

                 Net cash (used in) provided by operating activities           113,688            120,487
                                                                           -----------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Distributions from limited partnerships
       recognized as a return of capital                                       205,101             71,064
                                                                           -----------        -----------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                      318,789            191,551

CASH AND CASH EQUIVALENTS,  BEGINNING OF PERIOD                                948,476            595,330
                                                                           -----------        -----------

CASH AND CASH EQUIVALENTS,  END OF PERIOD                                  $ 1,267,265        $   786,881
                                                                           ===========        ===========

NON-CASH INVESTING AND  FINANCING ACTIVITIES:

    Repayment of debt by lower-tier partnership
       and foregiveness of debt                                              3,150,696                  -
                                                                           ===========        ===========
</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, 1997


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, 1996. National Partnership
     Investments Corp. ("NAPICO") is a general partner for the Partnership.
     Accounting measurements at interim dates inherently involve greater
     reliance on estimates than at year end. The results of operations for the
     interim period presented are not necessarily indicative of the results for
     the entire year.

     In the opinion of NAPICO, the accompanying unaudited financial statements
     contain all adjustments (consisting primarily of normal recurring accruals)
     necessary to present fairly the financial position of the Partnership at
     June 30, 1997 and the results of operations for the six and three months
     then ended and changes in cash flows for the six months then ended.

     ORGANIZATION

     The Partnership is a limited partnership which was formed under the laws of
     the State of California on May 15, 1984. On September 12, 1984, the
     Partnership offered 3,000 units consisting of 6,000 limited partnership
     interests and warrants to purchase a maximum of 6,000 additional limited
     partnership interests through a public offering .

     The general partners of the Partnership are NAPICO, Housing Programs
     Corporation II and Coast Housing Investment Associates ("CHIA"). LB I Group
     Inc. owns 100 percent of the stock of Housing Programs Corporation II.
     Casden Investment Corp. owns 100 percent of NAPICO's stock. CHIA is a
     limited partnership formed under the California Limited Partnership Act and
     consists of Messrs. Nicholas G. Ciriello, general partner and Charles H.
     Boxenbaum, limited partner. Mr. Boxenbaum is currently the chief executive
     officer of NAPICO. The business of the Partnership is conducted primarily
     by its general partners as the Partnership has no employees of its own.

     USE OF ESTIMATES

     The preparation of financial statements in conformity with generally
     accepted accounting principles 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.


                                       5


<PAGE>   8


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     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
     accounts.

     NET INCOME (LOSS) PER LIMITED PARTNERSHIP INTEREST

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

     CASH AND CASH EQUIVALENTS

     Cash and cash equivalents consist of cash and bank certificates of deposit
     with an original maturity of three months or less.

     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 adopted Statement of Financial Accounting Standards No.
     121, Account for the Improvement of Long-Lived Assets and for Long-Lived
     Assets To Be Disposed Of as of January 1, 1996 without a significant effect
     on its financial statements. 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, 1997, the Partnership holds indirect interests in 17
     properties, as the sole limited partner in various limited partnerships.
     The 17 lower-tier limited partnerships own residential rental projects
     consisting of a total of 2,542 apartment units. The mortgage loans
     encumbering these projects are insured by various governmental agencies.


                                       6


<PAGE>   9


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     The Partnership, as a limited partner, is entitled to 99 percent of the
     income and losses of the lower-tier limited partnerships.

     The Partnership's allocated portion of equity in losses from the lower-tier
     limited partnerships is recognized in the financial statements of the
     Partnership until the Partnership's investment account in the applicable
     lower-tier limited partnership is reduced to a zero balance. Losses
     incurred after the investment account is reduced to zero are not
     recognized.

     Distributions from the limited partnerships are treated as a reduction of
     capital until the Partnership's investment account balance in the
     applicable lower-tier limited partnership has been reduced to the lesser of
     zero or a negative amount equal to future capital contributions required to
     be made by the Partnership to the applicable lower-tier limited
     partnership. Subsequent distributions are treated as income.

     The following is a summary of the Partnership's investment in lower-tier
     limited partnerships for the six months ended June 30, 1997:





<TABLE>
<S>                                                <C>         
Balance, beginning of period                       $ 14,364,056
Amortization of acquisition costs                       (19,244)
Equity in income of limited partnerships                 92,000
Distribution recognized as return of capital         (1,271,000)
                                                   ------------

Balance, end of period                             $ 13,165,812
                                                   ============
</TABLE>


The following are unaudited combined estimated statements of operations for the
six and three months ended June 30, 1997 and 1996 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, 1997      June 30, 1997      June 30, 1996     June 30, 1996
                                     -----------        -----------        -----------        -----------
<S>                                   <C>               <C>                <C>                <C>        
INCOME
   Rental and Other                   $8,968,000        $ 4,484,000        $ 8,566,000        $ 4,283,000
EXPENSES
   Depreciation                        1,766,000            883,000          1,762,000            881,000
   Interest                            1,820,000            910,000          1,854,000            927,000
   Operating                           5,964,000          2,982,000          5,646,000          2,823,000
                                     -----------        -----------        -----------        -----------

       Total expenses                  9,550,000          4,775,000          9,262,000          4,631,000
                                     -----------        -----------        -----------        -----------

NET LOSS                             $  (582,000)       $  (291,000)       $  (696,000)       $  (348,000)
                                     ===========        ===========        ===========        ===========
</TABLE>


                                       7


<PAGE>   10


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997

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 various non-recourse notes
     payable in the aggregate amount of $8,669,743, bearing interest at 9.5
     percent per annum to the various sellers of the partnership interests. The
     notes have principal maturity dates ranging from December 31, 1999 to
     December 2001 or upon sale or refinancing of the underlying partnership
     properties. These obligations and the related interest are collateralized
     by the Partnership's investment in the investee limited partnerships and
     are payable only out of cash distributions from the investee partnerships,
     as defined in the notes. Unpaid interest is due at maturity of the notes.

     On June 30, 1997, the lower-tier partnership that owns Deep Lake Hermitage
     Apartments consummated the sale of the apartment complex for $4,800,000.
     There were two notes payable by the Partnership to sellers of interests in
     the lower-tier partnership that owns the Deep Lake Hermitage property in
     the original aggregate principal amount of $1,500,000, which were secured
     by the Partnership's interest in the local limited partnership. The notes
     were payable in full on October 31, 1996, but were extended to allow
     sufficient time to sell the property. The notes in the principal amount of
     $1,500,000 had accrued interest of $1,650,696, for a total amount due of
     $3,150,696. The Partnership entered into an agreement with the note
     holders, who accepted a reduced payment of $1,000,000 in full satisfaction
     of all obligations, in order to enable the sale of property. This was paid
     by the lower tier partnership from proceeds of the sale. In addition, the
     apartment complex had a first mortgage note of approximately $3,500,000
     which was paid off from proceeds of the sale. The Partnership recognized an
     extraordinary gain of $2,149,096 from the forgiveness of the debt.

NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS

     Under the terms of the Partnership's Restated Certificate and Agreement of
     Limited Partnership, the Partnership is obligated to the general partners
     for an annual management fee equal to 0.5 percent of the 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. For the six months ended
     June 30, 1997 and 1996, the amount accrued was $263,326.

     The Partnership also reimburses NAPICO for certain expenses. The
     reimbursement to NAPICO was $0, and $9,948 for the six months ended June
     30, 1997 and 1996, respectively, and is included in operating expenses.


                                       8


<PAGE>   11


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1997

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

     As of June 30, 1997, the fees and expenses due the general partners
     exceeded the Partnership's cash and cash equivalents and short term
     investments. 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.

     An affiliate of NAPICO is the general partner in ten of the limited
     partnerships, and another affiliate receives property management fees of
     approximately 5 to 6 percent of revenues from five of the ten partnerships.
     For the six months ended June 30, 1997 and 1996, approximately $123,292 and
     $118,900, respectively, was paid to the NAPICO affiliate for property
     management fees.

     Pursuant to a Memorandum of Understanding entered into on August 11, 1995,
     the Partnership paid interest of $16,207 on May 1, 1996 to an affiliate of
     NAPICO, that served as the management company for properties owned by the
     Partnership. The interest relates to funds advanced to the Partnership by
     the master disbursement account maintained by the management company. In
     addition, the Partnership on May 1, 1996 reimbursed Housing Programs
     Corporation II $15,000 for professional fees, which were paid on behalf of
     the Partnership in connection with issues raised in the Memorandum of
     Understanding.

NOTE 5 - CONTINGENCIES

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

NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS

     Statement of Financial Accounting Standards No. 107, "Disclosure about Fair
     Value of Financial Instruments," requires disclosure of fair value
     information about financial instruments, when it is practicable to estimate
     that value. The notes payable are collateralized by the Partnership's
     investments in investee limited partnerships and are payable only out of
     cash distributions from the investee partnerships. The cash flow generated
     by operations of the investee limited partnerships, which account for the
     Partnership's primary source of revenues, are subject to various government
     rules, regulations and restrictions which make it impracticable to estimate
     the fair value of the notes payable and related accrued interest. The
     carrying amount of other assets and liabilities reported on the balance
     sheets that require such disclosure approximates fair value due to their
     short-term maturity.


                                       9


<PAGE>   12



                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997

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 earned
     from investing available cash 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 limited
     partners in any material amount.

     RESULTS OF OPERATIONS

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

     Operating expenses of the Partnership consist of recurring general and
     administrative expenses, professional fees for services rendered to the
     Partnership and accrued interest on the notes payable. In addition, an
     annual Partnership management fee in an amount equal to .5 percent of
     invested assets is payable to the general partners.

     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.

     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.

     On June 30, 1997, the lower-tier partnership that owns Deep Lake Hermitage
     Apartments consummated the sale of the apartment complex for $4,800,000.
     There were two notes payable by the Partnership to sellers of interests in
     the lower-tier partnership that owns the Deep Lake Hermitage property in
     the original aggregate principal amount of $1,500,000, which were secured
     by the Partnership's interest in the local limited partnership. The notes
     were payable in full on October 31, 1996, but were extended to allow
     sufficient time to sell the property. The notes in the principal amount of
     $1,500,000 had accrued interest of $1,650,696, for a total amount due of
     $3,150,696. The Partnership entered into an agreement with the note
     holders, who accepted a reduced payment of $1,000,000 in full satisfaction
     of all obligations, in order to enable the sale of property. This was paid
     by the lower tier partnership from proceeds of the sale.


                                       10


<PAGE>   13


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997

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

     RESULTS OF OPERATION (CONTINUED)

     In addition, the apartment complex had a first mortgage note of
     approximately $3,500,000 which was paid off from proceeds of the sale. The
     Partnership recognized an extraordinary gain of $2,149,096 from the
     forgiveness of the debt.

     Partnership entered into an agreement with the note holders, who accepted a
     reduced payment of $1,000,000 in full satisfaction of all obligations, in
     order to enable the sale of property. This was paid by the lower tier
     partnership from proceeds of the sale. In addition, the apartment complex
     had a first mortgage note of approximately $3,500,000 which was paid off
     from proceeds of the sale. The Partnership recognized an extraordinary gain
     of $2,149,096 from the forgiveness of the debt.


                                       11


<PAGE>   14


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1997

PART II.  OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

As of June 30, 1997, 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 reports on Form 8-K were filed during the quarter ended June 30,
           1997.


                                       12


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

                                 JUNE 30, 1997


                                   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


                                -----------------------------------------   
                                Bruce Nelson
                                President


                           Date:
                                -----------------------------------------   


                                -----------------------------------------   
                                Charles H. Boxenbaum
                                Chief Executive Officer


                           Date: 
                                 -----------------------------------------   


                                       13