<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 SEPTEMBER 30, 2000

                         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 SEPTEMBER 30, 2000


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

            Item 1.  Financial Statements

                  Balance Sheets, September 30, 2000 and December 31, 1999 .................  1

                  Statements of Operations,
                        Nine and Three Months Ended September 30, 2000 and 1999.............  2

                  Statement of Partners' Deficiency,
                        Nine Months Ended September 30, 2000 ...............................  3

                  Statements of Cash Flow,
                        Nine Months Ended September 30, 2000 and 1999.......................  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

                    SEPTEMBER 30, 2000 AND DECEMBER 31, 1999

                                     ASSETS
<TABLE>
<CAPTION>
                                                                      2000
                                                                   (Unaudited)               1999
                                                                 ---------------       ---------------
        <S>                                                      <C>                   <C>
        INVESTMENTS IN LIMITED PARTNERSHIPS                      $            --       $            --

        CASH AND CASH EQUIVALENTS (Note 1)                               866,604               817,796
                                                                 ---------------       ---------------

                  TOTAL ASSETS                                   $       866,604       $       817,796
                                                                 ===============       ===============

                                       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)                                     1,632,903             1,730,608
             Accrued interest payable (Notes 3 and 6)                  6,342,611             6,014,861
             Accounts payable (Note 2)                                    62,353                63,528
                                                                 ---------------       ---------------

                                                                      12,637,867            12,408,997
                                                                 ---------------       ---------------

        COMMITMENTS AND CONTINGENCIES
            (Notes 2, 4 and 5)

        PARTNERS' DEFICIENCY:
             General partners                                           (368,460)             (366,659)
             Limited partners                                        (11,402,803)          (11,224,542)
                                                                 ---------------       ---------------

                                                                     (11,771,263)          (11,591,201)
                                                                 ---------------       ---------------
                   TOTAL LIABILITIES AND PARTNERS'
                        DEFICIENCY                               $       866,604       $       817,796
                                                                 ===============       ===============
</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
             NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                  Nine months     Three months    Nine months     Three months
                                                    ended            ended           ended           ended
                                                 Sept 30, 2000   Sept 30, 2000   Sept 30, 1999   Sept 30, 1999
                                                  ------------    ------------    ------------    ------------
<S>                                              <C>             <C>             <C>             <C>
INTEREST INCOME                                   $       150     $         --    $      7,244    $        105
                                                  ------------    ------------    ------------    ------------

OPERATING EXPENSES:
     Management fees - general partner (Note 4)        195,295          64,739         312,732         104,244
     General and administrative (Note 4)                54,967          22,068          70,314          16,122
     Legal and accounting (Note 4)                      72,724           2,700          81,020          14,151
     Interest (Notes 3 and 4)                          327,750         109,250         327,750         109,250
                                                  ------------    ------------    ------------    ------------

       Total operating expenses                        650,736         198,757         791,816         243,767
                                                  ------------    ------------    ------------    ------------

LOSS FROM OPERATIONS                                  (650,586)       (198,757)       (784,572)       (243,662)

GAIN ON SALE OF LIMITED
     PARTNERSHIP INTEREST (Note 2)                     323,759              --              --              --

DISTRIBUTIONS FROM LIMITED
     PARTNERSHIPS RECOGNIZED
     AS INCOME                                         146,765          44,158         627,531          66,820

EQUITY IN INCOME OF LIMITED
     PARTNERSHIPS AND AMORTIZATION
     OF ACQUISITION COSTS (Note 2)                          --              --              --              --
                                                  ------------    ------------    ------------    ------------

NET LOSS                                          $   (180,062)   $   (154,599)   $   (157,041)   $   (176,842)
                                                  ============    ============    ============    ============

NET LOSS PER LIMITED PARTNERSHIP                  $        (15)   $        (12)   $        (13)   $        (14)
                                                  ============    ============    ============    ============
</TABLE>



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



                                       2
<PAGE>   5

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                       STATEMENTS OF PARTNERS' DEFICIENCY
                      NINE MONTHS ENDED SEPTEMBER 30, 2000
                                   (Unaudited)



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


DEFICIENCY, January 1, 2000            $   (366,659)      $(11,224,542)      $(11,591,201)

     Net loss for the nine months
     ended September 30, 2000                (1,801)          (178,261)          (180,062)
                                       ------------       ------------       ------------

DEFICIENCY, September 30, 2000         $   (368,460)      $(11,402,803)      $(11,771,263)
                                       ============       ============       ============
</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
                  NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                           2000             1999
                                                                         ---------       ---------
<S>                                                                      <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                              $(180,062)      $(157,041)
   Adjustments to reconcile net loss to net cash
      (used in) provided by operating activities:
          Gain on sale of partnership interests                           (323,759)             --
          Increase in other assets                                              --         (64,300)
          Increase in accrued interest payable                             327,750         327,750
          (Decrease) increase in accrued fees
             and expenses due general partners                             (97,705)        377,031
          Decrease in accounts payable                                      (1,175)       (223,780)
                                                                         ---------       ---------

                Net cash (used in) provided by operating activities       (274,951)        259,660
                                                                         ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Sales proceeds                                                          323,759         202,714
                                                                         ---------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Distributions to partners                                                    --        (702,714)
                                                                         ---------       ---------

NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                                                         48,808        (240,340)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                             817,796         831,751
                                                                         ---------       ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                 $ 866,604       $ 591,411
                                                                         =========       =========
</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

                               SEPTEMBER 30, 2000


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, 1999. 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 September 30, 2000 and the results of operations
        for the nine and three months then ended and changes in cash flows for
        the nine 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, and Coast Housing Investment Associates (CHIA),
        a limited partnership, and Housing Programs Corporation II.

        The general partners have a 1 percent interest in profits and losses of
        the Partnership. The limited partners have the remaining 99 percent
        interest which is allocated in proportion to their respective individual
        investments. Casden Properties Inc. owns a 95.25% economic interest in
        NAPICO, with the balance owned by Casden Investment Corporation ("CIC").
        CIC, which is wholly owned by Alan I. Casden, owns 95% of the voting
        common stock of NAPICO.

        On December 30, 1998, the Partnership sold its limited partnership
        interests in 7 local limited partnerships for net proceeds of $202,714
        to subsidiaries of Casden Properties Inc.



                                       5
<PAGE>   8

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        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.

        BASIS OF PRESENTATION

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

        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.

        CASH AND CASH EQUIVALENTS

        Cash and cash equivalents consist of cash and bank certificates of
        deposit with an original maturity of three months or less. The
        Partnership has its cash and cash equivalents on deposit primarily with
        one money market mutual fund. Such cash and cash equivalents are
        uninsured.



                                       6
<PAGE>   9

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        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

        The Partnership holds limited partnership interests in 10 limited
        partnerships. As of September 30, 2000, 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.

        The Partnership has no carrying value in investments in limited
        partnerships as of September 30, 2000.




                                       7
<PAGE>   10

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        The following are unaudited combined estimated statements of operations
        for the nine and three months ended September 30, 2000 and 1999 for the
        limited partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                            Nine months      Three months        Nine months       Three months
                              ended               ended             ended              ended
                          Sept. 30, 2000     Sept. 30, 2000     Sept. 30, 1999     Sept. 30, 1999
                           ------------       ------------       ------------       ------------
<S>                       <C>                <C>                <C>                <C>
INCOME
   Rental and Other        $  7,741,000       $  2,580,000       $ 12,630,000       $  4,210,000
                           ------------       ------------       ------------       ------------

EXPENSES
   Depreciation               1,550,000            517,000          2,523,000            841,000
   Interest                   1,313,000            438,000          2,439,000            813,000
   Operating                  5,632,000          1,878,000          8,127,000          2,709,000
                           ------------       ------------       ------------       ------------

       Total expenses         8,495,000          2,833,000         13,089,000          4,363,000
                           ------------       ------------       ------------       ------------

            Net Loss       $   (754,000)      $   (253,000)      $   (459,000)      $   (153,000)
                           ============       ============       ============       ============
</TABLE>

        NAPICO, or one of its affiliates, is the general partner and property
        management agent for certain of the limited partnerships included above.

        Under recent adopted law and policy, the United States Department of
        Housing and Urban Development ("HUD") has determined not to renew the
        Housing Assistance Payment ("HAP") Contracts on a long term basis under
        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"), 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.




                                       8
<PAGE>   11

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        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 nine months ended September 30, 2000, the Partnership
        surrendered its interests in one limited partnership for a net payment
        of $323,759. The Partnership recognized a gain of $323,759 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 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 collected in 1999.

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. 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



                                       9
<PAGE>   12

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 3 - NOTES PAYABLE (CONTINUED)

        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.

        Notes payable and related accrued interest payable aggregating became
        payable in 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.

        As of September 30, 2000, 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



                                       10
<PAGE>   13

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2000


NOTE 5 - CONTINGENCIES (CONTINUED)

        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
        subsidiaries 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
        (another affiliated partnership in which NAPICO is the managing general
        partner) commenced a virtually identical action in the United States
        District Court for the Central District of California against the
        Partnership, NAPICO and certain other affiliated entities. The managing
        general partner of such NAPICO managed 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.

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 operations generated by 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 and amounts due general partner. 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.



                                       11
<PAGE>   14

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2000


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 $195,000 and $312,732 for the nine
        months ended September 30, 2000 and 1999, respectively. The fees have
        decreased due to the sale of partnership interests in 1998, which
        reduced the invested assets.



                                       12
<PAGE>   15

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2000


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 September 30, 2000 and December 31, 1999, which bear interest at 9.5
        percent per annum and mature on December 31, 1999. The Partnership was
        relieved of notes payable in the amount of $4,069,743 in connection with
        the sale of the partnership interests to Casden Properties Inc. 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 is 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. Legal and accounting fees were
        $72,724 and $81,020 for the nine months ended September 30, 2000 and
        1999, respectively. General and administrative expenses were $54,967 and
        $70,314 for the nine months ended September 30, 2000 and 1999,
        respectively.

        The Partnership accounts for its investments in the local limited
        partnerships on the equity method, thereby adjusting its investment
        balance by its proportionate share of the income or loss of the local
        limited partnerships. Losses incurred after the limited partnership
        investment account is reduced to zero are not recognized.

        Under recent adopted law and policy, the United States Department of
        Housing and Urban Development ("HUD") has determined not to renew the
        Housing Assistance Payment ("HAP") Contracts on a long term basis under
        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"), 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



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<PAGE>   16

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2000


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

        RESULTS OF OPERATIONS (CONTINUED)

        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 nine months ended September 30, 2000, the Partnership
        surrendered its interests in one limited partnership for a net payment
        of $323,759. The Partnership recognized a gain of $323,759 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 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.



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<PAGE>   17

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2000


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 subsidiaries 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 (another affiliated partnership in which NAPICO is the
managing general partner) commenced a virtually identical action in the United
States District Court for the Central District of California against the
Partnership, NAPICO and certain other affiliated entities. The managing general
partner of such NAPICO managed partnerships and the other defendants believe
that the plaintiffs' claims are without merit and are contesting the actions
vigorously.

As of September 30, 2000, 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 September 30, 2000.



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<PAGE>   18

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2000

                                   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.
                                its General Partner



                                       By:  /s/ BRUCE NELSON
                                          --------------------------------------
                                          Bruce Nelson
                                          President



                                       Date:  November 14, 2000
                                            ------------------------------------



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



                                       Date:  November 14, 2000
                                            ------------------------------------



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