<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


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

                  For the Quarterly Period Ended MARCH 31, 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 MARCH 31, 2000


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

               Item 1.  Financial Statements

                      Balance Sheets, March 31, 2000 and December 31, 1999 .....................................1

                      Statements of Operations,
                              Three Months Ended March 31, 2000 and 1999........................................2

                      Statement of Partners' Deficiency,
                              Three Months Ended March 31, 2000 ................................................3

                      Statements of Cash Flow,
                              Three Months Ended March 31, 2000 and 1999........................................4

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

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


PART II.  OTHER INFORMATION

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

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

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






<PAGE>   3

                            HOUSING PROGRAMS LIMITED
                       (a California limited partnership)

                                 BALANCE SHEETS

                      MARCH 31, 2000 AND DECEMBER 31, 1999

                                     ASSETS

<TABLE>
<CAPTION>
                                                                             2000            1999
                                                                         (Unaudited)       (Audited)
                                                                         ------------     ------------
<S>                                                                      <C>              <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Notes 1 and 2)                      $       --       $       --

CASH AND CASH EQUIVALENTS (Note 1)                                            852,271          817,796
                                                                         ------------     ------------
          TOTAL ASSETS                                                   $    852,271     $    817,796
                                                                         ============     ============

                                 LIABILITIES AND PARTNERS' DEFICIENCY

LIABILITIES:
     Notes payable (Notes 3)                                             $  4,600,000     $  4,600,000
     Accrued fees and expenses due general
         partners (Note 4)                                                  1,635,804        1,730,608
     Accrued interest payable (Notes 3)                                     6,124,111        6,014,861
     Accounts payable                                                          86,832           63,528
                                                                         ------------     ------------

                                                                           12,446,747       12,408,997
                                                                         ------------     ------------

COMMITMENTS AND CONTINGENCIES
    (Notes 4 and 5)

PARTNERS' DEFICIENCY:
     General partners                                                        (366,692)        (366,659)
     Limited partners                                                     (11,227,784)     (11,224,542)
                                                                         ------------     ------------

                                                                          (11,594,476)     (11,591,201)
                                                                         ------------     ------------
           TOTAL LIABILITIES AND PARTNERS'
                DEFICIENCY                                               $    852,271     $    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
               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                        2000           1999
                                                     ---------       ---------
<S>                                                  <C>             <C>
INTEREST INCOME                                      $     100       $   6,872
                                                     ---------       ---------
OPERATING EXPENSES:
     Management fees - general partner (Note 4)         80,196         104,244
     General and administrative (Note 4)                 9,449          30,697
     Legal and accounting (Note 4)                      52,658          27,318
     Interest (Notes 3 and 4)                          109,250         109,250
                                                     ---------       ---------

           Total operating expenses                    251,553         271,509
                                                     ---------       ---------

LOSS FROM OPERATIONS                                  (251,453)       (264,637)

GAIN ON SALE OF PARTNERSHIP INTERESTS (Note 2)         248,178            --
                                                     ---------       ---------


NET LOSS                                             $  (3,275)      $(264,637)
                                                     =========       =========

NET LOSS PER LIMITED PARTNERSHIP INTEREST            $      (0)      $     (21)
                                                     =========       =========

</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
                        THREE MONTHS ENDED MARCH 31, 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 three months
      ended March 31, 2000                        (33)            (3,242)            (3,275)
                                         ------------       ------------       ------------

DEFICIENCY, March 31, 2000               $   (366,692)      $(11,227,784)      $(11,594,476)
                                         ============       ============       ============

</TABLE>






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





                                       3
<PAGE>   6

                            STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                               2000          1999
                                                                           ----------     ----------
<S>                                                                        <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net  loss                                                             $  (3,275)      $(264,637)
     Adjustments to reconcile net loss to net cash
        used in operating activities:
            Gain on sale of partnership interests                           (248,178)           --
            Increase in accrued interest payable                             109,250         109,250
            (Decrease) increase in accrued fees and expenses
                  due general partners                                       (94,804)        104,244
            Increase (decrease) in accounts payable                           23,304        (218,205)
                                                                           ---------       ---------

                  Net cash used in operating activities                     (213,703)       (269,348)
                                                                           ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of partnership interests                             248,178         202,714
                                                                           ---------       ---------


CASH FLOWS FROM FINANCING ACTIVITIES;
     Distributions to partners                                                  --          (702,714)
                                                                           ---------       ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                          34,475        (769,348)

CASH AND CASH EQUIVALENTS, beginning of period                               817,796         831,751
                                                                           ---------       ---------

CASH AND CASH EQUIVALENTS, end of period                                   $ 852,271       $  62,403
                                                                           =========       =========
</TABLE>





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





                                       4
<PAGE>   7


                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 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
     March 31, 2000 and the results of operations and changes in cash flows for
     the three months then ended.

     ORGANIZATION

     Housing Programs Limited (the "Partnership"), formed under the California
     Uniform Limited Partnership Act, was organized on May 15, 1984. The
     Partnership was formed to invest primarily in other limited partnerships
     which own or lease and operate federal, state or local government-assisted
     housing projects. The general partners of the Partnership are National
     Partnership Investments Corp. (NAPICO), 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. National Partnership Investments Corp. (NAPICO) is the
     corporate general partner of the Partnership. Casden Properties Inc. owns a
     95.25% economic interest in NAPICO, with the balance owned by Casden
     Investment Corporation ("CIC"). CIC, which is wholly owned by Alan I.
     Casden, owns 95% of the voting common stock of NAPICO.

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

     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)

                                 MARCH 31, 2000



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 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.

     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 March 31, 2000, the Partnership holds limited partnership interests
     in 10 limited partnerships. The limited partnerships owned as of March 31,
     2000, 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.







                                       6
<PAGE>   9

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

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

     The Partnership has no equity investment in limited partnerships as of
     March 31, 2000.

     The following are unaudited combined estimated statements of operations for
     the three months ended March 31, 2000 and 1999 for the limited partnerships
     in which the Partnership has investments:
<TABLE>
<CAPTION>

                                                     Three months               Three months
                                                         ended                      ended
                                                    March 31, 2000             March 31, 1999
                                                    --------------             --------------
         <S>                                        <C>                        <C>
         INCOME
            Rental and Other                            $2,580,000                 $4,210,000
                                                        ----------                 ----------

         EXPENSES
            Depreciation                                   517,000                    841,000
            Interest                                       438,000                    813,000
            Operating                                    1,878,000                  2,709,000
                                                       -----------                -----------

                Total expenses                           2,833,000                  4,363,000
                                                       -----------                -----------

         NET LOSS                                       $ (253,000)               $  (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 on the
     existing terms. In connection with renewals of the HAP Contracts under such
     new law and policy, the amount of rental assistance payments under renewed
     HAP Contracts will be based on market rentals instead of above market
     rentals, which was generally the case under existing HAP Contracts. The
     payments under the renewed HAP Contracts are not expected to 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








                                       7
<PAGE>   10

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     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.

     On September 11, 1998, HUD issued interim regulations implementing MAHRAA
     and final regulations are expected to be issued in 2000.

     When the HAP Contracts are subject to renewal, there can be no assurance
     that the local limited partnerships in which the Partnership has an
     investment will be permitted to restructure its mortgage indebtedness under
     MAHRAA. In addition, the economic impact on the Partnership of the
     combination of the reduced payments under the HAP Contracts and the
     restructuring of the existing FHA-insured mortgage loans under MAHRAA is
     uncertain.

     During the three month ended March 31, 2000, the Partnership sold its
     interest in one limited partnership for a net payment of $248,178.
     The Partnership recognized a gain of $248,178 from the sale because it had
     no investment balance related to this partnership.

     On December 30, 1998, after obtaining the consents of the limited partners,
     the Partnership sold its limited partnership interests in 7 local limited
     partnerships to affiliates of Casden Properties, Inc. The sale resulted in
     cash proceeds to the Partnership of $202,714, which was collected in 1999.
     In March 1999, the Partnership made cash distributions of $695,687 to the
     limited partners and $7,027 to the general partners, which included using
     proceeds from the sale of the partnership interests.

NOTE 3 - NOTES PAYABLE

     Certain of the Partnership's investments involved purchases of partnership
     interests from partners who subsequently withdrew from the operating
     partnership. The Partnership is obligated for non-recourse notes payable of
     $4,600,000 to the sellers of the partnership interests, bearing interest at
     9.5 percent 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 were
     payable only out of cash distributions from the investee partnerships, as
     defined in the notes. The notes and unpaid interest became payable on
     December 31, 1999. Management is in process of attempting to negotiate
     extension of the maturity dates on the notes payable.









                                       8
<PAGE>   11

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS

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

     As of March 31, 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
     fiduciary duty to the limited partners of certain NAPICO managed
     partnerships and made materially false and misleading statements in the
     consent solicitation statements sent to the limited partners of such
     partnerships relating to approval of the transfer of partnership interests
     in limited partnerships, owning certain of the properties, to affiliates of
     Casden Properties Inc., organized by an affiliate of NAPICO. The plaintiffs
     seek equitable relief, as well as compensatory damages and litigation
     related costs. On August 4, 1999, one investor holding one unit of limited
     partnership interest in the Partnership commenced a virtually identical
     action in the United States District Court for the Central District of
     California against the Partnership, NAPICO and certain other affiliated
     entities. The managing general partner of such NAPICO managed partnerships
     and the other defendants believe that the plaintiffs' claims are without
     merit and intend to contest the actions vigorously.

     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. 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)

                                 MARCH 31, 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 2000, which included using
     proceeds from disposition of its investments in certain limited
     partnerships.

     RESULTS OF OPERATIONS

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

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

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

     A recurring partnership expense is the annual management fee. The fee is
     payable to the General Partners of the Partnership and is calculated at .5
     percent of the Partnership's invested assets. The management fee is paid to
     the General Partners for their continuing management of partnership
     affairs. The fee is payable beginning with the month following the
     Partnership's initial investment in a local limited partnership. Management
     fees were $80,196 and $104,244 for the three months ended March 31, 2000
     and 1999, respectively.

     The Partnership is obligated on non-recourse notes payable of $4,600,000 at
     March 31, 2000, which bear interest at 9.5 percent per annum and matured on
     December 31, 1999. The notes and related interest were payable from cash
     flow generated from operations of the related rental properties as defined
     in the notes. These obligations are collateralized by the Partnership's
     investments in the limited partnerships. The notes and unpaid interest
     became payable on December 31, 1999. Management is in process of attempting
     to negotiate extension of the maturity dates on the notes payable.








                                       10
<PAGE>   13

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


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

     RESULTS OF OPERATION (CONTINUED)

     Operating expenses, other than management fees and interest expense,
     consist of legal and accounting fees for services rendered to the
     Partnership and administrative expenses, which were generally consistent
     for periods presented. Legal and accounting fees were $52,658 and $27,318
     for the three months ended March 31, 2000 and 1999, respectively. General
     and administrative expenses were $9,449 and $30,697 for the periods ended
     March 31, 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 on the
     existing terms. In connection with renewals of the HAP Contracts under such
     new law and policy, the amount of rental assistance payments under renewed
     HAP Contracts will be based on market rentals instead of above market
     rentals, which was generally the case under existing HAP Contracts. The
     payments under the renewed HAP Contracts are not expected to 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.

     On September 11, 1998, HUD issued interim regulations implementing MAHRAA
     and final regulations are expected to be issued in 2000.










                                       11
<PAGE>   14

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


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

     RESULTS OF OPERATION (CONTINUED)

     When the HAP Contracts are subject to renewal, there can be no assurance
     that the local limited partnerships in which the Partnership has an
     investment will be permitted to restructure its mortgage indebtedness under
     MAHRAA. In addition, the economic impact on the Partnership of the
     combination of the reduced payments under the HAP Contracts and the
     restructuring of the existing FHA-insured mortgage loans under MAHRAA is
     uncertain.

     During the three month ended March 31, 2000, the Partnership sold its
     interest in one limited partnership for a net payment of $248,178.
     The Partnership recognized a gain of $248,178 from the sale because it had
     no investment balance related to this partnership.

     On December 30, 1998, after obtaining the consents of the limited partners,
     the Partnership sold its limited partnership interests in 7 local limited
     partnerships to affiliates of Casden Properties Inc. The sale resulted in
     cash proceeds to the Partnership of $202,714, which was collected in 1999.
     In March 1999, the Partnership made cash distributions of $695,687 to the
     limited partners and $7,027 to the general partners, primarily using
     proceeds from the sale of the partnership interests.








                                       12
<PAGE>   15

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 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 affiliates of Casden
Properties Inc., organized by an affiliate of NAPICO. The plaintiffs seek
equitable relief, as well as compensatory damages and litigation related costs.
On August 4, 1999, one investor holding one unit of limited partnership interest
in the Partnership commenced a virtually identical action in the United States
District Court for the Central District of California against the Partnership,
NAPICO and certain other affiliated entities. The managing general partner of
such NAPICO managed partnerships and the other defendants believe that the
plaintiffs' claims are without merit and intend to contest the actions
vigorously.

As of March 31, 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
         March 31, 2000.








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<PAGE>   16

                            HOUSING PROGRAMS LIMITED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 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.
                                          General Partner



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


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



                                          -------------------------------------
                                          Paul Patierno
                                          Chief Financial Officer


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







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