FORM 10-K


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

For the fiscal year-ended  December 31, 1995

                                       OR

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

For the transition period from                      to

Commission file number    33-18756


                          ASSISTED HOUSING FUND L.P. I
             (Exact name of registrant as specified in its charter)

     Washington                                      91-1391150
(State of organization)                     IRS Employer Identification No.)


                1191 Second  Avenue,  Suite 904,  Seattle,  WA 98101 (Address of
               principal executive offices) (Zip code)

Registrant's telephone number, including area code: (206) 461-4782

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:

                      Units of Limited Partnership Interest
                                (Title of class)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 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



                        The  Exhibit  Index  appears  at page 17.  There  are 17
                             pages.


<PAGE>



                                     PART I

Item 1. Business

Assisted Housing Fund L.P. I (the Partnership) is a limited  partnership  formed
on November 2, 1987 and organized under the laws of the State of Washington.

The  Partnership  raised  $3,511,000  from  the  sale of 703  units  of  limited
partnership  through  a  public  offering  completed  on  April  14,  1989.  The
Partnership   has  invested  as  a  limited  partner  in  eleven  other  limited
partnerships (Property Partnerships) which develop, own, and operate residential
apartment  complexes  located in small towns across the country.  Each apartment
complex benefits from several forms of federal assistance programs and qualifies
for low-income  housing credits (Tax Credits)  pursuant to the Internal  Revenue
Code by the Tax Reform Act of 1986. There are 332 partners in the Partnership.

The Partnership's  general partner is Murphey Favre  Properties,  Inc., (MFP), a
wholly-owned subsidiary of WM Financial, Inc. which is a wholly-owned subsidiary
of  Washington  Mutual Bank (WMB),  a wholly-  owned  subsidiary  of  Washington
Mutual, Inc.

Table A on page 4 lists the Property  Partnerships  in which the Partnership has
invested.  Item 7 of this Report  contains other  significant  information  with
respect to such Property Partnerships.

Each Property Partnership has, as its general partner  (developer),  one or more
individuals  or an  entity  not  affiliated  with  the  Partnership  or MFP.  In
accordance  with the  Partnership  Agreements  under  which  such  entities  are
organized,  the Partnership depends on the developers for the management of each
Property  Partnership.  As of December 31, 1995, the Property  Partnerships  and
their developers were:

<PAGE>





PROPERTY PARTNERSHIP                              DEVELOPER GENERAL PARTNER

 1.  Fairview Apartments Company Limited          Rural Housing Corporation
     Partnership (Fairview)

 2.  Ionia Limited Divided Housing                Rural Housing Corporation
     Association (LDHA) Limited
     Partnership (Ionia)

 3.  Logan Apartments Company Limited             Rural Housing Corporation
     Partnership (Logan)                          and Arthur H. Winer

 4.  Rolling Brook II LDHA Limited                Rural Housing Corporation
     Partnership (Rolling Brook)

 5.  Wexford Manor LDHA Limited                   Rural Housing Corporation
     Partnership (Wexford)

 6.  Blue Heron Apartment Associates              Dujardin Development Co.
     Limited Partnership (Blue Heron)

 7.  Glenwood Apartment Associates Limited        Dujardin Development Co.
     Partnership (Glenwood)

 8.  Pacific Place Apartment Associates           Dujardin Development Co.
     Limited Partnership (Pacific Place)

 9.  Cove LDHA Limited Partnership (Cove)         Kenneth and Lowell Werth

10.  Washington Street LDHA Limited               Kenneth and Lowell Werth
     Partnership (Washington)

11.  Fayette Hills Limited Partnership            LeRoy Eslinger and
     (Fayette)                                    Douglas E. Pauley


A wholly-owned  subsidiary of MFP, Murphey Favre Housing  Managers (MFHM),  is a
special  limited partner in each Property  Partnership and has certain  approval
rights over the actions by the developers of the Property Partnerships.


<PAGE>




                                     Table A


                                SELECTED PROPERTY
                                PARTNERSHIP DATA
<TABLE>
<CAPTION>

Property                             Date Interest       Number of
Partnerships      Location           Acquired            Apt. Units
<S>               <C>                <C>                 <C>
Fairview          Plymouth, WI       December 1, 1989    40
Ionia             Ionia, MI          December 1, 1989    24
Logan             Logan, OH          December 1, 1989    32
Rolling Brook     Algonac, MI        December 1, 1989    24
Wexford           Onsted, MI         December 1, 1989    24
Blue Heron        Winslow, WA        March 20, 1989      40
Glenwood          Lake Stevens, WA   June 1, 1988        46
Pacific Place     South Bend, WA     October 4, 1988     24
Cove              Big Rapids, MI     July 12, 1989       48
Washington        Perry, MI          July 12, 1989       24
Fayette           Fayetteville, WV   December 1, 1989    68
                                                        ---
                                                        394
</TABLE>


<PAGE>


Item 2. Properties

Rental   property   consists  of  apartment   complexes   renting  to  low-  and
moderate-income families.

As of December 31, 1995, the Property  Partnerships had placed rental properties
into operation in the following locations:

                                            Date Placed
                       Location             In Service

                       Plymouth, WI         June 13, 1990
                       Ionia, MI            August 8, 1990
                       Logan, OH            January 11, 1991
                       Algonac, MI          March 8, 1990
                       Onsted, MI           February 21, 1990
                       Winslow, WA          May 1, 1990
                       Lake Stevens, WA     April 1, 1989
                       South Bend, WA       May 1, 1989
                       Big Rapids, MI       March 1, 1990
                       Perry, MI            January 1, 1990
                       Fayetteville, WV     December 1, 1989

Item 3. Legal Proceedings

None

Item 4. Submission of Matters to a Vote of Security Holders.

None


                                     PART II
Item 5. Market for the Registrant's  Securities and Related Security Holder
Matters

The  Registrant's  securities  consist  of  703  units  of  Limited  Partnership
Interest,  valued at $5,000 per unit,  for which  there is no market.  Units may
only be sold, assigned,  exchanged or otherwise transferred upon compliance with
the terms of the Limited Partnership Agreement.

As of the  date of  filing  of this  report,  the  Partnership  has 331  limited
partners and one general partner.

The Partnership has not made any  distributions  in 1993, 1994 and 1995 and does
not anticipate making any significant distributions in the future.


<PAGE>
Item 6.  Selected Financial Data
<TABLE>
<CAPTION>
                   Year Ended     Year Ended     Year Ended     Year Ended     Year Ended
                   12/31/95       12/31/94       12/31/93       12/31/92       12/31/91

<S>                <C>            <C>            <C>            <C>            <C>
Rental Revenue     $1,381,245     $1,336,598     $1,297,514     $1,269,593     $1,203,947

Interest
Revenue                21,158         18,868         20,582         22,930         30,085

Income (Loss)        (615,345)      (600,996)      (618,414)      (565,005)      (592,834)

Income (Loss)
per Limited
Partnership
Unit                     (867)          (846)          (871)          (796)          (835)


Total Assets        13,620,436    14,107,470     14,700,620     15,303,724     15,815,541

Mortgage Notes
Payable            $12,422,388   $12,442,696   $12,461,471    $12,478,285    $12,493,989

</TABLE>


Item 7.  Management's  Discussion  and Analysis of Financial  Condition and
Results of Operations

During the year,  management's emphasis was on the continued operation of eleven
properties.  At December 31, 1995,  three  properties were 100% occupied,  seven
were between 90% and 97% occupied and one was 79% occupied.

The  properties  are located in rural towns with  populations of 14,000 or less.
Five  properties are located in Michigan,  three in Washington,  and one each in
Ohio,  West Virginia and Wisconsin.  The properties  range in size from 24 to 68
units for a total portfolio of 394 units.

Results of Operations

On a consolidated  basis, net income (loss) before depreciation and amortization
for 1995, 1994 and 1993 was $12,570, $28,733, and $18,172, respectively.  Rental
revenues  for 1995 were up 3% from 1994 as compared to increases of 3% from 1993
to 1994, and 2% from 1992 to 1993.  Expenses for 1995,  including  depreciation,
were up 3.1% over 1994,  while expenses,  including  depreciation,  for 1994 and
1993 were up 1.5% and 4% over 1993 and 1992, respectively.
<PAGE>

The Partnership paid $22,666,  $21,259,  and $20,366, in accounting expenses for
the Partnership for 1995, 1994, and 1993 respectively.

Interest  revenue for 1995 increased 12% from 1994 and decreased 8% from 1993 to
1994.

Liquidity and Capital Resources

The Partnership completed its public offering of units of limited partnership on
April 14, 1989, with proceeds totaling $3,511,000 from 339 limited partners.  As
of December 31,  1995,  the  Partnership  had  invested  $2,542,000  of offering
proceeds in eleven Property Partnerships.

Offering proceeds equal to $175,750 were reserved by the Partnership to fund its
operating  expenses.  As  of  December  31,  1995,  the  cash  reserves  of  the
Partnership totaled $8,037. It is expected that the Partnership will draw on the
reserves in future years to fund accounting and other operating  expenses of the
Partnership.  Nominal cash  distributions  from the Property  Partnerships  will
supplement  the cash  reserves.  In 1995, the  Partnership  received  $12,018 in
distributions from the Property  Partnerships.  The expectation is that all cash
distributions received from the Property Partnerships will be used to defray the
operating expenses of the Partnership and thus it is not likely any distribution
will be made to the limited partners.

The  Partnership  is not  required to fund  additional  amounts to the  Property
Partnerships based on each Property Partnership  agreement.  Additionally,  each
Property  Partnership  is operated  as an  individual  project,  and without any
contractual arrangements of any kind between the Property Partnerships. In 1995,
five  properties  generated  positive  cash  flow and six  properties  generated
deficit cash flow.  The deficits were funded from rental operating cash and from
authorized withdrawals from the reserve accounts.

As of December 31, 1995, one developer general partner had advanced $14,209 to a
Property  Partnership  under the  deficit  funding  agreements.  The project had
generated a deficit because of a longer than anticipated  lease-up  period.  The
developer  general partner  advanced  $14,209 in December,  1991 to pay accounts
payable and accrued real estate taxes.  Since 1991, the project has not required
additional  advances  from the  developer  general  partner  to cover  operating
expenses.

The Property  Partnerships  financed  construction  with a  combination  of bank
financing and funds from the Partnership. The permanent loans for the properties
were  provided by the Farmers Home  Administration,  now known as Rural  Housing
Services  (RHS),  under  Section 515 of the  National  Housing  Act of 1949,  as
amended.  RHS  provides an interest  credit to the Property  Partnerships  which
reduces  the  interest  rates  stated in the  mortgage  notes to an  effective 1
percent rate over the lives of the mortgages. All property loans are current.
<PAGE>

It is expected that capital  expenditures  on the properties  will be low in the
initial years because the properties are recently constructed (10 properties) or
rehabilitated  (1  property).  As part of RHS loan  requirements,  a reserve for
replacement  of fixed  assets is funded at an annual rate of 1% of the  original
property loan balance until the balance equals 10% of the original loan balance.
These  additions  to  reserves  are  funded  from  property  operations  and are
established for future capital expenditures.

Included in cash  deposits on the  consolidated  balance  sheets were $8,037 and
$23,906 held as deposits by the  Partnership  in WMB accounts as of December 31,
1995 and 1994,  respectively.  As discussed in Part I, Item 1, WMB is affiliated
with MFP.

There are no additional acquisitions nor any dispositions planned.


Regulatory Restrictions

Because the properties are operated under RHS loans and benefit from the federal
low-income housing tax credit program, the properties are restricted as to their
use and must comply with the requirements of the respective federal programs.

The tenants of all the properties must be tax credit or RHS eligible tenants. It
is management's goal to have all units, except for managers' units,  occupied by
tax credit eligible tenants.  In order to meet established income  requirements,
tenants must not earn more than 60% of the median  income for the areas in which
the  properties  are  located.  Seven  of  the  eleven  properties  are  further
restricted to renting apartment units only to senior citizens.

Additionally,  the properties  cannot be sold without prior approval of the RHS,
cannot  make  more  than an 8%  cash  distribution  annually  to its  owner  (as
described in Note 6 to the Partnership's financial statements),  and must remain
under  the  low-income  housing  tax  credit  program  for 15 years to avoid any
recapture of the low-income  housing tax credits.  Furthermore,  pursuant to RHS
loan  agreements,  RHS may  refuse  prepayment  of the  loans  and  require  the
properties be used for the purpose of providing  housing to eligible tenants for
a minimum period of 20 years.

Inflation

Operating  expenses  and  rental  revenues  of  each  property  are  subject  to
inflationary  factors.  Low rates of inflation  could result in rental  revenues
remaining  constant  or  increasing  at slower  rates  than in  periods  of high
inflation.  High  rates  of  inflation  raise  the  operating  expenses  of  the
properties, and to the extent the increased operating expenses are not passed on
to the tenants by rental increases, the properties' operation could be adversely
affected.
<PAGE> 
Tax Credit

As of December 31, 1995, 1994 and 1993,  respective tax credits equal to 15.17%,
15.17% and  15.17% of the  limited  partners'  capital  contributions  have been
generated.


Item 8. Financial Statements and Supplementary Data

The  financial  statements  of Assisted  Housing  Fund L.P. I as of December 31,
1995, 1994 and 1993,  together with the independent  auditors'  reports thereon,
are filed herewith in Part IV, Item 14 of this Form 10-K.


Item 9. Changes in and  Disagreements  with  Accountants  on Accounting and
Financial Disclosure

None.



                                    PART III


Item 10. Directors and Executive Officers of the Registrant

Murphey Favre Properties, Inc. (MFP) is the managing general partner of the
Partnership. The Registrant has no employees.


Item 11. Executive Compensation


Name of Individual       Capacities
  or Number of           in Which                      Cash
 Persons in Group        Served                    Compensation


                                       Year Ended   Year Ended   Year Ended
                                       12/31/95     12/31/94     12/31/93

     None


<PAGE>
Item 12. Security Ownership of Certain Beneficial Owners and Management

               Name and                Amount and
               Address of              Nature of
Title of       Beneficial              Beneficial        Percent
Class          Owner                   Owner             of Class

General        Murphey Favre           (1)               100%
Partner's      Properties, Inc.
Interest       Suite 904
               1191 Second Avenue
               Seattle, WA  98101

(1) The  General  Partner's  interest  is owned of record  and  beneficially  by
Murphey Favre  Properties,  Inc. Its capital interest as of December 31, 1995 is
($34,823).


Item 13. Certain Relationships and Related Transactions

The  Property  Partnerships  have  entered  into  certain  agreements  with  the
developer or its affiliates under which the developer or its affiliates  receive
compensation,  perform services, or make loans. Note 3 of the Notes to Financial
Statements,  which are filed in Part IV,  Item 14 of this  Form  10-K,  provides
additional information pertaining to the individual Property Partnerships.


<PAGE>



                                     PART IV


Item 14. Exhibits, Financial Statements, Schedules, and Reports on Form 8-K

(a)           1. The following financial statements of Assisted Housing Fund L.
                 P. I and subsidiaries  are  incorporated by reference in Part
                 II and are attached as pages 1 to 13 of Exhibit 13.

                                                                  Page of Annual
                                                                          Report

              Independent Auditor's Report..........................       1

              Balance Sheets as of December 31, 1995 and 1994.......       2

              Statements of Operations for each of the years ended
              December 31, 1994, 1993 and 1992......................       3

              Statements of Partners' Equity (Deficit) for each of
              the years ended December 31, 1995, 1994 and 1993......       4

              Statements of Cash Flows for each of the years ended
              December 31, 1995, 1994 and 1993......................       5

              Notes to Financial Statements for each of the years
              ended December 31, 1995, 1994 and 1993 ...............    6-12

              2. Financial statement schedules                 Page of Form 10-K

              Independent Auditor's Report on Schedules.............      13

              Schedule III - Real Estate and Accumulated
              Depreciation..........................................   14-16

              All other  schedules for which provision is made in the applicable
              accounting  regulations of the Securities and Exchange  Commission
              are omitted because either they are not applicable or the required
              information is shown in the financial statements or notes thereto.

              3.  Exhibits:  All exhibits to this report are listed in the
                  Schedule Index at page 19.

(b)           No reports on Form 8K were filed during 1994.


<PAGE>

                                   SIGNATURES





Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                          ASSISTED HOUSING FUND L.P. I
                                   Registrant

By:  Murphey Favre Properties, Inc.
     Its Managing General Partner




By:              Herbert F. Fox /s/          Date:    3/29/96
              Herbert F. Fox, Vice President
              and Principal Financial Officer

Pursuant to the  requirements  of the Securities and Exchange Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the dates indicated:

By:           Murphey Favre Properties, Inc.



By:              Kerry K. Killinger /s/         Date:    3/29/96
              Kerry K. Killinger
                Its Director



By:              David G. Murphy /s/            Date:     3/29/96
              David G. Murphy
                Its Director



<PAGE>






                    INDEPENDENT AUDITORS' REPORT ON SCHEDULES




General Partner and Limited Partners
Assisted Housing Fund L.P. I
Seattle, Washington



We have audited the financial statements of Assisted Housing Fund L.P. I and its
subsidiaries,  as of and for the years ended December 31, 1995 and 1994,  listed
under Item 14 (a) 1 hereof and have  issued our report  thereon  dated March 21,
1996 (which report is incorporated by reference elsewhere in this Form 10-K). In
the course of our audit of such financial  statements,  we have also audited the
schedules  listed under Item 14(a)2 for the years ended December 31, 1995,  1994
and  1993.  These  schedules  are  the   responsibility   of  the  Partnership's
management.  Our  responsibility is to express an opinion based on our audit. In
our opinion, these schedules present fairly, in all material respects, when read
in  conjunction  with  the  related  consolidated   financial  statements,   the
information therein set forth.



Ruljancich, Blume and Loveridge and Co.
Bellevue, Washington
March 21, 1996

<PAGE>
                                      ASSISTED HOUSING FUND LP I
                        SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                     Year Ended December 31, 1995
<TABLE>
<CAPTION>

      COLUMN A           COLUMN B                        COLUMN C                        COLUMN D
--------------------------------------------------------------------------------------------------------
                                                                                     Costs Capitalized
                                                                                        Subsequent
    Description        Encumbrances              Initial Cost to Partnership          to Acquisition
--------------------------------------------------------------------------------------------------------
<S>                       <C>               <C>          <C>            <C>                  <C>


                                                     Buildings &        Personal
                                           Land      Improvements       Property       Improvements
                                       -----------------------------------------------------------------
Fairview                    $1,284,335       $55,413                                         $1,580,336

Ionia                          717,387        24,000                                            915,896

Logan                        1,003,253        55,129                                          1,208,945

Rolling Brook                  754,526        35,000                                            916,004

Wexford                        732,549        22,000                                            922,925

Blue Heron                   1,483,504       248,569                                          1,967,829

Glenwood                     1,452,822       145,000                                          1,743,839

Pacific Place                  763,596        30,000                                            965,151

Cove                         1,445,323        47,000                                          1,705,103

Washington                     721,971         8,000                                            869,850

Fayette                      2,063,122        53,000        1,815,992        40,800             590,726

AHF                                                           444,240
                     -----------------------------------------------------------------------------------

Total                      $12,422,388      $723,111       $2,260,232       $40,800         $13,386,604
                     ===================================================================================
Construction in
  Progress                          $0                                                               $0
                     ==================                                             ====================
</TABLE>


<PAGE>



                           ASSISTED HOUSING FUND LP I
       SCHEDULE           III  -  REAL  ESTATE  AND   ACCUMULATED   DEPRECIATION
                          (Continued) Year Ended December 31, 1995
<TABLE>
<CAPTION>

     COLUMN A                    COLUMN E                                   COLUMN F      COLUMN G       COLUMN H     COLUMN I
---------------------------------------------------------------------------------------------------------------------------------
    Description        Gross Amount at Which Carried at End of Period      Accumulated     Date of       Date of       Life on
                                                                          Depreciation  Construction   Acquisition      Which
                                                                                                                     Depreciation
                                                                                                                      in Latest
                                                                                                                       Income
                                                                                                                      Statement
                                                                                                                     is Computed
---------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>         <C>            <C>         <C>             <C>          <C>          <C>         <C>

                         Land    Buildings       Land          Total
                                              Improvements
                                              and Personal
                                                Property
                    ------------------------------------------------------
Fairview                $55,413    $1,418,320      $162,016    $1,635,749      $359,821     13-Jun-90                27.5/15/10

Ionia                   $24,000       805,590       110,306       939,896       206,248     08-Aug-90                27.5/15/10/7

Logan                   $55,129     1,022,974       185,971     1,264,074       261,579     11-Jan-91                27.5/15/10

Rolling Brook           $35,000       794,263       121,740       951,003       222,796     08-Mar-90                27.5/15/10/7

Wexford                 $22,000       815,821       107,104       944,925       226,315     21-Feb-90                27.5/15/10

Blue Heron             $248,569     1,890,967        76,862     2,216,398       433,213     01-May-90                  27.5/10

Glenwood               $145,000     1,701,975        41,864     1,888,839       444,318     01-Apr-89                  27.5/10/7

Pacific Place           $30,000       943,619        21,532       995,151       242,359     01-May-89                  27.5/10/7

Cove                    $47,000     1,635,278        69,826     1,752,104       387,325     01-Mar-90                  27.5/10/7

Washington               $8,000       836,929        32,921       877,850       198,604     01-Jan-90                  27.5/10

Fayette                 $53,000     2,301,944       145,574     2,500,518       564,276     01-Dec-89                27.5/15/10/7

AHF                          $0       444,240                     444,240        95,739               Various
                                --------------------------------------------------------
Total                  $723,111   $14,611,920    $1,075,716   $16,410,747    $3,642,593
                    ====================================================================
Construction in
  Progress                                                              0
                                                            ==============

</TABLE>


<PAGE>



                           ASSISTED HOUSING FUND LP I
       SCHEDULE           III  -  REAL  ESTATE  AND   ACCUMULATED   DEPRECIATION
                          (Continued) Year Ended December 31, 1995

<TABLE>
<CAPTION>



                                                  Year Ended                 Year Ended                Year Ended
REAL ESTATE                                    December 31, 1993         December 31, 1994          December 31, 1995
--------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>      <C>              <C>       <C>              <C>      <C>

     Balance at beginning of period                      $16,272,371                $16,273,979               $16,315,766
         Additions during period:
           Property acquisitions                    $0                        $0                         $0
           Acquisitions through foreclosure          0                         0                          0
           Other acquisitions                        0                         0                          0
           Improvements etc. (New Construction)  1,608                    41,787                     96,135
           Other (Acquisition Cost)                  0                         0                          0
                                           -------------------------------------------------------------------------------
                                                         $16,273,979                $16,315,766               $16,411,901
         Deductions during period:
           Cost of real estate sold                 $0                        $0                      1,154
           Other (describe)                          0             0           0              0           0             0
                                           -------------------------------------------------------------------------------
     Balance at close of period                          $16,273,979                $16,315,766               $16,410,747
                                                       ==============            ===============            ==============

</TABLE>
<TABLE>
<CAPTION>

                                                  Year Ended                 Year Ended                Year Ended
ACCUMULATED DEPRECIATION                       December 31, 1993         December 31, 1994          December 31, 1995
--------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>       <C>              <C>       <C>             <C>       <C>
     Balance at beginning of period                       $1,769,515                 $2,391,713                $3,015,935

         Existing property:                                  622,062                    622,259                   625,908
         Depreciation on additions:
           Property acquisitions                    $0                        $0                         $0
           Acquisitions through foreclosure          0                         0                          0
           Other acquisitions                        0                         0                          0
           Improvements etc. (New Construction)    136                     1,963                      1,308
           Other (Acquisition Costs)                 0                         0                          0
                                           -------------------------------------------------------------------------------
                                                          $2,391,713                 $3,015,935                $3,643,151
         Depreciation on deductions:
           Cost of real estate sold                 $0                        $0                       $558
           Other (describe)                          0             0           0              0           0             0
                                           -------------------------------------------------------------------------------
     Balance at close of period                           $2,391,713                 $3,015,935                $3,642,593
                                                       ==============            ===============            ==============
</TABLE>

<PAGE>


Exhibit                                           Incorporated by
No.                                               Reference From

 3       Certificate of Limited Partnership       Exhibit C to Form S-11
                             Registration Statement
                                 No. 91-1391150

13       Annual Report to Security Holders        Attached hereto

<PAGE>



                          INDEPENDENT AUDITOR'S REPORT

Partners 
Assisted Housing Fund L.P. I 
Seattle, Washington 

We have audited the  accompanying  balance sheets of Assisted  Housing Fund L.P.
I and  its  subsidiaries,  as  of  December 31, 1995  and 1994, and  the related
statements  of  operations,  partners'  equity  (deficit) and cash flows for the
years ended December 31, 1995, 1994 and 1993. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We  conducted  our  audits  in  accordance  with   generally  accepted  auditing
standards.  Those standards  require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits  provide a reasonable  basis for our opinion.  

In our opinion,  the  financial  statements  referred to  above present  fairly,
in all material  respects, the financial  position of Assisted Housing Fund L.P.
I and its  subsidiaries,  as of December  31, 1995 and 1994, and the results of 
their operations and cash flows for the years ended December 31, 1995, 1994 and 
1993, in conformity with generally accepted accounting principles.




March 21, 1996





                                     Page 1

<PAGE>



                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                        December 31,
                                                  1995              1994

                                     ASSETS

<S>                                           <C>               <C>    

Rental property and equipment, at cost:
    Buildings and equipment                   $15,687,636       $15,661,224
    Accumulated depreciation                   (3,642,593)       (3,015,935)
                                              -----------        -----------
                                               12,045,043        12,645,289
    Land                                          723,111           654,542
                                               -----------       -----------
                                               12,768,154        13,299,831

Cash:
    Rental operation                              160,098           133,408
    AHF reserves                                    8,037            23,906
                                              -----------        ----------
                                                  168,135           157,314

Restricted deposits:
    Tenant trust - security deposits              108,020           100,638
    Reserve accounts                              528,498           508,592
                                              -----------       -----------
                                                  636,518           609,230

Other assets:
    Accounts receivable                            36,951            25,803
    Prepaid expenses                               10,678            14,594
    Organization costs                                  -               698
                                              -----------       -----------
                                                   47,629            41,095
                                              -----------       -----------

                                              $13,620,436       $14,107,470
                                              ===========       ===========


</TABLE>






                              Continued on page 2A.












                                     Page 2

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          BALANCE SHEETS - (CONTINUED)

<TABLE>
<CAPTION>

                                               December 31,
                                            1995          1994

                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
<S>                                     <C>           <C>    

Liabilities:
    Mortgage notes payable              $12,422,388   $12,442,696
    LID assessment payable                   68,569             -
    Accounts payable                        240,771       192,822
    Due to affiliates                       491,992       438,863
    Accrued liabilities                      78,284        80,316
    Security deposits payable               107,080        99,739
                                        -----------   -----------
                                         13,409,084    13,254,436

Minority interests in partnerships          572,944       599,281

Partners' equity (deficit):
    Limited partners                       (326,769)      282,423
    General partner                         (34,823)      (28,670)
                                        -----------   -----------
                                           (361,592)      253,753
                                        -----------   -----------

                                        $13,620,436   $14,107,470
                                        ===========   ===========

</TABLE>

























                 See accompanying notes to financial statements.
                                     Page 2A

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                        Years Ended December 31,
                                      1995          1994           1993
<S>                                <C>           <C>           <C>    

Revenue:
    Rent                           $1,381,245    $1,336,598    $1,297,514
    Miscellaneous                      87,496        83,178        75,547
                                   ----------    ----------    ----------
                                    1,468,741     1,419,776     1,373,061

Expenses:
    Operating and maintenance         212,139       168,768       149,518
    Utilities                         245,383       247,296       237,072
    General and administrative        321,975       317,922       302,102
    Taxes and insurance               254,947       248,767       265,611
    Interest on mortgage notes        301,842       300,125       301,908
    Depreciation                      627,216       624,223       622,198
    Miscellaneous                      32,687        26,060        21,416
                                   ----------    ----------    ----------
                                    1,996,189     1,933,161     1,899,825
                                   ----------     ---------    ----------

                                     (527,448)     (513,385)     (526,764)

Other revenues (expenses):
    Interest earned on escrow
      accounts and cash reserves          505            975        1,540
    Miscellaneous                      26,465         26,334       26,421
    Accounting and auditing           (22,666)       (21,259)     (20,366)
    General and administrative        (11,684)        (8,187)      (9,840)
    Partnership management fees       (74,517)       (74,517)     (74,517)
    Amortization of
       organization costs                (699)        (5,506)     (14,388)
    Incentive management fees          (3,660)        (2,685)           -
    Miscellaneous                      (1,641)        (2,766)        (500)
                                   ----------     ----------   ----------
                                      (87,897)       (87,611)     (91,650)
                                   ----------     ----------   ----------

       Net income (loss)           $ (615,345)    $ (600,996)  $ (618,414)
                                   ==========     ==========   ==========

       Net income (loss) per
         unit of limited
         partnership interest      $     (867)    $     (846)  $     (871)
                                   ==========     ==========   ==========

</TABLE>










                 See accompanying notes to financial statements.
                                     Page 3

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

              For the Years Ended December 31, 1995, 1994 and 1993

<TABLE>
<CAPTION>

                                    Limited             General
                                    Partners            Partner           Total
<S>                              <C>                   <C>           <C>    

Profit/loss percentage                99.0%                1.0%            100.0%
                                 ==========            ========          =======

Balance - January 1, 1993        $1,489,639            $(16,476)     $1,473,163

Net income (loss) for 1993         (612,230)             (6,184)       (618,414)
                                 ----------            --------       ----------

Balance - December 31, 1993         877,409             (22,660)        854,749

Net income (loss) for 1994         (594,986)             (6,010)       (600,996)
                                 ----------            --------      ----------

Balance - December 31, 1994         282,423             (28,670)        253,753

Net income (loss) for 1995         (609,192)             (6,153)       (615,345)
                                 ----------            --------      ----------

Balance - December 31, 1995      $ (326,769)           $(34,823)     $ (361,592)
                                 ==========            ========      ==========

</TABLE>




























                 See accompanying notes to financial statements.
                                     Page 4

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                            STATEMENTS OF CASH FLOWS
                           Increase (Decrease) in Cash

<TABLE>
<CAPTION>

                                                Years Ended December 31,
                                         1995            1994            1993
<S>                                   <C>             <C>             <C>    

Cash flows from operating activities:
    Net income (loss)                 $(615,345)      $(600,996)      $(618,414)
    Adjustments to reconcile net
        income (loss) to net cash
          provided by operating
          activities:
    Depreciation                        626,658         624,223         622,198
    Amortization of organization
          costs                             698           5,506          14,388
    Minority interests in
          operations                    (26,465)        (26,333)        (26,421)
    Changes in certain assets
          and liabilities:
        Accounts receivable             (11,148)         (1,402)          4,772
        Prepaid expenses                  3,916           8,374          (7,151)
        Accounts payable                 47,949          29,600          30,462
        Accrued liabilities              (2,032)          8,317          (8,650)
        Due to affiliates                53,129          42,608          44,628
                                      ---------       ---------       ---------

    Net cash provided by
           operating activities          77,360          89,897          55,812

Cash flows from investing activities:
    Acquisition of rental
          property                     (26,412)         (41,787)         (1,608)
    Changes in reserve accounts        (19,906)         (63,755)       (103,495)
    Security deposits                      (41)             211           4,091
                                     ---------        ---------       ---------

    Net cash provided (used) by
           investing activities       (46,359)         (105,331)       (101,012)


</TABLE>





                              Continued on page 5A.








                                     Page 5

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                     STATEMENTS OF CASH FLOWS - (CONTINUED)
                           Increase (Decrease) in Cash

<TABLE>
<CAPTION>

                                                             Years Ended December 31,
                                           1995            1994            1993
<S>                                    <C>             <C>             <C>  

Cash flows from financing activities:
    Minority partners' capital
          contributions                $    128        $    (79)       $   (558)
    Mortgage principal payments         (20,308)        (18,775)        (16,814)
    Advances from affiliates                  -         (32,383)         (6,161)
                                       --------        --------        --------

    Net cash provided (used) by
          financing activities          (20,180)       (51,237)         (23,533)
                                                      --------         --------            --------

    Net increase (decrease)
          in cash                        10,821        (66,671)         (68,733)

    Cash - beginning of year            157,314        223,985          292,718
                                       --------       --------         --------

    Cash - end of year                 $168,135       $157,314         $223,985
                                       ========       ========         ========


Supplemental disclosure of cash flow information:

    Cash paid for interest             $331,729       $326,237         $323,377
                                       ========       ========         ========


Supplemental disclosure of noncash investing and financing activities:

    Land improvements purchased
          with LID assessment          $ 68,569       $     -          $     -
                                       ========       =======          =======

</TABLE>

















                       See accompanying notes to financial
                                  statements.
                                     Page 5A

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


1.     General

Assisted Housing Fund L.P. I (the  Partnership) is a limited  partnership  which
was  organized  November  2, 1987 under the laws of the state of  Washington  to
acquire  limited  partnership  interests  in other  partnerships  (the  Property
Partnerships), each of which has been organized to develop or purchase a low- or
moderate-income  apartment complex. The Partnership's general partner is Murphey
Favre Properties,  Inc. (MFP), a wholly-owned subsidiary of WM Financial,  Inc.,
which  is  a  wholly-owned   subsidiary  of  Washington  Mutual  Bank  (WMB),  a
wholly-owned  subsidiary of Washington Mutual, Inc. As of December 31, 1995, 331
limited   partners  held  the  703  units  of  limited   partnership   interests
outstanding.

The   Partnership   has  invested  as  a  limited  partner  in  eleven  Property
Partnerships.  The  developer of each  apartment  complex  serves as the general
partner  (DGP)  of  the  respective  Property   Partnership.   Additionally,   a
wholly-owned  subsidiary of MFP,  Murphey Favre Housing  Managers  (MFHM),  is a
special  limited  partner in each  Property  Partnership.  MFHM has the right to
oversee the  management of each Property  Partnership  and has certain  approval
rights over the actions of each DGP. The Partnership Agreement for each Property
Partnership sets forth the allocations of profits,  losses and  distributions of
net  cash  flow  from  operations  or from  sale or  refinancing  of the  rental
property.

The  properties  owned by the  Property  Partnerships  are located in  Michigan,
Wisconsin,  Ohio, West Virginia and Washington. The properties were financed and
constructed   under  Section  515  of  the  National  Housing  Act,  as  amended
(administered by Rural Housing Service (RHS),  U.S.  Department of Agriculture).
Under  this  program,  the  Property  Partnerships  provide  housing to low- and
moderate-income  families.  Lower rental charges to tenants are recovered by the
Property  Partnerships  through an interest  reduction program which reduces the
effective  interest  rate over the  lives of the  mortgages  to 1 percent  and a
rental  assistance  program  whereby RHS pays the  Property  Partnerships  for a
portion of qualified tenant rents.  Construction of the rental  properties began
between June, 1988 and May, 1990 and rental operations began between April, 1989
and February, 1991.






                                     Page 6

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


1.     General - (Continued)

Additionally,  in exchange for an  allocation of  low-income  tax credits,  each
Property  Partnership  has entered into an agreement with an agency of the state
in which the project is located,  whereby the Property Partnership has agreed to
maintain all apartment  units as both rent restricted and occupied by low-income
tenants for a minimum period of 15 years.

During the years ended December 31, 1995, 1994 and 1993, rental revenue from    
RHS totaled $407,684,  $403,456,  and $392,578,  representing 27.3 percent, 27.9
percent and 28.0 percent of total revenue, respectively.

2.     Summary of Significant Accounting Policies

a.  The   financial   statements   include   the  financial  statements  of  the
Partnership  and the  following  eleven  Property  Partnerships  in which it has
invested as a limited partner:

     Fairview  Apartments Company Limited  Partnership  (Fairview) 
     Ionia Limited Dividend  Housing  Association Limited  Partnership (Ionia)  
     Logan  Apartments Company Limited  Partnership  (Logan) 
     Rolling Brook II Limited Dividend Housing Association Limited Partnership  
          (Rolling Brook) 
     Wexford Manor Limited Dividend Housing Association  Limited  Partnership   
          (Wexford)  
     Blue  Heron  Apartment Associates  Limited  Partnership  (Blue  Heron)  
     Glenwood  Apartment  Associates Limited  Partnership  (Glenwood)  
     Pacific  Place  Apartment  Associates Limited Partnership  (Pacific Place) 
     Cove Limited Dividend Housing  Association  Limited Partnership  (Cove)  
     Washington   Street    Limited  Dividend   Housing   Association   Limited 
          Partnership (Washington) 
     Fayette Hills Limited Partnership (Fayette)






                                     Page 7

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


2.     Summary of Significant Accounting Policies - (Continued)

The  financial  statements  are  presented on a  consolidated  basis because the
Partnership holds  approximately 99 percent of the profit and loss interests and
approximately  55 percent of the equity  interests in each Property  Partnership
and because of the  aforementioned  rights of MFHM to restrict the  authority of
each DGP.  All material  interpartnership  transactions  and balances  have been
eliminated.  The  minority  partners'  interests  in the losses of the  Property
Partnerships,  which aggregate  $26,465,  $26,334 and $26,421 as of December 31,
1995, 1994 and 1993, respectively, are included in miscellaneous revenue.

b. The  accrual  method  of accounting  is used  for  both  financial  statement
and income tax purposes.

c. The  partnership  agreements  for  the  Property   Partnerships  require  the
DGP's to fund cost overruns on the  development of the rental  properties.  Such
cost overruns,  totaling  $589,462,  have been recorded as minority interests in
partnerships  and have been  included in the cost basis of the rental  property.
All depreciation  related thereto has been specially allocated to the respective
DGP's.

d.  Depreciation   is computed  for  financial  statement   purposes  using  the
straight-line  method over the estimated  useful lives of the related  assets as
follows:

       Building shell and components.............. 27.5 years
       Land improvements...... ..................... 15 years
       Appliances............................... 7 - 10 years
       Carpets and draperies.................... 7 - 10 years

Depreciation    is    computed    for    income   tax    purposes    using   the
modified-accelerated-cost-recovery-system (MACRS).

e. No income tax provision has been included in the financial  statements  since
income or loss of a  Partnership  is required  to be reported by the  respective
partners on their income tax returns.

f. For  purposes of the  statement  of cash flows,  all  investment  instruments
purchased  with a maturity  of three  months or less are  considered  to be cash
equivalents.   At  December  31,  1995,  1994  and  1993,  there  were  no  cash
equivalents.



                                     Page 8

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


2.     Summary of Significant Accounting Policies - (Continued

g. Costs  aggregating  $71,934  incurred in connection with  organization of the
partnerships  have been capitalized and were amortized on a straight-line  basis
over a five-year period.

h. The preparation of financial statements in conformity with generally accepted
accounting  principles requires management to make estimates and assumption that
affect certain reported amounts and disclosures.

3.     Transactions with Affiliates

In connection  with the  acquisition  and development of rental property and the
management of both the rental property and the Partnership,  the Partnership and
Property  Partnerships  have paid or accrued  the  following  amounts to certain
affiliates:

                                           Years Ended December 31,
                                    1995                1994              1993

Murphey Favre Properties, Inc.
    Partnership services fee      $  7,500           $  7,500           $  7,500
    Partnership administration      44,710             44,710             44,710

Developer general partners
        and affiliates
    Property management fees       109,910            106,842            104,092

The Partnership maintains deposits in certain of WMB's interest-bearing accounts
which  aggregated  $8,037,  $23,906 and $45,157 at December 31,  1995,  1994 and
1993,  respectively.  Interest  earned on such deposits  totaled $505,  $975 and
$1,540 during the years ended December 31, 1995, 1994 and 1993, respectively.

Terms of the RHS Loan  Agreements  require  each  DGP to  provide  interest-free
advances of  stipulated  amounts as initial  operating  capital to the  Property
Partnerships.  Due to affiliates  includes $152,107 of such advances at December
31, 1995 and 1994 and $184,490 at December  31, 1993,  which will be repaid from
the  proceeds  of future  sales of the  respective  properties.  These  balances
include  DGP  advances  of $35,468  for land  improvements  and  $14,209 to fund
operating  deficits.  The remainder of the balances  include program  management
fees and reimbursements payable to MFP.



                                     Page 9

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


3.     Transactions with Affiliates - (Continued)

Under the  terms of  management  services  agreements,  affiliates  of the DGP's
provide management  services for the rental properties and receive  compensation
for such services in amounts approximating 8.6% of rental receipts.

4.     Cash in Reserve Accounts

The Loan  Agreements  between  the  Property  Partnerships  and RHS  require the
Property  Partnerships  to  deposit  $126,889  annually  into  separate  reserve
accounts (savings  accounts) until the reserve accounts reach  $1,268,211.  With
the prior  approval of RHS,  these funds can be used for: (1) loan debt service,
if operating funds cannot meet these  obligations;  (2) repairs and replacements
caused by catastrophe or long-range depreciation; (3) improvements or extensions
to the buildings;  and, (4) any other reason RHS  determines  will promote or be
beneficial to the purpose of the loans.

The following schedule reflects the activity in the reserve accounts:
<TABLE>
<CAPTION>

                                Actual            Required            Difference
<S>                           <C>                <C>                    <C>    

Balance - January 1, 1993     $ 341,342          $ 308,552              $32,790

Deposits during year            136,024            126,889                9,135
Withdrawals                     (32,529)           (31,786)                (743)
                              ---------          ---------              -------

Balance - December 31, 1993     444,837            403,655               41,182

Deposits during year            129,854            126,889                2,965
Withdrawals                     (66,099)           (65,131)                (968)
                              ---------          ---------              -------

Balance - December 31, 1994     508,592            465,413               43,179

Deposits during year            140,172            126,889               13,283
Withdrawals                    (120,266)          (111,494)              (8,772)
                              ---------          ---------              -------

Balance - December 31, 1995   $ 528,498          $ 480,808              $47,690
                              =========          =========              =======

</TABLE>






                                     Page 10

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


5.     Mortgage Notes Payable

The mortgage notes are payable to RHS in monthly installments  totaling $26,550.
In  accordance  with  provisions  of Interest  Credit  Agreements,  RHS provides
monthly interest credits totaling $69,199 which reduce the interest rates stated
in the  mortgage  notes to  effective  rates of 1 percent  over the lives of the
mortgages.  Amortization  of  principal is based on the stated rates of 8.75% to
10.75%  under RHS's  Predetermined  Amortization  Schedule  System  (PASS).  The
mortgage notes mature May, 2039 through January, 2040.  Substantially all of the
rental property and equipment is pledged as collateral on the mortgages.
No partner is personally liable on the mortgage notes.

The mortgage notes are regulated by the U.S.  Government and therefore,  have no
market price. Accordingly, management has determined that users of the financial
statements  would  derive  no  benefit  from  any  estimate  of fair  value  and
performing such an analysis would not be practicable.

Principal payments on the mortgage notes for the next 5 years are as follows:

                   Year                     Amounts

                   1996                     $    22,459
                   1997                          24,562
                   1998                          26,868
                   1999                          29,388
                   2000                          32,144
                   2001 and later years      12,286,967
                                            -----------

                                            $12,422,388

6.     L.I.D. Assessment

In September,  1995,  the city of Winslow  issued a L.I.D.  assessment  for Blue
Heron's share of street and utility  improvements in the amount of $68,569.  The
assessment is payable in 10 equal annual installments  together with interest at
the rate of 6.25  percent.  At December 31,  1995,  the fair value of the L.I.D.
assessment approximates the amount recorded in the financial statements.





                                     Page 11

<PAGE>


                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                          NOTES TO FINANCIAL STATEMENTS

              For the Years Ended December 31, 1995, 1994 and 1993


6.     L.I.D. Assessment - (Continued)

Principal payments on the assessment for the next 5 years are as follows:

                   Year                     Amount

                   1996                     $ 6,857
                   1997                       6,857
                   1998                       6,857
                   1999                       6,857
                   2000                       6,857
                   2001 and later years      34,284
                                            -------

                                            $68,569

7.     Rental Operation Cash

RHS regulations limit the distribution of rental operation cash  to a maximum of
$38,090 annually. Any distribution to the Partnership from rental operation cash
is to be made in accordance with the respective partnership agreements.  Whether
or not a Property  Partnership makes a limited  distribution is based on its own
operations without any arrangements or conditions between Property Partnerships.

8.     Guarantees

Each of the DGP's has made a guarantee to the respective  Property  Partnerships
that they will  compensate the  Partnership  in the event the actual  low-income
housing  tax credit is less  than 85% to 90% of the  available  credit.  Through
December 31, 1995, no payments under this guarantee agreement had been made.







                                     Page 12