FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        QUARTERLY OR TRANSITIONAL REPORT

                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB

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


                  For the quarterly period ended June 30, 1999

                                       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 0-10255


                              SHELTER PROPERTIES I
       (Exact name of small business issuer as specified in its charter)


         South Carolina                                         57-0707398
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                     55 Beattie Place, Post Office Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                          (Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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




                         PART I - FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS

a)
                              SHELTER PROPERTIES I

                           CONSOLIDATED BALANCE SHEET
                        (in thousands, except unit data)
                                  (Unaudited)

                                 June 30, 1999



Assets

  Cash and cash equivalents                                            $ 1,477

  Receivables and deposits                                                 290

  Restricted escrows                                                       703

  Other assets                                                             272

  Investment properties:

    Land                                              $  1,428

    Buildings and related personal property             19,224

                                                        20,652

    Less accumulated depreciation                      (14,535)          6,117


                                                                       $ 8,859

Liabilities and Partners' Deficit

Liabilities

  Accounts payable                                                     $    25

  Tenant security deposit liabilities                                      142

  Accrued property taxes                                                   101

  Other liabilities                                                        293

  Mortgage notes payable                                                11,314


Partners' Deficit

  General partners                                    $    (55)

  Limited partners (15,000 units

     issued and outstanding)                            (2,961)         (3,016)

                                                                       $ 8,859


          See Accompanying Notes to Consolidated Financial Statements



b)
                              SHELTER PROPERTIES I

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)
                                  (Unaudited)





                                   Three Months Ended       Six Months Ended

                                        June 30,                June 30,

                                    1999         1998        1999       1998

Revenues:

  Rental income                   $1,285       $1,219       $2,570     $2,475

  Other income                        64           98          122        152

     Total revenues                1,349        1,317        2,692      2,627

Expenses:

  Operating                          495          537          998      1,056

  General and administrative          39           48           94        114

  Depreciation                       148          157          305        310

  Interest                           237          238          474        476

  Property taxes                      73           63          142        126

     Total expenses                  992        1,043        2,013      2,082


  Net income                      $  357       $  274       $  679     $  545

Net income allocated

  to general partners (1%)        $    4       $    3       $    7     $    5

Net income allocated

  to limited partners (99%)          353          271          672        540

                                  $  357       $  274       $  679     $  545

Net income per limited

  partnership unit                $23.53       $18.07       $44.80     $36.00

Distribution per limited

  partnership unit                $   --       $   --       $66.00     $52.87


          See Accompanying Notes to Consolidated Financial Statements



c)
                              SHELTER PROPERTIES I

             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                        (in thousands, except unit data)
                                  (Unaudited)





                                 Limited

                               Partnership General    Limited

                                  Units    Partners  Partners     Total


Original capital contributions   15,000      $  2     $15,000    $15,002


Partners' deficit at

  December 31, 1998              15,000      $(52)    $(2,643)   $(2,695)

Distributions to partners            --       (10)       (990)    (1,000)

Net income for the six months

  ended June 30, 1999                --         7         672        679

Partners' deficit at

  June 30, 1999                  15,000      $(55)    $(2,961)   $(3,016)


          See Accompanying Notes to Consolidated Financial Statements
d)
                              SHELTER PROPERTIES I

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                  (Unaudited)



                                                             Six Months Ended
                                                                 June 30,

                                                             1999         1998

Cash flows from operating activities:

  Net income                                              $   679      $   545

  Adjustments to reconcile net income to net cash

  provided by operating activities:

    Depreciation                                              305          310

    Amortization of discounts and loan costs                   46           44

    Change in accounts:

    Receivables and deposits                                  (22)         (81)

    Other assets                                              (40)          13

    Accounts payable                                          (60)        (179)

    Tenant security deposit liabilities                         8            3

    Accrued property taxes                                     27           82

    Other liabilities                                          20          (19)

      Net cash provided by operating activities               963          718

Cash flows from investing activities:

Property improvements and replacements                       (287)        (211)

  Net withdrawals from restricted escrows                     191           44

      Net cash used in investing activities                   (96)        (167)

Cash flows from financing activities:

  Payments on mortgage notes payable                          (72)         (67)

  Distributions to partners                                (1,000)        (800)

      Net cash used in financing activities                (1,072)        (867)

Net decrease in cash and cash equivalents                    (205)        (316)

Cash and cash equivalents at beginning of period            1,682        2,028

Cash and cash equivalents at end of period                $ 1,477      $ 1,712

Supplemental disclosure of cash flow information:

  Cash paid for interest                                  $   428      $   432


          See Accompanying Notes to Consolidated Financial Statements



e)
                              SHELTER PROPERTIES I

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Shelter
Properties I (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Article 310(b) of
Regulation S-B.  Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.  In the opinion of Shelter Realty I Corporation (the
"Corporate General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and six month periods ended June 30, 1999, are
not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 1999.  For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-KSB for the year ended December 31, 1998.

Principles of Consolidation

The Registrant's financial statements include the accounts of the Registrant and
its 99.99% owned partnership.  The general partner of the consolidated
partnership is Shelter Realty I Corporation.  Shelter Realty I Corporation may
be removed by the Registrant; therefore, the consolidated partnership is
controlled and consolidated by the Registrant.  All significant interpartnership
transactions have been eliminated.

NOTE B - TRANSFER OF CONTROL

Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company, a publicly traded real
estate investment trust ("AIMCO"), with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO ultimately acquired 100% ownership
interest in the Corporate General Partner.  The Corporate General Partner does
not believe that this transaction will have a material effect on the affairs and
operations of the Partnership.

NOTE C - RECONCILIATION OF CASH FLOWS

The following is a reconciliation of the subtotal on the accompanying
consolidated statements of cash flows captioned "net cash provided by operating
activities" to "net cash provided by operations," as defined in the Partnership
Agreement. However, "net cash provided by operations" should not be considered
an alternative to net income as an indicator of the Partnership's operating
performance or to cash flows as a measure of liquidity.

                                                           Six Months Ended

                                                               June 30,

                                                             (in thousands)

                                                          1999           1998


Net cash provided by operating activities              $ 963          $ 718

  Payments on mortgage notes payable                     (72)           (67)

  Property improvements and replacements                (287)          (211)

  Change in restricted escrows, net                      191             44

  Changes in reserves for net operating

   liabilities                                            67            181

  Additional reserves                                   (562)          (665)

      Net cash provided by operations                  $ 300          $  --

At June 30, 1999 and 1998, the Corporate General Partner reserved an additional
$562,000 and $665,000, respectively, to fund continuing capital improvements and
repairs at the Partnership's four investment properties.

NOTE D - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following payments were paid or
accrued to the Corporate General Partner and affiliates during the six months
ended June 30, 1999 and 1998:


                                                                 1999       1998

                                                                  (in thousands)

Property management fees (included in operating expenses)      $ 135      $ 131

Reimbursement for services of affiliates,

 (included in general and administrative,

 and operating expenses) (1)                                      61         72

Due to general partners                                          101        101

Due from affiliates                                               18         --


(1)  Included in "Reimbursement for services of affiliates" for the six months
     ended June 30, 1999 and 1998 is approximately $14,000 and $7,000,
     respectively, in reimbursements for construction oversight costs.

During the six months ended June 30, 1999 and 1998, affiliates of the Corporate
General Partner were entitled to receive 5% of gross receipts from all of the
Registrant's properties for providing property management services.  The
Registrant paid to such affiliates approximately $135,000 and $131,000 for the
six months ended June 30, 1999 and 1998, respectively.

An affiliate of the Corporate General Partner, received reimbursement of
accountable administrative expenses amounting to approximately $61,000 and
$72,000 for the six months ended June 30, 1999 and 1998, respectively.

During 1992 a liability of approximately $101,000 was incurred to the general
partners for sales commissions earned.  Per the Partnership Agreement, this
liability can not be paid until certain levels of return are received by the
limited partners.  As of June 30, 1999, the level of return to the limited
partners has not been met.

On July 21, 1998, an affiliate of the Corporate General Partner (the
"Purchaser") commenced a tender offer for limited partnership interests in the
Partnership.   The Purchaser offered to purchase up to 2,400 of the outstanding
units of limited partnership interest in the Partnership at $625 per Unit, net
to the seller in cash. The Purchaser acquired 1,145 units pursuant to this
tender offer at $625 per Unit.

On June 9, 1999, AIMCO Properties, L.P., an affiliate of the Managing General
Partner commenced a tender offer to purchase up to 3,601.67 (24.01%) of the
total outstanding units) units of limited partnership interest in the
Partnership for a purchase price of $759 per unit.  The offer expired on July
14, 1999.  Pursuant to the offer, AIMCO Properties, L.P. acquired 381.00 units.

As a result, AIMCO and its affiliates currently own 7,448 units of limited
partnership interest in the Partnership representing 49.65% of the total
outstanding units.  It is possible that AIMCO or its affiliate will make one or
more additional offers to acquire additional limited partnership interests in
the Partnership for cash or in exchange for units in the operating partnership
of AIMCO.

NOTE E - SEGMENT REPORTING

Description of the types of products and services from which the reportable
segment derives its revenue:

The Partnership has one reportable segment: residential properties. The
Partnership's residential property segment consists of four apartment complexes
located in Georgia (2), Virginia, and South Carolina.  The Partnership rents
apartment units to tenants for terms that are typically twelve months or less.

Measurement of segment profit or loss:

The Partnership evaluates performance based on net income.  The accounting
policies of the reportable segment are the same as those of the Partnership as
described in the Partnership's annual report on Form 10-KSB for the year ended
December 31, 1998.

Factors management used to identify the enterprise's reportable segment:

The Partnership's reportable segment consists of investment properties that
offer similar products and services.  Although each of the investment properties
are managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.

Segment information for the six months ended June 30, 1999 and 1998 is shown in
the tables below.  The "Other" column includes partnership administration
related items and income and expense not allocated to the reportable segment.

               1999                  RESIDENTIAL     OTHER       TOTALS

Rental income                         $ 2,570       $    --     $ 2,570
Other income                              110            12         122
Interest expense                          474            --         474
Depreciation                              305            --         305
General and administrative expense         --            94          94
Segment profit (loss)                     761           (82)        679
Total assets                            8,319           540       8,859
Capital expenditures for
  investment properties                   287            --         287


               1998                  RESIDENTIAL     OTHER       TOTALS

Rental income                        $ 2,475        $    --    $  2,475
Other income                             138             14         152
Interest expense                         476             --         476
Depreciation                             310             --         310
General and administrative expense        --            114         114
Segment profit (loss)                    645           (100)        545
Total assets                           8,741            777       9,518
Capital expenditures for
  investment properties                  211              --        211

NOTE F - LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP, INC., ET AL. in the Superior Court of the State of California
for the County of San Mateo.  The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company. The complaint seeks monetary damages and equitable relief, including
judicial dissolution of the Partnership. On June 25, 1998, the Corporate General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint.  The Corporate
General Partner has filed demurrers to the amended complaint which were heard
during February 1999. No ruling on such demurrers has been received.  The
Corporate General Partner does not anticipate that costs associated with this
case, if any, will be material to the Partnership's overall operations.

The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time.
The discussions of the Registrant's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Registrant's business and results
of operation.  Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.

The Partnership's investment properties consists of four apartment complexes.
The following table sets forth the average occupancy of the properties for the
six months ended June 30, 1999 and 1998:

                                                     Average

                                                    Occupancy

Property                                          1999        1998

Quail Hollow Apartments

 West Columbia, South Carolina                    93%          96%

Windsor Hills Apartments

 Blacksburg, Virginia                             96%          96%

Heritage Pointe Apartments

(Formerly Rome Georgian Apartments)

 Rome, Georgia                                    93%          89%

Stone Mountain West Apartments

 Stone Mountain, Georgia                          96%          96%

The Corporate General Partner attributes the increase in occupancy at Heritage
Pointe Apartments to management's intensified marketing efforts.  The decrease
in occupancy at Quail Hollow is attributable to tenants purchasing new homes at
the current low mortgage interest rates.

RESULT OF OPERATIONS

The Registrant's net income for the three and six months ended June 30, 1999 was
approximately $357,000 and $679,000, respectively, as compared to approximately
$274,000 and $545,000 for the three and six months ended June 30, 1998.  The
increase in net income for the three and six months ended June 30, 1999, was due
to an increase in total revenue and a decrease in total expenses. The increase
in total revenue is the result of an increase in rental income.  Rental income
increased primarily due to an increase in average rental rates at all four of
the Registrant's investment properties and to the increase in occupancy at
Heritage Pointe Apartments as discussed above.  The increase in rental income
was partially offset by a decrease in other income.  Other income decreased due
to an overall decrease in the cash balance of the Partnership.

Total expenses decreased as a result of decreases in both operating and general
and administrative expenses.  Operating expense decreased due to a decrease in
insurance expense and maintenance expense.  Insurance expense decreased at all
of the investment properties due to a change in insurance carriers during the
current year.  Maintenance expense decreased due to the completion during 1998
of exterior building improvements at Heritage Point Apartments and Stone
Mountain West Apartments.

The decrease in general and administrative expense is primarily attributable to
a decrease in management reimbursements to the Corporate General Partner allowed
under the Partnership Agreement.  General and administrative expense also
decreased due to a decrease in appraisal fees which were incurred during 1998.
Also included in general and administrative expenses were costs associated with
the quarterly and annual communications with investors and regulatory agencies
and the annual audit required by the Partnership Agreement.  Depreciation and
interest expense remained relatively constant for the comparable periods.
Property tax expense increased due to an unsuccessful appeal for a lower tax
rate at the Stone Mountain West Apartments and an increase in the assessment
value at the Windsor Hills Apartments.

As part of the ongoing business plan of the Registrant, the Corporate General
Partner monitors the rental market environments of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Registrant from increases in expenses.  As part of
this plan, the Corporate General Partner attempts to protect the Registrant from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Corporate General Partner will be able to sustain such a plan.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 1999, the Registrant had cash and cash equivalents of approximately
$1,477,000 as compared to approximately $1,712,000 at June 30, 1998.  The
decrease in cash and cash equivalents of approximately $205,000 for the six
months ended June 30, 1999 from the Registrant's year end, is primarily due to
approximately $1,072,000 of cash used in financing activities and approximately
$96,000 of cash used in investing activities, which was partially offset by
approximately $963,000 of cash provided by operating activities.  Cash used in
investing activities consisted of property improvements and replacements at all
four of the Partnership's investing properties, which was offset by net
withdrawals from restricted escrow accounts maintained by the mortgage lender.
Cash used in financing activities consisted primarily of partner distributions
and to a lesser extent payments of principal made on the mortgages encumbering
the Registrant's properties.  The Registrant invests its working capital
reserves in money market accounts.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Registrant and to comply with Federal,
state, and local legal and regulatory requirements.  Capital improvements
planned for each of the Registrant's properties are detailed below.

Quail Hollow Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that the property requires
approximately $315,000 of capital improvements over the next few years.  The
Partnership has budgeted, but is not limited to, capital improvements of
approximately $425,000 for 1999 at this property which included certain of the
required improvements and consist of carpet and vinyl replacement, roof
replacements, major landscaping and parking lot repairs.  For the six months
ended June 30, 1999, the Partnership completed approximately $53,000 of capital
improvements at the property, consisting primarily of floor covering replacement
and interior and exterior building improvements.

Heritage Pointe Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that the property requires
approximately $315,000 of capital improvements over the next few years.  The
Partnership has budgeted, but is not limited to, capital improvements of
approximately $369,000 for 1999 at this property which included certain of the
required improvements and consist of various interior and exterior building
improvements.  For the six months ended June 30, 1999, the Partnership completed
approximately $31,000 of capital improvements at the property, consisting
primarily of floor covering, appliance and electrical replacements.

Stone Mountain West Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that the property requires
approximately $315,000 of capital improvements over the next few years.  The
Partnership has budgeted, but is not limited to, capital improvements of
approximately $155,000 for 1999 at this property which included certain of the
required improvements and consist of carpet and vinyl replacement, major
landscaping, roof replacements and parking lot repairs.  For the six months
ended June 30, 1999, the Partnership completed approximately $15,000 of capital
improvements at the property, consisting primarily of floor covering
replacements.

Windsor Hill Apartments

Based on a report received from an independent third party consultant analyzing
necessary exterior improvements and estimates made by the Corporate General
Partner on interior improvements, it is estimated that the property requires
approximately $390,000 of capital improvements over the next few years.  The
Partnership has budgeted, but is not limited to, capital improvements of
approximately $428,000 for 1999 at this property which included certain of the
required improvements and consist of carpet and vinyl replacement, exterior
building painting and parking lot and pool repairs and appliance replacement.
For the six months ended June 30, 1999, the Partnership completed approximately
$188,000 of capital improvements at the property, consisting primarily of
stairwell and swimming pool repairs, and appliance and floor covering
replacements.

The additional capital improvements will be incurred only if cash is available
from operations and Partnership reserves.  To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant.  The mortgage
indebtedness of approximately $11,314,000, net of discount, is amortized over
varying periods with required balloon payments ranging from November 15, 2002 to
November 1, 2003.  The Corporate General Partner will attempt to refinance such
indebtedness and/or sell the properties prior to such maturity date.  If the
property cannot be refinanced or sold for a sufficient amount, the Registrant
may risk losing such property through foreclosure.

A cash distribution from operations of approximately $1,000,000 ($990,000 of
which was paid to the limited partners, $66.00 per limited partnership unit),
was made to the partners during the six months ended June 30, 1999.  Cash
distributions from operations of approximately $800,000 ($793,000 of which was
paid to the limited partners, $52.87 per limited partnership unit) were made to
the partners during the six months ended June 30, 1998.  Subsequent to June 30,
1999 the Corporate General Partner approved and paid a distribution of $300,000
from operations ($297,000 of which was paid to limited partners, $19.80 per
limited partnership unit). The Registrant's distribution policy is reviewed on a
quarterly basis. Future cash distributions will depend on the levels of net cash
generated from operations, the availability of cash reserves, and the timing of
debt maturities, refinancings and/or property sales.  There can be no assurance,
however, that the Registrant will generate sufficient funds from operations to
permit further distributions to its partners in subsequent periods.

Tender Offer

On June 9, 1999, AIMCO Properties, L.P., an affiliate of the Managing General
Partner commenced a tender offer to purchase up to 3,601.67 (24.01%) of the
total outstanding units) units of limited partnership interest in the
Partnership for a purchase price of $759 per unit.  The offer expired on July
14, 1999.  Pursuant to the offer, AIMCO Properties, L.P. acquired 381.00 units.
As a result, AIMCO and its affiliates currently own 7,448 units of limited
partnership interest in the Partnership representing 49.65% of the total
outstanding units.  It is possible that AIMCO or its affiliate will make one or
more additional offers to acquire additional limited partnership interests in
the Partnership for cash or in exchange for units in the operating partnership
of AIMCO.

Year 2000 Compliance

General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems

The Year 2000 issue is the result of computer programs being written using two
digits rather than four digits to define the applicable year.  The Partnership
is dependent upon the Corporate General Partner and its affiliates for
management and administrative services ("Managing Agent").  Any of the computer
programs or hardware that have date-sensitive software or embedded chips may
recognize a date using "00" as the year 1900 rather than the year 2000.  This
could result in a system failure or miscalculations causing disruptions of
operations, including, among other things, a temporary inability to process
transactions, send invoices, or engage in similar normal business activities.

Over the past two years, the Managing Agent has determined that it will be
required to modify or replace significant portions of its software and certain
hardware so that those systems will properly utilize dates beyond December 31,
1999.  The Managing Agent presently believes that with modifications or
replacements of existing software and certain hardware, the Year 2000 issue can
be mitigated. However, if such modifications and replacements are not made, or
not completed in time, the Year 2000 issue could have a material impact on the
operations of the Partnership.

The Managing Agent's plan to resolve Year 2000 issues involves four phases:
assessment, remediation, testing, and implementation.  To date, the Managing
Agent has fully completed its assessment of all the information systems that
could be significantly affected by the Year 2000, and has begun the remediation,
testing and implementation phases on both hardware and software systems.
Assessments are continuing in regards to embedded systems.  The status of each
is detailed below.

Status of Progress in Becoming Year 2000 Compliant, Including Timetable for
Completion of Each Remaining Phase

Computer Hardware:

During 1997 and 1998, the Managing Agent identified all of the computer systems
at risk and formulated a plan to repair or replace each of the affected systems.
In August 1998, the main computer system used by the Managing Agent became fully
functional. In addition to the main computer system, PC-based network servers,
routers and desktop PCs were analyzed for compliance.  The Managing Agent has
begun to replace each of the non-compliant network connections and desktop PCs
and, as of June 30, 1999, had completed approximately 90% of this effort.

The total cost to the Managing Agent to replace the PC-based network servers,
routers and desktop PCs is expected to be approximately $1.5 million of which
$1.3 million has been incurred to date.  The remaining network connections and
desktop PCs are expected to be upgraded to Year 2000 compliant systems by
September 30, 1999.  The completion of this process is scheduled to coincide
with the release of a compliant version of the Managing Agent's operating
system.

Computer Software:

The Managing Agent utilizes a combination of off-the-shelf, commercially
available software programs as well as custom-written programs that are designed
to fit specific needs.  Both of these types of programs were studied, and
implementation plans written and executed with the intent of repairing or
replacing any non-compliant software programs.

In April, 1999 the Managing Agent embarked on a data center consolidation
project that unifies its core financial systems under its Year 2000 compliant
system.  The estimated completion date for this project is October, 1999.

During 1998, the Managing Agent began converting the existing property
management and rent collection systems to its management properties Year 2000
compliant systems. The estimated additional costs to convert such systems at all
properties, is $200,000, and the implementation and testing process was
completed in June, 1999.

The final software area is the office software and server operating systems.
The Managing Agent has upgraded all non-compliant office software systems on
each PC and has upgraded 90% of the server operating systems.  The remaining
server operating systems are planned to be upgraded to be Year 2000 compliant by
September, 1999.  The completion of this process is scheduled to coincide with
the release of a compliant version of the Managing Agent's operating system.

Operating Equipment:

The Managing Agent has operating equipment, primarily at the property sites,
which needed to be evaluated for Year 2000 compliance.  In September 1997, the
Managing Agent began taking a census and inventory of embedded systems
(including those devices that use time to control systems and machines at
specific properties, for example elevators, heating, ventilating, and air
conditioning systems, security and alarm systems, etc.).

The Managing Agent has chosen to focus its attention mainly upon security
systems, elevators, heating, ventilating and air conditioning systems, telephone
systems and switches, and sprinkler systems.  While this area is the most
difficult to fully research adequately, management has not yet found any major
non-compliance issues that put the Managing Agent at risk financially or
operationally.

A pre-assessment of the properties by the Managing Agent has indicated no Year
2000 issues.  A complete, formal assessment of all the properties by the
Managing Agent is in process and will be completed in September, 1999.  Any
operating equipment that is found non-compliant will be repaired or replaced.

The total cost incurred for all properties managed by the Managing Agent as of
June 30, 1999 to replace or repair the operating equipment was approximately
$75,000. The Managing Agent estimates the cost to replace or repair any
remaining operating equipment is approximately $125,000.

The Managing Agent continues to have "awareness campaigns" throughout the
organization designed to raise awareness and report any possible compliance
issues regarding operating equipment within its enterprise.

Nature and Level of Importance of Third Parties and Their Exposure to the Year
2000

The Managing Agent continues to conduct surveys of its banking and other vendor
relationships to assess risks regarding their Year 2000 readiness.  The Managing
Agent has banking relationships with three major financial institutions, all of
which have indicated their compliance efforts will be complete before July,
1999. The Managing Agent has updated data transmission standards with all of the
financial institutions.  The Managing Agent's contingency plan in this regard is
to move accounts from any institution that cannot be certified Year 2000
compliant by September 1, 1999.

The Partnership does not rely heavily on any single vendor for goods and
services, and does not have significant suppliers and subcontractors who share
information systems (external agent).  To date the Partnership is not aware of
any external agent with a Year 2000 compliance issue that would materially
impact the Partnership's results of operations, liquidity, or capital resources.
However, the Partnership has no means of ensuring that external agents will be
Year 2000 compliant.

The Managing Agent does not believe that the inability of external agents to
complete their Year 2000 remediation process in a timely manner will have a
material impact on the financial position or results of operations of the
Partnership. However, the effect of non-compliance by external agents is not
readily determinable.

Costs to Address Year 2000

The total cost of the Year 2000 project to the Managing Agent is estimated at
$3.5 million and is being funded from operating cash flows.  To date, the
Managing Agent has incurred approximately $2.9 million ($0.7 million expensed
and $2.2 million capitalized for new systems and equipment) related to all
phases of the Year 2000 project.  Of the total remaining project costs,
approximately $0.5 million is attributable to the purchase of new software and
operating equipment, which will be capitalized.  The remaining $0.2 million
relates to repair of hardware and software and will be expensed as incurred.
The Partnership's portion of these costs are not material.

Risks Associated with the Year 2000

The Managing Agent believes it has an effective program in place to resolve the
Year 2000 issue in a timely manner.  As noted above, the Managing Agent has not
yet completed all necessary phases of the Year 2000 program.  In the event that
the Managing Agent does not complete any additional phases, certain worst case
scenarios could occur.  The worst case scenarios could include elevators,
security and heating, ventilating and air conditioning systems that read
incorrect dates and operate with incorrect schedules (e.g., elevators will
operate on Monday as if it were Sunday).  Although such a change would be
annoying to residents, it is not business critical.

In addition, disruptions in the economy generally resulting from Year 2000
issues could also adversely affect the Partnership.  The Partnership could be
subject to litigation for, among other things, computer system failures,
equipment shutdowns or failure to properly date business records.  The amount of
potential liability and lost revenue cannot be reasonably estimated at this
time.

Contingency Plans Associated with the Year 2000


The Managing Agent has contingency plans for certain critical applications and
is working on such plans for others.  These contingency plans involve, among
other actions, manual workarounds and selecting new relationships for such
activities as banking relationships and elevator operating systems.

                          PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA
FINANCIAL GROUP, INC., ET AL. in the Superior Court of the State of California
for the County of San Mateo.  The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and Apartment Investment and Management
Company. The complaint seeks monetary damages and equitable relief, including
judicial dissolution of the Partnership. On June 25, 1998, the Corporate General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint.  The Corporate
General Partner has filed demurrers to the amended complaint which were heard
during February 1999. No ruling on such demurrers has been received.  The
Corporate General Partner does not anticipate that costs associated with this
case, if any, will be material to the Partnership's overall operations.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

a)Exhibits:

  Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report.

b)Reports on Form 8-K:

  None filed during the quarter ended June 30, 1999.


                                   SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                            SHELTER PROPERTIES I

                                            By:   Shelter Realty I Corporation
                                                  Corporate General Partner

                                            By:   /s/Patrick J. Foye
                                                  Patrick J. Foye
                                                  Executive Vice President

                                            By:   /s/ Carla R. Stoner
                                                  Carla R. Stoner
                                                  Senior Vice President
                                                  Finance and Administration

                                            Date: August 4, 1999