SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                    Form 10-K

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

For the fiscal year ended                                 Commission file number
-------------------------                                 ----------------------
    December 31, 1996                                              33-13668

                    Holco Mortgage Acceptance Corporation-I
                  --------------------------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                                        38-2733561
-------------------------------          ---------------------------------------
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
incorporation or organization)

      P.O. Box 926, South Bend, IN                       46634-0926
----------------------------------------                 ----------
(Address of principal executive offices)                  (ZipCode)


        Registrant's telephone number, including area code:(219) 287-7861


Securities registered pursuant to Section 12(b) of the Act:
     
                                                  Name of each Exchange on
Title of Each Class                                    which Registered 
----------------------------------------         -------------------------
Series "C" Collateralized Mortgage Bonds          American Stock Exchange
Common Stock                                      American Stock Exchange

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

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 _____

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.__X___

State the aggregate market value of the voting stock held by  non-affiliates  of
the registrant as of March 20, 1997:  $563,750

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of March 20, 1997:  5363,750 Shares of Common Stock


                       DOCUMENTS INCORPORATED BY REFERENCE

The contents of the Prospectus of the registrant  ("Prospectus")  dated June 22,
1987,  as filed  pursuant to Rule 424(b)  under the  Securities  Act of 1933 are
incorporated  by reference  into this Form 10-K with respect to the  information
contained in Items 1, 2, 5, 10, 11 and 12, as set forth therein.
<PAGE>


                                     Part I


Item 1. Business.

The business background,  objectives and intentions of Holco Mortgage Acceptance
Corporation-I  (the  "Corporation"),  are set  forth in the  Prospectus  and are
incorporated herein by this reference.  The offering of the Corporation's common
stock (the  "Common  Stock") and three series of bonds (the  "Bonds")  closed on
August 26, 1987, at which time the proceeds of the offering  were used,  and the
Corporation  commenced business  activities,  as contemplated in the Prospectus.
The  Common  Stock  is  also  referred  to  as  "Pass-Through   Equity  Residual
Certificates"  or  "PERCs".  See also  Items  5, 6, 7 and 8 hereof  incorporated
herein by this reference.

The Corporation was formed in 1987 to engage solely in the business of investing
in Multifamily GNMA Certificates.  The Corporation has obtained the proceeds for
such  investments  by  issuing  the  Common  Stock  and  Bonds.   Therefore,   a
presentation concerning industry segments is not applicable. The Corporation has
no employees.


Item 2. Properties.

A list of the  Corporation's  Multifamily GNMA  Certificates is set forth in the
Prospectus and is incorporated herein by this reference.


Item 3. Legal Proceedings.

There are no material  pending legal  proceedings  to which the  Registrant is a
party or to which any of its property is subject.


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

No matter was submitted to a vote of security  holders during the fourth quarter
of the calendar year ended December 31, 1996.


                                     Part II


Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

Up  until  October  31,  1996,  the  principal  United  States  market  for  the
Corporation's Common Stock was the American Stock Exchange.  In October of 1996,
the American Stock Exchange notified the corporation that it intended to de-list
the stock effective October 31, 1996. This decision was based upon the fact that
the remaining assets of the corporation no longer met AMEX's minimum  standards.
However,  Holco still has  approximately  $8.0 million in mortgage assets in the
fund  andthese  assets  continue to provide  cash flow as described  below.  The
corporation  is  cognizant of the fact that it is necessary to provide a trading
forum for the stock and are in the process of producing financial projections to
assist  in   establishing  a  market  maker.  As  soon  as  this  is  completed,
stockholders will be notified of their options for trading stock.

The quarterly high and low market information for the Common Stock and dividends
paid by the Corporation are as follows:

                                                  Market Prices
                                               --------------------
                                               High            Low     Dividends
--------------------------------------------------------------------------------

03/01/95 .......................               2.75            2.00       0.02
06/01/95 .......................               2.44            1.88       0.01
09/01/95 .......................               2.31            1.88       0.01
12/01/95 .......................               1.94            0.69       0.01
03/01/96 .......................               0.88            0.56       0.01
06/01/96 .......................               0.94            0.62       0.01
09/01/96 .......................               0.84            0.53       0.01
12/01/96 .......................               0.94            0.50       0.01
                                                                            
As of March 20,  1996,  there were  approximately  800 record  holders of Common
Stock.  The company pays cash  dividends  from  available  cash after paying all
expenses.
<PAGE>



Item 6. Selected Financial Data.

For years ended December 31, 1996, 1995, 1994, 1993, and 1992:
<TABLE>

                                 1996           1995         1994          1993          1992
------------------------------------------------------------------------------------------------
<S>                          <C>           <C>           <C>           <C>          <C>   

Total Revenues ...........   $   862,036   $   934,349   $ 1,322,248   $ 1,655,939   $ 2,293,203

Total Expense ............       839,847       884,530     1,189,373     1,542,072     2,204,226

Net Income ...............        22,189        49,819       132,875       113,867        88,977

Net Income  allocated  per
share of Common Stock                .04           .09          0.24          0.20          0.16

GNMA Certificates, at cost     9,403,269     9,492,787     9,510,433    15,287,563    16,433,221

Total Assets .............     9,579,277     9,665,218     9,701,799    16,793,408    16,834,947

Collateralized  Mortgage
Obligation Bonds .........     8,816,000     8,900,000     8,977,000    15,552,662    15,647,740

Cash  dividends declared
per share
of Common Stock .........           0.04          0.05          0.96          0.14          1.29

</TABLE>

The  above  selected  financial  data  should  be read in  conjunction  with the
financial statements and related notes set forth in Item 8.


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

The  Corporation's  results  of  operations  depend  primarily  on the amount of
interest  paid on the  Multifamily  GNMA  Certificates  securing the Bonds,  the
incidence of prepayments of principal made on the mortgage loans underlying such
Multifamily GNMA  Certificates,  the amount of earnings from the reinvestment of
distributions  on such  Multifamily  GNMA  Certificates  and the  amount  of the
Corporation's expenses,  including, among other things, interest payments on the
Bonds  and  operating  expenses  of the  Corporation.  Substantially  all of the
Corporation's expenses are interest payments due on the Bonds,  management fees,
audit,  legal,  trustee  and other  related  expenses,  state  and local  taxes,
reporting  requirements  and costs of maintaining  the  Corporation's  corporate
qualifications.  It is anticipated that scheduled  distributions of principal of
and interest on the Multifamily GNMA Certificates  pledged as collateral for the
Bonds,  together with  reinvestment  earnings thereon,  will provide  sufficient
funds to make timely payment of all amounts due on the Bonds in accordance  with
their terms and to pay all of the operating expenses of the Corporation.

The  Corporation's  primary  sources  of funds  with  respect  to the  Bonds are
payments of  principal  of and  interest on the  Multifamily  GNMA  Certificates
pledged to secure the Bonds and reinvestment  earnings thereon.  The Corporation
anticipates that it will have sufficient  liquidity and capital resources to pay
all  amounts  due on the  Bonds in  accordance  with  their  terms and all other
expenses  of the  Corporation.  The  Corporation  does not have any  significant
source of funds other than  distributions on the Multifamily  GNMA  Certificates
pledged to secure the Bonds and reinvestment earnings thereon.  Virtually all of
the assets and liabilities of the  Corporation  are monetary in nature.  Because
the Bonds are secured by  Multifamily  GNMA  Certificates  which pay interest at
specified  rates,  and because  payments on the Bonds are at specified  rates of
interest,  inflationary  pressures are not expected to affect the ability of the
Corporation to meet its obligations as they become due.

The  Corporation  expects  that  scheduled  distributions  of  principal  of and
interest  on the  Multifamily  GNMA  Certificates  pledged  to secure the Bonds,
together  with  reinvestment  earnings  thereon,  will at all times  exceed  the
aggregate  of the amount due as payments  of  principal  of and  interest on the
Bonds and operating expenses of the Corporation.

The Corporation's revenue has decreased over the past three years as a result of
the scheduled principal and prepayments of principal on the GNMA certificates.
<PAGE>



Because  the amount of  interest  income  that the  Corporation  receives on the
Multifamily  GNMA  Certificates,  together  with the  reinvestment  earnings  on
distributions of principal of and interest on the Multifamily GNMA Certificates,
may,  in some  periods,  be less  than  the  sum of the  Corporation's  interest
expenses on the Bonds and operating expenses for such periods, the Corporation's
ratio of earnings to fixed charges for such periods may be less than one to one.
Any such income  shortfalls will not, however,  be cash flow shortfalls  because
principal and interest payments on the Multi- family GNMA Certificates, together
with reinvestment  earnings thereon,  will be available in sufficient amounts to
meet interest income  shortfalls and to make required  principal  payments onthe
Bonds. In addition,  the amortization of issuance costs of the Bonds reduces the
Corporation's  ratio of earnings to fixed charges but will not affect the amount
of cash available to meet fixed charges.


Item 8.  Financial Statements and Supplementary Data.

See Index to Financial  Statements and Financial  Statement Schedule on Page F-1
of this Form 10-K.


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

The Corporation is not aware of any such disagreements.


                                    Part III


Item 10. Directors and Executive Officers of the Registrant.

Information  relating to the management of the Corporation and persons  entitled
to exercise management discretion over the Corporation's affairs is set forth in
the Prospectus and is incorporated herein by this reference.



Item 11. Management Compensation.

Information  relating to management  compensation is set forth in the Prospectus
and incorporated  herein by this reference.  See also Item 8 hereof incorporated
herein by this reference.



Item 12. Security Ownership of Certain Beneficial Owners and Management.

As of March 20, 1997, no person owned of record or was known to own beneficially
more  than 5% of the  outstanding  Common  Stock of the  Corporation.  Also,  no
director or officer of the Corporation owned any of the outstanding Common Stock
of the Corporation as of March 20, 1997.


Item 13. Certain Relationships and Related Transactions.

The Corporation paid HC Mortgage Company a non-recurring mortgage commitment fee
of  $700,000  and  pays an  on-going  management  fee.  See  Note 5 -  "Fees  to
Affiliate" on page F-9 of the attached financial statements.


                                     Part IV


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

a.   The  following   documents  are  filed  as  part  of  this  Form  10-K  and
     incorporated herein by this reference:


     1. The financial  statements and financial statement schedule listed on the
        Index to Financial Statements and on page F-1.

     2. The exhibits listed on the Index to Exhibits on page E-1.

b.   No reports on Form 8-K were filed during the fourth quarter of the calendar
     year ended December 31, 1996.



<PAGE>




                           ITEM 14(a) - EXHIBIT INDEX


3    The Certificate of Incorporation and Bylaws of the Registrant are set forth
     as  Exhibits  3.1  and  3.2,  respectively,   to  Amendment  No  1  to  the
     Registrant's  Registration  Statement  on Form S-11  dated  April 22,  1987
     (Registration No. 33-13668), and are incorporated herein by reference.

4.1  A specimen of the  certificate  representing  Pass-Through  Equity Residual
     Certificates   of  the   Registrant   is  set  forth  as  Exhibit   4.1  to
     Post-Effective  Amendment No. 1 to the Registrant's  Registration Statement
     on Form S-11 dated September 10, 1987  (Registration No. 33-13668),  and is
     incorporated herein by reference.

4.2  Specimens of the Series A, B and C Collateralized Mortgage Obligation Bonds
     are set  forth as  Exhibit  4.2 to  Post-Effective  Amendment  No. 1 to the
     Registrant's  Registration  Statement on Form S-11 dated September 10, 1987
     (Registration No. 33-33168), and is incorporated herein by reference.

4.3  The Trust Indenture is set forth as Exhibit 4.3 to Post-Effective Amendment
     No.  1 to the  Registrant's  Registration  Statement  on  Form  S-11  dated
     September 10, 1987 (Registration No. 33-33168),  and is incorporated herein
     by reference.

4.4  A Form of Guaranty  Agreement between the servicer and GNMA with respect to
     Project Loan  Securities  under the GNMA-I  Program is set forth as Exhibit
     4.4 to  Post-Effective  Amendment  No. 1 to the  Registrant's  Registration
     Statement on Form S-11 dated April 22, 1987  (Registration  No.  33-13668),
     and is incorporated herein by reference.

10   The  Form of  Multifamily  GNMA  Certificate  evidencing  the  Registrant's
     beneficial  ownership  interest  in each of the  Mortgages  is set forth as
     Exhibit 10.1 to Amendment No. 1 to the Registrant's  Registration Statement
     on Form S-11 dated  April 22,  1987  (Registration  No.  33-13668),  and is
     incorporated herein by reference.

13   Annual report to security holders

27   Financial Data Schedule



<PAGE>




                                   SIGNATURES



Pursuant to the requirements of Securities 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.


HOLCO MORTGAGE ACCEPTANCE CORPORATION-I
        A DELAWARE CORPORATION
            (Registrant)


By:  /s/ John T. Phair
     John T. Phair
     Vice President, Treasurer
     and a Director

Date:  March 27, 1997


By: /s/ Kevin C. Horton
    Kevin C. Horton
    Vice President, Secretary
    and a Director

Date:  March 27, 1997


By:  /s/ Kevin J. Butler
     Kevin J. Butler
     Director

Date:  March 27, 1997