FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



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

For the quarter ended   March 31, 2001


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.)




          1301 Fifth Avenue, Suite 2200, 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 14.  There are 15 pages.


<PAGE>
                                   Part I. Financial Information

Item 1.  Financial Statements
<TABLE>

                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES
                                 BALANCE SHEETS
<CAPTION>
                                             Mar 31,             December 31,
                                             2001                2000
                                             (Unaudited)
                                             -----------         ------------


                                     ASSETS
<S>                                          <C>                 <C>

Rental property and equipment, at cost:
   Buildings and equipment                   $15,848,255         $15,836,260
   Less accumulated depreciation              (6,915,440)         (6,769,459)
                                            -------------       -------------
                                               8,932,815           9,066,801
   Land                                          723,111             723,111
                                           -------------       -------------
                                               9,655,926           9,789,912

Cash and cash equivelents:
   Rental operation                              178,344             214,415
   AHF reserves                                   17,363              13,148
                                                 -------             -------
                                                 195,707             227,563

Restricted deposits:
   Tenant trust - security deposits              114,208             114,970
   Reserve accounts                              711,995             737,977
                                             -----------          ----------
                                                 826,203             852,947

Other assets:
   Accounts receivable                            68,088              54,039
   Prepaid expenses                               15,688               9,124
   Organization and start-up costs                     0                   0
                                              ----------         -----------
                                                  83,776              63,163
                                             -----------         -----------
                                             $10,761,612         $10,933,585
                                           =============       =============
</TABLE>


                                       Continued on page 2A




See notes to financial statements        2
<PAGE>
<TABLE>
<CAPTION>


                           ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES
                                   BALANCE SHEETS - (CONTINUED)
<S>                                        <C>                  <C>

                                           March 31,              December 31,
                                           2001                   2000
                                           (Unaudited)
                                           -------------          -------------

                            LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
   Mortgage notes payable                  $12,281,626          $12,287,154
   LID assessment payable                            0                    0
   Accounts payable                            322,407              306,143
   Due to affiliate                            650,867              660,464
   Accrued liabilities                         122,244              114,238
   Security deposits payable                   110,472              111,116
                                         -------------        -------------
                                            13,487,616           13,479,115

Minority interests in partnerships             434,309              441,445

Partners' equity (deficit):
  Limited partners                          (3,097,503)          (2,925,898)
  General partner                              (62,810)             (61,077)
                                          -------------        -------------
                                            (3,160,313)          (2,986,975)
                                          -------------        -------------
                                           $10,761,612          $10,933,585
                                         =============         =============
</TABLE>

See notes to Financial Statements    2A
<PAGE>


<TABLE>
<CAPTION>


                            ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                               STATEMENT OF PARTNERS' EQUITY (DEFICIT)





<S>                                <C>            <C>            <C>
                                   Limited        General
                                   Partners       Partner        Total
                                   -----------    ------------   ------------
Balance - December 31, 1989        3,127,029             63      3,127,092

Net income (loss) for 1990          (491,129)        (4,961)      (496,090)
                                  -----------    -----------   ------------
Balance - December 31, 1990        2,635,900         (4,898)     2,631,002

Net income (loss) for 1991          (586,906)        (5,928)      (592,834)
                                 ------------   ------------   ------------
Balance - December 31, 1991        2,048,994        (10,826)     2,038,168

Net income (loss) for 1992          (559,355)        (5,650)      (565,005)
                                 ------------   ------------   ------------
Balance - December 31, 1992        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)

Net income (loss) 1996              (612,521)        (6,187)      (618,708)
                                 ------------   ------------   ------------
Balance - December 31, 1996         (939,290)       (41,010)      (980,300)

Net income (loss) for 1997          (529,997)        (5,354)      (535,351)
                                 ------------   ------------   ------------
Balance - December 31, 1997       (1,469,287)       (46,364)    (1,515,651)

Net income (loss) for 1998          (495,623)        (5,006)      (500,629)
                                 ------------   ------------   ------------
Balance - December 31, 1998       (1,964,910)       (51,370)    (2,016,280)

Net income (loss) for 1999          (508,090)        (5,132)      (513,222)
                                 ------------   ------------   ------------
Balance December 31, 1999         (2,473,000)       (56,502)    (2,529,502)

Net income (loss) for 2000          (452,898)        (4,575)      (457,473)
                                 ------------   ------------   ------------
Balance - December 31, 2000       (2,925,898)       (61,077)    (2,986,975)

Net income (loss) for March 31,     (171,605)        (1,733)      (173,338)
      2001 (Unaudited)           -----------    -----------    -----------

Balance - March 31, 2001          (3,097,503)       (62,810)    (3,160,313)
     (Unaudited)                 ============   ============   ============


</TABLE>


See notes to Financial Statements                 3

<PAGE>

<TABLE>
<CAPTION>

                                 ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                                            STATEMENTS OF OPERATIONS
<S>                                <C>            <C>

                                   Quarter        Quarter
                                   Ended          Ended
                                   March 31,      March 31,
                                   2001           2000
                                   (Unaudited)    (Unaudited)
                                   -----------    -----------
Revenue:
   Rental                          $391,981         $399,723
   Miscellaneous                      6,806           14,231
                                   --------         --------
                                    398,787          413,954

Expenses:
   Operating & maintenance           82,889           54,544
   Utilities                         82,440           71,127
   General & administrative         117,122          103,284
   Taxes                             66,848           61,775
   Insurance                          9,199            5,760
   Interest on mortgage notes        72,754           72,640
   Depreciation                     145,988          141,518
   Miscellaneous                        197              728
                                  ----------      ----------
                                    577,437          511,376

                                   (178,650)         (97,422)

Other income (expenses):
   Interest earned on escrow
    accounts & cash reserves            111              189
   Minority Interest                  7,076            6,249
   General & administrative          (1,875)          (1,875)
   Partnership management
    fees                                  0                0
   Amortization of organi-
    zation & start-up costs               0                0
                                 -----------        ---------
                                      5,312            4,563
                                 -----------        ---------
        Net income (loss)          (173,338)         (92,859)
                                 ===========      ===========

Net income (loss) per unit of
 limited partnership interest          (244)            (131)
                                 ===========      ===========

</TABLE>

See notes to Financial Statements     4

<PAGE>




<TABLE>
<CAPTION>
                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                            STATEMENTS OF CASH FLOWS
<S>                                               <C>              <C>

                                                  Quarter          Quarter
                                                  Ended            Ended
                                                  March 31,        March 31,
                                                  2001             2000
                                                  (Unaudited)      (Unaudited)
                                                 ------------     ----------
Cash flows from operating activities:
  Net Income (loss)                                 (173,338)         (92,859)
  Adjustments to reconcile net (loss) to net
      cash provided by operating activities:
    Depreciation                                     145,981          142,048
    Amortization of organization and
        start-up costs                                     0                0

    Minority interest in operations                   (7,076)          (6,249)
    Decrease (increase) in:
      Accounts receivable                            (14,049)         (10,248)
      Prepaid expenses                                (6,564)           3,757

    Increase (decrease) in:
      Accounts payable                                16,264            8,377
      Accrued liabilities                              8,006           22,192
      Due to affiliates                               (9,597)           1,875
                                                  -----------       ----------
  Net cash provided by operating activities          (40,373)          68,893

Cash flows from investing activities:
  Acquisition and construction of rental property    (11,995)            (534)
  Decrease (increase) in restricted deposits          25,982          (29,314)
  Security deposits payable                              118            1,721
                                                 ------------       ----------
  Net cash provided (used) in investing activities    14,105          (28,127)

Financing activities:
  Minority partners' capital contributions               (60)               0
  Mortgage principal payments                         (5,528)          (9,189)
                                                 ------------       ----------
  Net cash provided by financing activities           (5,588)          (9,189)
                                                 ------------       ----------
Net increase (decrease) in cash and cash equivalents (31,856)          31,577
Cash and cash equivalents - beginning of year        227,563          215,400
                                                ------------        ----------
Cash and cash equivalents - end of period           $195,707         $246,977
                                                ============        ==========
Supplemental disclosure of cash flow information:
  Cash paid during the year for interest
      (net of amounts capitalized)                   $72,754         $72,640
                                                ============       ==========

</TABLE>

See notes to Financial Statements                     5

<PAGE>
                                   Unaudited

                  ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                      For the Quarter Ended March 31, 2001

1.   General

The  unaudited  financial  statements  presented  herein  have been  prepared in
accordance  with  the instructions  to Form 10-Q  and do not  include all of the
information and  note  disclosures  required by  generally  accepted  accounting
principles.  These  statements  should  be  read in  conjunction with  financial
statements and notes  thereto  included with the Partnership's Form 10-K for the
year ended  December 31, 2000. In the  opinion of  management,  these  financial
statements  include  all  adjustments,  consisting   only  of  normal  recurring
adjustments, necessary to  present  fairly the  Partnership's financial position
and results of operations. The  results of operations for the periods may not be
indicative of the results to be expected for the year.

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).

The Partnership  completed its public offering of limited partnership  interests
and  commenced   operations  on  April  14,  1989.   Prior  to  that  date,  the
Partnership's  activities  consisted  solely of purchasing  limited  partnership
interests in Property  Partnerships which were in the development process. As of
December 31, 2000,  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 were financed and constructed
under  Section 515 of the  National  Housing  Act, as amended  (administered  by
Farmer's Home Administration,  now known as Rural Housing Services (RHS)). 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 in June, 1988 and all were completed
by January 31, 1991. Rental operations began in April, 1989.
<PAGE>
                                   Unaudited

2.   Summary of Significant Accounting Policies

a. The Partnership's  financial  statements are reported on a consolidated basis
with the Property  Partnerships in which it has invested because the Partnership
(as a limited  partner)  holds  approximately  99% profit and loss interests and
approximately  55% of the equity  interests  in each  Property  Partnership  and
because of the  aforementioned  rights of MFHM to restrict the authority of each
DGP.

The consolidated  financial statements,  include the financial statements of the
Partnership  and  eleven  Property  Partnerships:  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); and, Fayette Hills Limited Partnership (Fayette).

All material  interpartnership  transactions  and balances have been eliminated.
The minority  partners'  interests  in the losses of the Property  Partnerships,
which aggregate  $54,593 and $52,755 as of March 31, 2001 and December 31, 2000,
respectively, are included in other income.

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

c.  Rental  property  and  equipment  is stated at cost  including  interest  of
$387,000, capitalized during construction.

The partnership  agreements for the Property  Partnerships  require the DGP's to
fund cost overruns on the development of the rental properties.  As of March 31,
2001 and December 31, 2000, $589,462 of such cost overruns have been recorded as
capital contributions from DGP's 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......................................... 10 years
     Carpets and draperies.............................. 10 years

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

                                   Unaudited

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.

g. The unaudited interim financial statements include all adjustments which are,
in the  opinion of  management,  necessary  to fairly  state the results for the
interim  periods  presented.  These  adjustments  are all of a normal  recurring
nature.

3.   Transactions with Affiliates

In connection with the offering of units of limited  partnership  interest,  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:

                                                  Quarter Ended     Year Ended
                                                  March 31, 2001    Dec 31, 2000

Murphey Favre Properties, Inc.
         Reimbursements, at cost                   $ 1,875           $  7,500

Developer general partners and affiliates
         Property management fees                   33,448            137,289

The Partnership maintains deposits in certain of WMB's interest-bearing accounts
which  aggregated $17,363 and $13,148 at March 31, 2001 and  December  31, 2000,
respectively.  Interest earned on such deposits totaled $111 and $504 during the
quarter  ended March 31, 2001 and year ended  December 31,  2000,  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 and $152,107 of such advances
at March 31, 2001 and December 31, 2000,  respectively,  which will be repaid in
two to five years upon  approval of RHS, or from the proceeds of future sales of
the respective Properties. The balance includes DGP advances of $35,468 for land
improvements and $14,209 to fund operating  deficits.  The remaining balance due
to affiliates  includes program  management fees and  reimbursements  payable to
MFP.

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% of gross rental revenue.
<PAGE>
                                   Unaudited

4.  Cash in Reserve Accounts

The Loan  Agreements  between  the  Property  Partnerships  and RHS  require the
Property  Partnerships  to  deposit  into  separate  reserve  accounts  (savings
accounts)  $126,889 annually 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.

5.   Mortgage Notes Payable

The  mortgage  notes are  payable to RHS in monthly  installments  stated in the
table below. In accordance with  provisions of Interest Credit  Agreements,  RHS
provides  monthly interest credits 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).  Substantially all of
the rental property and equipment is pledged as collateral on the mortgages.  No
partner is personally liable on the mortgage notes.

Amendments  enacted in 1979 and 1987 to Section 515 of the National  Housing Act
contain restrictive  provisions for prepayment of Section 515 loans. In summary,
RHS may refuse offers to prepay the mortgage notes and require that the projects
be used for the purpose of housing those  eligible,  as provided in Section 515,
for a period of 20 years.
<PAGE>
                                   Unaudited

The loan  balances,  net  monthly  payments,  and due  dates  for each  Property
Partnership are as follows:

                  Net Monthly         Loan Balance
                  Payment             Mar 31, 2001        Due Date

Fairview          $ 2,744             $ 1,269,783         April, 2040
Ionia               1,532                 708,958         October, 2040
Logan               2,142                 995,461         March, 2041
Rolling Brook       1,614                 745,150         June, 2040
Wexford             1,567                 723,378         April, 2040
Blue Heron          3,173               1,464,907         June, 2040
Glenwood            3,111               1,434,368         May, 2039
Pacific Place       1,632                 755,333         June, 2039
Cove                3,092               1,426,904         April, 2040
Washington          1,545                 713,644         May, 2040
Fayette             4,398               2,043,740         December, 2039
Total             $26,550             $12,281,626


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

                  Year                            Amounts
                  2001                             29,600
                  2002                             38,422
                  2003                             42,029
                  2004                             46,303
                  2005                             50,294
                  2006 and later years         12,074,978
                                              $12,281,626


6.   Limited Distributions to Partner

Limited  distributions  payable from funds provided by rental  operations of the
Property  Partnerships  are limited by the Loan  Agreements to eight percent per
year of the Property  Partnerships'  initial  equity,  as determined by the RHS.
Current RHS regulations limit the distribution payments in any year to a maximum
of the annual distribution for the current year and the prior year. Distribution
payments  are  also  subject  to  approval  by  RHS.  Prerequisites  to  limited
distributions  being paid by each Property  Partnership  are: (a) funding of the
reserve account must be current and (b) the mortgage note must be current.

7.   Assessments Payable

In September, 1995  the City of  Winslow  issued  a L.I.D.  assessment  or  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 5.6 percent.  During  2000, funds were  withdrawn from  the reserve
account and the balance of the assessment was paid in full.
<PAGE>
                                   Unaudited

8.   Contingency

The Partnership has ceased accrual of the annual partnership administration fee,
payable in  part to the general  partner.  Management  has  determined  that the
source of  payment, a future  sale or  refinance of one or  more of the Property
Partnerships,  may  not be  sufficient to  pay  fees  accrued in  excess of  the
$544,540 payable at December 31, 1996.  Management has elected to treat fees for
years  subsequent to 1996 as a  contingent  liability.  At December 31, 2000 and
1999 the  contingent  liability  for  partnership  administration  fees  totaled
$298,068 and $223,551, respectively.

9.  The DGP of Logan did not comply with RHS  regulations regarding the handling
of project cash during 2000.  These instances of non-compliance were reported to
the appropriate authorities  during the first quarter 2001.  In addition, during
the first quarter 2001,  the DGP made unauthorized  withdrawals of  project cash
totaling $20,511.  Also, project bank accounts have been pledged in violation of
RHS  regulations. MFP and  the other general  partners of  Logan are considering
proceedings to remove and replace the DGP.

10.   Guarantees

Each of the  DGP's has made a  guarantee to the respective  Property Partnership
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, 2000, no payments have been made under the guarantee agreements.

Item 2.  Management's Discussion and Analysis

Assisted  Housing  Fund  L.P. I  (the  Partnership)  is  a  limited  partnership
organized under the laws of the state of Washington.

The  Partnership  has  invested  as a limited  partner in eleven  other  limited
partnerships (Property Partnerships) which develop, own, and operate residential
apartment  complexes which benefit from some form of federal assistance programs
and which qualify for low-income  housing credits (Tax Credits)  pursuant to the
Internal Revenue Code by the Tax Reform Act of 1986.

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).

The Partnership completed its public offering of units of limited partnership on
April 14, 1989 with proceeds totaling  $3,511,000 through the sale of 703 units.
There are 334 limited partners and one General Partner in the Partnership.

Each Property  Partnership has, as its general partner,  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 DGP's for the management of each Property Partnership.

During the  quarter,  management's  emphasis was on the  continued  operation of
eleven  properties  placed in service. At  March 31, 2001, three properties were
100%  occupied, six  properties  were  between  91% and  96%  occupied,  and two
properties were between 70% and 71% occupied.

The two properties with the lowest occupancy, located in Michigan and Wisconsin,
will continue to be closely monitored by management.

The DGP of Logan did not  comply with RHS  regulations regarding the handling of
project cash during 2000. These instances of non-compliance were reported to the
appropriate authorities  during the first quarter 2001.  In addition, during the
first  quarter  2001, the  DGP  made unauthorized  withdrawals of  project  cash
totaling $20,511. Also, project bank accounts have been  pledged in violation of
RHS regulations. MFP and  the other  general  partners of  Logan are considering
proceedings to remove and replace the DGP.

<PAGE>
                                   Unaudited

Results of Operations

On a consolidated basis, net income before depreciation and amortization for the
first quarter 2001 was ($32,661) compared  with net  income before  depreciation
and amortization  in the first quarter of 2000 of $44,096.  Rental  revenues for
the first  quarter of 2001 were down 2.0% from the first  quarter 2000 while the
first  quarter 2001  expenses including  depreciation were up 13% from the first
quarter 2000  due to  timing of  invoice payments and increased  maintenance and
utility costs.

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. The
Partnership   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 March 31, 2001, the cash reserves of the Partnership
totaled  $17,363.  It is expected that the Partnership will draw on the reserves
in future  quarters  to fund  accounting  and other  operating  expenses  of the
Partnership.  Nominal cash  distributions  from the Property  Partnerships  will
supplement  the cash  reserves.  It is  expected  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 the
first  quarter  2001,  six  properties  generated  deficit  cash  flow  and five
generated positive cash flow.  The deficits were  funded by cash reserves of the
Property Partnerships.

Included in cash deposits on the  consolidated  balance  sheets were $17,363 and
$13,148, held as deposits by the  Partnership in Washington Mutual Bank accounts
as of March 31, 2001 and December 31, 2000, respectively. Washington Mutual Bank
is affiliated with MFP, the general partner of the Partnership.

There are no additional acquisitions nor any dispositions planned.

<PAGE>

                           PART II. OTHER INFORMATION

Except  for the  disclosures  set  forth  below,  all  items  under  Part II are
inapplicable or have a negative response and are therefore omitted.

Item 6.  Exhibits and Reports on Form 10-Q

     a.) Listing of Exhibits.

Exhibit                                     Incorporated by
No.                                         Reference From

3        Certificate of                     Exhibit C to Form S-11
         Limited Partnership                Registration Statement
                                            No. 91.1391150

10       Material Contracts                 Exhibit 10 to Form 10-K
                                            filed for year ended
                                            December 31, 1989

13       Annual Report to                   Exhibit 13 to Form 10-K
         Security Holders                   filed for year ended
                                            December 31, 2000


<PAGE>





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

Dated this 15th day of May, 2001.



               Assisted Housing Fund L.P. I
               By: Murphey Favre Properties, Inc.
               Its Managing General Partner



               Herbert F. Fox, Vice President /s/
               Herbert F. Fox, Vice President
               and Principal Financial Officer