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SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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FORM 10-Q

|ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------

For the quarter ended March 31, 2002

Commission file number 33-18756

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

Washington(State of organization)

91-1391150(IRS Employer Identification No.)1301 Fifth Avenue, Suite 1330, 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 ý    No o

The
Exhibit Index appears at page 11.
There are 12 pages.

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Part I. Financial Information

Item 1. Financial Statements

ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES        BALANCE SHEETS

|                                            |                                | March 31,
2002 |            | December 31,
2001 |  
|------------------------------------------- | ------------------------------ | -------------- | ---------- | ----------------- | -
|
|ASSETS                                      |                                |                |            |                  
|Rental property and equipment, at cost:     |                                |                |            |                   |  
|                                            | Buildings and equipment        |                | $          | 15,958,315        |  
|                                            | Accumulated depreciation       |                |            | (7,495,068        | )
|                                            |                                |                |            |                   |  
|                                            |                                |                | 8,463,247  |                   |  
|                                            | Land                           |                |            | 723,111           |  
|                                            |                                |                |            |                   |  
|                                            |                                |                | 9,186,358  |                   |  
|Cash:                                       |                                |                |            |                   |  
|                                            | Rental operation               |                |            | 156,476           |  
|                                            | Partnership                    |                |            | 25,523            |  
|                                            |                                |                |            |                   |  
|                                            |                                |                | 181,999    |                   |  
|Restricted deposits:                        |                                |                |            |                   |  
|                                            | Tenant trustsecurity deposits |                |            | 109,283           |  
|                                            | Reserve accounts               |                |            | 708,499           |  
|                                            |                                |                |            |                   |  
|                                            |                                |                | 817,782    |                   |  
|Other assets:                               |                                |                |            |                   |  
|                                            | Accounts receivable            |                |            | 51,151            |  
|                                            | Accounts receivableDGPs       |                |            | 24,079            |  
|                                            | Prepaid expenses               |                |            | 22,651            |  
|                                            |                                |                |            |                   |  
|                                            |                                |                | 97,881     |                   |  
|                                            |                                |                |            |                   |  
|                                            |                                | $              | 10,284,020 |                   | $
|                                            |                                |                |            |                   |  
|LIABILITIES AND PARTNERS' EQUITY (DEFICIT)  |                                |                |            |                  
|Liabilities:                                |                                |                |            |                   |  
|                                            | Mortgage notes payable         |                | $          | 12,287,946        |  
|                                            | Accounts payable               |                |            | 330,634           |  
|                                            | Due to affiliates              |                |            | 702,995           |  
|                                            | Accrued liabilities            |                |            | 89,530            |  
|                                            | Security deposits payable      |                |            | 115,352           |  
|                                            |                                |                |            |                   |  
|                                            |                                |                | 13,526,457 |                   |  
|Minority interests in property partnerships |                                |                | 408,363    |                   |  
|Partners' equity (deficit):                 |                                |                |            |                   |  
|                                            | Limited partners               |                |            | (3,583,085        | )
|                                            | General partner                |                |            | (67,715           | )
|                                            |                                |                |            |                   |  
|                                            |                                |                | (3,650,800 | )                 |  
|                                            |                                |                |            |                   |  
|                                            |                                | $              | 10,284,020 |                   | $
|                                            |                                |                |            |                   |  

See
notes to financial statements

2

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES        STATEMENTS OF OPERATIONS

|                                                           |                                     | Quarter
Ended
March 31,
2002 |          | Quarter
Ended
March 31,
2001 |         
|---------------------------------------------------------- | ----------------------------------- | ---------------------------- | -------- | ---------------------------- | --------
|
|Revenue:                                                   |                                     |                              |          |                              |         
|                                                           | Rent                                |                              | $        | 415,821                      |         
|                                                           | Miscellaneous                       |                              |          | 12,664                       |         
|                                                           |                                     |                              |          |                              |         
|                                                           |                                     |                              | 428,485  |                              |         
|Expenses:                                                  |                                     |                              |          |                              |         
|                                                           | Operating and maintenance           |                              |          | 97,973                       |         
|                                                           | Utilities                           |                              |          | 85,337                       |         
|                                                           | General and administrative          |                              |          | 113,070                      |         
|                                                           | Taxes and insurance                 |                              |          | 65,241                       |         
|                                                           | Interest                            |                              |          | 75,804                       |         
|                                                           | Depreciation                        |                              |          | 136,170                      |         
|                                                           | Miscellaneous                       |                              |          | 3,199                        |         
|                                                           |                                     |                              |          |                              |         
|                                                           |                                     |                              | 576,794  |                              |         
|Income(loss) from operations                               |                                     |                              | (148,309 | )                            |         
|Other income (expense):                                    |                                     |                              |          |                              |         
|                                                           | Interest earned on Partnership cash |                              |          | 30                           |         
|                                                           | Minority interest in operations     |                              |          | 6,774                        |         
|                                                           | Accounting and auditing             |                              |          | (1,929                       | )       
|                                                           | General and administrative          |                              |          | (1,875                       | )       
|                                                           |                                     |                              |          |                              |         
|                                                           |                                     |                              | 3,000    |                              |         
|                                                           |                                     |                              |          |                              |         
|                                                           |                                     | Net income (loss)            |          | $                            | (145,309
|                                                           |                                     |                              |          |                              |         
|Net income (loss) per unit of Limited partnership interest |                                     | $                            | (207     | )                            | $       
|                                                           |                                     |                              |          |                              |         

See
notes to Financial Statements

3

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES        STATEMENTS OF CASH FLOWS

|                                                  |                                                                                          | Quarter
Ended
March 31,
2002               |                          | Quarter
Ended
March 31,
2001 |        
|------------------------------------------------- | ---------------------------------------------------------------------------------------- | ------------------------------------------ | ------------------------ | ---------------------------- | -------
|
|Cash flows from operating activities:             |                                                                                          |                                            |                          |                              |        
|                                                  | Net income (loss)                                                                        |                                            |                          | (145,309                     | )      
|                                                  | Adjustments to reconcile net income (loss) to net cash provided by operating activities: |                                            |                          |                              |        
|                                                  |                                                                                          | Depreciation                               |                          |                              | 136,170
|                                                  |                                                                                          | Minority interests in operations           |                          |                              | (6,775 
|                                                  |                                                                                          | Changes in certain assets and liabilities: |                          |                              |        
|                                                  |                                                                                          |                                            | Accounts receivable      |                              |        
|                                                  |                                                                                          |                                            | Prepaid expenses         |                              |        
|                                                  |                                                                                          |                                            | Accounts payable         |                              |        
|                                                  |                                                                                          |                                            | Due to affiliates        |                              |        
|                                                  |                                                                                          |                                            | Accrued liabilities      |                              |        
|                                                  |                                                                                          |                                            | Tenant security deposits |                              |        
|                                                  |                                                                                          |                                            |                          |                              |        
|                                                  | Net cash used by operating activities                                                    |                                            |                          | (2,786                       | )      
|Cash flows from investing activities:             |                                                                                          |                                            |                          |                              |        
|                                                  | Purchase of depreciable property                                                         |                                            |                          |                             |        
|                                                  | Decrease (increase) in restricted deposits                                               |                                            |                          | (6,265                       | )      
|                                                  |                                                                                          |                                            |                          |                              |        
|                                                  | Net cash provided (used) in investing activities                                         |                                            |                          | (6,265                       | )      
|Cash flows from financing activities:             |                                                                                          |                                            |                          |                              |        
|                                                  | Minority partner's capital contributions                                                 |                                            |                          |                             |        
|                                                  | Mortgage principal payments                                                              |                                            |                          | (8,618                       | )      
|                                                  |                                                                                          |                                            |                          |                              |        
|                                                  | Net cash used by financing activities                                                    |                                            |                          | (8,618                       | )      
|                                                  |                                                                                          |                                            |                          |                              |        
|Net increase (decrease) in cash                   |                                                                                          |                                            | (17,669                  | )                            |        
|Cashbeginning of year                            |                                                                                          |                                            | 199,668                  |                              |        
|                                                  |                                                                                          |                                            |                          |                              |        
|Cashend of period                                |                                                                                          | $                                          | 181,999                  |                              | $      
|                                                  |                                                                                          |                                            |                          |                              |        
|Supplemental disclosure of cash flow information: |                                                                                          |                                            |                          |                              |        
|                                                  | Cash paid for interest                                                                   |                                            | $                        | 75,804                       |        
|                                                  |                                                                                          |                                            |                          |                              |        

See
notes to Financial Statements

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS        For the Quarter Ended March 31, 2002        (Unaudited)

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 accounting principles generally accepted in the United States of America. 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, 2001. 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 formed on November 2, 1987 and organized 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), which is a wholly
owned subsidiary of Washington Mutual, Inc.

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, 2001, 337 limited partners held the 703 units of
limited partnership interests outstanding.

The
Partnership has invested as a limited partner in eleven limited partnerships (Property Partnerships). The developer of each apartment complex serves as the Development 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 Farmers 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 two programs. The interest reduction program reduces the effective interest rate over the lives of the mortgages to one (1) percent.
The rental assistance program provides RHS payments to 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.

2.Summary of Significant Accounting Policies



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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 $58,970 and
$57,555 as of March 31, 2002 and December 31, 2001, respectively, are included in other income.



Building shell and components

27.5 yearsLand improvements

15 yearsAppliances

5 - 10 yearsCarpets and draperies

5 - 10 years




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3.Transactions with Affiliates

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

Quarter Ended
March 31, 2002

Year Ended
Dec 31, 2001Murphey Favre Properties, Inc. Partnership services fee

$
1,875

$
7,500Developer general partners and affiliates property management fees


25,861


95,718


The
Partnership maintains deposits in certain of WMB's interest- bearing accounts which aggregated $25,523 and $25,493 at March 31, 2002 and December 31, 2001,
respectively. Interest earned on such
deposits totaled $30 and $335 during the quarter ended March 31, 2002 and year ended December 31, 2001, respectively.

Terms
of the RHS Loan Agreements require each DGP to provide interest-free advances of stipulated amounts as initial operating capital to the Property Partnerships. Due to
affiliates includes $152,107 of such advances at March 31, 2002 and December 31, 2001. In addition, these balances include 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.

Advances
made to one DGP during 2001 totaled $9,000. During 2000, advances to this same DGP totaled $15,079 (see Note 8).

Advances
from the DGPs may only be repaid from the proceeds of future sales of the respective properties. Property management fees are paid out of rental operations. Partnership fees are
payable from future sales of the properties, to the extent they are not paid from distributions of rental operation cash (see Note 6).

Under
the terms of management services agreements, seven of the eleven Property Partnerships have affiliates of the DGPs which provide management services for the rental properties and
receive compensation for such services in amounts approximating 8.5% of rental receipts. Three of the eleven Property Partnerships are co-managed by affiliates of the DGPs which provide
management services for the rental properties and receive compensation for such services in amounts approximating 2.6% of rental receipts.

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) $127,196 annually until the
reserve accounts reach $1,271,277. 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

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equipment is pledged as collateral on the mortgages. No partner is personally liable on the mortgage notes.

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

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

Net Monthly
Payment

Loan Balance
March 31, 2002

Due DateFairview

$
2,744

$
1,266,146

June, 2040Ionia


1,532


707,458

September, 2040Logan


2,142


990,382

January, 2041Rolling Brook


1,614


742,824

April, 2040Wexford


1,567


721,103

March, 2040Blue Heron


3,173


1,460,324

April, 2040Glenwood


3,111


1,429,757

April, 2039Pacific Place


1,632


753,235

May, 2039Cove


3,092


1,422,740

March, 2040Washington


1,954


755,582

March, 2040Fayette


4,398


2,038,395

December, 2039Total

$
26,959

$
12,287,946


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

Year

Amounts2002


29,9372003


42,1732004


46,1322005


50,4652006


55,2052007 and later years


12,064,034$
12,287,946


6.Rental Operation Cash

RHS
regulations limit the distribution of rental operation cash to a maximum of $38,090 annually. Any distribution to the Partnership from rental operation cash is to be made in
accordance with the respective partnership agreements. Whether or not a Property Partnership makes any limited distribution is based on the results of its own operations and is at the discretion of
the DGP.

7.Guarantees

Each
of the DGPs 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, 2001, no payments have been made under the guarantee agreement.

8.Contingency

The
Partnership has ceased accrual of the annual program management fee, payable in part to the general partner. Management has determined that the source of payment, a future sale or
refinance of

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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, 2001 and 2000 the contingent liability for program management fees totaled $372,585 and $298,068, respectively.

During
2001 and 2000, Arthur H. Winer (Winer), a DGP of Logan Apartments Company Limited Partnership (Logan) did not comply with RHS regulations regarding the handling of project cash
during 2001 and 2000. These instances of non-compliance were reported to the appropriate authorities during 2001. During 2001 and 2000, the DGP made multiple unauthorized withdrawals of
project cash totaling $9,000 and $15,079, respectively. Further, it was discovered that project bank accounts, totaling $58,381 and $55,517, at December 31, 2001 and 2000, respectively, have
been pledged in violation of RHS regulations. As a result of the DGP's actions, RHS issued a Letter of Acceleration on August 29, 2001. RHS suspended further proceedings on October 11,
2001, based on agreements reached with the other general partners and the management agent.

On
February 19, 2002, a Logan DGP, Arthur H. Winer of Marietta, OH, filed a Petition in Bankruptcy in the U.S. Bankruptcy Court for the Southern District of West Virginia, in
Charleston, WV, under
Chapter 7 of the U.S. Bankruptcy Code. The bankruptcy filing is styledIn Re Winer, Arthur H.(Bankruptcy No. 0240067). As of the date of
filing of the Petition in Bankruptcy, the "automatic stay" under the Bankruptcy Code went into effect and all actions to collect debts of Winer, are precluded, absent approval of the U.S. Bankruptcy
Court. Among these debts are reserve account and other funds from Logan totaling approximately $79,000, comprised of reserve account funds of approximately $55,000, tenant security deposit monies of
approximately $9,000, and other monies of approximately $15,000 that Winer improperly used for personal business.

A
First Meeting of Creditors in the bankruptcy was held on April 2, 2002. Among other parties, the USDA Rural Development Agency, original lender on the Logan Apartments project,
and RLJ Management Company (RLJ) through its attorney, attended.

Ultimately,
the Trustee continued the First Meeting in Bankruptcy to an undetermined future date, pending receipt by the Trustee of additional information from Winer and from RLJ. In the
interim, RLJ is negotiating with the financial institutions that accepted pledges from Winer of Logan reserve funds and other assets for a return of those funds.

Item 2. Management's Discussion and Analysis

During the quarter, management's emphasis was on the continued operation of the eleven housing properties. At March 31, 2002, five properties were 100%
occupied, five were in the 90% and 99% occupancy range and one property was in the 80% to 89% range. At March 31, 2002, four properties experienced occupancy levels above those at
March 31, 2001. Six properties had no change in occupancy levels and only one property had a lower occupancy rate compared to the same period one year ago. At March 31, 2002 the lowest
occupancy level was 83%.

Results of Operations

On a consolidated basis, net income (loss) was ($145,309) and ($173,338) for the quarters ended March 31, 2002 and 2001, respectively. Net income (loss)
before depreciation was ($9,139) and ($27,350) for March 31, 2002 and 2001, with depreciation expense of $136,170 and $145,988, respectively.

Revenue
increased 7.4% from $398,787 for the quarter ended March 31, 2001 to $428,485 for the quarter ended March 31, 2002. This increase was the result of the total
occupancy rate increasing from 92% at March 31, 2001 to 97% at March 31, 2002.

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Total
expenses were comparable, increasing from $579,201 to $580,568 for the quarters ended March 31, 2001 and 2002, respectively,

Liquidity and Capital Resources

The Partnership completed its public offering of 703 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 11 Property Partnerships.

Offering
proceeds equal to $175,750 were reserved by the Partnership to fund its operating expenses. As of March 31, 2002, the cash reserves of the Partnership totaled $25,523. 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 2002, seven properties generated positive cash flow before
depreciation and four generated negative cash flow before depreciation. The deficits were funded from rental operating cash and from authorized withdrawals from the reserve accounts.

Included
in cash on the consolidated balance sheets were $25,523 and $25,493, held as deposits by the Partnership in Washington Mutual Bank accounts as of March 31, 2002 and
December 31, 2001, respectively. Washington Mutual Bank is affiliated with MFP, the general partner of the Partnership.

There
are no additional acquisitions nor any dispositions planned.

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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



Exhibit
No.



Incorporated by
Reference From3

Certificate of Limited Partnership

Exhibit C to Form S-11 Registration Statement No. 91.139115013

Annual Report to Security Holders

Exhibit 13 to Form 10-K filed for year ended December 31, 2001


11

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

|                |  | ASSISTED HOUSING FUND L.P. IRegistrant
|--------------- |  | --------------------------------------
|                |  | By:                                   
|Date: 5/14/2002 |  | By:                                   
|                |  |                                       

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

|                |  | By: |  | Murphey Favre Properties, Inc.                               
|--------------- |  | --- |  | -------------------------------------------------------------
|Date: 5/14/2002 |  | By: |  | /s/BRETT J. ATKINSON                                         
|                |  |     |  | Brett J. Atkinson Its Treasurer, Principal Accounting Officer

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