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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

For the fiscal year ended December 31, 2001

OR

For the transition period from                              to                             

Commission file number 33-18756

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

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 27 pages.

PART I

Item 1. Business

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

The Partnership raised $3,511,000 from the sale of 703 units of limited partnership through a public offering completed on April 14, 1989. The Partnership has invested as a limited partner in eleven limited partnerships (Property Partnerships) which developed, own, and operate residential apartment complexes located in small towns across the country. Each apartment complex benefits from several forms of federal assistance programs and qualifies for low-income housing credits (Tax Credits) pursuant to the Internal Revenue Code by the Tax Reform Act of 1986. There are 337 partners in the Partnership.

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

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

Each Property Partnership has, as its general partner (developer), one or more individuals or an entity not affiliated with the Partnership or MFP. In accordance with the Partnership Agreements under which

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such entities are organized, the Partnership depends on the developers for the management of each Property Partnership. As of December 31, 2001, the Property Partnerships and their developers were:

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

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Table A

INVESTMENT PROPERTIES

PARTNERSHIP DATA

Item 2. Properties

Rental property consists of apartment projects renting to low- and moderate-income tenants.

As of December 31, 2001, the Property Partnerships had placed rental properties into operation in the following locations:

Item 3. Legal Proceedings

None

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

None

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PART II

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

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

As of the date of filing of this report, the Partnership has 337 limited partners and one general partner.

The Partnership has not made any distributions in 1999, 2000 and 2001 and does not anticipate making any significant distributions in the future.

Item 6. Selected Financial Data—for more detailed Financial Statements see—Exhibit 13, pages 14-23

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

During the year, the properties' management focused on the continued operation of the eleven housing properties. At December 31, 2001, four properties were 100% occupied, three were in the 90% to 99% occupancy range, and four were in the 80% to 89% range. At year-end 2001, five properties experienced occupancy levels below that at year-end 2000. However, at December 31, 2000, two properties had occupancy levels of 73% and 75% (both of these properties had significantly improved levels of occupancy at the close of 2001). At year-end 2001 the lowest occupancy level was 82%.

Achieving positive cash flow continued to be a problem for some of the properties. Overall cash flows went from a positive $12,163 in 2000 to a negative ($27,895) in 2001. For 2001, seven of the properties recorded cash flow deficits versus five properties in 2000. Cove, Ionia, Rolling Brook II and Wexford Manor achieved positive cash flows in both 2001 and 2000.

Cove, located in Michigan, and Fayette, located in West Virginia, had delinquent real estate taxes due at year-end 2001. On February 14, 2002 Cove paid its delinquent real estate taxes.

During 2000, RHS advanced funds to Washington Street, located in Michigan, to pay delinquent real estate taxes of $42,917. The advance was added to the mortgage note and reamortized in 2001. RHS has provided additional rental assistance to the project, which should improve occupancy and support the increased rents necessary to make the increased mortgage payments.

The Developer General Partner (DGP) of Logan, located in Ohio, 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 $55,517, 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. MFP and the other general partners of Logan are in the process of removing and replacing the DGP.

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The DGP of Logan Apartment Associates declared Chapter 7 bankruptcy subsequent to December 31, 2001.

The properties are located in rural towns with populations of 20,000 or less. Five properties are located in Michigan, three in Washington, and one each in Ohio, West Virginia and Wisconsin. The properties range in size from 24 to 68 units for a total portfolio of 394 units.

Results of Operations

On a consolidated basis, net income (loss) for 2001, 2000 and 1999 totaled ($518,516), ($457,473) and ($513,222), respectively. Net income before depreciation for 2001, 2000 and 1999 was $70,923, $147,091 and $122,277 with depreciation expense of $589,439, $604,564 and $635,499 in each of the same respective years.

Revenue totaled $1,696,592, $1,676,034 and $1,620,305 in 2001, 2000, and 1999, respectively.

The Partnership paid $27,152, $23,500 and $23,000, in accounting expenses for the Partnership for 2001, 2000 and 1999, respectively.

Interest revenue for 2001 decreased 28.1% from 2000, increased 4.2% from 1999 to 2000 and decreased 3.1% from 1998 to 1999.

Liquidity and Capital Resources

The Partnership completed its public offering of units of limited partnership on April 14, 1989, with proceeds totaling $3,511,000 from 339 limited partners. As of December 31, 2001, the Partnership had invested $2,542,000 of offering proceeds in eleven Property Partnerships.

Offering proceeds equal to $175,750 were reserved by the Partnership to fund its operating expenses. As of December 31, 2001, the cash reserves of the Partnership totaled $25,493. It is expected that the Partnership will draw on the reserves in future years to fund accounting and other operating expenses of the Partnership. Nominal cash distributions from the Property Partnerships will supplement the cash reserves. In 2001, the Partnership received $9,797 in distributions from the Property Partnerships. The expectation is that all cash distributions received from the Property Partnerships will be used to defray the operating expenses of the Partnership and thus it is not likely any distribution will be made to the limited partners.

The Partnership is not required to fund additional amounts to the Property Partnerships based on each Property Partnership agreement. Additionally, each Property Partnership is operated as an individual project, and without any contractual arrangements of any kind between the Property Partnerships. In 2001, ten properties generated positive operating cash flow and one property generated deficit operating cash flow. In 2000, nine properties generated positive operating cash flow and two properties generated deficit operating cash flow. The deficits were funded from rental operating cash and from authorized withdrawals from the reserve accounts.

As of December 31, 2001, one developer general partner had advanced $14,209 to a Property Partnership under the deficit funding agreement in place during the guarantee period. The guarantee periods ended in 1991 and 1992. The developer general partners are no longer obligated to fund operating deficits.

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

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Capital expenditures on the properties are expected to increase over the initial years' capital expenses due to the natural aging process of the newly constructed (10 properties) or newly rehabilitated (1 property) projects at the time of the formation of the Partnership. As part of RHS loan requirements, a reserve account is funded at an annual rate of 1% of the original property loan balance until the balance equals 10% of the original loan balance. Additions to reserve accounts are funded from property operations and are established for future capital expenditures.

Included in cash on the consolidated balance sheets were $25,493 and $13,148 held as deposits by the Partnership in WMB accounts as of December 31, 2001 and 2000, respectively. As discussed in Part I, Item 1, WMB is affiliated with MFP.

There are no additional acquisitions nor any dispositions planned.

Regulatory Restrictions

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

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

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

Inflation

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

Tax Credit

As of December 31, 2001, 2000 and 1999, tax credits equal to .22%, 5.86% and 13.26%, respectively, of the limited partners' capital contributions have been generated.

Item 8. Financial Statements and Supplementary Data

The financial statements of Assisted Housing Fund L.P. I as of December 31, 2001, 2000 and 1999, together with the independent auditors' reports thereon, are filed herewith in Part IV, Item 14 of this Form 10-K.

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

None.

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PART III

Item 10. Directors and Executive Officers of the Registrant

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

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners and Management

(1)

The General Partner's interest is owned of record and beneficially by Murphey Favre Properties, Inc. Its capital interest as of December 31, 2001 is ($66,262).

Item 13. Certain Relationships and Related Transactions

The Property Partnerships have entered into certain agreements with the developer or its affiliates under which the developer or its affiliates receive compensation, perform services, or make loans. Note 2 of the Notes to Financial Statements, which are filed in Part IV, Item 14 of this Form 10-K, provides additional information pertaining to the individual Property Partnerships.

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PART IV

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

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SIGNATURES

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

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ASSISTED HOUSING FUND L.P. I
AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS
AND
INDEPENDENT AUDITOR'S REPORT

FOR THE YEARS ENDED DECEMBER 31,
2001, 2000, AND 1999

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CONTENTS

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INDEPENDENT AUDITOR'S REPORT

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

We have audited the accompanying consolidated balance sheets of Assisted Housing Fund L.P. I and its subsidiaries, as of December 31, 2001 and 2000, and the related consolidated statements of operations, partners' equity (deficit) and cash flows for the years ended December 31, 2001, 2000 and 1999. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Assisted Housing Fund L.P. I and its subsidiaries, as of December 31, 2001 and 2000, and the results of their operations and cash flows for the years ended December 31, 2001, 2000 and 1999, in conformity with accounting principles generally accepted in the United States of America.

Blume Loveridge & Co., PLLC
Bellevue, Washington
March 19, 2002

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

See accompanying notes to financial statements.

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

See accompanying notes to financial statements.

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

Years Ended December 31, 2001, 2000 and 1999

See accompanying notes to financial statements.

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ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Increase (Decrease) in Cash