-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KYWuOAtjJjiJWMMjt7+gnrVnkpR97qkrNdEVFLBJ4sXyPZ90qgfZs4IwLjWDYy7D tW017B1vDh3zKte+NPkO2g== 0000825535-01-500004.txt : 20010516 0000825535-01-500004.hdr.sgml : 20010516 ACCESSION NUMBER: 0000825535-01-500004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSISTED HOUSING FUND LP I CENTRAL INDEX KEY: 0000825535 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 911391150 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-18756 FILM NUMBER: 1634317 BUSINESS ADDRESS: STREET 1: P O BOX 834 CITY: SEATTLE STATE: WA ZIP: 98111 BUSINESS PHONE: 2064614782 MAIL ADDRESS: STREET 1: P O BOX 834 CITY: SEATTLE STATE: WA ZIP: 98111 10-Q 1 form10q301.txt 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. Part I. Financial Information Item 1. Financial Statements ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS
Mar 31, December 31, 2001 2000 (Unaudited) ----------- ------------ ASSETS 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 ============= =============
Continued on page 2A See notes to financial statements 2
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES BALANCE SHEETS - (CONTINUED) 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 ============= =============
See notes to Financial Statements 2A
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENT OF PARTNERS' EQUITY (DEFICIT) 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) ============ ============ ============
See notes to Financial Statements 3
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF OPERATIONS 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) =========== ===========
See notes to Financial Statements 4
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES STATEMENTS OF CASH FLOWS 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 ============ ==========
See notes to Financial Statements 5 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. 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). 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. 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. 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. 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. 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. 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 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 -----END PRIVACY-ENHANCED MESSAGE-----