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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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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

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.

Part I. Financial Information

Item 1. Financial Statements

ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES

BALANCE SHEETS

		March 31, 2002			December 31, 2001
		(Unaudited)
ASSETS
Rental property and equipment, at cost:
	Buildings and equipment	$	15,958,315		$	15,958,315
	Accumulated depreciation		(7,495,068	)		(7,358,898	)
			8,463,247			8,599,417
	Land		723,111			723,111
			9,186,358			9,322,528
Cash:
	Rental operation		156,476			174,175
	Partnership		25,523			25,493
			181,999			199,668
Restricted deposits:
	Tenant trust—security deposits		109,283			110,083
	Reserve accounts		708,499			702,234
			817,782			812,317
Other assets:
	Accounts receivable		51,151			39,089
	Accounts receivable—DGPs		24,079			24,079
	Prepaid expenses		22,651			13,005
			97,881			76,173
		$	10,284,020		$	10,410,686
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
	Mortgage notes payable	$	12,287,946		$	12,296,564
	Accounts payable		330,634			305,735
	Due to affiliates		702,995			684,009
	Accrued liabilities		89,530			102,724
	Security deposits payable		115,352			112,007
			13,526,457			13,501,039
Minority interests in property partnerships			408,363			415,138
Partners' equity (deficit):
	Limited partners		(3,583,085	)		(3,439,229	)
	General partner		(67,715	)		(66,262	)
			(3,650,800	)		(3,505,491	)
		$	10,284,020		$	10,410,686

See notes to financial statements

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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
			(Unaudited)			(Unaudited)
Revenue:
	Rent		$	415,821		$	391,981
	Miscellaneous			12,664			6,806
				428,485			398,787
Expenses:
	Operating and maintenance			97,973			82,889
	Utilities			85,337			82,440
	General and administrative			113,070			117,122
	Taxes and insurance			65,241			76,047
	Interest			75,804			72,754
	Depreciation			136,170			145,988
	Miscellaneous			3,199			197
				576,794			577,437
Income(loss) from operations				(148,309	)		(178,650	)
Other income (expense):
	Interest earned on Partnership cash			30			111
	Minority interest in operations			6,774			7,076
	Accounting and auditing			(1,929	)		—
	General and administrative			(1,875	)		(1,875	)
				3,000			5,312
		Net income (loss)	$	(145,309	)	$	(173,338	)
Net income (loss) per unit of Limited partnership interest			$	(207	)	$	(247	)

See notes to Financial Statements

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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
				(Unaudited)			(Unaudited)
Cash flows from operating activities:
	Net income (loss)				(145,309	)		(173,338	)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
		Depreciation			136,170			145,981
		Minority interests in operations			(6,775	)		(7,076	)
		Changes in certain assets and liabilities:
			Accounts receivable		(12,062	)		(14,049	)
			Prepaid expenses		(9,646	)		(6,564	)
			Accounts payable		24,899			16,264
			Due to affiliates		18,986			(9,597	)
			Accrued liabilities		(13,194	)		8,006
			Tenant security deposits		4,145			118
	Net cash used by operating activities				(2,786	)		(40,255	)
Cash flows from investing activities:
	Purchase of depreciable property				—			(11,995	)
	Decrease (increase) in restricted deposits				(6,265	)		25,982
	Net cash provided (used) in investing activities				(6,265	)		13,987
Cash flows from financing activities:
	Minority partner's capital contributions				—			(60	)
	Mortgage principal payments				(8,618	)		(5,528	)
	Net cash used by financing activities				(8,618	)		(5,588	)
Net increase (decrease) in cash					(17,669	)		(31,856	)
Cash—beginning of year					199,668			227,563
Cash—end of period				$	181,999		$	195,707
Supplemental disclosure of cash flow information:
	Cash paid for interest			$	75,804		$	72,754

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

        a.    The financial statements are presented on a consolidated basis because the Partnership holds approximately 99 percent of the profit and loss interests and approximately 55 percent of the

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equity interests in each Property Partnership. Through an affiliate, who is a special limited partner in each of the 11 Property Partnerships, the Partnership controls certain fundamental decisions affecting the operation of the Property Partnerships. These fundamental decisions include significant purchases of assets, material borrowings or creation of liens on the underlying properties, entering into material contracts, making tax elections and any act that would cause termination of the Property Partnership.

        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.

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

        c.    The partnership agreements for the Property Partnerships required the DGPs to fund cost overruns on the development of the apartment projects. Such cost overruns, totaling $589,462, have been recorded as minority interests in property partnerships and have been included in the cost basis of the rental property. All depreciation related thereto has been specially allocated to the respective DGPs.

        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	5 - 10 years
Carpets and draperies	5 - 10 years

        e.    No income tax provision has been included in the financial statements since income or loss of the Partnership is required to be reported by the respective partners on their income tax returns.

        f.      For purposes of the statement of cash flows, the Partnership considers all investment instruments purchased with a maturity of three months or less to be cash equivalents. At March 31, 2002 and 2001, there were no cash equivalents.

        g.    The unaudited interim financial statements include all adjustments that 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.

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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, 2001
Murphey Favre Properties, Inc. Partnership services fee	$	1,875	$	7,500
Developer 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 Date
Fairview	$	2,744	$	1,266,146	June, 2040
Ionia		1,532		707,458	September, 2040
Logan		2,142		990,382	January, 2041
Rolling Brook		1,614		742,824	April, 2040
Wexford		1,567		721,103	March, 2040
Blue Heron		3,173		1,460,324	April, 2040
Glenwood		3,111		1,429,757	April, 2039
Pacific Place		1,632		753,235	May, 2039
Cove		3,092		1,422,740	March, 2040
Washington		1,954		755,582	March, 2040
Fayette		4,398		2,038,395	December, 2039
Total	$	26,959	$	12,287,946

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

Year	Amounts
2002		29,937
2003		42,173
2004		46,132
2005		50,465
2006		55,205
2007 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 styled In 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

        a.)  Listing of Exhibits.

Exhibit No.		Incorporated by Reference From
3	Certificate of Limited Partnership	Exhibit C to Form S-11 Registration Statement No. 91.1391150
13	Annual Report to Security Holders	Exhibit 13 to Form 10-K filed for year ended December 31, 2001

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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. I Registrant
	By:	Murphey Favre Properties, Inc. Its Managing General Partner
Date: 5/14/2002	By:	/s/  DOTTIE J. JENSEN
		Dottie J. Jensen Its President

        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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QuickLinks

Part I. Financial Information

Item 1. Financial Statements

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

Item 2. Management's Discussion and Analysis

PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 10-Q