Century Pacific Housing Fund I 10-Q 2007 Q2 Quarterly report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2006

Commission file number 033-11194

CENTURY PACIFIC HOUSING FUND-I

(Exact name of registrant as specified in its charter)

California (State or other jurisdiction of incorporation of organization)	95-3938971 (I.R.S. Employer Identification Number)
1 E. Stow Road Marlton, NJ (Address of principal executive offices)	08053 (Zip Code)

(856)596-3008

(Registrant’s telephone number, including area code)

No change

(Former name or former address, changed since last report)

Indicate by a 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 þ      No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o      Accelerated filer o      Non-accelerated filer þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o      No þ

CENTURY PACIFIC HOUSING FUND I

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
Item 1	Financial Statements and Supplementary Data	3
Item 2	Management's Discussion and Analysis Of Financial Condition and Results of Operations	12
Item 3	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4	Controls and Procedures	15
PART II	OTHER INFORMATION
Item 1	Legal Proceedings	15
Item 1a	Material Changes in Risk Factors	15
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3	Defaults upon Senior Securities	15
Item 4	Submission of Matters to a Vote of Security Holders	15
Item 5	Other Information	15
Item 6	Exhibits and Reports on Form 8-K	15
SIGNATURES
CERTIFICATIONS
EXHIBITS
Certification Pursuant to 15 U.S.C. Section 7241
Certification Pursuant to 15 U.S.C. Section 7241
Certification Pursuant to 18 U.S.C. Section 1350
Certification Pursuant to 18 U.S.C. Section 1350

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PART I FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS

CENTURY PACIFIC HOUSING FUND-I

BALANCE SHEETS

	September 30,			March 31,
	2006			2006
	(Unaudited)			(Audited)
ASSETS
Receivable from Related Parties (Note 4)	$	4,934		$	4,934
Less: Allowance for Doubtful Accounts		(4,934	)		(4,934	)
		0			0
Investments in Limited Partnerships (Note 5)		0			0
	$	0		$	0
LIABILITIES AND PARTNERS’ DEFICIT
Accounts Payable and Accrued Expenses	$	10,800		$	10,800
Advance from Affiliate (Note 4)		62,455			62,455
Amounts Payable to Related Parties (Note 4)		1,354,072			1,324,072
		1,427,327			1,397,327
Commitments and Contingencies
Partners’ Deficit, per accompanying statement
General Partners		(407,269	)		(406,669	)
Limited Partners, $1,000 stated value per unit, 50,000 units authorized, 22,315 units issued and Outstanding		(1,020,058	)		(990,658	)
		(1,427,327	)		(1,397,327	)
	$	0		$	0

The accompanying notes are an integral part of these financial statements.

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CENTURY PACIFIC HOUSING FUND-I

STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Expenses:
General and Administrative (Note 4)	$	15,000		$	15,000		$	30,000		$	34,934
Equity in Net Losses of Operating Partnerships (Note 5)		0			0			0			0
		15,000			15,000			30,000			34,934
Net Loss	$	(15,000	)	$	(15,000	)	$	(30,000	)	$	(34,934	)
Allocation of Net Loss
General Partners	$	(300	)	$	(300	)	$	(600	)	$	(699	)
Limited Partners		(14,700	)		(14,700	)		(29,400	)		(34,235	)
	$	(15,000	)	$	(15,000	)	$	(30,000	)	$	(34,934	)
Net Loss Per Unit of Limited Partnership Interest	$	( .66	)	$	( .66	)	$	( 1.32	)	$	( 1.53	)
Average Number of Units Outstanding		22,315			22,315			22,315			22,315

The accompanying notes are an integral part of these financial statements.

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CENTURY PACIFIC HOUSING FUND-I

STATEMENT OF PARTNERS’ DEFICIT
September 30, 2006
(Unaudited)

	General			Limited
	Partners			Partners			Total
Balance at March 31, 2006	$	(406,669	)	$	(990,658	)	$	(1,397,327	)
Net Loss		(600	)		(29,400	)		(30,000	)
Partners’ Deficit at September 30, 2006	$	(407,269	)	$	(1,020,058	)	$	(1,427,327	)
Percentage Interest September 30, 2006		2	%		98	%		100	%

The accompanying notes are an integral part of these financial statements.

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CENTURY PACIFIC HOUSING FUND-I

STATEMENTS OF CASH FLOWS
(Unaudited)

	Six Months Ended
	September 30,
	2006			2005
Cash Flow from Operating Activities:
Net Loss		($30,000	)		($34,934	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Increase in allowance for doubtful accounts		0			4,934
Increase in payable to related parties		30,000			30,000
Net Cash Provided by (Used in) Operating Activities	$	0		$	0
Net Increase/(Decrease)in Cash	$	0		$	0
Cash Beginning of Period		0			0
Cash End of Period	$	0		$	0

The accompanying notes are an integral part of these financial statements.

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS

NOTE 1 — DESCRIPTION OF THE PARTNERSHIP AND ITS ORGANIZATION:

Century Pacific Housing Fund I, a California limited partnership (the “Partnership” or “CPHF-I”) was formed on October 6, 1986 for the purpose of raising capital by offering and selling limited partnership interests and then acquiring limited partnership interests in partnerships (the “Operating Partnerships”) which acquire and operate existing residential apartment rental properties (the “Properties”).

The general partners of the Partnership are Century Pacific Capital Corporation, a California corporation (“CPCC”), and Irwin Jay Deutch, an individual (collectively, the “General Partners”). The General Partners and affiliates of the General Partners (the “General Partners and Affiliates”) have interests in the Partnership and receive compensation from the Partnership and the Operating Partnerships (Note 4).

The Properties qualify for the “Low-Income Housing Tax Credit” established by Section 42 of the Tax Reform Act of 1986 (the “Low-Income Housing Tax Credit”) and one Property qualifies for Historic Rehabilitation Tax Credits (collectively the “Tax Credits”). These Properties are leveraged low-income multifamily residential complexes and some receive one or more forms of assistance from federal, state or local governments, or agencies (the “Government Agencies”) while others do not receive any subsidy from Government Agencies although some may have mortgage loans insured by a Government Agency.

In July 1987, the Partnership began raising capital from sales of limited partnership interests at $1,000 per interest (“unit”). The limited partnership offering closed in April 1988, with 22,315 units having been sold.

The Partnership originally acquired limited partnership interests ranging from 90% to 99% in 21 Operating Partnerships, which invested in rental property. At September 30, 2006, the Partnership owns investments in 7 of these Operating Partnerships.

Upon dissolution of the Partnership, the Partnership assets or proceeds, if any, shall be first used to satisfy the Partnership debts and liabilities, and the balance, if any, shall be distributed among the Partners in accordance with the Partnership Agreement.

Basis of Presentation

The accompanying unaudited financial statements of Century Pacific Housing Fund I as of September 30, 2006 and March 31, 2006 (the March 31, 2006 financial information included herein has been extracted from the Partnership’s audited financial statements on Form 10-K) and for the three and six months ended September 30, 2006 and 2005 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Partnership’s management, all adjustments (consisting of only normal recurring adjustments) considered necessary to fairly present the financial statements have been made.

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS (Continued)

The statements of operations for the three and six months ended September 30, 2006 and 2005 are not necessarily indicative of the results that may be expected for the entire year. These statements should be read in conjunction with the financial statements and related notes thereto included on form 10-K for the years ended March 31, 2006 and 2005.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The following are the Partnership’s significant accounting policies:

Receivables:

The Partnership reviews the collectibility of receivables and adjusts its allowance for doubtful accounts accordingly.

Investments in Operating Partnerships:

The Partnership uses the equity method to account for its investments in the Operating Partnerships in which it has invested (Note 5).

Under the equity method of accounting, the investment is carried at cost and adjusted for the Partnership’s share of the Operating Partnerships’ results of operations and by cash distributions received. Equity in the loss of each Operating Partnership allocated to the Partnership is not recognized to the extent that the investment balance would become negative. Costs paid by the Partnership for organization of the Operating Partnerships as well as direct costs of acquiring properties, including acquisition fees and reimbursable acquisition expenses paid to the General Partner, have been capitalized as investments in Operating Partnerships.

Basis of Accounting:

The Partnership maintains its financial records on the tax basis. Memorandum entries, while not recorded in the records of the Partnership, have been made in the financial statements to reflect accounting principles generally accepted in the United States of America.

The Partnership fiscal year end is March 31, and the Operating Partnerships have a calendar year end. The Partnership, as well as the Operating Partnerships, has a calendar year for income tax purposes.

Estimates and Assumptions:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS (Continued)

Syndication Costs:

Public offering costs have been recorded as a direct reduction to the capital accounts of the Limited Partners.

Income Taxes:

No provision has been made for income taxes in the accompanying financial statements since such taxes and/or the recapture of the Low Income Housing Tax Credit benefits received, if any, are the liability of the individual partners. The Partnership uses the accrual method of accounting for tax purposes.

Net Loss per Unit of Limited Partnership Interest:

Net loss per unit of limited partnership interest is calculated based upon the weighted average number of units of limited partnership interest (units) outstanding.

NOTE 3 — GOING CONCERN

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Partnership as a going concern. The Partnership’s Operating Partnerships have not achieved the operating results required to provide the Partnership with sufficient cash distributions to fund the Partnership’s administrative costs. Additionally, as of September 30, 2006, the Partnership has incurred allocated losses from all of its Operating Partnerships to the extent of the Partnership’s cash contributions. As a result of the foregoing, the Partnership is dependent upon the general partners and affiliates for continued financial support.

The December 31, 2005 auditors’ reports on four of the Operating Partnerships’ financial statements contained an explanatory paragraph relating to going concern issues. One concerned the maturity of a purchase note for which the Operating Partnership will not be able to satisfy the obligation. The second concerned a default on a HUD insured mortgage as well as maturity of a purchase note in 2003. A third issue concerned significant operating losses incurred by the Operating Partnership in recent years. The fourth going concern issue related to a mortgage default by the Operating Partnership after major damage to the property was sustained by Hurricane Katrina and the property was subsequently vacated.

Management maintains that the general partners and affiliates, though not required to do so, will continue to fund current operations by deferring payment to related parties of allocated overhead expenses, and by funding any Partnership operating costs. Unpaid allocated overhead expenses will accrue and become payable when the Operating Partnerships either generate sufficient cash distributions to the Partnership to cover such expenses or when the Operating Partnerships are sold. At the present time, management is aware that the General Partners of the Operating Partnerships are making a conscious effort to sell these properties. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 4 — TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES OF THE GENERAL PARTNERS:

The General Partners of the Partnership are CPCC and Irwin Jay Deutch. The original limited partner of the Partnership is Westwood Associates whose partners are Irwin Jay Deutch, key employees and former key employees of CPCC. Century Pacific Placement Corporation (“CPPC”), an affiliate of the General Partners, served as the broker-dealer-manager for sales of limited partnership interests in the Partnership. Century Pacific Realty Corporation (“CPRC”), an affiliate of CPCC, is a general partner in six of the Operating Partnerships. Century Pacific Equity Corporation (“CPEC”), an affiliate, is reimbursed by the Partnership for certain overhead allocations.

The General Partners have an aggregate one percent interest in the Partnership, as does the original limited partner. CPRC has an ownership interest in six of the Operating Partnerships between 1% and 2%.

The General Partners and Affiliates receive compensation and reimbursement of expenses from the Partnership, as set forth in the limited partnership agreement, for their services in managing the Partnership and its business. The General Partners and Affiliates also receive compensation and reimbursement of expenses from the Operating Partnerships. This compensation and reimbursement includes services provided to the Partnership during its offering stage, acquisition stage, operational stage, and termination or refinancing stage.

At September 30, 2006 and March 31, 2006, amounts payable to related parties totaling $1,354,072 and $1,324,072, respectively, consist of fees and certain general and administrative costs accrued as an unsecured non-interest bearing payable by the Partnership to the general partners and affiliates. Such fees and allocated costs have been deferred until the Partnership has sufficient cash to pay them.

Receivable from related parties of $4,934 at September 30, 2006 and March 31, 2006 represents unsecured cash advances to several of the Operating Partnerships. An allowance for doubtful accounts has been established for this amount.

At September 30, 2006 and March 31, 2006, CPRC was owed $62,455 for unsecured, non-interest bearing, demand cash advances to the Partnership.

The general partners may advance funds to the Partnership to fund operating deficits, but are not obligated to do so. All such loans shall be repaid prior to any distributions of net cash flow. At September 30, 2006 and March 31, 2006, the Partnership had no outstanding advances due to the general partners.

As of September 30, 2006, a third-party buyer has entered into a conditional contract to acquire CPEC, CPCC, CPRC, and their affiliated companies and partnerships from Deutch’s family trust. The sale is anticipated to occur in 2008.

NOTE 5 — INVESTMENTS IN LIMITED PARTNERSHIPS:

At March 31, 2006, the Partnership owned limited partnership interests in 8 Operating Partnerships which had investments in 8 multi-family rental

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS (Continued)

properties. Two of these properties were sold in 2006 and four properties were sold in 2007.

The Partnership’s equity in net operating losses in Operating Partnerships has exceeded the investment balance. Consequently, the investment balances have been reduced to zero in accordance with the equity method of accounting.

The names and locations of the Properties in which the Operating Partnerships hold beneficial interests at September 30, 2006 are as follows:

Name of Operating
Partnership	Property Name	Units		Location
Century Pacific Housing Partnership-I (CPHP-I)	Charter House		100	Dothan, Alabama
CPHP-V	Jaycee Towers		204	Dayton, Ohio
CPHP-VII	Gulfway Terrace		206	New Orleans, Louisiana
CPHP-IX	Windridge		136	Wichita, Kansas
CPHP-X	Bergen Circle		201	Springfield, Massachusetts
CPHP-XIX	Coleman Manor		50	Baltimore, Maryland
CPHP-XX	Holiday Heights		100	Fort Worth, Texas
			997

The following combined statements of operations are prepared in accordance with accounting principles generally accepted in the United States of America and summarize the operations of the Operating Partnerships for the three months ended September 30, 2006 and September 30, 2005 and for the six months ended September 30, 2006 and September 30, 2005.

	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2006		2005			2006			2005
Revenues
Rental Income	$	1,288,343	$	1,486,286		$	2,587,848		$	2,895,699
Other		941,642		53,781			1,067,198			99,760
		2,229,985		1,540,067			3,655,046			2,995,459
Expenses
Operating, General and Administrative		1,027,263		1,147,551			2,171,747			2,369,165
Depreciation		248,767		343,370			545,963			686,617
Interest		758,911		769,073			1,517,979			1,546,291
		2,034,941		2,259,994			4,235,689			4,602,073
Operating Income/(Loss)		195,044		(719,927	)		(580,643	)		(1,606,614	)
Discontinued Operations Loss from Operations		—		(203,052	)		(165,079	)		(484,138	)
Gain from Property Dispositions		—		—			125,890			4,232,477
Gain from Debt Cancellation		—		—			9,597,227			1,938,185
		—		—			9,558,038			5,686,524
Net Income/(Loss)	$	195,044		($922,979	)	$	8,977,395		$	4,079,910

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CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
SEPTEMBER 30, 2006

NOTES TO FINANCIAL STATEMENTS (Continued)

In 2006, Other Revenue includes insurance proceeds from an Operating Partnership, Gulfway Terrace, located in New Orleans, Louisiana, resulting from damage sustained from Hurricane Katrina in 2005.

In June 2006, an Operating Partnership, Ascension Towers, located in Memphis, Tennessee, was sold for $3,015,000. Cash proceeds of $846,519 were used to satisfy obligations of the Operating Partnership.

In May 2005, an Operating Partnership, Harriet Tubman Terrace, located in Berkeley, California, sold a property for $6,650,937 for a gain of $4,232,477. Cash proceeds of $3,008,942, net of a mortgage receivable of $2,471,882 provided by the Operating Partnership to the buyer, were used to satisfy obligations of the Operating Partnership.

NOTE 6 — SUBSEQUENT EVENTS

In December 2006, an Operating Partnership, Coleman Manor, located in Baltimore, Maryland, was sold for $2,254,083. There were no cash proceeds resulting from the sale.

In April 2007, an Operating Partnership, Charter House, located in Dothan, Alabama, was sold for $2,000,000. Cash proceeds from the sale were used to satisfy obligations of the Operating Partnership.

In September 2007, two Operating Partnerships were sold. Windridge Apartments, located in Wichita, Kansas, was sold for $3,922,674. Gulfway Terrace, located in New Orleans, Louisiana, was sold for $3,500,000. Cash proceeds from the sales were used to satisfy obligations of the Operating Partnerships.

In October 2007, an Operating Partnership, Holiday Heights, located in Fort Worth, Texas, was sold for $2,500,000. Cash proceeds from the sale were used to satisfy obligations of the Operating Partnership.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

Results of Operations

Three months ended September 30, 2006 compared to three months ended September 30, 2005

For the three month periods ended September 30, 2006 and 2005, the Partnership recorded net losses of $15,000 and $15,000, respectively. The net losses are equal to the reimbursement paid to CPEC, an affiliate, for overhead allocations.

In accordance with the equity method of accounting for limited partnership interests, the Partnership does not recognize losses from investment properties when losses exceed the Partnership’s equity method basis in these properties. All of the Partnership’s investments have an equity method basis of zero at September 30, 2006.

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The average occupancy level of the Operating Partnerships decreased to approximately 82% from approximately 92% for the three months ended September 30, 2006 and 2005, respectively. This is due primarily to the vacant property located in New Orleans, Louisiana which sustained significant damage after Hurricane Katrina in 2005.

The majority of properties owned by the Operating Partnerships are in a position of functional obsolescence and need substantial rehabilitation. The Operating Partnerships do not have the funds to address the growing deferred maintenance. Infusion of capital is necessary to keep the projects viable and maintain them as decent, safe and quality housing. Refinancing is not an option in view of the indebtedness on the properties surpassing their fair market value.

Six months ended September 30, 2006 compared to six months ended September 30, 2005

For the six month periods ended September 30, 2006 and 2005, the Partnership recorded net losses of $30,000 and $34,934, respectively. The net losses are substantially equal to the reimbursement paid to CPEC, an affiliate, for overhead allocations.

In accordance with the equity method of accounting for limited partnership interests, the Partnership does not recognize losses from investment properties when losses exceed the Partnership’s equity method basis in these properties. All of the Partnership’s investments have an equity method basis of zero at September 30, 2006.

The average occupancy level of the Operating Partnerships decreased to approximately 82% from approximately 93% for the six months ended September 30, 2006 and 2005, respectively. This is due primarily to the vacant property located in New Orleans, Louisiana which sustained significant damage after Hurricane Katrina in 2005.

The majority of the properties owned by the Operating Partnerships are in a position of functional obsolescence and need substantial rehabilitation. The Operating Partnerships do not have the funds to address the growing deferred maintenance. Infusion of capital is necessary to keep the projects viable and maintain them as decent, safe and quality housing. Refinancing is not an option in view of the indebtedness on the properties surpassing their fair market value.

Liquidity and Capital Resources

As of September 30, 2006, the Partnership’s portfolio consists of 7 properties. The properties are located in 7 states and contain 997 residential units. The average occupancy level for all properties during calendar year 2005 was approximately 90% and most properties generated sufficient revenue to cover operating costs, debt service, and the funding of reserves.

The government restricts rental rate increases. A substantial amount of the revenue generated by these properties comes from rental subsidy payments made by federal or state housing agencies. These features, which are characteristic of all low-income housing properties, limit the pool of potential buyers for these real estate assets. As a limited partner of the Operating Partnerships, the Partnership does not control property disposition decisions, and management is aware of the intention of the General Partners of the Operating Partnerships to sell the investment properties in the near future.

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The Partnership is currently experiencing a liquidity problem. Under the Partnership Agreement, the Partnership is entitled to receive distributions of surplus cash from the Operating Partnerships, which is to provide the funds necessary for the Partnership to meet its operating costs. At the present time, the Operating Partnerships have not generated sufficient cash distributions to fund the Partnership’s expenses. As a result of the foregoing, the Partnership has been dependent upon its affiliates and the General Partners for continued financial support to meet its expenses. Though there can be no assurance, management believes that affiliates and/or the General Partners, though not required to do so, will continue to fund operations of the Partnership and defer receipt of payment of allocated overhead administrative expenses and partnership management fees. Allocated administrative expenses paid or accrued to affiliates and the General Partners represent reimbursement of the actual cost of goods and materials used for or by the Partnership, salaries, related payroll costs and other administrative items incurred or allocated, and direct expenses incurred in rendering legal, accounting/bookkeeping, computer, printing and public relations services. Items excluded from the overhead allocation include overhead expenses of the General Partners, including rent and salaries of employees not specifically performing the services described above. Unpaid allocated administrative expenses and partnership management fees, an annual amount up to .5% of invested assets, will accrue for payment in future operating years.

Management believes the possibility exists that one or several Operating Partnerships may require additional capital, in addition to that previously contributed by the Partnership, to sustain operations. In such case, the source of the required capital needs may be from (i) limited reserves from the Partnership (which may include distributions received from the Operating Partnerships that would otherwise be available for distribution to partners), (ii) debt financing at the Operating Partnership level (which may not be available), or (iii) additional equity contributions from the general partner of the Operating Partnerships (which may not be available). There can be no assurance that any of these sources would be readily available to provide for possible additional capital requirements which may be necessary to sustain the operations of the Operating Partnerships. However, the Partnership is under no obligation to fund operating deficits of the Operating Partnerships in the form of additional contributions or loans.

Due to the uncertainty of the continuation of the Section 8 program, management has been forced to consider several options to prepare for the possible lack of subsidy income to the Operating Partnerships. The loss of subsidy income to the Operating Partnerships will make it more difficult for the Operating Partnerships to provide sufficient cash distributions to the Partnership. Management has identified the courses of action they will take as a result of the potential changes to the Section 8 program.

CRITICAL ACCOUNTING POLICIES

Management’s discussion and analysis of financial condition and results of operations are based upon our unaudited financial statements which have been prepared in accordance with accounting principles generally accepted in the United States. Such financial statement preparation requires management to make judgments and use estimates regarding significant accounting policies. We consider an accounting policy to be significant if it is important to our financial condition and results, and requires significant judgment and estimates on the part of management in its application. A summary of our significant accounting policies is included in Note 2 to our financial statements for the year ended March 31, 2006, which are included in the Form

14

10-K. Our significant accounting estimates and the related assumptions are evaluated periodically as conditions warrant, and changes to such estimates are recorded as new information or changed conditions require revision. Application of the critical accounting policies requires management’s significant judgments, often as the result of the need to make estimates for matters that are inherently uncertain. If actual results were to differ materially from the estimates made, the reported results could be materially affected. There have been no significant changes in the application of the critical accounting policies, or in the assumptions or estimates relating thereto, since March 31, 2006.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Due to the nature of our operations, we have concluded that there is no material market risk exposure and, therefore, no quantitative tabular disclosures are required.

ITEM 4. CONTROLS AND PROCEDURES

(a)

Evaluation of Disclosure Controls and Procedures

The Partnership’s Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-15(e)and 15d-15(e)) as of the end of the period covered by this report. Based on that evaluation, they have concluded that the Partnership’s current disclosure controls and procedures are effective in timely providing them with material information relating to the Partnership required to be disclosed in the reports of the Partnership files or submits under the Exchange Act.

(b)	Changes in Internal Controls
	During the period covered by this report, there have not been any significant changes in the Partnership’s internal controls or in other factors that could significantly affect these controls. There were no significant deficiencies or material weaknesses, and therefore no corrective actions were taken.

PART II OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS — None

ITEM 1a. MATERIAL CHANGES IN RISK FACTORS — None

ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS — None

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES — None

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS — None

ITEM 5.   OTHER INFORMATION — None

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

(a)	Exhibits
	We have listed the exhibits by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K on the Exhibit list attached to this report.

(b) Reports on Form 8-K — None

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* * * SIGNATURE * * *

Pursuant to the requirements of Section 13 or 15(d) 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.

Date: October 9, 2007

CENTURY PACIFIC HOUSING FUND-I a California limited partnership
By:	Century Pacific Capital Corporation,
	a California Corporation
	General Partner

By:	/s/ Irwin J. Deutch
	Irwin J. Deutch
	President

EXHIBITS

Exhibit
Number	Description
31.1	Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

* Filed herewith