Jolla has stopped providing Sailfish OS updates for Jolla 1 Phone. This is disappointing as they didn’t even bother to fix some of the bugs persisting in Sailfish OS 3.4 which is suppposed to be the last OS update for Jolla 1.
Is there a community port of Sailfish OS that is working to provide the new OS updates for Jolla 1 too?
No and there will be no community port for Jolla 1.
Sadly, this isn’t a question about “being bothered”, just simply that hardware is too old and adaptation puts a lot of roadblocks for some upgrades that would fix some bugs. Think about the way gecko is compiled, for example.
It is just a very old phone.
Ah cmon.
Not as old as some still-in-use N900s! 
Well, by all means, feel free to work on a port - of course we can’t predict what the community can do here, just trying to explain some of the restrictions to support it.
I understand about Gecko and other major frameworks. My particular angst is that they didn’t bother to even fix regressive bugs that break basic phone functionality.
For example, I am on Sailfish 3.4.0.24 and USSD pull interactions is broken on it and no longer works properly. But It used to work fine on all previous versions. (It’s a pretty important basic mobile phone feature - I use it regularly to check phone balance or to change phone plan etc).
My point is that they could atleast have released a final bug-fix-only release so that we have a fully functional mobile phone. Otherwise it feels like they deliberately aren’t fixing something anymore that used to work, leaving us with crippled functionality, just to force us to buy a new phone.
Honestly, that’s quite the complaint when you take into consideration that you’re talking about a device that received software updates (including all of the new features new devices also got) for longer than any other mobile phone ever, and when you take into consideration that Jolla doesn’t actually make any money when you buy a device - in fact it’s more of a risk for them because even if you buy one of the handful of officially supported devices, it’s still up to you whether you actually install Sailfish on it, and then again it’s up to you whether you want to pay for a license to get Android app support.
I don’t see it that way - I paid good money for the phone and we users too took a risk in supporting them. And have suffered too with the lacks of apps availability and the bugs in every subsequent OS release. But we have stuck by with them so far, haven’t we?
I perfectly understand if they feel that the number of Jolla 1 phone users have dropped and they don’t want to waste time and money testing new OS releases on it. Atleast fix the bugs. (As a long time supporter and user of Sailfish OS, I’ve personally felt that Jolla never paid adequate attention to software quality, and were more interested - for obvious business reasons - to release new features than prioritise fixing bugs).
(As for them not being profitable, I blame their management - like I said before, we all paid good money for our phone, and at one point they outsold Apple and other phones. And I am sure there are still many people still bitter about the whole Jolla Tablet refund delay fiasco … there’s no way we users need to feel guilty about them not using their earnings properly to run a business properly, even if we do understand their current financial situation.)
Jolla 1 came out at the end of 2013(?) around the same time as LG Nexus 5, very likely a flagship model at that time and I guess more expensive than J1. Nexus5 has received upgrades up to Android 6.0.1 with last patch 05-10-2016.