UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, DC  20549

	FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities 
Exchange Act of 1934
For the quarter ended    March  31, 1998                        	
			or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934

For the transition period from              to              

Commission File Number 33-31778                             

Historic Preservation Properties 1990 L.P. Tax Credit Fund
(Exact name of registrant as specified in its charter)

      Delaware                 				   04-3066191   
(State or other jurisdiction				(I.R.S. 
Employer
    of incorporation or					Identification 
No.)
      organization)

Batterymarch Park II,  Quincy,  Massachusetts        02169
(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code (617) 472-1000

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     






















HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
FORM 10-Q
MARCH 31, 1998

TABLE OF CONTENTS


									
                                           Page



PART 1 - FINANCIAL INFORMATION
		
  Financial Statements
		
    Consolidated Balance Sheets                           3

    Consolidated Statements of Operations                 4

    Consolidated Statements of Partners' Equity           5
    (Deficit)

    Consolidated Statements of Cash Flows                 6

    Notes to Consolidated Financial Statements            7

    Management's Discussion and analysis of Financial     11
    Condition and Results of Operations


PART II - OTHER INFORMATION                               14

    Signatures                                            15







  


    HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
                  CONSOLIDATED BALANCE SHEETS
               MARCH 31, 1998 AND DECEMBER 31, 1997


                        ASSETS


                                                1998          1997

                                             (Unaudited)


INVESTMENT IN REAL ESTATE
  Building and building improvements         $15,009,692     $15,178,365
  Land                                            97,034          97,034
  Furniture and equipment                        974,389         970,736
  Marina - land and improvements               1,396,559       1,376,259
  Deferred evaluation and acquisition costs    1,102,600       1,102,600

                                              18,580,274      18,724,994
    Less accumulated depreciation and 
     amortization                              3,926,924       3,830,865

                                              14,653,350      14,894,129
  Reserve for realization of Marina land 
     and improvements                           (845,672)       (845,672)

                                              13,807,678      14,048,457
CASH AND CASH EQUIVALENTS, including
  security deposit cash (1998, $87,307; 
  1997, $86,641)                               1,095,152         757,452
ESCROW DEPOSITS                                  168,267         152,212
DEFERRED COSTS, net of accumulated
  amortization (1998, $38,059; 1997, $33,492)    144,626         149,193
OTHER ASSETS                                     112,436         116,807

                                             $15,328,159     $15,224,121

                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
  Note payable                               $ 5,731,260     $ 5,767,197
     Accrued expenses and other liabilities      342,307         286,315
     Security deposits                            85,071          82,271

       Total liabilities                       6,158,638       6,135,783

COMMITMENTS  (Note 5)  

PARTNERS' EQUITY
  Limited Partners' equity-Units of Investor
    Limited Partnership Interest, $1,000 
    stated value per Unit-16,361 issued and 
    outstanding units                          9,220,187      9,139,816
  General Partner's deficit                      (50,666)       (51,478)

     Total partners' equity                    9,169,521      9,088,338

                                             $15,328,159    $15,224,121


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

                               3
 


      HISTORIC PRESERVATION PROPERTIES 1990 L. P. TAX CREDIT FUND
                CONSOLIDATED STATEMENTS OF OPERATIONS
          FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 
                            (UNAUDITED)


                                                 1998        1997
REVENUE:
  Rental and related income                   $ 807,287    $ 681,721
  Interest and other income                       9,811        6,189

                                                817,098      687,910
EXPENSES:
  Operating and administrative                   59,673       44,388
     Property operating expenses                416,839      435,316
     Depreciation and amortization              146,456      148,666

                                                622,968      628,370

INCOME FROM OPERATIONS                          194,130       59,540
 
INTEREST EXPENSE                                112,947      119,745

NET INCOME (LOSS)                            $   81,183    $ (60,205)

NET INCOME (LOSS) ALLOCATED TO 
  GENERAL PARTNER                            $      812    $    (602)

NET INCOME (LOSS) ALLOCATED TO  
  LIMITED PARTNERS                           $   80,371    $ (59,603)

NET INCOME (LOSS) PER UNIT OF 
  LIMITED PARTNERSHIP INTEREST, 
  BASED ON 16,361 UNITS OUTSTANDING          $     4.91    $   (3.64)

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

                                   4


         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
            CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
               FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND
                       THE YEAR ENDED DECEMBER 31, 1997 


                             Units of
                             Investor      Investor 
                              Limited      Limited       General
                            Partnership    Partners'    Partner's
                             Interest       Equity       Deficit     Total

BALANCE, December 31, 1996     16,361    $ 8,930,109   $ (53,596)  $8,876,513

   Net income                       -        209,707       2,118      211,825

BALANCE, December 31, 1997     16,361      9,139,816     (51,478)   9,088,338

   Net income (unaudited)           -         80,371         812       81,183

BALANCE, March 31, 1998
      (unaudited)              16,361    $ 9,220,187   $ (50,666)  $9,169,521   


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

                                   5


       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
                CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                              (UNAUDITED) 


                                                 1998       1997

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                         $  81,183    $(60,205) 
   Adjustments to reconcile net income
   (loss) to net cash provided by 
   operating activities:
     Depreciation and amortization             146,456     148,666
     Increase in accrued expenses and 
       other liabilities                        58,792      85,477
     Increase in escrow deposits               (16,055)    (47,688)
     Decrease in other assets                    4,371          18

  	Net cash provided by operating
     activities                                274,747     126,268

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of furniture & equipment            (3,653)          -
   Additions to Marina                         (20,300)     (4,400)
   Proceeds from exchange of building 
    and building improvements                  122,843           -

 	Net cash provided by (used in) 
    investing activities                        98,890      (4,400)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Principal payments of mortgage note 
   payable                                     (35,937)    (35,397)

   Cash used in financing activities           (35,937)    (35,397)

NET INCREASE IN CASH AND 
  CASH EQUIVALENTS                             337,700      86,471

CASH AND CASH EQUIVALENTS, 
  BEGINNING OF PERIOD                          757,452     478,898

CASH AND CASH EQUIVALENTS,
  END OF PERIOD                            $ 1,095,152   $ 565,369

SUPPLEMENTAL CASH FLOW INFORMATION:

  Cash paid for interest                   $   112,947   $ 119,745


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

                                  6


       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 1998
                             (UNAUDITED)


(1)	Organization and General Partner - BHP II

    Historic Preservation Properties 1990 L.P. Tax Credit Fund 
    (HPP'90) was formed on October 4, 1989 under the Delaware 
    Revised Uniform Limited Partnership Act. The purpose of 
    HPP'90 is to invest in a portfolio of real properties which 
    qualified for rehabilitation tax credits (Rehabilitation Tax 
    Credits) afforded by Section 47 of the Internal Revenue Code 
    of 1986, as amended, to rehabilitate such properties (or 
    acquire such properties in the process of rehabilitation and 
    complete such rehabilitation) in a manner intended to render 
    a portion of the costs thereof eligible for Rehabilitation 
    Tax Credits, and to operate such properties.

    Boston Historic Partners II Limited Partnership (BHP II), a 
    Delaware limited partnership, is the general partner of 
    HPP'90. BHP II was formed in June 1989 for the purpose of 
    organizing, syndicating, and managing publicly offered real 
    estate limited partnerships (Public Rehabilitation 
    Partnerships).

(2)	Basis of Presentation

    The accompanying unaudited financial statements have been 
    prepared in accordance with generally accepted accounting 
    principles for interim financial information and generally 
    with the instructions to Form 10-Q and Article 10 of 
    Regulation S-X.  Accordingly, they do not include all of the 
    information and footnotes required by generally accepted 
    accounting principles for complete financial statements.  In 
    the opinion of management, all adjustments (consisting of 
    normal recurring accruals) considered necessary for a fair 
    presentation have been included.  Operating results for the 
    three months ended March 31, 1998, are not necessarily 
    indicative of the results that may be expected for the year 
    ending December 31, 1998.  For further information, refer to 
    the financial statements and footnotes thereto included in 
    the Annual Report on Form 10-K for the year ended December 
    31, 1997 for HPP'90, as filed with the Securities and 
    Exchange Commission.

    Certain amounts in the 1997 financial statements have been 
    reclassified to conform to the 1998 presentation.
  
(3) 	Investment in Real Estate

    	During 1990, HPP'90 acquired an interest in the following 
     entities (see below for subsequent changes in ownership):

     Henderson's Wharf Baltimore, L.P. (the Building Venture) is a 
     Delaware limited partnership formed on July 20, 1990 to 
     acquire a fee interest in a seven-story building on 1.5 acres 
     of land and to rehabilitate the building into residential 
     apartment units with 149 indoor parking spaces (the 
     Apartments) and a 38 room inn (the Inn) located at 1000 Fell 
     Street, Baltimore, Maryland. In addition to the inn, the 
     building contains a total of 137 residential units, 9 of 
     which are owned by unrelated parties. The building has been 
     substantially renovated and certain renovation costs qualify 
     for Rehabilitation Tax Credits. The Building Venture 
     purchased its interest for $6,812,500, which included seller 
     financing of $6,350,000, and a contingent purchase price 
     promissory note (see Note 4). Contributions by HPP'90 to the 
     Building Venture totaled $12,214,500 as of March 31, 1998.
    
     HPP'90 has made all required capital contributions to the 
     Building Venture in accordance with the Building Venture's 
     partnership agreement, and is not required to make additional 
     contributions, although at its sole discretion, may do so.

     The economic occupancy for the three months ended March 31, 
     1998 for the residential units was 98% (unaudited) and the 
     average occupancy for the inn was 63%  (unaudited).
   
     On February 27, 1996, the Building Venture purchased three 
     condominium units and parking spaces owned by unrelated 
     parties, in conjunction with the refinancing of its note 
     payable (see Note 4).

     On March 17, 1998, HWB exchanged a condominium unit and 
     parking spaces with an unrelated party in return for that 
     unrelated party's condominium unit, parking spaces and 
     $135,000.  The transaction resulted in net cash proceeds of 
     $122,843 after closing costs.  
  
     HPP'90's operations, principally accounting, investor 
     services and other general and administrative costs, are 
     funded from distributions by the Building Venture. For the 
     three months ended March 31, 1998 and 1997,  the Building 
     Venture distributed to HPP'90, $75,000 and $69,000, 
     respectively.  



        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                            MARCH 31, 1998
                             (UNAUDITED)


(3)	Investment in Real Estate (continued)

    Rehabilitation Tax Credits generated by the Building Venture 
    and previously allocated to HPP'90's Limited Partners totaled 
    $3,174,059 since inception.  As of December 31, 1996, 100% of 
    the credits were fully vested.  

    Henderson's Wharf Marina, L.P. (the Marina Venture) is a 
    Delaware limited partnership formed on July 20, 1990 to 
    acquire a fee interest in a 1.92 acre parcel of land together 
    with a 256-slip marina (the Marina) located in Baltimore, 
    Maryland. HPP'90 purchased the Marina Venture for $1,266,363, 
    which included seller financing of $1,187,500. Contributions 
    to the Marina Venture by HPP'90 totaled $247,219 as of March 
    31, 1998. 

    HPP'90 may make additional capital contributions to the 
    Marina Venture as provided in the Marina Venture's 
    partnership agreement, but is not required to do so.
  
    The Marina Venture had operated a minimal number of slips 
    from 1991 through 1995 due to the significant repairs 
    necessary to be fully operational.  For the three months 
    ended March 31, 1998 and for the years ended December 31, 
    1997 and 1996, the Marina Venture added $20,300, $33,727 and 
    $23,049, respectively, of utility, safety and other 
    improvements, increasing the number of fully operational 
    slips to 224.  Substantial repairs are still needed to 
    maintain the Marina Venture's land which provides parking to 
    the Marina and Inn (see Note 5).
 
    On December 31, 1992, the Third Amended and Restated 
    Agreement of Limited Partnership of Henderson's Wharf Marina 
    L.P. was executed.  HWFP, Inc. (HWFP), a Maryland corporation 
    and the original holder of the purchase money note relating 
    to the purchase of the marina property, received a 50% 
    limited partnership interest in the Marina Venture and became 
    the holder of a minority interest (see Note 4). 
 
    On February 27, 1996, the Partnership redeemed HWFP's 50% 
    limited partnership interest in the Marina Venture by issuing 
    a $225,000 promissory note payable secured by the marina 
    property.   As a result of this redemption, HPP'90's limited 
    partnership interest in the Marina Venture increased to 98% 
    and HWDC's general partnership interest in the Marina Venture 
    increased to 2% as of the date of redemption.  On September 
    30, 1997, the Building Venture advanced the Marina Venture 
    $200,000, and the Marina Venture then settled in full the 
    promissory note payable to HWFP  (see Note 4). 

   	The Building Venture and the Marina Venture are collectively 
    referred to as "the Ventures".

    Generally, allocations of net profits and losses as well as 
    cash flow of the Building Venture and Marina Venture are 
    allocated in accordance with the Ventures' respective amended 
    partnership agreements.  

(4) 	Note Payable
 
     The Building Venture originally financed $6,350,000 of the 
     purchase price of the property by issuing a purchase money 
     note to the seller, HWFP. In conjunction with issuing a 
     purchase money note to the seller, the Building Venture 
     entered into a contingent purchase price promissory note with 
     the seller for $1,250,000. Payment on the note was contingent 
     upon the cash flow (as defined) generated from the future 
     sale of apartment units in the Building Venture. The note was 
     unsecured, bore no interest, and had no maturity date. 

     On February 27, 1996, HPP'90 issued a $6,000,000 deed of 
     trust note to a third party lender which provided funds for 
     the Building Venture to refinance the then outstanding 
     balance of the seller financed purchase money note totaling 
     $5,590,418, to pay $109,582 to the seller in release of the 
     contingent purchase price promissory note, and to purchase in 
     part three condominium units and parking spaces owned by 
     unrelated parties for an aggregate purchase price of 
     $332,682. The deed of trust note bears interest at 7.85%, 
     amortizes over a 20-year schedule and requires monthly 
     principal and interest payments in the amount of $49,628, 
     which  commenced April 1996 with the remaining unpaid 
     principal and interest due in March 2016. Under the deed of 
     trust note, the lender has the option with six months written 
     notice to call amounts outstanding under the deed of trust 
     note at the end of ten years (February 2006) or anytime 
     thereafter. The deed of trust note is secured by the Building 
     Venture's property, rents and assignment of leases and is 
     guaranteed by the Building Venture.

                                  8



        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                           MARCH 31, 1998
                            (UNAUDITED)


(4) 	Note Payable (continued)

     As mentioned in Note 3, on February 27, 1996, HPP'90, HWDC 
     and HWFP entered into the First Amendment to the Third 
     Amended and Restated Agreement of Limited Partnership of 
     Henderson's Wharf Marina, L.P. by which the Partnership 
     redeemed HWFP's 50% limited partnership interest in the 
     Marina Venture by issuing a $225,000  promissory note payable 
     secured by the marina property. The note bore  interest at 
     7.50%, matured in March 2006, and required monthly principal 
     and interest payments in the amount of $2,086 which commenced 
     April 1996. The transaction resulted in a $39,981 reduction 
     of basis in the marina property during the year ended 
     December 31, 1996.  HPP'90's limited partnership interest in 
     the Marina Venture increased to 98% and HWDC's general 
     partnership interest in the Marina Venture increased to 2% as 
     of the date of the redemption.  On September 30, 1997, the  
     Building Venture advanced the Marina Venture $200,000, and 
     the Marina Venture settled in full the remaining outstanding 
     principal balance of $212,532 and all accrued interest due 
     under the promissory note to HWFP.

     Approximate  aggregate annual maturities under the deed of 
     trust note  for each of the next five years are as follows:
     
                   Year Ending December 31         Amount

                         1999                    $ 160,113
                         2000                      173,145
                         2001                      187,236
                         2002                      202,475
                         2003                      218,954

(5)  	Transactions With Related Parties, Commitments and Contingencies

      The Building Venture entered into a consulting agreement 
      (Consulting Agreement), which expired on December 31, 1991, 
      that required the Building Venture to pay Hillcrest 
      Management Inc., (HMI) a Massachusetts corporation and former 
      limited partner of the Venture's with whom the Venture had 
      several contracts, a $15,000 refinancing fee upon the closing 
      of any refinancing of the existing Building Venture's 
      financing.  The Consulting Agreement also required the 
      Building Venture to pay HMI an incentive fee equal to 1% of 
      the gross sales proceeds resulting from the sale of the 
      building property to an unaffiliated third party buyer.  The 
      Building Venture paid the $15,000 refinancing fee to HMI in 
      March 1996 as a result of refinancing its purchase price 
      promissory note as discussed in Note 4.  The incentive fee 
      commitment survives the December 31, 1991 expiration date of 
      the Consulting Agreement and the termination of all other 
      agreements with HMI (see below).

      HPP'90 entered into an agreement on behalf of the Ventures to 
      pay contract termination settlement payments (Settlement 
      Payments) totaling $271,108 to HMI.  The Settlement Payments 
      required an initial payment of $36,000 on January 27, 1995 
      and require monthly payments of $3,221 through the earlier of 
      September 2001 or the occurrence of certain events as defined 
      in the agreement. The Settlement Payments are secured by 100% 
      of HPP'90's economic interest as a partner in the Ventures, 
      as defined in the agreements; net sales and refinancing 
      proceeds; cash flow; return of capital contributions; all of 
      HPP'90's cash and marketable securities in excess of 
      $150,000; and all of the Ventures' cash in excess of the 
      greater of $200,000 or reserves required by lenders. No 
      distributions to the partners of HPP'90 are permitted until 
      all Settlement Payments are paid in full. The Settlement 
      Payments may be prepaid, as defined in the agreement, without 
      penalty.  As of March 31, 1998 and December 31, 1997, unpaid 
      Settlement Payments included in accrued expenses and other 
      liabilities totaled $135,268 and $144,928, respectively.
    
      On November 1, 1995, the Building and Marina Venture entered 
      into property management contracts with Claremont Management 
      Corporation (CMC), an unaffiliated Massachusetts corporation, 
      to manage the apartment, inn and marina operations.  The 
      property management contracts provide for payment of 
      management fees to CMC equal to 4% and 4.5% of  apartment and 
      inn gross receipts, as defined, respectively, and 9% of 
      marina gross receipts, as defined.  The agreements expire on 
      June 30, 1998.  A condition of the agreements requires the 
      Ventures to maintain with CMC, for the benefit of the 
      Ventures, operating cash and contingency reserves of $190,000 
      and $70,000, respectively.  As of March 31, 1998, the 
      Ventures' operating cash and contingency reserves totaled 
      $669,010.  Management fees paid to CMC by the Ventures 
      totaled $37,548 and $36,600 for the three months ended March 
      31, 1998 and 1997, respectively.

                                 
                                  9


        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             MARCH 31, 1998
                               (UNAUDITED)


(5)	Transactions With Related Parties, Commitments and 
    Contingencies (continued)

    On October 1, 1995, HPP'90 engaged CMC to provide accounting, 
    asset management and investor services. CMC provides such 
    services for an annual management fee of $38,400, plus 
    reimbursement of all its costs of providing these services. 
    The agreement expires on June 30, 1998.  Expense 
    reimbursements to CMC for the three months  ended March 31, 
    1998 and 1997 totaled $42,877 and $27,460, respectively.
   
    According to a provision in one purchase and sale contract of 
    one of three condominiums purchased on February 27, 1996, the 
    purchase price for that condominium is the greater of the 
    seller's outstanding mortgage balance as of the date of 
    purchase or the fair market value of the property determined 
    by independent appraisal through a period extending through 
    June 1, 1999.  At the February 27, 1996 closing, the purchase 
    price paid was the then outstanding balance of the seller's 
    mortgage.  If, through June 1, 1999, the fair market value is 
    determined to be greater than the amount paid at the closing, 
    HWB will be required to pay the excess of the determined fair 
    market value over the purchase price paid at the closing to 
    the seller.  As a part of the purchase agreement, HWB has 
    established a $25,000 collateral escrow in the event that an 
    additional payment has to be made to the seller.
     
    During 1997, the Building Venture and the condominium 
    association to which it belongs filed suit against one unit 
    owner for failure to pay condominium assessments and 
    nuisance.  The suit asks for actual damages as well as 
    compensatory and punitive damages totaling $120,000.  The 
    case is currently not yet in the discovery stage and no 
    estimate can be made as to the time or the amount, if any, of 
    ultimate recovery.  The unit owner filed a counterclaim 
    against the Building Venture, the condominium association to 
    which it belongs, and other third parties for alleged breach 
    of contract and related counts.  The counterclaim asks for 
    compensatory and punitive damages totaling $3,901,000.  The 
    Building Venture believes that the counterclaim is completely 
    without merit and intends to vigorously defend its position   
    The case relating to the counterclaim also is currently  not 
    yet in the discovery stage and the Building Venture's legal 
    counsel is unable to determine the likelihood of an 
    unfavorable outcome or the amount or range of potential loss.  
    It is reasonably possible that the outcome of  this  
    uncertainty might be determined in the near term.
   
    Within the next few years, significant repairs are needed to 
    maintain the Marina Venture's land which provides parking to 
    the Marina and Inn.  In October 1997, the Marina Venture 
    entered into a letter of intent with a third party real 
    estate developer to form an entity whose purpose would 
    include repairing the land and the developing of the marina.  
    The letter of intent expired on January 10, 1998 with no 
    expectation of further negotiations. The Partnership now 
    anticipates that capital resources to fund the repairs are 
    likely to be provided by additional contributions of the 
    Partnership.  The Marina Venture estimates the cost of 
    replacing the bulkhead to retain the land to be approximately 
    $1,500,000 to $2,000,000.  Also, the Partnership is 
    investigating other potential sources of available parking 
    for the Marina and Inn.  It is reasonably possible that the 
    outcome of this uncertainty might be determined in the near 
    term.

(6) 	Fair Value of Financial Instruments

     The carrying amounts of cash and cash equivalents, escrow 
     deposits, accrued expenses and other liabilities, and 
     security deposits at March 31, 1998 and December 31, 1997 
     approximate their fair values due to their short maturities. 
     The fair value of the note payable at March 31, 1998 and 
     December 31, 1997 approximate their carrying amounts based on 
     the interest rates currently available to HPP'90 for similar 
     financing arrangements. All financial instruments are held 
     for non-trading purposes.

                                10

 
      HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                           MARCH 31, 1998


Liquidity and Capital Resources. The Partnership terminated its 
offering of Units on December 31, 1990, at which time Limited 
Partners had purchased 16,361 Units, representing gross capital 
contributions of $16,361,000.  As of March 31, 1998, the 
Partnership had invested an aggregate of $12,461,719 in the 
Building and Marina Ventures. 

Such amount contributed in the Building and Marina Ventures 
represents approximately 100% of the Limited Partners' capital 
contribution after deducting selling commissions, organizational 
and sales costs, acquisition fees and reserves.  The Partnership 
does not anticipate making any additional investments in new real 
estate.

As of March 31, 1998, the Ventures and HPP'90 had cash and cash 
equivalents, excluding security deposit cash, of $670,860 and 
$336,984, respectively. HPP'90's cash and cash equivalents are used 
primarily to fund general and administrative expenses of running 
the public fund. The Venturers' cash and cash equivalents are used 
to fund operating expenses and debt service of the properties. In 
addition, to the extent available, the Building Venture distributes 
cash to HPP'90 to fund general and administrative expenses of 
managing the public fund. For the three months ended March 31, 1998 
and 1997, the Building Venture distributed $75,000 and $69,000, 
respectively, to HPP'90.

Settlement Payments due HMI, that were negotiated as part of the 
contract termination, are secured by 100% of HPP'90's economic 
interest as a partner, as defined in the agreements, in the 
Ventures; net sales and refinancing proceeds; cash flow; return of 
capital contributions; all of HPP'90's cash and marketable equity 
securities in excess of $150,000; and all of the Ventures' cash in 
excess of the greater of $200,000 or reserves required by potential 
lenders.  No distributions to the partners of HPP'90 are permitted 
until all settlement payments are paid in full.  The Settlement 
Payments may be prepaid, as defined in the agreement, without 
penalty.  As of March 31, 1998 and December 31, 1997, unpaid 
Settlement Payments included in accrued expenses and other 
liabilities totaled $135,268 and $144,928, respectively.

On February 27, 1996, the Building Venture obtained financing of 
$6,000,000 at 7.85% which requires monthly principal and interest 
payments totaling $49,628 based on a 20 year amortization. The deed 
of trust note matures in March 2016, however, under the deed of 
trust note, the lender has the option with six months written 
notice to call amounts outstanding under the deed of trust note at 
the end of ten years (February 2006) or anytime thereafter.  The 
deed of trust note is secured by the Building Venture's property, 
rents and assignment of leases and is guaranteed by the Building 
Venture.

On February 27, 1996, HPP'90, HWDC and HWFP, Inc. entered into the 
First Amendment to the Third Amended and Restated Agreement of 
Limited Partnership of Henderson's Wharf Marina, L.P. by which the 
Partnership redeemed HWFP's 50% limited partnership interest in the 
Marina Venture by issuing a $225,000 promissory note secured by the 
marina property.  On September 30, 1997, the Building Venture 
advanced the Marina Venture $200,000 and the Marina Venture then 
settled in full the remaining outstanding principal balance of 
$212,532 and all accrued interest due under the promissory note 
payable to HWFP.

Within the next few years, significant repairs are needed to 
maintain the Marina Venture's land which provides parking to the 
Marina and Inn.  In October 1997, the Marina Venture entered into a 
letter of intent with a third party real estate developer to form 
an entity whose purpose would include repairing the land and the 
developing of the marina.  The letter of intent expired on January 
10, 1998 with no expectation of further negotiations. The 
Partnership now anticipates that capital resources to fund the 
repairs are likely to be provided by additional contributions of 
the Partnership.  The Marina Venture estimates the cost of 
replacing the bulkhead to retain the land to be approximately 
$1,500,000 to $2,000,000.  Also, the Partnership is investigating 
other potential sources of available parking for the Marina and 
Inn. 

On March 17, 1998, HWB exchanged a condominium unit and parking 
spaces with an unrelated party in return for that unrelated party's 
condominium unit, parking spaces and $135,000.  The transaction 
resulted in net cash proceeds of $122,843 after closing costs.

HPP'90's short-term liquidity depends upon its ability to receive 
distributions from the Building Venture.  The short-term liquidity 
of the Building Venture depends on its ability to generate 
sufficient rental income to fund operating expenses and debt 
service requirements and have sufficient cash to distribute to 
HPP'90.  The short-term liquidity of the Marina Venture depends on 
its ability to generate sufficient rental income to fund operating 
expenses and make capital expenditures to maintain the existing 
capacity of the marina and make additional capital improvements to 
expand the marina's existing capacity.  HPP'90 has advanced 
approximately $277,000 to the Marina through March 31, 1998 to fund 
operations.  It is not expected that the Marina Venture will 
generate sufficient short-term liquidity to repay advances made by 
HPP'90.

                                 11


     HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
             MANAGEMENT'S DISCUSSION AND ANALYSIS OF
     FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
                            MARCH 31, 1998


Cash flow generated from the Partnership's present investment 
properties and the Partnership's share of the proceeds from the 
sale of such properties is expected to be the source of future 
long-term liquidity.

Results of Operations.  The Partnership generated net income under 
generally accepted accounting principles of $81,183 for the three 
months ended March 31, 1998 which includes depreciation and 
amortization of $146,456. 

The Building Venture was fully operational during the entire year. 
The Marina Venture had operated a minimal number of its 256 slips 
from 1991 to 1995 due to significant repairs necessary to be fully 
operational. During the three months ended March 31, 1998 and in 
the years 1997 and 1996 the Marina Venture added $20,300, $33,727, 
and $23,049, respectively, of utility, safety and other 
improvements increasing the number of fully operational slips to 
224.  However, other substantial repairs are still needed to 
maintain the Marina Venture's land which provides parking to the 
Marina and Inn.

The results of the Partnership's operations in future years should 
be comparable to 1997 numbers provided the Building Venture is able 
to maintain greater than 90% economic occupancy in the Apartments 
and greater than 65% occupancy in the Inn.  Expense levels are 
expected to increase with the rate of inflation but, it is 
anticipated that the monthly rents and the average daily room rate 
revenues should increase accordingly.

The Apartments have achieved stabilized occupancy with economic 
occupancy rates of 98%, and 97% for the three months ended March 
31, 1998 and 1997, respectively.  Management is projecting economic 
occupancy for the Apartments to be approximately 96% as well as a 
6% increase in rental rates for calendar year 1998.  Management 
expects economic occupancy to remain about 95% and rental rates to 
increase between 3% to 5% in future years after 1998.  

The Apartments also began charging parking fees for garaged parking 
in 1996 and achieved full implementation of the parking fee policy 
by the end of 1997.  Management is projecting a 25% increase in 
parking fee rates for the calendar year 1998.  

The average occupancy of the Inn for the three months ended March 
31, 1998 and 1997 was 63% and 59%, respectively.  Management is 
projecting Inn occupancy of 72%, as well as a 4% increase in the 
average daily room rate for calendar year 1998. The Inn occupancy 
in future years is expected to stay at the same level, absent any 
significant adverse market conditions or increase in existing 
market competition.  Management expects the Inn's average daily 
room rate to increase between 3% to 5% in future years after 1998. 

The Partnership recorded net income of $81,183 for the three months 
ended March 31, 1998, an increase of $141,388, compared to a net 
loss of $60,205 for the three months ended March 31, 1997.  The 
increase in net income is primarily attributed to an increase in 
rental and related income of approximately $126,000.  Rental and 
related income increased as a result of increased rental and 
parking rates at the Apartments as well as increased daily room 
rates and occupancy at the Inn. For the quarter ended March 31, 
1998 compared to the same period in 1997, the average daily rate 
for inn rooms increased approximately 27%  due to the elimination 
of off-season rates.  Due to the strength of the residential rental 
market,  the average apartment rental income rate increased 6% for 
the quarter ended March 31, 1998, compared to the same period in 
1997.

Inflation and Other Economic Factors	

Recent economic trends have kept inflation relatively low although 
the Partnership cannot make any predictions as to whether recent 
trends will continue.  The assets of the Partnership are highly 
leveraged in view of the fact that the Building Venture is subject 
to a substantial mortgage debt as of December 31, 1997.  Operating 
expenses and rental revenues of each property are subject to 
inflationary factors.  Low rates of inflation could result in 
slower rental rate increases, and to the extent that these factors 
are not offset by similar increases in property operating expenses 
(which could arise as a result of general economic circumstances 
such as an increase in the cost of energy or fuel, or from local 
economic circumstances), the operations of the Partnership could be 
adversely affected.  Actual deflation in prices generally would, in 
effect, increase the economic burden of the mortgage debt service 
with a corresponding adverse effect.  High rates of inflation, on 
the other hand, raise the operating expenses for projects and to 
the extent they cannot be passed on to tenants through higher 
rents, such increases could also adversely affect Partnership 
operations.  Although, to the extent rent increases are 
commensurable, the burden imposed by the mortgage leverage is 
reduced with a favorable effect.  Low levels of new construction of 
similar projects and high levels of interest rates may foster 
demand for existing properties through increasing rental income and 
appreciation in value.

                                 12


     HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
             MANAGEMENT'S DISCUSSION AND ANALYSIS OF
       FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
                            MARCH 31, 1998


Year 2000 Issues

The Partnership and the Ventures have analyzed the effect of the 
Year 2000 on their respective financial and computer systems and 
have incorporated and/or expect to have incorporated the necessary 
modifications to avert any negative consequences.  The Partnership 
does not anticipate Year 2000 issues to have any material effect on 
its operations or the operations of the Ventures, or incur 
substantial costs to address Year 2000 issues.

                                   13


      HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                    PART II - OTHER INFORMATION

                         MARCH 31, 1998


Item 1.		Legal Proceedings - In 1997, the Building Venture 
         and the condominium association to which it belongs filed 
         suit against one unit owner for failure to pay condominium 
         assessments and nuisance.  The suit asks for actual damages 
         as well as compensatory and punitive damages totaling 
         $120,000.  The case is currently not yet in the discovery 
         stage and no estimate can be made as to the time or the 
         amount, if any, of ultimate recovery.

         The unit owner filed a counterclaim against the Building 
         Venture, the condominium association to which it belongs, 
         and other third parties for alleged breach of contract and 
         related counts.  The counterclaim asks for compensatory and 
         punitive damages totaling $3,901,000.  The Building Venture 
         believes that the counterclaim is completely without merit 
         and intends to vigorously defend its position.  The case 
         relating to the counterclaim also is currently not yet in 
         the discovery stage and the Building Venture's legal counsel 
         is unable to determine the likelihood of an unfavorable 
         outcome or the amount or range of potential loss.  It is 
         reasonably possible that the outcome of the uncertainly 
         might be determined in the near term.
	
Item 2.		Changes in Securities - Not applicable.

Item 3.		Defaults Upon Securities - Not applicable.

Item 4.		Submission of Matters to a Vote of Security Holders - Not applicable.

Item 5.		Other Information - Not applicable.

Item 6.		Exhibits and Reports from Form 8-K

		       (a)	Exhibits
          			None.

       		(b)	Reports from Form 8-K
           		None.

                                  14
       

       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                             SIGNATURES

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.

          				HISTORIC PRESERVATION PROPERTIES 1990
          				L.P. TAX CREDIT FUND

           			By:	Boston Historic Partners II Limited Partnership
             					General Partner

             					By:	BHP II Advisors Limited Partnership
                						General Partner

                						By:	Portfolio Advisory Services, II Inc. 
                 					  		General Partner

Date:  May 1, 1998   					By:	/s/ Terrence P. Sullivan	
                      								Terrence P. Sullivan,
                      								President

                						and
				
Date:  May 1, 1998				By:	/s/ Terrence P. Sullivan	
                    						Terrence P. Sullivan,
								
 
                                 15