10-Q/A  FOR THE PERIOD ENDING 3/31/96



                         UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, DC  20549

                           FORM 10-Q/A

[X]  Quarterly  Report  Pursuant to  Section  13  or  15  (d)  of  the
Securities Exchange Act of 1934
For the quarter ended    March  31, 1996
               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/A

                         MARCH 31, 1996

                       TABLE OF CONTENTS




                                                            Page


PART  I  -  FINANCIAL INFORMATION

        Financial Statements

          Consolidated Balance Sheets                              3

          Consolidated Statements of Operations                    4

          Consolidated Statements of Partners' Equity
           (Deficiency)                                            5

          Consolidated Statements of Cash Flows                    6

          Notes to Consolidated Financial Statements               7-12

           Management's Discussion and Analysis of Financial
               Condition     and    Results     of     Operations 13-15

PART  II    -    OTHER INFORMATION                                16

                 Financial  Data Schedule                         17

                 Signatures                                       18










                                   
                                   
                                   
                                   2


          HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                            CONSOLIDATED BALANCE SHEETS

                    MARCH 31, 1996 AND DECEMBER 31, 1995

                                  ASSETS
                                                1996         1995
                                            (Unaudited)
INVESTMENT IN REAL ESTATE:
  Building and building improvements        $15,069,530   $14,736,101
  Land                                           97,034        97,034
  Furniture and equipment                       968,353       964,378
  Marina - land and improvements              1,312,809     1,352,790
                                           ------------   -----------
                                             17,447,726    17,150,303
     Less accumulated depreciation            2,708,714     2,573,713
                                           ------------   -----------
                                             14,739,012    14,576,590
  Reserve for realization of Marina
     land and improvements                     (845,672)     (845,672)
                                           ------------   -----------
                                             13,893,340    13,730,918

CASH                                            328,751       474,835
ESCROW DEPOSITS                                 124,109        54,270
DEFERRED EVALUATION AND ACQUISITION
  COSTS, net of accumulated amortization
     of $144,713 and $137,822 in 1996 and
          1995,      respectively                957,887      964,778
OTHER DEFERRED COSTS                             180,318       51,121
OTHER ASSETS                                      86,257      207,103
                                           -------------  -----------
                                             $15,570,662  $15,483,025
                                           =============  ===========

                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
  Mortgages and note payable                  $6,225,000   $ 5,590,418
  Accrued expenses and other liabilities         458,585       402,064
  Security deposits                               94,715        86,716
                                           -------------   -----------
          Total liabilities                    6,778,300     6,079,198

COMMITMENTS AND CONTINGENCIES (Notes 4 and 5)

MINORITY INTEREST                                       -      268,325
                                          ---------------  -----------
PARTNERS' EQUITY
  Limited Partners' Equity-Units of
     Investor Limited Partnership
     Interest, $1,000 stated value per
     unit-issued and outstanding                                 
     units                                       8,846,799    9,186,508
  General Partner's equity (deficiency)            (54,437)     (51,006)
                                          ----------------  -----------
          Total partners' equity                 8,792,362    9,135,502
                                          ----------------  -----------
                                               $15,570,662  $15,483,025
                                          ================  ===========

     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, 1996 AND 1995


                                                1996         1995
                                            (Unaudited)   (Unaudited)
REVENUES:
  Rental and related income                 $   607,440   $   582,659
  Interest and other income                       2,729        38,244
                                            -----------   -----------

                                                610,169       620,903
                                            -----------   -----------
EXPENSES:
  Operating and administrative                   50,101        17,022
  Property operating expenses                   462,669       383,223
  Professional fees                              15,046        21,908
  Depreciation and amortization                 141,892       142,508
                                            -----------   -----------
                                                669,708       564,661
                                            -----------   -----------
  Income (loss) from operations                 (59,539)       56,242

OTHER EXPENSES:
  Interest expense                             (177,362)     (140,639)
  Contingency note payable settlement          (109,583)             -

MINORITY INTEREST IN LOSS ON MARINA VENTURE       3,344        10,756
                                            -----------   -----------

NET  LOSS                                  $   (343,140)  $   (73,641)
                                            -----------   -----------
NET LOSS ALLOCATED TO GENERAL PARTNER      $     (3,431)  $      (736)
                                            -----------   -----------
NET LOSS ALLOCATED TO LIMITED PARTNERS     $   (339,709)  $   (72,905)
                                            -----------   -----------
NET LOSS PER UNIT OF INVESTOR LIMITED
  PARTNERSHIP INTEREST, BASED ON 16,361
  UNITS OUTSTANDING                        $     (20.76)  $     (4.46)
                                            -----------   -----------












     The accompanying notes are an integral part of these financial
                               statements.
                                    
<TABLE>
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

        CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)

             FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND

                    THE YEAR ENDED DECEMBER 31, 1995



<CAPTION>
                          Units of
                          Investor          Investor
                          Limited           Limited        General
                          Partnership       Partners'     Partner's
                          Interest           Equity        (Deficiency)      Total

<S>                       <C>            <C>               <C>             <C>              
BALANCE, Dec 31, 1994      16,361        $  9,541,939      $  (47,416)     $ 9,494,523

    Net  loss                   -            (355,431)         (3,590)        (359,021)
                           ------        ------------      ----------      -----------  
BALANCE,  Dec 31, 1995     16,361           9,186,508         (51,006)       9,135,502

    Net loss (Unaudited)        -            (339,709)         (3,431)        (343,140)
                           ------        ------------      ----------      -----------
BALANCE, March 31, 1996
    (Unaudited)            16,361        $  8,846,799      $  (54,437)     $ 8,792,362
                           ------        ------------      ----------      -----------
</TABLE>

















     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, 1996 AND 1995

                              (UNAUDITED)

                                            1996          1995
                                         (Unaudited)    (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net   loss                          $  (343,140)        $(73,641)
 Adjustments to reconcile net loss to
 net cash provided by (used in)
 operating activities:
  Depreciation and amortization             141,892          142,508
  Minority  interest  in  loss  on   Marina
  Venture                                    (3,344)         (10,756)
  Increase (decrease) in accrued expenses
    and other liabilities                    64,520           (1,029)
  Increase in escrow deposits               (69,839)        ( 28,894)
  Decrease (increase) in other assets       120,846          (29,442)
                                        -----------       ----------
  Net cash used in operating activities     (89,065)          (1,254)
                                        -----------       ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of furniture and equipment         (3,975)          (3,826)
 Additions to building and improvements    (333,429)          (1,310)
                                        -----------       ----------
   Net cash used in investing activities   (337,404)          (5,136)
                                        -----------       ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from refinancing              6,000,000                -
   Payment of mortgage payable           (5,590,418)               -
   Additions to deferred costs             (129,197)               -
                                        -----------       ----------  
 Net  cash provided by financing
   activities                               280,385                -
                                        -----------       ----------

NET DECREASE IN CASH                       (146,084)          (6,390)

CASH, BEGINNING OF PERIOD                   474,835          505,501
                                        -----------       ----------
CASH, END OF PERIOD                        $328,751         $499,111
                                        -----------       ----------
SUPPLEMENTAL CASH  FLOW INFORMATION:
   Cash paid for interest                  $157,649         $140,639
                                        -----------       ----------
   Non-cash financing activity:

   On February 27, 1996, the minority interest holder redeemed its share
of interest for $225,000.  The transaction resulted in a $39,981 reduction of
basis in the marina property.

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

                                    6

(1)     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,
1996, are not necessarily indicative of the results that may be expected
for  the year ending December 31, 1996.  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, 1995 for  Historic
Preservation  Properties 1990 L.P. Tax Credit Fund  (HPP'90),  as  filed
with the Securities and Exchange Commission.

(2)       General  Partner  -  Boston  Historic  Partners   II   Limited
Partnership

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

         BHP  II has a substantial amount of unpaid obligations to trade
creditors.  In the event BHP II is not able to generate sufficient  cash
to  fund  BHP II's operations and commitments and contingencies  in  the
future, there might be unfavorable consequences to HPP'90.

         Under  the partnership agreement, a bankruptcy of BHP II  could
result  in the dissolution of HPP'90, if at any time BHP II were  to  be
adjudicated  bankrupt  (either by way of a voluntary  filing  or  by  an
issuance  of an order for relief in the event of an involuntary  filing)
and  BHP II continued to be the sole general partner of HPP'90.   If  an
additional  general partner was admitted to HPP'90 prior to a bankruptcy
of BHP II, the business of HPP'90 would be able to continue.

         If  BHP II were to be adjudicated bankrupt, and at the time BHP
II was the sole general partner of HPP'90, HPP'90 would not be dissolved
upon  the  occurrence  of such an event if a majority  interest  of  the
limited  partners, elect, within 90 days, to continue  the  business  of
HPP'90  and  another  general partner is elected  (under  Delaware  law,
within  90  days, a unanimous vote of the limited partners  to  continue
HPP'90 is required).

         Although  the  partnership agreement  provides  for  the  above
mechanisms  for  continuing the business of  HPP'90,  BHP  II's  general
partners  believe the most likely course of action would be  to  seek  a
successor or additional general partner for HPP'90.

        If such events were to happen whereby BHP II and/or HPP'90 could
not consummate the above, HPP'90 could be dissolved resulting in adverse
tax  consequences  to  the limited partners, including  recapture  of  a
portion of the Rehabilitation Tax Credits allocated to them.









                                    7
(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 128 residential units, 149 indoor parking
spaces  and  a  38  room  inn located at 1000  Fell  Street,  Baltimore,
Maryland.  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  Notes  4  and   6).
Contributions by HPP'90 to the Building Venture totaled $12,214,500,  as
of March 31, 1996.

         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  renovation  of  the  residential units  was  substantially
complete  and  a certificate of occupancy was received on  December  31,
1990.   The  Building Venture commenced lease-up in 1991  and  has  been
fully  operational since 1992.  For the quarter ending March  31,  1996,
the   average   economic  occupancy  for  the  residential   units   was
approximately 94% and the average occupancy for the Inn was 57%.

         On  February  27,  1996, the Building Venture  purchased  three
condominium  units and parking spaces (the Property) owned by  unrelated
parties,  in  conjunction with the refinancing of its note payable  (see
Note 4).

         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
located in Baltimore, Maryland.  HPP'90 purchased the Marina Venture for
$1,266,363, which included seller financing of $1,187,500 (see Note  4).
Contributions  to the Marina Venture by HPP'90 totaled $247,219,  as  of
March  31,  1996.  The Marina Venture  has operated a minimal number  of
slips  since 1991 due to the significant repairs necessary to  be  fully
operational.   HPP'90 is required to make capital contributions  to  the
Marina  Venture to provide funds not otherwise available  to  make  real
estate  tax and insurance payments.  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.

         Under  the  Second Amended and Restated Agreements  of  Limited
Partnership dated February 1, 1991 of Henderson's Wharf Baltimore,  L.P.
and  Henderson's  Wharf  Marina,  L.P.,  Henderson's  Wharf  Development
Corporation  (HWDC), a Delaware corporation wholly owned by HPP'90,  was
admitted  as  a  general partner of the Ventures (HPP'90  and  HWDC  are
collectively  referred  to as the "Henderson's General  Partners"),  and
Hillcrest  Management,  Inc.  (HMI), a  Massachusetts  corporation,  was
admitted  as the Limited Partner of the Ventures and became  a  minority
interest holder in the Ventures.  On August 1, 1991, the Second  Amended
and  Restated  Agreement  of Limited Partnership  of  Henderson's  Wharf
Marina, L.P. was amended.  The amendment provided for the withdrawal  by
HPP'90 as a general partner and the admittance of HPP'90 as a limited
partner.   Consequently, HWDC became the sole general partner in the
Marina Venture.







                                    8
                                    
(3)     Investment in Real Estate (Continued)

         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).   Concurrently,
HMI  withdrew  as  a  limited partner in the  Marina  Venture,  HPP'90's
limited  partnership interest in the Marina Venture was reduced  to  49%
and  HWDC  retained  a  1% general partnership interest  in  the  Marina
Venture.   The  minority interest granted was recorded  at  fair  market
value  based on an independent appraisal and a priority distribution  of
proceeds  from  capital  transactions as  provided  for  in  the  Marina
Venture's Third Amended and Restated Agreement of Limited Partnership.

         In  accordance  with the termination of all HMI contracts  (see
Note  5),  effective  January 1, 1995, HMI withdrew  from  the  Building
Venture as a .1% limited partner and was replaced by HWDC.

        Based on management's analysis completed during the fourth quarter 
of 1992 which  considered  the  fair  market  value  of  marina  land and 
improvements determined by independent appraisal and priority distribution
of proceeds from capital transactions as provided for in the Marina Venture's
Third    Amended    and   Restated  Agreement  of Limited Partnership, the 
Partnership reserved $845,672 against its investment in the marina land and 
improvements  as  of  December 31, 1992.    At March 31, 1996,   management
estimates that future cash flows from the marina exceed the carrying amount
of the property and no further reserve is deemed necessary.

        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 Second Amended and Restated Agreement  of  Limited
Partnership  and  Third  Amended  and  Restated  Agreement  of   Limited
Partnership,  respectively, as defined in the agreements.   The  overall
management  and control of the business and affairs of the  Ventures  is
solely vested in Henderson's General Partners.

         As  discussed in Note 3, 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 HWFP, Inc. redeemed its 50% limited partnership interest
in  the  Marina  Venture in return for a $225,000  first  mortgage  note
secured  by  the  marina  property.  As a  result  of  this  redemption,
HPP'90's  limited  partnership  interest  in  the  Marina  Venture   was
increased to 98% and HWDC received a 1% limited partnership interest and
maintained its 1% general partnership interest in the Marina Venture.

(4)     Mortgages and Note Payable

         The  Building Venture financed $6,350,000 of the purchase price
of  the  property by issuing a purchase money note to the seller,  HWFP.
HPP'90  paid  $1,000,000 of principal under this note in December  1990,
reducing  the  balance to $5,350,000 at December 31, 1990. During  1992,
the  maturity date of the note was extended until January 2,  1994.   In
consideration for extending the maturity date of the note, the  Building
Venture was required to pay $150,000 to the holder of the purchase money
note (the Lender) on the earlier of January 2, 1994 or a refinancing  of
the   purchase  money  note.   The  Building  Venture  negotiated  three
extensions in 1994. In April 1994, the Lender extended the maturity date
on the note until December 31, 1995 and added the $150,000 extension fee
to  the  outstanding  principal balance of the note  along  with  unpaid
interest  totaling $89,168 on the note (for the period  March  16,  1994
through  May 15, 1994) and unpaid interest on the extension fee totaling
$1,250  (for the period April 16, 1994 through May 15, 1994).   Interest
was  due monthly on the new principal balance of the note at the  annual
rate  of 10%.  In addition, the Lender required the Building Venture  to
establish a real estate tax escrow account (Tax Escrow) which was  being
funded on a monthly basis.  The note was secured by the property,  rents
and assignment of leases.



                                    
                                    
                                    9
(4)     Mortgages and Note Payable (Continued)

           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. As discussed  below,  the
Building Venture paid off the contingent purchase price promissory  note
for $109,583 on February 27, 1996.

           On  February 27, 1996, HPP'90 obtained a $6,000,000  deed  of
trust  note  with  a  third party lender which provided  funds  for  the
Building  Venture  to refinance the outstanding balance  of  the  seller
financed purchase money note totaling $5,590,418, to pay $109,583 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 $333,429 (see  Note
4).  The deed of trust note bears interest at 7.85% and requires monthly
principal  and interest payments in the amount of $49,628 commencing  in
April 1996. The note amortizes over a 20 year schedule and all remaining
unpaid  principal and interest is due in March 2006. 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  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.

          As discussed in Note 3, 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 HWFP, Inc. redeemed its 50% limited partnership interest
in  the  Marina  Venture in return for a $225,000  first  mortgage  note
secured  by  the  marina  property. The note bears  interest  at  7.50%,
matures  in  March  2006,  and requires monthly principal  and  interest
payments in the amount of $2,086 commencing April 1996.

(5)     Transactions With Related Parties and Commitments

         On  February 1, 1991, the Building Venture entered into a  long
term property management and brokerage agreement (Management Agreement),
an  inn  lease  (Inn  Lease)  and  a  consulting  agreement  (Consulting
Agreement)  with  HMI.  The Management Agreement originally  expired  on
December  31, 1993 and the Inn Lease originally expired on December  31,
1995.  The Management Agreement required the payment of management  fees
to  HMI  equal  to  6%  of  gross rental receipts,  as  defined  in  the
agreement. The Management Agreement also required the payment of  a  one
time  lease  up  fee for leasing residential units during  the  lease-up
phase equal to one month's rent.  The Inn Lease required the payments to
HMI  of  50%  of  the  operating profit, as defined  in  the  agreement,
relating  to the 38 room inn. If the total management fees earned  based
on  the  inn's gross rental receipts were less than $75,000 for any  one
year,  then  the  Inn  Lease  required a payment to  HMI  equal  to  the
difference  between  actual  management  fees  paid  and  $75,000.   The
Management  Agreement  and  Inn Lease were terminated  by  the  Building
Venture on July 31, 1993.

         The  Consulting Agreement, which expired on December 31,  1991,
required the Building Venture to pay HMI 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.  These commitments survive the  December  31,  1991
expiration date of the Consulting Agreement and the termination  of  all
other  agreements with HMI (see below).  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.





                                   10
                                    
(5)     Transactions With Related Parties and Commitments (Continued)

         On January 1, 1992, the Marina Venture entered into a long term
Property  Management  Agreement with HMI.  The  agreement  provided  for
payment  of  management fees to HMI equal to 9% of the  Gross  Operating
Revenues, as defined in the agreement.

          Effective  July  31,  1993,  the  Ventures  terminated   their
respective Management Agreements and Inn Lease (the Contracts) with HMI.
As of December 31, 1993, HPP'90 had not reached an agreement with HMI as
to  whether  any additional payments were due under the Contracts  as  a
result of the termination. Consequently, HPP'90 was unable to reasonably
estimate amounts due to HMI, if any, and no liability was recorded as of
December 31, 1993.

         During October 1994, HPP'90 and HMI agreed in principle  to  an
agreement whereby the parties would settle their differences and put  to
rest all further controversy and avoid substantial expense of burdensome
and  protracted  litigation. In January 1995,  HPP'90  entered  into  an
agreement  on  behalf  of the Ventures to pay HMI  contract  termination
settlement  payments (Settlement Payments) totaling $271,108  which  has
been  recorded  during the fourth quarter of 1994  and  which  has  been
included  in  accrued expenses and other liabilities as of December  31,
1995  and  March 31, 1996.  The Settlement Payments required an  initial
payment  of  $36,000  that  was paid on January  27,  1995  and  monthly
payments  of $3,221 commencing in September 1995 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.  As of March 31, 1996, unpaid settlement Payments included
in accrued expenses and other liabilities totaled $215,782.

           On  August  23,  1993, the Ventures hired McKenna  Management
Associates, Inc. (McKenna) as the independent onsite property management
company.  The  management agreement with McKenna originally  expired  in
August  1995  and  was  extended until October 31, 1995.  The  agreement
required  the payment of $9,000 per month for the first year and  $7,650
per month for the second year from the Ventures.

       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,
1997,  and  are  automatically extended on a year to year  basis  unless
otherwise  terminated as provided for in the agreements. 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. To facilitate  the  transition  of
property  management  and  through  an  arrangement  with  CMC,  McKenna
continued  to  provide  management services to the  apartment,  inn  and
marina operations through December 31, 1995.

           On  July  1, 1993, HPP'90 hired Portfolio Advisory  Services,
Inc.  (PAS),  a Massachusetts corporation, which is related  to  BHP  II
through  certain  common  ownership and  management,  to  provide  asset
management, accounting and investor services.  The original contract was
for  one year and was extended through September 30, 1995.  PAS received
no  fee  for its services, however, it was reimbursed for all  operating
costs of providing these services.





                                   11
                                    
(5)     Transactions With Related Parties and Commitments (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 initial term of the agreement  expires
on  June 30, 1997, and is automatically extended on a year to year basis
unless  terminated  as  provided for in the agreement.  For  the  period
January  1,  1996  to  March 31, 1996, CMC received management  fees  of
$9,600 and expense reimbursement totaling approximately $34,200.

(6)     Fair Value of Financial Investments

         The carrying amounts of cash, escrow deposits, accrued expenses
and  other  liabilities,  and security deposits approximate  their  fair
values  due  to their short maturities. The fair value of  the  Building
Venture's mortgages  payable is  deemed equal to their carrying  amount.
All financial statements are held for non-trading purposes.


































                                   12
        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF

              FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                              MARCH 31,1996

                               (UNAUDITED)


    Liquidity  and Capital Resources. HPP'90 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,  1996, the Partnership had invested an  aggregate  of
$12,461,719 in the Building and Marina Ventures.  The rehabilitation  of
the  Building  Venture  is intended to qualify  for  Rehabilitation  Tax
Credits.

     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, 1996, the Ventures and HPP'90 had unrestricted cash
of  $93,400.   HPP'90's  cash  is used primarily  to  fund  general  and
administrative expenses of operating the public fund. The Ventures' cash
is  used  to fund operating expenses of the properties. In addition,  to
the  extent available, the Building Venture distributes cash to  HPP'90.
The  short  term  liquidity of HPP'90 depends on the Building  Venture's
ability to make monthly distributions 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.

    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 incurred total losses  under
generally  accepted  accounting principles of  $303,159  for  the  three
months   ended   March  31,  1996,  which  includes   depreciation   and
amortization of $141,892.

    The  Building Venture has been fully operational during  the  entire
year,  and the Marina Venture had available approximately 240 slips  for
use,  of which a minimal number of slips were fully operational offering
various  utility hook-ups.  The results of the Partnership's  operations
in  future  years  should  be comparable to 1995  numbers  provided  the
Ventures  are able to maintain greater than 90% average annual occupancy
in  the  Apartments and 60% average annual occupancy in the Inn. Expense
levels should 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 occupancy of the apartments has increased from previous years as
a  result  of management's decision to enter into more traditional  long
term, annual leases. In addition, a market study of the competition  was
prepared, and the Building Ventures' monthly rental rates were  adjusted
to  reflect  where the actual rates should be for a property located  in
the  Fells Point, Baltimore neighborhood. The average economic occupancy
for  the  residential units was approximately 94% for the quarter  ended
March  31,  1996,  which  will be indicative of the  expected  occupancy
levels in the future.

    The  average annual occupancy of the Inn increased from  64% in 1994
to  74%  in  1995.   The average occupancy for the Inn for  the  quarter
ending March 31, 1996 was 57%.  The increase in occupancy of the Inn for
1995  was  due  in part to a direct competitor temporarily discontinuing
operations  for major renovations. The Building  Venture has  engaged  a
full  time  hospitality manager to generate new business from previously
untapped   markets.  In  addition,  the  hospitality  market  nationwide
experienced  an increase from previous years. Management  is  projecting
60%  occupancy  for  the  Inn for calendar year 1996  and  is  expecting
occupancy  for  the Inn to fluctuate around that same  level  in  future
years, depending upon market conditions from year to year.

                                   13
        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF

        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                              MARCH 31, 1996

                               (UNAUDITED)


    The  occupancy in both the Apartments and the Inn has shown a steady
increase  over the past three years. This increase is due  primarily  to
the  decision  to  go  with more traditional long  term  leases  and  an
aggressive   marketing  campaign  which  is  administered  onsite.   The
Apartments  and the Inn should continue to operate at approximately  92%
and 60% respectively in future years. The 1996 budget has been projected
to indicate these levels.

    Operating and administrative expenses increased for the three months
ending March 31, 1996, as compared to the same period in 1995 due to the
engagement of an independent third party entity to perform accounting,
asset management and investor services for HPP'90.  Property operating
expense increased from the first quarter of 1996 to that of 1995 due to
the increased operational activity and significant increase to utility
expenses.  The increase in interest expense from the first quarter 1996
to that of 1995 is a direct result of the additional interest expense 
paid at refinancing.

    The  Marina  Venture requires substantial rehabilitation  to  become
fully operational.  After evaluating the marina over the past few years,
the  Marina  Venture  determined that it was in  its  best  interest  to
restructure the Marina Venture before proceeding with the development of
the marina. The Marina Venture did not pay the real estate taxes in 1991
or  the  interest  due  on its property's mortgage  in  1992  and  1991.
Accordingly, the mortgage was in default and the lender could  have,  at
its option, demanded immediate payment of the note.

    During  1994,  HPP'90 entered into an agreement to  make  settlement
payments to HMI totaling $271,108 which has been recorded in the  fourth
quarter  of  1994.   As  of March 31, 1996, unpaid  settlement  Payments
included in accrued expenses and other liabilities totaled $215,782.

          On  February  27, 1996, HPP'90 obtained a $6,000,000  deed  of
trust  note  with  a  third party lender which provided  funds  for  the
Building  Venture  to refinance the outstanding balance  of  the  seller
financed purchase money note totaling $5,590,418, to pay $109,583 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 $333,429 (see  Note
4).  The deed of trust note bears interest at 7.85% and requires monthly
principal  and interest payments in the amount of $49,628 commencing  in
April 1996. The note amortizes over a 20 year schedule and all remaining
unpaid  principal and interest is due in March 2006. 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  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.

          As discussed in Note 3, 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 HWFP, Inc. redeemed its 50% limited partnership interest
in  the  Marina  Venture in return for a $225,000  first  mortgage  note
secured  by  the  marina  property. The note bears  interest  at  7.50%,
matures  in  March  2006,  and requires monthly principal  and  interest
payments  in the amount of $2,086 commencing April 1996. As a result  of
the redemption of HWFP's interest, HPP'90's limited partnership interest
in  the  Marina Venture increased to 98% and HWDC received a 1%  limited
partnership interest and maintained its 1% general partnership  interest
in the Marina Venture.

   Based on management's analysis completed during the fourth quarter of
1992  which  considered  the  fair  market  value  of  marina  land  and
improvements   determined   by  independent   appraisal   and   priority
distribution  of proceeds from capital transactions as provided  for  in
the  Marina  Venture's Third Amended and Restated Agreement  of  Limited
Partnership, the Partnership reserved $845,672 against its investment in
the marina land and improvements as of December 31, 1992.







                                   14
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF

        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                              MARCH 31, 1996

                               (UNAUDITED)


    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  purchase  money  note.
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.
































                                   15
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                       PART II - OTHER INFORMATION

                              MARCH 31, 1996


Item 1.   Legal Proceedings - Not applicable.

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.
































                                   16

       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, Inc.
                             General Partner

Date:   May 15, 1996  By:    /s/Terrence P. Sullivan
                             Terrence P. Sullivan,
                             President

                                and


Date:   May 15, 1996  By:    /s/Terrence P. Sullivan
                             Terrence P. Sullivan,
                             General Partner