UNITED STATES PRIVATE  
	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    September 30, 1997                   	
			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

                        	SEPTEMBER 30, 1997

                         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 	               7-11

  	      		Management's Discussion and Analysis of
           Financial Condition and Results of Operations		             12-14 

PART II    OTHER INFORMATION		                    					 	                 15

           Signatures 						                            	                 16




     HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  CONSOLIDATED BALANCE SHEETS

            SEPTEMBER 30, 1997 AND DECEMBER 31, 1996

                                ASSETS

<TABLE>
<CAPTION>
                                                      1997             1996

                                                  (Unaudited)
<S>                                                <C>             <C>
INVESTMENT IN REAL ESTATE
  Building and building
   improvements                                    $15,178,365     $15,178,365
  Land                                                  97,034          97,034
  Furniture and equipment                              961,236         961,236
  Marina - land and improvements                     1,354,963       1,335,858
  Deferred evaluation and acquisition
   cost                                              1,102,600       1,102,600
                                                    ----------      ----------
                                                    18,694,198      18,675,093
  Less accumulated depreciation                      3,690,812       3,267,294
                                                    ----------      ----------		
                                                    15,003,386      15,407,799
  Reserve for realization of
   Marina-land and improvements                      (845,672)       (845,672)
                                                   -----------      ----------	
                                                    14,157,714      14,562,127

CASH AND CASH EQUIVALENTS, including
  security deposit cash (1997, $89,534; 
  1996, $94,364)                                       656,535         478,898
ESCROW DEPOSITS                                        101,320         100,204
DEFERRED COSTS, net of accumulated
		amortization (1997, $28,926; 1996, $16,192)          153,760         178,096
OTHER ASSETS                                           161,458          72,879
                                                   -----------     -----------
                                                   $15,230,787     $15,392,204
                                                   ===========     ===========

                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
	Notes payable                                      $5,802,437      $6,123,084
	Accrued expenses and other liabilities                313,052         303,840
	Security deposits                                      81,066          88,767
                                                     ---------       --------- 
        		Total liabilities                          6,196,555       6,515,691
                                                     ---------       ---------

COMMENTS (NOTES 4 and 5)

PARTNERS' EQUITY
 	Limited Partners' Equity- Units of Investor
	  	Limited Partnership Interest, $1,000 stated
   	value per unit-issued and outstanding - 
    16,361 units	                                    9,086,251       8,930,109
	General Partner's Deficiency                          (52,019)        (53,596)
                                                   -----------     ----------- 
  
	Total partners' equity                              9,034,232       8,876,513
                                                   -----------     -----------
                                                   $15,230,787     $15,392,204
                                                   ===========     ===========

The accompanying notes are an integral part of these financial statements.
</TABLE>

         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                   CONSOLIDATED STATEMENTS OF OPERATIONS

           FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

         AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                             (UNAUDITED)


                                                                                
                                   Three Months            Nine Months 
                                Ended September 30,    Ended September 30,      
                                -------------------    -------------------

                                 1997      1996            1997      1996
                                --------  --------       ---------  ---------
REVENUES:
  Rental and related income     $870,031  $785,123      $2,406,133 $2,163,500
  Interest and other income       11,496     8,995          27,791     20,119
                                --------  --------      ---------- ---------- 
                                 881,527   794,118       2,433,924  2,183,619
                                --------   -------       ---------  --------- 
EXPENSES:
  Operating and administrative    49,902    44,949         136,782    139,008
  Property operating expenses    441,056   416,413       1,307,678  1,339,490
  Professional fees               11,475     7,176          36,318     46,608
  Depreciation and amortization  146,114   153,166         438,090    436,949
                                 -------   -------        --------   --------
                                 648,547   621,704       1,918,868  1,962,055
                                 -------   -------       ---------  ---------
INCOME FROM OPERATIONS           232,980   172,414         515,056    221,564

OTHER EXPENSE:
  Interest Expense              (118,455) (121,370)       (357,337)  (420,712)

MINORITY INTEREST IN LOSS 
  ON MARINA VENTURE                    -         -               -      3,344
                                ---------  --------       ---------   --------
NET INCOME (LOSS)               $114,525   $51,044        $157,719  $(195,804)
                                ========   =======        ========  ==========
NET INCOME (LOSS)  ALLOCATED 
  TO GENERAL PARTNER            $  1,145   $   511        $  1,577  $  (1,958)
                                --------   -------        --------  ----------
NET INCOME (LOSS) ALLOCATED  
  TO LIMITED PARTNERS           $113,380  $ 50,533        $156,142  $(193,846)
                                ========  ========        ========  ==========

NET INCOME (LOSS) PER UNIT OF
  INVESTOR  LIMITED PARTNERSHIP
  INTEREST, BASED ON 16,361 
  UNITS OUTSTANDING            $    6.93  $   3.09      $     9.54  $  (11.85)
                               =========  ========      ==========  ==========

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



       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

        CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)

           FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND

                  THE YEAR ENDED DECEMBER 31, 1996


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

BALANCE,December 31,1995      16,361  $9,186,508  $  (51,006)  $9,135,502

   Net loss                        -    (256,399)     (2,590)    (258,989)
                              ------  ----------- -----------  -----------
                            
BALANCE,December 31,1996      16,361   8,930,109     (53,596)   8,876,513

   Net income (Unaudited)          -     156,142       1,577      157,719
                              ------   ---------  ----------   ----------  
BALANCE, September 30,1997
	(Unaudited)                  16,361  $9,086,251  $  (52,019)  $9,034,232
                              ======  ==========  ===========  ==========

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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                           (UNAUDITED)


                                                    1997          1996
                                                 ----------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
 	Net income (loss)                              $ 157,719     $(195,804)
 	Adjustments to reconcile net loss to
		net cash provided by operating activities:
			Depreciation and amortization                   438,090       436,949
			Minority interest in loss on Marina Venture           -        (3,344)
			Increase (decrease) in accrued expenses and
  			other liabilities                               1,511       (59,927)
			Decrease (increase) in escrow deposits           (1,116)       24,780
 		Decrease (increase) in other assets             (88,580)       66,214
                                                 ----------    ----------   
 				Net cash provided by operating activities     507,624       268,868
                                                 ---------     ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
		Purchase of furniture and equipment                    -       (19,112)
		Additions to building and improvements                 -      (443,012)
		Additions to marina land and improvements        (19,105)      (21,499)
                                                  ---------     --------- 
				Net cash used in investing activities          (19,105)     (483,623)
                                                  ---------    ---------- 
CASH FLOWS FROM FINANCING ACTIVITIES:
 	Proceeds from refinancing                              -     6,000,000
 	Payment of mortgage payable                            -    (5,590,418)
 	Principal payments of mortgage payable          (320,647)      (67,248)
 	Decrease (increase) in deferred costs              9,765      (143,166)
                                                  ---------   -----------
 			Net cash provided (used) by financing 
      activities                                  (310,882)      199,168
                                                  ---------    ---------
NET INCREASE (DECREASE) IN CASH                    177,637       (15,587)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     478,898       474,835
                                                  --------     ---------  
CASH AND CASH EQUIVALENTS, END OF PERIOD         $ 656,535     $ 459,248
                                                 =========     =========
SUPPLEMENTAL CASH FLOW INFORMATION:
		Cash paid for interest                         $ 358,022     $ 400,824
                                                 =========     =========
NON-CASH INVESTING AND FINANCING ACTIVITY:   

		On February 27, 1996, the Partnership redeemed the minority interest in the 
Marina Venture by issuing a $225,000 note payable.  The transaction resulted 
in a $39,981 reduction of the basis in the marina property.

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

6

(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 nine months ended 
September 30, 1997, are not necessarily indicative of the results that may be 
expected for the year ending December 31, 1997.  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, 1996 for HPP'90, as filed 
with the Securities and Exchange Commission.

	Certain amounts in the 1996 statement of operations have been 
reclassified to conform to their 1997 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 152 indoor parking spaces and a 38 room 
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 
September 30, 1997.

	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 ended September 30, 1997, the average economic occupancy for 
the residential units was 96% and the average occupancy for the inn was 78%.

	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).

	HPP'90's operations, principally accounting, investor services and other 
general and administrative costs, are funded from distributions by the 
Building Venture. During the nine months ended September 30, 1997, the 
Building Venture distributed to HPP'90 $216,000 to fund general and 
administrative costs and $210,000 for cash reserves of the Partnership.


7

       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        SEPTEMBER 30, 1997

                            (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 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 September 30, 1997.  

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

	The Marina Venture had operated a minimal number of slips since 1991 due 
to the significant repairs necessary to be fully operational.  During 1996, 
the Marina Venture added $23,049 of utility, safety and other improvements.  
During 1997, the Marina Venture added additional improvements totaling 
$19,105, increasing the number of fully operational slips to 224.  Further 
repairs are still needed to bring the entire marina to full operation.

	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 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 Venture.  On August 1, 1991 the Second Amended 
and Restated Agreement of the Limited Partnership of Henderson's Wharf Marina, 
L.P. was amended.  The amendment provided for the withdrawal by HPP'90 as a 
general partner.  Consequently, HWDC became the sole general partner in the 
Marina Venture.  HPP'90 and HWDC are collectively referred to as the 
"Henderson's General Partners."

	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.  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.

	During the year ended December 31, 1992, based on the fair market value 
of marina land and improvements determined by independent appraisal and the 
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 against its investment in the marina 
land and improvements in the amount of $845,672.  Consequently, the property 
is carried at the lower of cost or net realizable value at September 30, 1997. 
 

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

	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. 

8
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                        SEPTEMBER 30, 1997

                           (UNAUDITED)

(3)   Investment in Real Estate (Continued)
	
	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 Marina Venture 
settled in full the promissory note payable to HWFP.  (See Note 4).

(4) Notes 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.  
The note was secured by the property, rents and assignment of leases.

		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 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 $109,582 on February 27, 1996.  

	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 by 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.

	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%, originally  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.  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 Marina Venture settled in full the remaining 
outstanding principal balance of $212,532 and all accrued interest due under 
promissory note payable to HWFP.

	Approximate aggregate annual principal maturities of the deed of trust 
note for each of the next five years is as follows:

          	Year Ending December 31,                	Amount

                 		1998                         $ 	148,063
	                 	1999	                           160,113
		                 2000	                           173,145
		                 2001	                           187,236
		                 2002	                           202,475

9
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                         SEPTEMBER 30, 1997

                            (UNAUDITED)

 (5)  Transactions With Related Parties, Commitments and Contingencies

	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. On January 1, 1992, the Marina 
Venture entered into a long term Property Management Agreement with HMI.

	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.   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).

Effective July 31, 1993, the Ventures terminated their respective 
Management Agreement and Inn Lease with HMI.

	During October 1994, HPP'90 and HMI agreed in principle to an agreement 
whereby the parties would settle their differences to put to rest all further 
controversy and to 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. The Settlement Payments required an initial 
payment of $36,000 due on January 27, 1995 and require monthly payments of 
$3,221 commencing 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. The Settlement Payments may be prepaid, as defined 
in the agreement, without penalty. As of September 30, 1997 and December 31, 
1996, unpaid Settlement Payments included in accrued expenses and other 
liabilities totaled $154,590 and $183,576, respectively.

	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 are automatically extended on a year-to-year basis in 
June of each year 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.  As of September 30, 1997, the 
Ventures' operating and contingency reserves totaled $187,247.  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.

	Management fees paid to CMC by the Ventures totaled $107,140, and 
$90,162 for the nine months ended September 30, 1997, and 1996, respectively. 
 

	On July 1, 1993, HPP'90 engaged Portfolio Advisory Services, Inc. (PAS), 
a Massachusetts corporation, which is related to BHP II through certain common 
ownership and management, to provide accounting, asset management 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. Expense 
reimbursements to PAS for the period January 1, 1995 through September 30, 
1995 totaled $65,903.

10
      HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                          SEPTEMBER 30, 1997

                             (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 is automatically extended on a year-to-year 
basis in June of each year unless terminated as provided for in the agreement. 
 Expense reimbursements to CMC for the nine months ended September 30, 1997 
and 1996 totaled $95,212 and $91,157,  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, the 
Building Venture 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, the Building Venture has established a $25,000 
collateral escrow in the event that an additional payment has to be made to 
the seller.

 (6)  Fair Value of Financial Instruments

	The carrying amounts of cash and cash equivalents, escrow deposits, 
other assets, and accrued expenses and other liabilities, and security 
deposits at September 30, 1997 and December 31, 1996 approximate their fair 
values due to their short maturities. The fair value of the notes payable at 
September 30, 1997 and December 31, 1996 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.

11
      HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                        SEPTEMBER 30, 1997

                           (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 
September 30, 1997, the Partnership had invested an aggregate of $12,461,719 
in the Building and Marina Ventures.  The rehabilitation of the Building 
Venture was intended to qualify for Rehabilitation Tax Credits.

		Such amount contributed in the Building and Marina Ventures 
represents 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 September 30, 1997, the Ventures and HPP'90 had cash, 
excluding security deposit cash, of $238,875 and $328,126, respectively.  
HPP'90's cash is used primarily to fund general and administrative expenses of 
managing 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 to fund general and administrative 
expenses of managing the public fund.  

		As mentioned in Note 4 of the financial statements, on February 27, 
1996, the Building Venture obtained financing of $6,000,000 at 7.85% which 
requires principal and interest monthly payments of $49,628 based on a 20 year 
amortization and matures 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.  

		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.  During the nine months ended September 30, 
1997, the Building Venture distributed $426,000 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 its 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 Building Venture was fully operational 
during the entire year.  The Marina Venture had operated on a minimal number 
of its 256 slips from 1991 to 1995 due to significant repairs necessary to be 
fully operational.  During 1996, the Marina Venture added $23,049 of utility, 
safety and other improvements.  During 1997, the Marina Venture added 
additional improvements totaling $19,105, increasing the number of fully 
operational slips to 224.  Further repairs are still needed to bring the 
entire marina to full operation.  

		The results of the Partnership's operations in future years should 
be comparable to 1996 numbers provided the Building Venture is able to 
maintain greater than 95% occupancy in the Apartments and greater than 65% 
occupancy in the Inn.  Expense levels are expected to increase with the rate 
of inflation, however, it is anticipated that the monthly rents and the 
average daily room rate revenues should also increase accordingly.

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

              MANAGEMENT'S DISCUSSION AND ANALYSIS OF

        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                          SEPTEMBER 30, 1997

                             (UNAUDITED)

		In recent years, the occupancy of the apartments has increased from 
previous years as a result of management's decision to enter into more 
traditional annual leases.  The Apartments have achieved stabilized occupancy 
with economic occupancy rates of 96% for the quarters ended September 30, 1997 
and 1996, respectively.

		The average occupancy for the Inn for the quarters ended September 
30, 1997 and 1996 was 78% and 81%, respectively.  

		The Partnership recorded net income of $114,525 for the three months 
ended September 30, 1997, as compared to a net income of $51,044 for the same 
period in 1996.  This increase in net income was primarily attributed to an 
increase in rental and related income.  Furthermore, rental and related income 
increased primarily due to increased rates at both the Inn and Apartments.  
The Inn's average room rate increased by 8% while the Apartments rental rates 
increased by 9% for the third quarter of 1997, compared to the third quarter 
in 1996.

		The Partnership recorded net income of $157,719 for the nine months 
ended September 30, 1997, as compared to a net loss of $195,804 for the same 
period in 1996.  This increase in net income was primarily due to an increase 
in revenue and a decrease in interest expense.  The increase in revenue is 
primarily attributed to increased rates at both the Inn and Apartments.  The 
Inn's average room rate increased by 5%, while the Apartments rental rates 
increased by 7%, for the nine months ended September 30, 1997, compared to the 
same period in 1996.  The decrease in interest expense is due to the 
refinancing of the mortgage debt in February 1996, a reduction of the Building 
Venture's mortgage interest rate from 10% to 7.85% . 

		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 September 30, 1997 and December 31, 1996, unpaid 
settlement payments included in accrued expenses and other liabilities totaled 
$154,590 and $183,576, respectively.  

	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 $109,582 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% and requires monthly principal and interest payments in the amount of 
$49,628 which commenced in April 1996. 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 (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.  This transaction released approximately $1,057,000 of suspended 
rehabilitation tax credits to the Partnership from the Building Venture in 
1996.

	The Marina Venture requires further 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 full development of the marina property.   
 

		Based on the fair market  value of the 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.  The property is carried at the lower of cost or net realizable value.

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

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF

      FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                       SEPTEMBER 30, 1997

                           (UNAUDITED)

		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 in 
return for a $225,000  promissory note secured by the marina property. The 
note bore interest at 7.50%, originally matured in March  15, 2006, and 
required monthly principal and interest payments in the amount of $2,086.  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's general partnership 
interest in the Marina Venture increased to 2%.  

		On September 30, 1997, the Marina Venture settled in full the 
remaining outstanding principal balance of $212,532 and all accrued interest 
due under the promissory note payable to HWFP.

		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 September 30, 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.

14

         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                        PART II - OTHER INFORMATION

                           SEPTEMBER 30, 1997


Item 1.  	Legal Proceedings - None.  

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.

15

      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:  November 1, 1997		         				 By:	        /s/ Terrence P. Sullivan	
                                           								Terrence P. Sullivan,
                                            							President

                                 						and
		
		
Date:  November 1, 1997	           				By:	         /s/ Terrence P. Sullivan	
                                             							Terrence P. Sullivan,
                                             							General Partner