UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, DC  20549

                           FORM 10-Q

[X]  Quarterly  Report Pursuant to Section 13 or 15  (d)  of  the
Securities Exchange Act of 1934
For the quarter ended    September  30, 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

                       SEPTEMBER 30, 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

         Signatures                                       17










                                
                                2                                
                                
                                
                                
                                
                                
       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                       CONSOLIDATED BALANCE SHEETS

                SEPTEMBER 30, 1996 AND DECEMBER 31, 1995

                                 ASSETS
                                                1996         1995
                                            (Unaudited)
INVESTMENTS IN REAL ESTATE:
  Building and building improvements        $15,179,113   $14,736,101
  Land                                           97,034        97,034
  Furniture and equipment                       983,490       964,378
  Marina - land and improvements              1,334,308     1,352,790
                                             17,593,945    17,150,303
     Less accumulated depreciation            2,978,715     2,573,713
                                             14,615,230    14,576,590
  Reserve for realization of Marina land
     and improvements                          (845,672)     (845,672)
                                             13,769,558    13,730,918

CASH                                            459,248       474,835
ESCROW DEPOSITS                                  29,490        54,270
DEFERRED EVALUATION AND ACQUISITION
  COSTS, net of accumulated amortization
   (1996,   $158,495;  1995,   $137,822)        944,105       964,778
OTHER DEFERRED COSTS, net of accumulated 
  amortization  (1996, $11,274)                 183,013        51,121
OTHER ASSETS                                    140,889       207,103
                                            $15,526,303   $15,483,025

                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
  Mortgages and note payable                 $6,157,752   $ 5,590,418
  Accrued expenses and other liabilities        336,077       402,064
  Security deposits                              92,776        86,716
          Total liabilities                   6,586,605     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 -16,361 units     8,992,662     9,186,508
  General Partner's equity (deficiency)         (52,964)      (51,006)
          Total partners' equity              8,939,698     9,135,502
                                            $15,526,303   $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 SEPTEMBER 30, 1996 AND 1995
        AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                              (UNAUDITED)
<TABLE>
<CAPTION>
                                 Three Months                Nine Months
                              Ended September 30           Ended September 30,

                                1996         1995            1996       1995
<S>                           <C>          <C>          <C>          <C>
REVENUES:
  Rental and related  income  $  785,123   $ 725,341    $ 2,163,500  $ 1,999,087
  Interest and other income        8,995      37,390         39,617      129,331

                                 794,118     762,731      2,203,117    2,128,418

EXPENSES:
  Operating and administrative    28,323      36,744        157,692       74,485
  Property operating expenses    430,565     544,912      1,327,110    1,404,195
  Professional fees                9,650      27,058         59,802       71,209
  Deprec and  amortization       153,166     141,907        436,949      426,324

                                 621,704     750,621      1,981,553    1,976,213

 Income from  operations         172,414      12,110        221,564      152,205


OTHER EXPENSE:
 Interest Expense              (121,370)   (140,805)      (420,712)    (421,283)

MINORITY INTEREST IN  LOSS
  ON MARINA VENTURE                  -       8,968           3,344       30,446

NET INCOME (LOSS)          $    51,044  $ (119,727)    $  (195,804)  $ (238,632)

NET INCOME (LOSS)
  ALLOCATED TO
  GENERAL PARTNER             $    511  $   (1,197)    $    (1,958)  $   (2,386)

NET INCOME (LOSS)
  ALLOCATED TO
  LIMITED PARTNERS         $     50,533   $(118,530)   $  (193,846)  $ (236,246)

NET INCOME (LOSS) PER UNIT
   OF INVESTOR LIMITED
  PARTNERSHIP INTEREST,
  BASED ON 16,361 UNITS
    OUTSTANDING            $       3.09   $  (7.25)    $    (11.85)  $   (14.44)

</TABLE>

     The accompanying notes are an integral part of these financial
                               statements.
                                    
                                    4




       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

        CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996

                  AND THE YEAR ENDED DECEMBER 31, 1995

<TABLE>
<CAPTION>

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

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

    Net  loss                        -       (355,431)       (3,590)     (359,021)

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

    Net loss    (Unaudited)          -        (193,846)      (1,958)     (195,804)

BALANCE, September 30, 1996
    (Unaudited)                 16,361    $  8,992,662   $  (52,964)  $ 8,939,698




</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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                               (UNAUDITED)


                                            1996          1995

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net   loss                          $  (195,804)    $(238,632)
 Adjustments to reconcile net loss to
 net cash provided by operating activities:
  Depreciation and amortization             436,949       426,324
    Minority  interest 
     in  loss  on   Marina  Venture          (3,344)      (30,446)
  Increase (decrease) in accrued expenses 
     and  other liabilities                 (59,927)       18,211
  Decrease in escrow deposits                24,780        38,509
  Decrease (increase) in other assets        66,214      (120,435)
     Net cash provided by operating
           activities                       268,868        93,531

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of furniture and equipment       (19,112)       (3,826)
  Additions to building and improvements   (443,012)       (1,310)
  Additions to marina land and improvements (21,499)            -
  Net cash used in investing activities    (483,623)       (5,136)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds       from      refinancing    6,000,000             -
  Payment  of  mortgage  payable         (5,590,418)            -
  Principal payments of mortgage payable    (67,248)            -
  Additions to deferred costs              (143,166)            -
       Net  cash provided by financing
         activities                         199,168             -

NET INCREASE (DECREASE) IN CASH             (15,587)       88,395

CASH, BEGINNING OF PERIOD                   474,835       505,501

CASH, END OF PERIOD                        $459,248      $593,896

SUPPLEMENTAL CASH  FLOW INFORMATION:
   Cash paid for interest                  $400,824      $421,020

   Non-cash financing activity:
   On  February  27, 1996, the minority interest in the  Marina  Venture
   redeemed its partnership interest for a $225,000 mortgage note on
   the  property.  The transaction resulted in a $39,981 reduction of basis
   in the marina property.  See footnote 4 for further information.

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 nine months ended September 30, 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.





                                    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 125 residential units, 149 indoor parking spaces and a 38
room  inn  located at 1000 Fell Street, Baltimore, Maryland.  As  discussed
below,  in 1996 the Building Venture purchased three condominium units  and
three  parking spaces owned by unrelated parties, in conjunction  with  the
refinancing  of  its note payable.  The building contains a  total  of  137
residential  units,  9 of which are currently 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,
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 September  30,  1996,  the  average
economic occupancy for the residential units was approximately 96% and  the
average occupancy for the Inn was 81%.

         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,  asset  management,
investor  services, and other general and administrative costs, are  funded
from  distributions by the Building Venture.  During the nine months ending
September 30, 1996, the Building Venture distributed $137,000 to HPP'90.

         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 September 30, 1996.

         The  Marina Venture  had operated a minimal number of slips  since
1991  due  to  the  significant repairs necessary to be fully  operational.
During  the  quarter  ending September 30, 1996, the Marina  Venture  added
$21,499 of utility, safety and other improvements, and increased the number
of fully operational slips to 118.  Substantial repairs are still needed to
bring the entire marina to full operation.

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







                                     8
                                     




(3)     Investment in Real Estate (Continued)

         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 Venture, 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.

         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 (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.

         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 has reserved $845,672 against its investment in the marina land
and  improvements  as  of  December  31,  1992.   At  September  30,  1996,
management estimates that the future cash flows from the marina exceed  the
carrying  amount of the property, therefore, no further reserve  is  deemed
necessary.

         As  discussed  in Note 4, 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.

         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.

         Generally, allocations of net profits and losses as well  as  cash
flow  of  the Building Venture are allocated 99% to HPP'90 and 1% to  HWDC.
Generally, allocations of net profits and loss, as well as cash flow of the
Marina  Venture  are allocated 98% to HPP'90 and 2% to HWDC.   The  overall
management  and  control  of the operating and financial  policies  of  the
Ventures is solely vested in Henderson's General Partners.







                                     9




(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  (also
referred  to  as "the Lender").  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 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 $90,418.  Interest was due
monthly  on  the  new principal balance of the note of  $5,590,418  at  the
annual  rate of 10%.  In addition, the Lender required the Building Venture
to  fund a real estate tax escrow account on a monthly basis.  The note was
secured by the property, rents and assignment of leases.

         In  conjunction with issuing a purchase money note to  the  seller
during the acquisition of the property, 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 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. This amount was recorded as an addition
to the building basis in 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.  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.  The transaction  resulted  in  a  $39,981
reduction of basis in the marina property.

         Approximate  aggregate maturities of the deed of  trust  note  and
mortgage note for each of the next five years are as follows:

        Year Ending December 31, Amount

               1997              145,847
               1998              157,683
               1999              170,481
               2000              184,317
               2001              199,351


                                     
                                    10



(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  significant refinancing of the  Building  Venture's  then
existing  financing.  The Consulting Agreement also required  the  Building
Venture and the Marina Venture to pay HMI an incentive fee equal to  1%  of
the  gross  sales  proceeds  resulting from the  sale  of  each  respective
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.

         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.

          As  mentioned  above,  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
September 30, 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 September  30,  1996,  unpaid
settlement  Payments  included in accrued expenses  and  other  liabilities
totaled $193,238.






                                    11
                                     
(5)     Transactions With Related Parties and Commitments (Continued)

          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 an annual 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.

        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 an annual basis  unless  terminated  as
provided  for in the agreement. For the period January 1, 1996 to September
30, 1996, CMC received management fees of $28,800 and expense reimbursement
totaling approximately $102,900.

(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 values of the deed of trust note  and
mortgage  payable  are  deemed  equal  to  their  carrying  amounts.    All
financial instruments 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

                             SEPTEMBER 30,1996

                                (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
September   30,  1996,  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
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 September 30, 1996, the Ventures and HPP'90 had cash of $459,248
including security deposits of $93,798.  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  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 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 Partnership incurred  a  net  loss  under
generally accepted accounting principles of ($195,804) for the nine  months
ended  September 30, 1996, which includes depreciation and amortization  of
$436,949.

    The Building Venture has been fully operational during the entire year.
The  Marina Venture had operated on a minimal number of its 256 slips since
1991  due to significant repairs necessary to be fully operational.  During
the quarter ending September 30, 1996, the Marina Venture added $21,499  of
utility,  safety and other improvements and increased the number  of  fully
operational  slips to 118.  Substantial 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 1995 numbers  provided
the Ventures are able to maintain greater than 90% average annual occupancy
in  the  Apartments and 66% 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
what  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 96% for the quarter ended September 30, 1996.

                   
                                     
                                     
                                     

                                    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, 1996

                                (UNAUDITED)


    The average occupancy for the Inn for the quarter ending September  30,
1996 was 81%.  The Inn's increased occupancy, which has improved over prior
years,  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  66%  or  greater
average  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.

    Rental and related income increased for the three and nine months ended
September  30, 1996 as compared to the same periods in 1995, primarily  due
to  increases in rental rates at the Inn and the Apartments.  There was  no
significant changes in occupancy for the Inn and the Apartments through the
third  quarter  of  1996  as  compared to  that  of  1995.   Operating  and
administrative  expenses  for  the nine months  ended  September  30,  1996
increased  in comparison to the same period in 1995 due to additional  fees
and  other  administrative expenses associated with the  engagement  of  an
independent  third  party  to  perform  asset  management,  accounting  and
investor  services  for HPP'90. For the three months ending  September  30,
1996,  interest expense has decreased from the same period in 1995  due  to
the  lower  interest rates and amortization of the deed of trust  note  and
mortgage payable.

    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, 1996, unpaid settlement  Payments
included in accrued expenses and other liabilities totaled $193,238.

          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. 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.

    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.

   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.  The transaction also resulted in a $39,981
reduction of basis in the marina property



                                    14





        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF

        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                            SEPTEMBER 30, 1996

                                (UNAUDITED)


    Although  recent  improvements have increased the number  of  operating
slips,  the  Marina  Venture requires substantial  rehabilitation  for  the
entire  marina  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
significant development of the marina.

    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 deed of trust 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

                            SEPTEMBER 30, 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 II, Inc.
                                     General Partner

Date:  November 14, 1996        By:    /s/Terrence P. Sullivan
                                          Terrence P. Sullivan,
                                          President

                                and


Date:  November 14, 1996        By:    /s/Terrence P. Sullivan
                                          Terrence P. Sullivan,
                                          General Partner



                                    17