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    June 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

                                 	JUNE 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			                 	 7-10 

	      Management's Discussion and Analysis of Financial   
	      Condition and Results of Operations						                  11-13 

PART II  -  OTHER INFORMATION						 	                             14

       Signatures			             					             	              15





            HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                          CONSOLIDATED BALANCE SHEETS

                       JUNE 30, 1997 AND DECEMBER 31, 1996

                                      	ASSETS

                                          1997	                 1996
	                                    (Unaudited)			
INVESTMENT IN REAL ESTATE:
		Building and building improvements	$	15,178,365	         $	15,178,365
		Land			                                 	97,034              		97,034
		Furniture and equipment                	961,787		             961,236
		Marina - land and improvements	       1,354,963		           1,335,858
		Deferred evaluation and acquisition
               cost	                   	1,102,600 	          	1,102,600
						                               ____________           ___________
	                                      18,694,749	          	18,675,093
	 
	Less accumulated depreciation		        3,549,556           		3,267,294
						                               ____________            ___________
	
                                       15,145,193		          15,407,799
	
	Reserve for realization of Marina
			land and improvements		               (845,672)            	(845,672)
                                     ____________            __________ 
 					                                	14,299,521          		14,562,127

CASH AND CASH EQUIVALENTS, including
		security deposit cash (1997, $95,803;
     1996, $94,364)	                     	691,976             		478,898
ESCROW DEPOSITS                         		243,320             		100,204
DEFERRED COSTS, net of accumulated
        amortization (1997, $25,906;
        1996, $16,192)                    168,382	             	178,096
OTHER ASSETS	                            	111,400	              	72,879

                               						$	15,514,599         	$	15,392,204


                       	LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
		Notes payable                    	$	6,051,684             	$	6,123,084
		Accrued expenses and other
      liabilities                     		452,315                 	303,840
		Security deposits	                    	90,893 	               	 88,767
                                    ___________              ___________
					Total liabilities	              	6,594,892              		6,515,691

COMMITMENTS  (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	                     	8,972,871               	8,930,109
		General Partner's Deficiency        		(53,164)	               	(53,596)

					Total partners' equity	         	8,919,707	              	8,876,513

                               				$	15,514,599	            $	15,392,204




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

      

       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  CONSOLIDATED STATEMENTS OF OPERATIONS

            FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
 
           AND FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                            (UNAUDITED)



                                        Three Months          Six Months 
                                        Ended June 30,       Ended June 30,    
                                    1997        1996        1997      1996
 
REVENUES:
      Rental and related income  $  854,381 $  770,937   $ 1,536,102 $1,378,377
      Interest and other income      10,106      8,395        16,295     11,124
                                 __________ __________   ___________ ___________
                                    864,487    779,332     1,552,397  1,389,501

EXPENSES:
     Operating and administr         46,987     43,958        86,880     94,059
     Property operating expenses    435,429    460,408       866,622    923,077
     Professional fees               16,225     24,386        24,843     39,432
     Depreciation and amortization  143,310    141,891       291,976    283,783
                                  _________  _________     _________   ________
                                    641,951    670,643     1,270,321  1,340,351

        


INCOME FROM OPERATIONS              222,536    108,689       282,076     49,150

INTEREST EXPENSE                   (119,137)  (121,980)     (238,882)  (299,342)
MINORITY INTEREST IN LOSS
     ON MARINA VENTURE                    -          -             -      3,344
                                 __________ __________      ________   _________

NET INCOME (LOSS)                $  103,399 $  (13,291)     $ 43,194  $(246,848)
                                 __________ __________      ________   _________

NET INCOME (LOSS)  ALLOCATED TO
     GENERAL PARTNER             $   1,034  $     (133)     $    432   $ (2,469)
                                 _________  __________      ________   _________

NET INCOME (LOSS) ALLOCATED TO 
     LIMITED PARTNERS            $ 102,365  $  (13,158)     $  42,762 $(244,379)
                                 _________  __________      _________  _________

NET INCOME (LOSS) PER UNIT OF
     INVESTOR  LTD PARTNERSHIP
     INTEREST, BASED ON 16,361 
     UNITS OUTSTANDING           $   6.25   $     (.81)     $    2.61  $ (14.94)
                                 _________  ___________     _________  _________



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 SIX MONTHS ENDED JUNE 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)            		-		     42,762	     	432	        	43,194
                           ___________  ___________  _________    ___________
BALANCE, June 30         
	(Unaudited)                 			16,361	$	8,972,871 	$	(53,164)   	$	8,919,707
                           ___________  __________   _________    ___________





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 SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                	(UNAUDITED)

                                              						   		1997	      	 1996	
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                  $ 43,194    $  (246,848)
  Adjustments to reconcile net income (loss) to 
		net cash provided by operating activities:  
			Depreciation and amortization                    		291,976	      	283,783
			Minority interest in loss on  Marina Venture  	         	-	       	(3,344)
			Increase in accrued expenses and
				other liabilities	                               	150,601        	99,050
			Increase in escrow deposits	                     	(143,116)    		(136,513)
			Decrease (increase) in other assets	              	(38,521) 	     188,067
                                                     ________        _______				
					Net cash provided by operating activities      		304,134      		184,195
                                                     ________        _______
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of furniture and equipment                  		(551)		     (10,909)
  Additions to building and building improvements           -       (443,012)
  Additions to marina-land and improvements 	        	(19,105)	            -
                                                     ________        _______
	Net cash used in investing activities	              	(19,656)	    	(453,921)
                                                     ________        ________
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from refinancing                    		           -	      6,000,000
  Payment of mortgage payable	                             	-		    (5,590,418)
  Principal payments of mortgage payable              (71,400)        (33,389)
  Additions to deferred costs                             		-	       (143,166) 
						                                               ________        ________
					Net cash provided by (used in) financing
            activities	                              	(71,400)	       233,027  
                                                     ________        ________
NET INCREASE (DECREASE) IN CASH	                     	213,078	        (36,699)

CASH, BEGINNING OF PERIOD                           		478,898         474,835  
                                                     ________        ________
CASH, END OF PERIOD                                	$	691,976      	$	438,136  
                                                     ________        ________
SUPPLEMENTAL CASH  FLOW INFORMATION:
  Cash paid for interest                           	$	238,882	      $	279,542  
                                                     ________        ________


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

         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                             JUNE 30, 1997

                              (UNAUDITED)



(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 six months ended 
June 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 Historic 
Preservation Properties 1990 L.P.Tax Credit Fund (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.

(2)    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 are intended to qualify 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).

(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 unrelatedparties. 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 June 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 June 30, 1997, the average economic occupancy for the
residential units was 97% and the average occupancy for the inn was 82%.

     	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 six months ended June 30, 1997, the Building 
Venture distributed $141,000 to HPP'90.

                                     7





        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

0                                 JUNE 30, 1997

                                  (UNAUDITED)

(3)   Investment in Real Estate (Continued)

     	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 June 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 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.

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

    	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 June 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 .1% 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. 

   	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 (see Note 4). 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.

(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.

                                           
                                        8





          HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                               JUNE 30, 1997

                                (UNAUDITED)

(4)  	Notes Payable (Continued)

    	In conjunction with issuing a purchase money note to the seller, the
Building Venture entered into a contingent purchase price promissory note
with the seller for $1,250,000. Payment on the note was contingent upon the 
cash flow (as defined) generated from the 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 in March 2016. Under 
the deed of trust note, the lendr 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 bears interest at 7.50%, matures in March 2006, and 
requires 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.

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

                	Year Ending December 31,            	Amount

                        		1998                       157,425
                         	1999                      	170,212
	                        	2000                       183,997
	                        	2001                      	198,985
		                        2002                      	215,530

(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. 


                                       9





             HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                                   JUNE 30, 1997

                                    (UNAUDITED)


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

   	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. As of June 30, 1997 and December 31, 1996,  
unpaid Settlement Payments included in accrued expenses and other liabilities 
totaled $164,251 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 expire on June 30, 1997, and are 
automatically extended on a year-to-year basis unless otherwise terminated 
as provided for in the agreements. A condition of the agreements requires 
the Ventures to maintain with CMC, for the benefit of the Ventures, 
operating cash and contingency reserves of $190,000 and $70,000, 
respectively. As of June 30, 1997, the Ventures' operating and contingency 
reserves totaled $388,994. 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 $72,535, and $60,108 
for the six months ended June 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.

    On October 1, 1995, HPP'90 engaged CMC to provide accounting, asset
management and investor services. CMC provides such services for an annual
management fee of $38,400, plus reimbursement of all its costs of providing 
these services. The initial term of the agreement expires on June 30, 1997,
and is automatically extended on a year-to-year basis unless terminated as
provided for in the agreement.  Expense reimbursements to CMC for the six 
months ended June 30, 1997 and 1996 totaled $59,237 and $67,563, respectively.

    According to a provision in one purchase and sale contract of one of 
three condominiums purchased on February 27, 1996, the purchase price for 
that condominium is the greater of the seller's outstanding mortgage balance 
as of the date of purchase or the fair market value of the property 
determined by independent appraisal through a period extending through 
June 1, 1999.  At the February 27, 1996 closing, the purchase price paid 
was the then outstanding balance of the seller's mortgage.  If, through 
June 1, 1999, the fair market value is determined to be greater than the 
amount paid at the closing, HWB will be required to pay the excess of the 
determined fair market value over the purchase price paid at the closing to 
the seller.  As a part of the purchase agreement, HWB has established a 
$25,000 collateral escrow in the event that an additional payment has to 
be made to the seller.

(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 June 30, 1997 and December 31, 1996 approximate their fair values 
due to their short maturities. The fair value of the notes payable at June 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.


                                     10





             HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF

               FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                             JUNE 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 June 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 
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 June 30, 1997, the Ventures and HPP'90 had cash, excluding 
security deposit cash, of $488,529 and $107,644, respectively.  HPP'90's cash 
is used primarily to fund general and administrative expenses of running 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 
running 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 six months ended June 30, 1997, the 
building venture distributed $141,000 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 marketableequity 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 since 1991 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 expected to increase with the rate of inflation 
but, it is anticipated that the monthly rents and the average daily room 
rate revenues should increase accordingly.

  		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 97% and 94% for the quarters ended June 30, 
1997 and 1996, respectively.

  		The average occupancy for the Inn for the quarters ended June 30, 1997 
and 1996 was 82% and 79%, respectively.  


                                   11




         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF

         FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                             JUNE 30, 1997

                              (UNAUDITED)



		The Partnership reported net income of $103,399 for the three months ended 
June 30, 1997, as compared to a net loss of $13,291 for the same period in 
the prior year.  This increase in net income is attributable to an increase 
in rental and related income and a decrease in both property operating and 
professional fee expenses.  The Partnership reported net income of $43,194
for the six months ended June 30, 1997, as compared to a net loss of $246,848
for the same period in 1996.  This increase in net income is attributable to
an increase in rental and related income and decreases in property operating, 
professional fee and interest expenses.  Rental and related income increased 
for the three months ended June 30, 1997, as well as for the six months ended 
June 30, 1997, when compared to the same periods in 1996, as a result of 
increased occupancy and rate increases at both the Inn and Apartments.  The 
Inn's average room rate increased by approximately 4%, while the Apartments 
rental rates increased by approximately 7%.  Property operating expenses 
decreased in the first two quarters of 1997, compared to the same periods 
in 1996, as a result of certain staffing and other efficiencies implemented 
by management.  The decrease in professional fees and interest expense 
in 1997, compared to 1996 is a result of the mortgage debt refinancing in 
February 1996.  The 1996 refinancing provided for the payment of the 
$15,000 consulting fee to HMI and the reduction of the Building Venture's
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 June 30, 1997 and December 31, 1996, unpaid settlement Payments 
included in accrued expenses and other liabilities totaled $164,251 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.

		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 bears 
interest at 7.50%, matures in March  15, 2006, and requires 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%.

                                  12





       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF

     FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                          JUNE 30, 1997

                           (UNAUDITED)



		Inflation and Other Economic Factors. Recent economic trends have kept
inflation relatively low although the Partnership cannot make any 
predictions as to whether recent trends will continue.  The assets of the 
Partnership are highly leveraged in view of the fact that the 
Ventures are subject to a substantial mortgage debt as of June 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.


                                   13

          HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                      	PART II - OTHER INFORMATION

                             	JUNE 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.


                                   14

          




         HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                              SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this report to be signed 
on its behalf by the undersigned, thereunto duly authorized.

				HISTORIC PRESERVATION PROPERTIES 1990
				L.P. TAX  CREDIT FUND

				By:	Boston Historic Partners II Limited Partnership
   					General Partner

   					By:	BHP II Advisors Limited Partnership
	      					General Partner
 
		      				By:	Portfolio Advisory Services, II Inc. 
  					       		General Partner

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

                              						and
				

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



                                 15