UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, DC  20549

                           FORM 10-Q

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

                         MARCH 31, 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           11-12

PART   II   -     OTHER     INFORMATION                      13

          Signatures                                         14

                                
                                
                                2


          HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                            CONSOLIDATED BALANCE SHEETS

                    MARCH 31, 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                       961,236       961,236
  Marina - land and improvements              1,340,258     1,335,858
  Deferred evaluation and acquisition cost    1,102,600     1,102,600
                                            -----------   -----------   
                                             18,679,493    18,675,093
     Less accumulated depreciation            3,411,103     3,267,294
                                            -----------   -----------
                                             15,268,390    15,407,799
  Reserve for realization of Marina
     land and improvements                     (845,672)     (845,672)
                                             ----------    ----------
                                             14,422,718    14,562,127

CASH AND CASH EQUIVALENTS, including
   security  deposit cash (1997, $95,064;
         1996, $94,364)                          565,369      478,898
ESCROW DEPOSITS                                  147,892      100,204
DEFERRED COSTS, net of accumulated
        amortization (1997, $21,049; 
         1996, $16,192)                          173,239      178,096
OTHER ASSETS                                      72,861       72,879
                                              ----------  -----------
                                             $15,382,079  $15,392,204
                                             ===========  ===========

                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
  Notes payable                             $  6,087,687  $ 6,123,084
  Accrued expenses and other liabilities         387,014      303,840
  Security deposits                               91,070       88,767
                                              ----------  -----------
          Total liabilities                    6,565,771    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               8,870,506    8,930,109
  General Partner's deficiency                   (54,198)     (53,596)
                                              ----------   ----------
          Total partners' equity               8,816,308    8,876,513
                                             -----------  -----------
                                             $15,382,079  $15,392,204
                                             -----------  -----------



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

                                    3




       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  CONSOLIDATED STATEMENTS OF OPERATIONS

           FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996


                                                1997         1996
                                            (Unaudited)   (Unaudited)

REVENUES:
  Rental and related income                 $   681,721       607,440
  Interest and other income                       6,189         2,729
                                            -----------   -----------
                                                687,910       610,169
                                            -----------   -----------
EXPENSES:
  Operating and administrative                   39,893        50,101
  Property operating expenses                   431,193       462,669
  Professional fees                               8,618        15,046
  Depreciation and amortization                 148,666       141,892
                                            -----------   -----------
                                                628,370       669,708
                                            -----------   -----------
INCOME (LOSS) FROM OPERATIONS                    59,540       (59,539)

INTEREST EXPENSE                               (119,745)     (177,362)

MINORITY INTEREST IN LOSS ON MARINA VENTURE           -         3,344
                                            -----------   -----------
NET  LOSS                                   $   (60,205)   $ (233,557)
                                            -----------   -----------
NET LOSS ALLOCATED TO GENERAL PARTNER       $      (602)   $   (2,336)
                                            -----------   -----------
NET LOSS ALLOCATED  TO  LIMITED  PARTNERS   $  ( 59,603)   $ (231,221)

NET LOSS PER UNIT OF INVESTOR LIMITED PARTNERSHIP
   INTEREST,  BASED  ON 16,361 UNITS
   OUTSTANDING                              $     (3.64)   $   (14.13)



     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 THREE MONTHS ENDED MARCH 31, 1997 AND

                    THE YEAR ENDED DECEMBER 31, 1996

<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, 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   loss  (Unaudited)         -     (   59,603)         (602)     ( 60,205)
                                ------   ------------    -----------   -----------
BALANCE, March 31, 1997
    (Unaudited)                 16,361   $  8,870,506    $  (54,198)  $ 8,816,308
                                ------   ------------    -----------  ------------
</TABLE>


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

                                    5





       HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                 CONSOLIDATED STATEMENTS OF CASH FLOWS

           FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                              (UNAUDITED)

                                              1997          1996

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                               $  (60,205)  $   (233,557)
 Adjustments to reconcile net loss to
   net cash provided by operating activities:
    Depreciation and amortization          148,666        141,892
    Minority interest in loss on 
      Marina Venture                             -         (3,344)
    Increase in accrued expenses and
     other liabilities                      85,477         64,520
    Increase in escrow deposits            (47,688)       (69,839)
    Decrease in other assets                    18        120,846
                                         ----------   ------------
    Net  cash  provided  by
      operating activities                 126,268         20,518
                                         ----------   ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of furniture and equipment             -         (3,975)
    Additions to building and building 
     improvements                                -       (443,012)
 Additions to marina-land and 
     improvements                           (4,400)             -
                                         ----------   ------------           
 Net   cash   used   in
     investing activities                   (4,400)      (446,987)
                                         ----------   ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from  refinancing                  -      6,000,000
     Payment of mortgage payable           (35,397)    (5,590,418)
     Additions to deferred costs                 -       (129,197)
                                         ----------   ------------
Net  cash  provided  by (used in)
     financing activities                  (35,397)       280,385
                                         ----------   ------------
NET INCREASE (DECREASE) IN CASH             86,471       (146,084)

CASH, BEGINNING OF PERIOD                  478,898        474,835
                                         ---------    ------------
CASH, END OF PERIOD                       $565,369       $328,751
                                         ---------    ------------
SUPPLEMENTAL CASH  FLOW INFORMATION:
   Cash paid for interest                 $119,745       $157,649
                                         ---------    ------------


     NON-CASH INVESTING AND FINANCING ACTIVITY:

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


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

                                    6



(1)    Basis of Presentation

      The accompanying unaudited financial statements have been prepared in
accordance  with  generally  accepted  accounting  principles  for  interim
financial information and generally with the instructions to Form 10-Q  and
article 10 of Regulation S-X.  Accordingly, they do not include all of  the
information  and  footnotes  required  by  generally  accepted   accounting
principles   for  complete  financial  statements.   In  the   opinion   of
management,  all  adjustments  (consisting of  normal  recurring  accruals)
considered necessary for a fair presentation have been included.  Operating
results  for  the  three months ended March 31, 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.

(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  unrelated  parties.  The building  has  been  substantially
renovated  and  certain  renovation costs qualify  for  Rehabilitation  Tax
Credits. The Building Venture purchased its interest for $6,812,500,  which
included  seller financing of $6,350,000, and a contingent  purchase  price
promissory  note  (see  Note 4). Contributions by HPP'90  to  the  Building
Venture totaled $12,214,500 as of March  31, 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 ending March  31, 1997, the average
economic  occupancy  for  the residential units was  97%  and  the  average
occupancy for the inn was 59%.

     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 three months ending March 31,  1997,  the
Building Venture distributed $69,000 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. Contributions to the Marina
Venture by HPP'90 totaled $247,219 as of March 31, 1997.


                                     7
(3)   Investment in Real Estate (Continued)

     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 the first quarter of 1997, the Marina Venture  added
additional  improvements totaling $4,400, increasing the  number  of  fully
operational  slips to 240.  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
March 31, 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  Second Amended and Restated Agreement of Limited Partnership and Third
Amended  and  Restated Agreement of Limited Partnership,  respectively,  as
defined in the 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.

      In conjunction with issuing a purchase money note to the seller, the
 Building Venture entered into a contingent purchase price promissory note
with the seller for $1,250,000. Payment on the note was contingent upon the
cash flow (as defined) generated from the future sale of
                                     
                                     
                                     
                                     8




(4)  Notes Payable (Continued)

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 lender has the option with
six  months  written notice to call amounts outstanding under the  deed  of
trust  note  at the end of ten years (February 2006) or anytime thereafter.
The deed of trust note is secured by the Building Venture's property, rents
and assignment of leases and is guaranteed by the Building Venture.

      As  mentioned in Note 3, on February 27, 1996, HPP'90, HWDC and  HWFP
entered  into  the  First  Amendment to  the  Third  Amended  and  Restated
Agreement of Limited Partnership of Henderson's Wharf Marina, L.P. by which
the  Partnership  redeemed HWFP's 50% limited partnership interest  in  the
Marina Venture by issuing a $225,000 promissory note payable secured by the
marina  property. The note 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.

      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


                                     9
(5)   Transactions  With  Related  Parties, Commitments  and  Contingencies
(Continued)

are  secured  by  100% of HPP'90's economic interest as a  partner  in  the
Ventures, as defined in the agreements; net sales and refinancing proceeds;
cash  flow;  return  of  capital contributions; all of  HPP'90's  cash  and
marketable securities in excess of $150,000; and all of the Ventures'  cash
in  excess  of the greater of $200,000 or reserves required by lenders.  No
distributions to the partners of HPP'90 are permitted until all  Settlement
Payments  are  paid  in full. As of March 31, 1997 and December  31,  1996,
unpaid   Settlement  Payments  included  in  accrued  expenses  and   other
liabilities totaled $173,913 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 March 31, 1997, the Ventures' operating  cash
and contingency reserves totaled $265,635.  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  $36,600,  and
$30,054 for the quarters ending March 31, 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
quarters  ending  March  31, 1997 and 1996 totaled  $27,460,  and  $36,663,
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, accrued expenses and other liabilities, and security deposits
at  March 31, 1997 and December 31, 1996 approximate their fair values  due
to  their  short maturities. The fair value of the notes payable  at  March
31, 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

                              MARCH 31, 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 March 31, 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 March 31, 1997, the Ventures and HPP'90 had cash, excluding
security  deposit  cash, of $352,488 and $117,817, respectively.   HPP'90's
cash  is  used  primarily  to fund general and administrative  expenses  of
running  the  public fund.  The Venturers' 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.

          Settlement Payments due HMI, that were negotiated as part of  the
contract termination, are secured by 100% of HPP'90's economic interest  as
a  partner,  as defined in the agreements, in the Ventures; net  sales  and
refinancing  proceeds; cash flow; return of capital contributions;  all  of
HPP'90's  cash and marketable equity securities in excess of $150,000;  and
all  of the Ventures' cash in excess of the greater of $200,000 or reserves
required by its lenders.

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

        Results of Operations.  The Partnership incurred a total loss under
generally  accepted accounting principles of $60,205 for the  three  months
ending  March  31,  1997, which includes depreciation and  amortization  of
$148,666.

         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 the first quarter of 1997, the Marina Venture  added
additional  improvements totaling $4,400, increasing the  number  of  fully
operational  slips to 240.  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 Ventures 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  occupancy rates of 97% and 94% for  the  quarters  ending
March 31, 1997 and 1996, respectively.

        The average occupancy for the Inn for the quarters ending March 31,
1997 and 1996 was 59% and 57%, respectively.
                                     
                                     
                                     
                                     
                                    11


        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF

        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONTINUED)

                              MARCH 31, 1997

                                (UNAUDITED)
                                     


         The  Partnership's net loss for the three months ending March  31,
1997  decreased when compared to the same period in 1996, as  a  result  of
increased  revenue and a decrease in both operating expenses  and  interest
expense.  Rental and related income increased in 1997 compared to 1996,  as
a    result   of     increased     occupancy   at   both   the   Inn  and
Apartments  and  an approximately 9% increase in rents at  the  Apartments.
The decrease in property expenses in 1997 compared to 1996 is primarily due
to  certain  staffing  and other efficiencies implemented  by   management.
Interest  expense  decreased in 1997, as a result of the refinancing  at  a
lower interest rate of the Building Venture's debt in February 1996.

         During  1994, HPP'90 entered into an agreement to make  settlement
payments  to  HMI totaling $271,108 which has been recorded in  the  fourth
quarter  of  1994.   As  of March 31, 1997 and December  31,  1996,  unpaid
settlement  Payments  included in accrued expenses  and  other  liabilities
totaled $173,913 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 $109,583 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 $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 41,057,000 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%.

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


                                    12
                                     


        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                       PART II - OTHER INFORMATION

                              MARCH 31, 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.



                                    13




        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND

                                SIGNATURES



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

                      HISTORIC PRESERVATION PROPERTIES 1990
                      L.P. TAX  CREDIT FUND

                      By:  Boston Historic Partners II Limited Partnership
                           General Partner

                           By:  BHP II Advisors Limited Partnership
                                General Partner

                                By:  Portfolio Advisory Services, II Inc.
                                     General Partner

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

                                and


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



                                    14