HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND


          CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED

                     DECEMBER 31, 1995, 1994 AND 1993

               TOGETHER WITH INDEPENDENT AUDITORS' REPORTS







                        ANNUAL REPORT ON FORM 10-K
                         Items 14(a) (1) and (2)


                INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


                                                           Page

Consolidated Financial Statements of
 Historic Preservation Properties
 1990 L.P. Tax Credit Fund

  Independent Auditors' Report                              F-3
  Consolidated Balance Sheets as of December
   31, 1995 and 1994                                        F-4
  Consolidated Statements of Operations for
   the Years Ended December 31, 1995,
   1994 and 1993                                            F-5
  Consolidated Statements of Partners' Equity
   (Deficiency) for the Years Ended December 31,
   1995, 1994 and 1993                                      F-6
  Consolidated Statements of Cash Flows for the
   Years Ended December 31, 1995,
   1994 and 1993                                            F-7
  Notes to Consolidated Financial Statements                F-8
  Independent Auditors' Report on Accompanying
   Information                                              F-18
  Consolidated Financial Statement Schedule:
   Schedule III - Real Estate and Accumulated
   Depreciation                                             F-19



                        Independent Auditors Report
                        ---------------------------


The Partners
Historic Preservation Properties 1990
     L.P. Tax Credit Fund
Quincy, Massachusetts


      We  have  audited  the accompanying consolidated  balance  sheets  of
HISTORIC  PRESERVATION  PROPERTIES 1990 L.P. TAX CREDIT  FUND,  a  Delaware
limited partnership (the "Partnership"), as of December 31, 1995 and  1994,
and  the  related  consolidated statements of operations, partners'  equity
(deficiency) and cash flows for each of the years in the three-year  period
ended December 31, 1995.  These financial statements are the responsibility
of  the  Partnership's management.  Our responsibility  is  to  express  an
opinion on these financial statements based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the  audit  to
obtain reasonable assurance about whether the financial statements are free
of  material  misstatement.  An audit includes examining, on a test  basis,
evidence supporting the amounts and disclosure in the financial statements.
An  audit  also  includes  assessing the  accounting  principles  used  and
significant estimates made by management, as well as evaluating the overall
financial  statement presentation.  We believe that our  audits  provide  a
reasonable basis for our opinion.

      In  our  opinion, the financial statements referred to above  present
fairly,  in  all material respects, the consolidated financial position  of
HISTORIC  PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND as of  December
31,  1995  and 1994, and the results of its operations and cash  flows  for
each  of  the  years in the three-year period ended December 31,  1995,  in
conformity with generally accepted accounting principles.


Lefkowitz, Garfinkel, Champi & DeRienzo, P.C.




Providence, Rhode Island
March 7, 1996


        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
                                     
         CONSOLIDATED BALANCE SHEETS - DECEMBER 31, 1995 AND 1994
                                     
                                     

                                  ASSETS
                                                1995         1994
INVESTMENT IN REAL ESTATE
  Building and building improvements        $14,736,101   $14,736,101
  Land                                           97,034        97,034
  Furniture and equipment                       964,378       950,491
  Marina - land and improvements              1,352,790     1,352,790
                                            -----------   -----------
                                             17,150,303    17,136,416
   Less accumulated depreciation              2,573,713     2,035,160
                                            -----------   -----------
                                             14,576,590    15,101,256
  Reserve for realization of Marina
     land and improvements                    (845,672)     (845,672)
                                            -----------   -----------
                                             13,730,918    14,255,584
CASH, including restricted cash
     (1995, $86,716; 1994, $101,326)            474,835       505,501
ESCROW DEPOSITS                                  54,270        44,299
DEFERRED EVALUATION AND ACQUISITION
  COSTS, net of accumulated amortization
  (1995,   $137,822;   1994,   $110,258)        964,778       992,342
OTHER DEFERRED COSTS, net of accumulated
       amortization
       (1995, $0; 1994, $17,400)                 51,121         2,100
OTHER      ASSETS                               207,103        49,358
                                           ------------   -----------
                                            $15,483,025   $15,849,184
                                           ============   ===========



                     LIABILITIES AND PARTNERS' EQUITY
LIABILITIES:
  Note payable                              $ 5,590,418   $ 5,590,418
  Accrued expenses and other liabilities        402,064       358,200
  Security deposits                              86,716       101,326
                                            -----------   -----------
                Total liabilities             6,079,198     6,049,944
                                            -----------   -----------
COMMITMENTS (Notes 5 and 6)

MINORITY INTEREST                               268,325       304,717

PARTNERS' EQUITY
  Limited Partners' equity-Units of Investor
     Limited Partnership Interest, $1,000
      stated value per Unit-issued and
      outstanding - 16,361 units              9,186,508     9,541,939
  General Partner's equity deficiency           (51,006)      (47,416)
                                             -----------   -----------
     Total partners' equity                   9,135,502     9,494,523
                                             -----------   -----------
                                            $15,483,025   $15,849,184
                                            ============  ============





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 YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


                                      1995        1994         1993
REVENUES:
  Rental and related income        $2,706,446  $2,456,887   $2,082,011
  Interest and other income            62,901      44,675      138,811
                                   ----------  ----------   ----------
                                    2,769,347   2,501,562    2,220,822
                                   ----------  ----------   ----------
EXPENSES:
  Operating and administrative        120,957      62,152     117,010
  Professional fees                   100,006      41,661      51,011
  Depreciation and amortization       568,217     571,366     571,026
  Property operating expenses:
   Payroll services                   572,506     448,351     491,577
   Condominium assessments            357,060     357,060     315,906
   Real estate taxes                  249,994     269,682     243,133
   Management fees                     94,841     102,600     123,594
   Other operating                    541,785     520,156     558,505
                                   ----------   ---------   ---------
                                    2,605,366   2,373,028   2,471,762
                                   ----------   ---------   ---------
  Income (Loss) from operations       163,981     128,534    (250,940)
                                   ----------   ---------   ---------
OTHER EXPENSES:
  Interest  expense  and  ext fee    (559,394)   (551,448)   (685,204)
  Contract termination settlement           -    (271,108)          -
                                   -----------   ---------   ---------
                                     (559,394)   (822,556)   (685,204)
                                   -----------   ---------   ---------
MINORITY INTEREST IN LOSS ON MARINA
    VENTURE                            36,392      26,518      18,765
                                   -----------   ---------   ---------

NET  LOSS                        $   (359,021)  $(667,504)  $(917,379)
                                 =============  ========== =========== 

NET  LOSS  ALLOCATED
           TO GENERAL PARTNER    $     (3,590)  $  (6,675)  $  (9,174)
                                 =============  ========== ===========
NET  LOSS  ALLOCATED 
         TO LIMITED PARTNERS      $  (355,431)  $(660,829)  $(908,205)
                                 =============  ========== ===========
NET LOSS PER UNIT OF INVESTOR
  LIMITED PARTNERSP INT,  BASED
  ON 16,361 UNITS OUTSTANDING:    $   (21.72)   $  (40.39)  $  (55.51)
                                ==============  ========== ===========









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

        HISTORIC PRESERVATION PROPERTIES 1990 L. P. TAX CREDIT FUND

         CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)

           FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
<TABLE>
<CAPTION>
                                     
                        Units of
                        Investor
                        Limited        Investor
                        Partner-        Limited      General
                          ship         Partners'     Partner's
                        Interest         Equity      Deficiency            Total



                     ---------  -------------    -------------     ------------
<S>                      <C>      <C>              <C>             <C>    
BALANCE, 
December  31,  1992      16,361   $  11,110,973    $   (31,567)    $ 11,079,406

   Net   loss                 -        (908,205)        (9,174)        (917,379)
                       ---------  -------------    -------------   -------------
BALANCE, 
December  31,  1993       16,361     10,202,768        (40,741)      10,162,027
                      
   Net   loss                  -       (660,829)        (6,675)        (667,504)
                       ---------  -------------     ------------   -------------
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
                       =========  =============     ============   =============
</TABLE>



                                     
                                     
 The accompanying notes are an integral part of these financial statements.
        HISTORIC PRESERVATION PROPERTIES 1990 L. P. TAX CREDIT FUND
                                     
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                     
           FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


                                             1995       1994       1993
CASH FLOWS FROM OPER ACTIVITIES:   
  Net loss                             $ (359,021) $(667,504)   $ (917,379)
Adjustments to reconcile net loss
 to net cash
 provided by (used in) operating act-
 Depreciation  and amortization           568,217    571,366       571,026
     Loss   on   disposal  of  equipment              18,339
Deferred interest expense and extension
     fee payable added to the principal
     of note payable                                 240,418
     Contract termination   settlement               271,108
Minority  int in loss on Marina Venture   (36,392)   (26,518)      (18,765)
     Inc (dec) in accrued expenses and
     other   liabilities                   (7,523)  (245,197)        215,683
     Increase in escrow deposits           (9,971)   (44,299)
     (Increase) decrease in other assets (157,745)    27,546         (10,253)
                                         ---------  ---------      ----------
   Net cash provided by (used in)
     operating  activities                 (2,435)   145,259        (159,688)
                                         ---------  ---------      ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to Marina                           -          -        (11,668)
   Purchase of furniture and equipment      (3,827)  (13,083)         (1,140)
   Payment   of   deferred   costs         (24,404)         -              -
                                         ----------  --------      ----------
     Cash used in investing activities     (28,231)  (13,083)        (12,808)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Decrease   in  minority  interest             -          -           (118)
                                         ----------  --------      ----------
NET  INCREASE (DECREASE) IN CASH           (30,666)  132,176        (172,614)

CASH, BEGINNING OF YEAR                    505,501   373,325         545,939
                                        ---------- ---------      -----------
CASH,   END   OF  YEAR                  $  474,835 $ 505,501      $  373,325
                                        ========== =========      ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
    Cash paid for interest              $  559,044 $ 461,030      $  535,000
                                        ========== =========      ===========







The accompanying notes are an integral part of these financial statements.
        HISTORIC PRESERVATION PROPERTIES 1990 L.P. TAX CREDIT FUND
                                     
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                     
           FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
                                     
                                     

(1)  Organization

           Historic Preservation Properties 1990 L.P. Tax Credit Fund  (HPP
1990)  was  formed  on October 4, 1989 under the Delaware  Revised  Uniform
Limited  Partnership  Act.  The purpose of HPP  1990  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, and 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.

           Boston  Historic  Partners II Limited Partnership  (BHP  II),  a
Delaware  limited  partnership, is the general partner  of  HPP  1990,  and
officers of Boston Capital Planning Group, Inc. (BCPG), an affiliate of BHP
II,  were  the  initial limited partners of HPP 1990.  The initial  limited
partners  withdrew as limited partners upon the first admission of Investor
Limited  Partners  (Limited Partners). Prior to admission  of  the  Limited
Partners, all costs incurred by HPP 1990 were paid by BHP II.  On June  29,
1990,  the  first Limited Partners were admitted to HPP 1990 and operations
commenced.

           The  Amended  and  Restated  Agreement  of  Limited  Partnership
(Partnership  Agreement)  of  HPP  1990 generally  provides  that  all  net
profits,  net losses, tax credits and cash distributions of HPP  1990  from
normal  operations  subsequent to admissions of Limited Partners  shall  be
allocated  99%  to  the Limited Partners and 1% to BHP II.   Proceeds  from
sales  or  refinancing generally will be distributed 100%  to  the  Limited
Partners until they have received an amount equal to their Adjusted Capital
Contributions  (as  defined  in the Partnership  Agreement)  plus  priority
returns  and  additional  incentive priority returns  for  certain  Limited
Partners admitted to HPP 1990 on or prior to certain specified dates.

(2) General Partner - BHP II

           BHP  II  was  formed in June 1989 for the purpose of organizing,
syndicating, and managing publicly offered real estate limited partnerships
(Public Rehabilitation Partnerships).

           During 1995, 1994 and 1993, BHP II incurred unaudited losses  of
approximately  $13,000,  $14,000  and  $24,000  respectively.    BHP   II's
unaudited deficit at December 31, 1995 was approximately $737,000.

           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, commitments and contingencies in  the  future,
there might be unfavorable consequences to HPP 1990.
(2)  General Partner - BHP II (Continued)

           Under  the Partnership Agreement, a bankruptcy of BHP  II  could
result  in  the dissolution of HPP 1990, 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 1990.  If  an  additional
general  partner was admitted to HPP 1990 prior to a bankruptcy of BHP  II,
the business of HPP 1990 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 1990, HPP 1990 would not be dissolved
upon  the  occurrence of such an event if a majority  in  interest  of  the
Limited  Partners elect, within 90 days, to continue the  business  of  HPP
1990 and another general partner is elected (under Delaware law, within  90
days  a  unanimous  vote of the Limited Partners to continue  HPP  1990  is
required).

           Although  the  Partnership  Agreement  provides  for  the  above
mechanisms  for  continuing  the business of HPP  1990,  BHP  II's  general
partners  believe  the most likely course of action  would  be  to  seek  a
successor or additional general partner for HPP 1990.

           If  such  events were to happen whereby BHP II and/or  HPP  1990
could  not consummate the above, HPP 1990 could be dissolved, resulting  in
adverse tax consequences to the Limited Partners, including recapture of  a
portion of the Rehabilitation Tax Credits allocated to them.

(3)  Summary of Significant Accounting Policies

               Principles of Consolidation

          The consolidated financial statements include the accounts of HPP
1990, Henderson's Wharf Baltimore, L.P. and Henderson's Wharf Marina,  L.P.
after elimination of all intercompany transactions and accounts.

          Use of Estimates

           The  preparation  of  financial statements  in  conformity  with
generally  accepted  accounting  principles  requires  management  to  make
estimates  and assumptions that affect the reported amounts of  assets  and
liabilities and disclosure of contingent assets and liabilities at the date
of  the  financial  statements and the reported  amounts  of  revenues  and
expenses  during  the reporting period.  Actual results could  differ  from
those                                                            estimates.
(3)  Summary of Significant Accounting Policies (Continued)

               Real Estate

           Real  estate is held for lease and stated at cost.   During  the
construction period, all carrying costs, principally real estate taxes and
interest,  were capitalized.  Depreciation is provided over  the  estimated
economic useful lives of the assets using the straight-line method.

               Cash

           At  December  31,  1995  and 1994, HPP  1990  had  $204,684 and
$268,975,  respectively, of cash in banks which is  in  excess  of  amounts
insured by the Federal Deposit Insurance Corporation.

          Deferred Evaluation and Acquisition Costs

           Expenditures  related to the purchase of real estate  have  been
capitalized  and  are  being amortized on a straight-line  basis  over  the
estimated life of real property (40 years).

          Income Taxes

           No  provision  (benefit) for income taxes is  reflected  in  the
accompanying  consolidated financial statements of HPP 1990.  All  partners
are  required  to  report  on their tax returns their  allocable  share  of
income, gains, losses, deductions and credits determined on a tax basis.

          Syndication Costs

           Syndication  costs  were treated as a direct  reduction  of  the
Limited Partners' equity accounts.

          Deferred Costs

           Organization costs were capitalized and amortized on a straight-
line  basis over a 60-month period.  Other deferred costs relating  to  the
refinancing  of  the  Partnership's note payable will  be  amortized  on  a
straight-line basis over the term of the new mortgage note.

          Revenue Recognition

           Revenue  from  residential units, principally  under  short-term
operating leases, is recorded when due.  Revenue from rentals of inn  units
is recognized when earned.

 (4) Investment in Real Estate

           During  1990,  HPP 1990 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.  The  building
contains  a  total  of  137 residential units, 12 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  5).   Contributions by HPP 1990 to the  Building  Venture
totaled $12,214,500 as of December 31, 1995.

           HPP  1990  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.  At December 31, 1995, 93% of the residential units
had been leased.  During 1995, the average occupancy for the inn was 74%.

           During  1994,  the  Building Venture entered into  contracts  to
purchase three condominium units and parking spaces (the Property) owned by
unrelated parties. The purchase price of the Property is the greater of the
seller's  outstanding mortgage balance as of the date of  purchase  or  the
fair market value of the property as defined in the contracts. The Building
Venture  has possession of the property, bears the risk of loss and  damage
to  the  Property, receives all of the rents and other income generated  by
the  Property  and  is responsible for payment of all related  costs  which
include,  but are not limited to debt service, taxes and condominium  fees.
During 1996, the Building Venture purchased the three condominium units  in
conjunction with the refinancing of its note payable (see Note 5).

           HPP 1990's operations, principally accounting, investor services
and  other  general and administrative costs, are funded from distributions
by  the  Building  Venture. During 1995, the Building  Venture  distributed
$223,138 to HPP 1990.

(4)  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 1990 purchased the Marina Venture for $1,266,363,
which included seller financing of $1,187,500 (see Note 5).  Contributions
to  the  Marina  Venture by HPP 1990 totalled $247,219 as of  December  31,
1995.  The  Marina  Venture operated a minimal number of  slips  from  1991
through  1995  due  to  the  significant  repairs  necessary  to  be  fully
operational.   HPP  1990 is required to make capital contributions  to  the
Marina Venture to provide funds not otherwise available to make real estate
tax   and   insurance  payments.  HPP  1990  may  make  additional  capital
contributions  to  the Marina Venture as provided in the  Marina  Venture's
partnership agreement, but is not required to do so.

           Under  the  Second  Amended and Restated Agreements  of  Limited
Partnership dated February 1, 1991 of Henderson's Wharf Baltimore, L.P. and
Henderson's  Wharf Marina, L.P., Henderson's Wharf Development  Corporation
(HWDC), a Delaware corporation wholly owned by HPP 1990, was admitted as  a
general  partner  of  the  Ventures (HPP 1990  and  HWDC  are  collectively
referred   to  as  the  "Henderson's  General  Partners"),  and   Hillcrest
Management,  Inc.(HMI), a Massachusetts corporation, was  admitted  as  the
Limited  Partner of the Ventures and became a minority interest  holder  in
the  ventures.  On August 1, 1991 the Second Amended and Restated Agreement
of  Limited Partnership of Henderson's Wharf Marina, L.P. was amended.  The
amendment  provided  for the withdrawal by HPP 1990 as a  limited  partner.
Consequently, HWDC became the sole general partner in the Marina Venture.

          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 5).  Concurrently, HMI withdrew as a limited
partner  in the Marina Venture, HPP 1990'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
(4)  Investment in Real Estate (Continued)

at  fair  market  value based on an independent appraisal  and  a  priority
distribution of proceeds from capital transactions as provided for  in  the
Marina   Venture's  Third  Amended  and  Restated  Agreement   of   Limited
Partnership.

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

           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 against its investment in the  marina  land  and
improvements.

           Generally, allocations of net profits and losses as well as cash
flow of the Building Venture and Marina Venture are allocated in accordance
with  the Second Amended and Restated Agreement of Limited Partnership  and
Third  Amended and Restated Agreement of Limited Partnership, respectively,
as  defined in the agreements.  The overall management and control  of  the
business  and  affairs  of  the Ventures is solely  vested  in  Henderson's
General Partners.

          As discussed in Note 5, on February 27, 1996, HWFP, Inc. redeemed
its 50% limited partnership interest in the Marina Venture in return for  a
$225,000 first mortgage secured by the marina property. As a result of this
redemption,  HPP 1990'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.

(5)  Notes Payable and Subsequent Events

          The Building Venture financed $6,350,000 of the purchase price of
the  property  by issuing a purchase money note to the seller,  HWFP.   HPP
1990  paid  $1,000,000  of  principal under this  note  in  December  1990,
reducing  the balance to $5,350,000 at December 31, 1990. During 1992,  the
maturity  date  of  the  note  was extended  until  January  2,  1994.   In
consideration  for  extending the maturity date of the note,  the  Building
Venture  was  required to pay $150,000 to the holder of the purchase  money
note (the Lender) on the earlier of January 2, 1994 or a refinancing of the
purchase  money note. 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
totalling  $89,168 on the note (for the period March 16, 1994  through  May
15, 1994) and unpaid interest on the extension fee totaling $1,250 (for the
period  April 16, 1994 through May15, 1994).  Interest through the date  of
refinancing (see below) was due monthly on the new principal balance of the
note  at  the  annual  rate of 10%. In addition, the  Lender  required  the
Building Venture to establish a real estate tax escrow account (Tax Escrow)
which        was        being       funded       on        a        monthly



 (5)      Notes Payable and Subsequent Events (Continued)


basis  through the date of refinancing.  The balance of the Tax  Escrow  at
December 31, 1995 was $48,930.  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 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 1990 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 $314,800 (see Note 4).  The deed
of  trust  note bears interest at 7.85% and requires monthly principal  and
interest  payments in the amount of $49,628 commencing in April 1996.   The
note  amortizes over a 20 year schedule and all remaining unpaid  principal
and  interest  is  due in March 2006.  Under the deed of  trust  note,  the
lender  has  the  option  with six months written notice  to  call  amounts
outstanding under the deed of trust note at the end of ten years or anytime
thereafter.   The  deed of trust note is secured by the Building  Venture's
property, rents and assignment of leases and is guaranteed by the  Building
Venture.

           On February 27, 1996, HPP 1990, 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 2086,  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 1990'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.

(6)  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. Management fees paid  to  HMI  totaled
$82,766 in 1993.  No amounts were paid under the Inn Lease during 1993.

           The  Consulting Agreement, which expired on December  31,  1991,
required the Building Venture to pay HMI a $15,000 refinancing fee upon the
closing  of  any refinancing of the existing Building Venture's  financing.
The  Consulting Agreement also required the Building Venture to pay HMI  an
incentive  fee equal to 1% of the gross sales proceeds resulting  from  the
sale  of the building property to an unaffiliated third party buyer.  These
commitments survive the December 31, 1991 expiration date of the Consulting
Agreement and the termination of all other agreements with HMI (see below).
The  Building Venture paid the $15,000 refinancing fee to HMI in March 1996
as  a result of refinancing its purchase price promissory note as discussed
in Note 5.

           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. Management fees paid to  HMI  for  the  Marina
Venture totaled $2,494 in 1993.

            Effective  July  31,  1993,  the  Venture's  terminated   their
respective Management Agreements and Inn Lease (the Contracts) with HMI. As
of  December 31, 1993, HPP 1990 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 1990 was unable to reasonably  estimate
amounts  due  to HMI, if any, and no liability was recorded as of  December
31, 1993.
(6)       Transactions With Related Parties and Commitments (Continued)

           During October 1994, HPP 1990 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 1990 entered into an  agreement
on  behalf  of  the  Venture's to pay HMI contract  termination  settlement
payments (Settlement Payments) totaling $271,108 which was recorded  during
the  fourth quarter of 1994 and which was included in accrued expenses  and
other  liabilities   as  of  December 31,  1994.  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  1990's
economic  interest  as  a  partner in the  Venturers,  as  defined  in  the
agreements;  net  sales  and refinancing proceeds;  cash  flow;  return  of
capital contributions; all of HPP 1990's cash and marketable securities  in
excess of $150,000; and all of the Venturers' cash in excess of the greater
of  $200,000  or  reserves  required by lenders. No  distributions  to  the
partners  of HPP 1990 are permitted until all Settlement Payments are  paid
in  full.  As of December 31, 1995, unpaid Settlement Payments included  in
accrued expenses and other liabilities totaled $222,224.

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

          On November 1, 1995, the Building and Marina Venture entered into
property management contracts with Claremont Management Corporation  (CMC),
an unaffiliated Massachusetts corporation, to manage the apartment, inn and
marina  operations.  The property management contracts provide for  payment
of  management fees to CMC equal to 4% and 4.5% of apartment and inn  gross
receipts,  as  defined, respectively, and 9% of marina gross  receipts,  as
defined.  The  agreements expire on June 30, 1997,  and  are  automatically
extended  on  a year to year basis unless otherwise terminated as  provided
for in the agreements.  A condition of the agreements requires the Ventures
to  maintain with CMC, for the benefit of the Ventures, operating cash  and
contingency reserves of $190,000 and $70,000, respectively.  To  facilitate
the  transition of property management and through an arrangement with CMC,
McKenna continued to provide management services to the apartment, inn  and
marina operations through December 31, 1995.

           Management fees paid to McKenna and CMC by the Ventures  totaled
$94,841,  $102,600  and $38,334 for the years ended 1995,  1994  and  1993,
respectively.

(6)       Transactions With Related Parties and Commitments (Continued)

           On  January  1, 1992, HPP 1990 hired Hillcrest Asset Management,
Inc.  (Hillcrest),  a company related to HMI through common  ownership,  to
assist  the  general partner in providing accounting, asset management  and
investor  services.  Hillcrest provided such services for a management  fee
plus  reimbursement  of  all its costs of providing  such  services.   This
contract  expired  on June 30, 1993 and was not renewed.   For  the  period
January   1,   1993  to  June  30,  1993,  management  fees   and   expense
reimbursements totaled $6,000 and $54,469, respectively.

           On  July  1, 1993, HPP 1990 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, for the year ended December 31, 1994,  and
for  the period July 1, 1993 to December 31, 1993, totaled $65,903 $46,063,
and $24,964, respectively.

           On  October 1, 1995, HPP 1990 engaged CMC to provide accounting,
asset  management and investor services.  CMC provides such services  for  an
annual  management fee of $38,400, plus reimbursement of all its  costs  of
providing  these  services.  The initial term of the agreement  expires  on
June 30, 1997, and is automatically extended on a year to year basis unless
terminated  as  provided for in the agreement.  For the period  October  1,
1995  to  December  31, 1995, CMC received management fees  of  $9,600  and
expense reimbursement totaling $40,336.

           On  November  1,  1995,  the third party lender  who  eventually
provided financing to HPP 1990 in February 1996, issued a commitment letter
to  provide the aforementioned financing.  The third pary lender  earned  a
loan  placement  fee  of  $90,000 which was  recorded  at  closing  of  the
financing on February 27, 1996.

(7)  Fair Value of Financial Investments

           The  carrying amounts of cash, escrow deposits, accrued expenses
and  other liabilities, and security deposits approximate their fair values
due  to  their short maturities.  The fair value of the Building  Venture's
note  payable  is equal to its carrying amount based on the refinancing  at
the principal amount outstanding that occurred subsequent to year end.  All
financial statements are held for non-trading purposes.



         Independent Auditors' Report on Accompanying Information
         --------------------------------------------------------


The Partners
Historic Preservation Properties 1990
     L.P. Tax Credit Fund
Quincy, Massachusetts



      We  have  audited,  in  accordance with generally  accepted  auditing
standards,  the consolidated financial statements of Historic  Preservation
Properties 1990 L.P. Tax Credit Fund as of December 31, 1995 and 1994,  and
for  each  of  the years in the three year period ended December  31,  1995
included in this Form 10-K and have issued our report hereon dated March 7,
1996.   Our audits were made for the purpose of forming an opinion  on  the
1995  and  1994 basic consolidated financial statements taken as  a  whole.
The  supplemental  schedule  is  the responsibility  of  the  Partnership's
management  and  is  presented  for the  purposes  of  complying  with  the
Securities  and Exchange Commission's rules and is not part  of  the  basic
consolidated  financial  statements.   The  information  included  in  this
schedule has been subjected to the auditing procedures applied in the audit
of  the  basic consolidated financial statements, and in our opinion fairly
states in all material respects the financial data required to be set forth
therein  in  relation to the basic consolidated financial statements  as  a
whole.


Lefkowitz, Garfinkel, Champi & DeRienzo, P.C.



Providence, Rhode Island
March 7, 1996


<TABLE>


                 HISTORIC PRESERVATION PROPERTIES 1990 L.P.TAX CREDIT FUND
                                     SCHEDULE III
                        REAL ESTATE & ACCUMULATED DEPRECIATION
                                  DECEMBER 31, 1995
                                    (IN THOUSANDS)
<CAPTION>
                                                                     
                                            Cost Capitalized
                  Initial   Costs           Subseq to Acquis      Gross Amts (Note 6) 
                -------------------------  --------------------  -------------------------
                 (Note 5)         Building                                Building             Accumul
Description and  Encum-           Improve-  Improve-   Carrying           Improve-   Total     Decprec
 Ownership %     brances   Land    ments     ments      Costs      Land   ments    (Note 2)   (Note 3)
-------------------------------------------------------------------------------------------
Resid Building/Inn
Henderson's Wharf
L/P Baltimore, Md
<S>               <C>          <C>      <C>       <C>         <C>      <C>    <C>      <C>         <C>     
99.9%             $5,590       $ 97     $ 6,715   $ 7,671     $350     $ 97   $14,736  $  14,833   $1,821

Marina
L/P Baltimore, Md
49% (Note 5)           0      1,187           0        87       79      387        87        474      135
                  ------    -------     -------    ------    -----  -------   -------   --------   ------
                  $5,590    $ 1,284     $ 6,715    $7,758    $ 429  $   484   $14,823   $ 15,307   $1,956
                  ======    =======     =======    ======    =====  =======   =======   ========   ======
<CAPTION>
                           
                            Date of                  Date             Deprec
                            Constr or                Interest         Life
                            Rehabil                  Acquired         (years)
                            ---------                --------         -------
<S>                           <C>                    <C>              <C>   
Residential Bldg/Inn          9/90                   7/20/90          40

Marina                        n/a                    7/20/90          40
</TABLE>
Note  1:     The aggregate cost of each property on a tax basis  net
             of  the  reduction due to the rehabilitation tax credit at
             December 31 are as follows:    

                                  1995            1994          1993

Henderson's Wharf Baltimore       $ 14,281        $ 14,281      $ 14,281
Henderson's Wharf Marina               527             527           527
                                  --------        --------      --------
              Total               $ 14,808        $ 14,808      $ 14,808
                                  ========        ========      ========



Note 2:  The changes in total costs of land, building and improvements to
         the years ended December 31, 1995, 1994, and 1993 are as follows:

                                  1995        1994        1993

Balance at the beg of period      $ 15,307    $ 15,295    $ 15,295
Additions:
    Land,Bldg & improvements             0          12          12
                                  --------    --------    --------
                                  $ 15,307    $ 15,307    $ 15,307
                                  ========    ========    ========

Note 3:  The changes in accumulated depreciation for the period ended
         December 31 are as follows:

                                  1995        1994        1993

Balance at beginning of period    $  1,554    $  1,152    $   750
Depreciation during the year      
Buildings and Improvements             402         402        402
                                  --------    --------    -------
                                  $  1,956    $  1,554    $ 1,152 
                                  ========    ========    =======        
     
Note   4: This  schedule excludes furniture and equipment with a cost of
          $964,000 and $950,000 and accumulated depreciation of $618,000 and
          $481,000 at December 31, 1995 and 1994, respectively.
                     
Note  5:  In 1994, the Lender added $150,000 of unpaid  extension fees  and 
          approximately  $90,000 of unpaid interest to the  original
          principal amount of Henderson's Wharf Baltimore Limited
          Partnership's purchase money note.

Note 6:   The Partnership has provided for a reserve for realization of
          Marina land and improvements in the amount of $879,000 net
          of accumulated depreciation of $34,000, based  on fair market
          determined by independent appraisal and priority distribution
          of proceeds from capital transactions as provided  for in The
          Third Amended and Restated Agreement of Limited Partnership.