UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, DC  20549
                                   
                               FORM 10-K
(Mark One)
[X]  ANNUAL  REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE  SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended             December 31, 1998
                          --------------------------------------------
[   ]  TRANSITION  REPORT  PURSUANT TO SECTION  13  OR  15(D)  OF  THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from                       to
                               ---------------------    --------------
Commission file number                    33-33093
                       -----------------------------------------------
                    DIVERSIFIED HISTORIC INVESTORS 1990
----------------------------------------------------------------------
        (Exact name of registrant as specified in its charter)

           Pennsylvania                                  23-2604695
-------------------------------                    -------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                     Identification No.)

          1609 WALNUT STREET,  PHILADELPHIA,  PA           19103
----------------------------------------------------------------------
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code  (215) 557-9800

Securities registered pursuant to Section 12(b) of the Act:    NONE

Securities registered pursuant to Section 12(g) of the Act:   5,032 Units

                    UNITS OF LIMITED PARTNERSHIP INTEREST
----------------------------------------------------------------------
                           (Title of Class)

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

Indicate by check mark if disclosure of delinquent filers pursuant  to
Item  405 of Regulation S-K is not contained herein, and will  not  be
contained  to the best of registrant's knowledge, in definitive  proxy
or  information statements incorporated by reference in  Part  III  of
this Form 10-K or any amendment to this Form 10-K. [   ]

Aggregate  market  value  of  Units  held  by  non-affiliates  of  the
Registrant: Not Applicable*

*  Securities  not  quoted  in  any  trading  market  to  Registrant's
knowledge.
<PAGE>
                                PART I

Item 1.        Business

               a.   General Development of Business

                    Diversified Historic Investors 1990 ("Registrant")
is a limited partnership formed in 1989 under Pennsylvania law.  As of
December  31, 1998, Registrant had outstanding 5,032 units of  limited
partnership interest (the "Units").

                     Registrant  is presently in its operating  stage.
It  currently owns three properties or interests therein.  See Item 2.
Properties,  for  a  description thereof.  For  a  discussion  of  the
operations  of  the  Registrant, See Part II,  Item  7.   Management's
Discussion
and Analysis of Financial Condition and Results of Operations.

               b.   Financial Information about Industry Segments

                    The Registrant operates in one industry segment.

               c.   Narrative Description of Business

                     Registrant  is  in  the  business  of  operating,
holding,  selling, exchanging and otherwise dealing in and  with  real
properties  containing  improvements  which  are  Certified   Historic
Structures, as such term is defined in the Internal Revenue Code  (the
Code),  for use as apartments, offices, hotels and commercial  spaces,
or any combination thereof, or low income housing eligible for the tax
credit provided by Section 42 of the Code, and such other uses as  the
Registrant's general partner may deem appropriate.

                      Since   the  Registrant's  inception,  all   the
properties  acquired  either  by  the Registrant,  or  the  subsidiary
partnerships in which it has an interest, have been rehabilitated  and
certified  as  historic  structures  and  have  received  the  related
investment tax credit.  In addition, one property (Jefferson  Seymour)
is  a  low-income  housing structure which qualifies  for  low  income
housing  tax  credits.  All properties are held for rental operations.
At  this  time it is anticipated that all the properties will continue
to  be  held  for this purpose.  At such time as the market  for  real
estate  of the type held by the Registrant improves and real  property
values  begin  to  increase,  the  Registrant  will  re-evaluate   its
investment strategy regarding the properties.

                      As   of  December  31,  1998,  Registrant  owned
interests in three properties, located in Connecticut (one),  Virginia
(one),  and  Louisiana  (one). In total, the  properties  contain  127
apartment  units  and  15,116 square feet ("sf") of  commercial/retail
space.   As of December 31, 1998, 121 apartment units are under  lease
at  monthly rental rates ranging from $275 to $2,150 and14,451  sf  of
the commercial/retail space is under lease at an annual rental rate of
$10.01  per sf.  Rental of the apartments and commercial space is  not
expected  to be seasonal.  For a further discussion of the properties,
see Item 2, Properties.

                     The Registrant is affected by and subject to  the
general competitive conditions of the residential and commercial  real
estate  industry.  As a result of the  overbuilding that  occurred  in
the  1980's,  the  competition  for both  residential  and  commercial
tenants  in  the  local markets where the Registrant's properties  are
located is generally strong.  As a result, the Registrant is forced to
keep  its  rent levels competitively low in order to maintain moderate
to  high occupancy levels.  The properties held for rental are located
in   Hartford,  Connecticut,  Richmond,  Virginia  and  the  Warehouse
District  in New Orleans, Louisiana.  In each of these markets,  there
are  several  similar historically certified rehabilitated  buildings.
However,  there is no organization which holds a dominant position  in
the  residential housing or commercial leasing market, in any  of  the
geographic areas in which the Registrant's properties are located.

                      Management  of  each  of  the  properties  makes
frequent market analyses in order to set rent levels.  With respect to
the two market rate properties, when occupancy nears the 97-99% range,
management considers raising the rents by more than a normal  cost  of
living   increase.   If  occupancy  falls  to  below  85%,  management
considers lowering rents.

                      Registrant   has  no  employees.    Registrant's
activities are overseen by Brandywine Construction & Management, Inc.,
("BCMI"), a real estate management firm.

                d.    Financial Information About Foreign and Domestic
Operations and Export Sales.

                    See Item 8. Financial Statements and Supplementary
Data.

Item 2.        Properties

                 As   of  the  date  hereof,  Registrant  owned  three
properties,  or  interests  therein.  A summary  description  of  each
property held at December 31, 1998 is given below.

               a.   Jefferson/Seymour - consists of 30 apartment units
and  665 sf of commercial space at 94-96, 98-100 Jefferson Street  and
134-138 Seymour Street in Hartford, Connecticut.  In October 1990, the
Registrant  was admitted as a limited partner with a 99%  interest  in
Jefferson Seymour Limited Partnership ("JSLP"), a Connecticut  limited
partnership, for a cash contribution of $1,417,000.  One of the  other
general   partners  also  contributed  $390,000  of   capital.    JSLP
subsequently capitalized $261,665 in acquisition costs related to  the
investment.   JSLP  acquired  and  rehabilitated  the  buildings   for
$3,288,665  ($129.48 per sf), including two mortgage notes payable  in
the original aggregate principal amount of $1,220,000.  The first note
payable  of  $300,000 (principal balance of $272,626 at  December  31,
1998)  bears  interest at 1% and is due June 2010.   The  second  note
payable  of  $920,000 (principal balance of $747,819 at  December  31,
1998) bears interest at the lender's cost of funds plus 2 1/2%.  In 1997,
the  loan was sold and the Registrant is in the process of negotiating
payment terms with the new holder of the note.

                       The  property  is  managed  by  an  independent
property  management  firm.  As of December 31, 1998,  27  residential
apartments are under lease (90%) at monthly rents ranging from $375 to
$608  per  month.   As of December 31, 1998, none of  the  665  sf  of
commercial space is under lease.  Every effort is being made  at  this
time  by  the  property management firm to rent the commercial  space.
All  residential leases are renewable, one-year leases.  The occupancy
rate  was  97% for 1997, 92% for 1996, 92% for 1995 and 96% for  1994.
The  monthly rental range has been approximately the same since  1994.
The occupancy for the commercial space was 17% for 1997, 46% for 1996,
50% for 1995 and 100% for 1994.  The range for annual rents was $27.00
per  sf  for 1997, $27.00 per sf for 1996, $27.00 per sf for 1995  and
$27.00  per sf for 1994.  There are no contingent rentals included  in
income for the years ended December 31, 1998, 1997 and 1996.  For  tax
purposes,  this property has a basis of $2,447,665 and is  depreciated
using the straight-line method with a useful life of 27.5 years.   The
annual  real  estate taxes are $26,374 which is based on  an  assessed
value  of $839,930 taxed at a rate of $3.140 per $100.  No one  tenant
occupies  ten percent or more of the building.  It is the  opinion  of
the  management  of  the  Registrant that the property  is  adequately
covered by insurance.

                b.    Shockoe  Hearth  Apartments  -  consists  of  29
apartment  units and 14,451 sf of commercial space at  1417-1423  East
Cary  Street in Richmond, Virginia.  In December 1990, the  Registrant
was  admitted with a 99% general partnership interest in Lawrence  One
General  Partnership ("LOGP"), a Virginia general partnership,  for  a
cash contribution of $800,000.  LOGP subsequently capitalized $150,455
in  acquisition costs relating to the investment.  LOGP  acquired  and
rehabilitated  the property for $2,600,000 (excluding the  capitalized
costs,  referred to above) ($90.49 per sf), consisting of  the  equity
contribution  and  $1,800,000  provided  by  a  loan.   The  loan  was
refinanced  in  May 1998.  As refinanced, the loan is  in  the  stated
amount of $1,890,500 (principal balance of $1,876,281 at December  31,
1998),  bears  interest  at 8%, with monthly  principal  and  interest
payments of $14,591 and maturing in 2013.

                    The property is managed by an independent property
management  firm.  As of December 31, 1998, all 29 of  the  apartments
are  under  lease with rents ranging from $275 to $865 per month,  and
all  of the commercial space is under lease by one tenant at an annual
rent of $10.01 per sf.  All residential leases are renewable, one-year
leases.   The occupancy rate was 98% for 1997, 100% for 1996, 96%  for
1995   and   98%  for  1994.   The  monthly  rental  range  has   been
approximately  the same since 1994.  The occupancy for the  commercial
space  was  100% for 1997, 100% for 1996, 100% for 1995 and  100%  for
1994.  The range for annual rents was $9.54 per sf in 1997, $9.08  per
sf  in  1996,  $8.65 per sf in 1995 and $8.30 per  sf  in  1994.   The
commercial  space  is  occupied by one  tenant  which  operates  as  a
restaurant  and currently has a ten-year lease which expires  February
14,  2003.   The minimum rental is $151,940 per year.   There  are  no
contingent rentals included in income for the years ended December 31,
1998  1997 and 1996.  For tax purposes, this property has a  basis  of
$2,503,962  and is depreciated using the straight-line method  with  a
useful  life of 27.5 years.  The annual real estate taxes are  $24,453
which  is based on an assessed value of $1,710,000 taxed at a rate  of
$1.430  per  $100.   It  is  the opinion  of  the  management  of  the
Registrant that the property is adequately covered by insurance.

                c.    The Bakery Apartments - consists of 68 apartment
units at 1111 South Peters Street in New Orleans, Louisiana.  In March
1991, the Registrant acquired a 72.3% general partnership interest  in
The  Bakery  Apartments  General  Partnership  ("BAGP"),  a  Louisiana
general  partnership which owns the property, for a cash  contribution
of  $1,235,000.  Affiliates of the Registrant simultaneously  acquired
26.7%  of  the general partnership interests in BAGP for an  aggregate
cash contribution of $465,000.  BAGP subsequently capitalized $242,040
in  acquisition costs relating to the investment.  BAGP  acquired  and
rehabilitated  the  property  for  $5,029,000  ($65.18  per  sf).  The
rehabilitation  of the property was financed in part with  two  loans,
one  for  $3,135,000 and the other for $201,500 (principal balance  of
$191,824  at  December  31, 1998).  The first loan  bore  interest  at
8.25%, with monthly principal and interest payments based on a 30 year
amortization schedule, principal due in 1999.  The second loan is from
the  general partner of BAGP and has the same terms as the first loan.
The  first loan was refinanced in November 1998.  The new loan was for
$3,100,000  (principal  balance of $3,100,000 at  December  31,  1998)
bears  interest at 6.775%, is payable in monthly payments of principal
and interest in the amount of $20,158 and is due in November 2008.  In
March 1991, a $175,000 collateral mortgage note (principal balance  of
$152,385 at December 31, 1998) was issued to the developer/partner for
working  capital  advances.   This note  bears  interest  at  9%  with
payments  based on available positive cash flow of the  property.   In
order  to  satisfy  certain credit requirements  of  the  lender,  the
Registrant  exchanged its general partnership interest for  a  limited
partnership  interest  in a reconstituted partnership.   However,  the
Registrant retained substantially the same rights and privileges as it
had  as  a  general partner.  The property is managed  by  a  property
management firm which is an affiliate of the general partner of BAGP.

                     As of December 31, 1998, 65 units are under lease
(96%)  with  rents  ranging  from $500  to  $2,150.   All  leases  are
renewable, one-year leases.  The occupancy rate was 94% for 1997,  95%
for  1996,  100% for 1995 and 93% for 1994.  The monthly rental  range
has  been  approximately the same since 1994.  For tax purposes,  this
property  has  a  basis  of $3,381,856 and is  depreciated  using  the
straight-line  method with a useful life of 27.5  years.   The  annual
real  estate taxes are $11,677 which is based on an assessed value  of
$65,700  taxed at a rate of $17.773 per $100.  No one tenant  occupies
ten  percent  or  more  of the building.  It is  the  opinion  of  the
management  of the Registrant that the property is adequately  covered
by insurance.

Item 3.        Legal Proceedings

                a.    To the best of its knowledge, Registrant is  not
party  to,  nor  is  any of its property the subject  of  any  pending
material legal proceedings.

Item 4.        Submission of Matters to a Vote of Security Holders

               No matter was submitted during the fiscal years covered
by this report to a vote of security holders.
                                   
                                PART II

Item  5.         Market  for  Registrant's Common Equity  and  Related
Stockholder Matters

                a.   There is no established public trading market for
the  Units.   Registrant  does not anticipate  any  such  market  will
develop.    Trading  in  the  Units  occurs  solely  through   private
transactions.   The  Registrant is not aware of the  prices  at  which
trades  occur.   Registrant's  records  indicate  that  0  units  were
transferred of record in 1998.

                b.    As  of December 31, 1998, there were 489  record
holders of Units.

                c.   Registrant did not declare any cash dividends  in
1998 and 1997.

Item 6.        Selected Financial Data

                The following selected financial data are for the five
years  ended  December  31,  1998.   This  data  should  be  read   in
conjunction  with  the  consolidated  financial  statements   included
elsewhere  herein.   This  data  is not  covered  by  the  independent
auditors' report.

                       1998        1997        1996        1995        1994
                                                                   
Rental income       $1,109,060  $1,092,708  $1,081,821  $1,059,508  $1,026,467
Interest income            470         300       1,540       2,491       1,884
Net loss               442,499     450,509     496,109     469,528     482,279
Net loss per Unit        87.06       88.63       97.60       92.37       94.88
Total assets (net of 8,116,644   8,352,879   8,771,520   9,244,523   9,755,227
  depreciation and
  amortization)
Debt obligations     6,340,936   6,085,969   6,154,278   6,199,255   6,275,832

Item 7.        Management's Discussion and Analysis of Financial
               Condition and Results of Operations

               (1)  Liquidity

                     As  of December 31, 1998, Registrant had cash  of
approximately  $59,236. Such funds are expected  to  be  used  to  pay
liabilities and general and administrative expenses of Registrant  and
to  fund  cash  deficits  of  the  properties.   Cash  generated  from
operations  is  used  primarily to fund operating  expenses  and  debt
service.  If cash flow proves to be insufficient, the Registrant  will
attempt  to  negotiate with the various lenders  in  order  to  remain
current  on  all  obligations.  The Registrant is  not  aware  of  any
additional sources of liquidity.

                    As of December 31, 1998, Registrant had restricted
cash  of  $152,762  consisting primarily of  funds  held  as  security
deposits,   replacement  reserves  and  escrows  for  taxes.    As   a
consequence of these restrictions as to use, Registrant does not  deem
these funds to be a source of liquidity.

                    At the present time, all three properties are able
to  pay  their operating expenses and debt service but it is  unlikely
that  any cash will be available to the Registrant to pay its  general
and  administrative  expenses.  It is the  Registrant's  intention  to
continue to hold the properties until they can no longer meet the debt
service requirements and the properties are foreclosed, or the  market
value of the properties increases to a point where they can be sold at
a  price  which  is  sufficient to repay the  underlying  indebtedness
(principal plus accrued interest).

               (2)  Capital Resources

                     Any  capital  expenditures needed  are  generally
replacement  items  and  are funded out of  cash  from  operations  or
replacement  reserves, if any.  The Registrant is  not  aware  of  any
factors  which would cause historical capital expenditures levels  not
to   be   indicative  to  capital  requirements  in  the  future   and
accordingly,  does  not believe that it will have to  commit  material
resources to capital investment for the foreseeable future.

               (3)  Results of Operations

                    During the fiscal year 1997, Registrant incurred a
loss  of $442,499 ($87.06 per limited partnership unit) compared to  a
loss  of $450,509 ($88.63 per limited partnership unit) in 1997 and  a
loss of $496,109 ($97.60 per limited partnership unit) in 1996 .

                    Rental income increased from $1,081,821 in 1996 to
$1,092,708 in 1997 to $1,109,060 in 1998.  The increase from  1997  to
1998  is  due  to  increases in rental income at both the  Bakery  and
Shockhoe  Hearth  due to increases in the average rental  rates.   The
increase  from  1996 to 1997 is due to an increase at  Shockoe  Hearth
Apartments, partially offset by decreases at Jefferson Seymour and The
Bakery Apartments.  The increase at Shockoe Hearth Apartments was  due
to  a scheduled rental increase for the sole commercial tenant and  an
increase in average residential rental rates.  Rental income decreased
at  Jefferson  Seymour due to lower average occupancy  of  residential
units  (92%  to 89%), as well as lower average occupancy of commercial
space  (46%  to  17%), and decreased at The Bakery Apartments  due  to
lower  average occupancy of residential and corporate apartment rental
units (95% to 92%).

                     Expenses  for  rental operations  decreased  from
$570,109  in  1996 to $534,794 in 1997 and increased  to  $539,844  in
1998.   The  increase from 1997 to 1998 resulted from an  increase  in
maintenance  expense at Shockhoe Hearth due to a  higher  turnover  of
apartment units.  The decrease from 1996 to 1997 is due to a  decrease
in  maintenance, corporate apartment expense, and insurance expense at
The  Bakery Apartments, combined with a decrease in utilities  expense
at  Jefferson Seymour and a decrease in legal fees at Shockoe  Hearth,
partially offset by an increase in maintenance and bad debt expense at
Jefferson  Seymour, and an increase in maintenance expense at  Shockoe
Hearth,  as well as an increase in salaries and wages expense  at  The
Bakery Apartments (as discussed below).

                     Interest expense increased from $522,698 in  1996
to  $540,682 in 1997 and decreased to $529,213 in 1998.  The  decrease
from  1997 to 1998 is the result  of a decrease at Shockoe Hearth  due
to  a  decrease in the interest rate from 10% to 8% in connection with
the May 1998 refinancing.  The increase from 1996 to 1997 is due to an
increase  at The Bakery Apartments, partially offset by a decrease  at
Jefferson   Seymour.   Interest  expense  increased  at   The   Bakery
Apartments due to an adjustment made to properly calculate interest on
the  mortgage  loan.  Interest expense decreased at Jefferson  Seymour
due  to  the  reduction  of principal balances on  which  interest  is
calculated.

                     Depreciation  and amortization expense  decreased
from $492,417 in 1996 to $475,914 in 1997 and increased to $489,088 in
1998.  The increase from 1997 to 1998 is the result of amortization of
loan  fees  incurred in connection with the refinancings at  both  the
Bakery  and Shockoe Hearth partially offset by a decrease at Jefferson
Seymour due to the fact that organization costs became fully amortized
in  January  1998.  The decrease from 1996 to 1997 is  the  result  of
organizational fees becoming fully amortized in 1996 at Shockoe Hearth
and  certain  fixed assets becoming fully depreciated in 1996  at  The
Bakery Apartments.

                     In  1998 losses of $414,000 were incurred at  the
Registrant's  three  properties  compared  to  $422,000  in  1997  and
$476,000  in  1996.   A  discussion of property  operations/activities
follows:

                    In 1998, Registrant incurred a loss of $145,000 at
Jefferson/Seymour, including $120,000 of depreciation and amortization
expense  compared  to  a  loss  of  $152,000  including  $128,000   of
depreciation and amortization expense in 1997 and a loss  of  $150,000
including $128,000 of depreciation and amortization expense  in  1996.
The decrease in the loss from 1997 to 1998 is the result of a decrease
in  bad  debt  expense  and amortization expense.   Bad  debt  expense
decreased  due  to  a  write-off of tenant receivables  in  the  third
quarter of 1997.  Amortization expense decreased due to the fact  that
organization  costs  became  fully amortized  in  January  1998.   The
increase in the loss from 1996 to 1997 is due to a decrease in  rental
income  combined with an increase in maintenance and bad debt  expense
partially  offset  by  a decrease in utilities and  interest  expense.
Rental  income decreased due to lower average occupancy of residential
units  (92%  to 89%), as well as lower average occupancy of commercial
space  (46%  to  17%).   Maintenance  expense  increased  due  to  new
carpeting  installed in several units as well as roofing repairs  made
at  the  property, and bad debt expense increased as a result  of  the
write-off  of  tenant  receivables  that  were  deemed  uncollectible.
Utilities  expense decreased due to a decline in the average occupancy
of  residential  units,  and interest expense  decreased  due  to  the
reduction   of  principal  balance  on  which  interest   expense   is
calculated.

                     In 1998, Registrant incurred a loss of $85,000 at
Shockoe  Hearth  including $104,000 of depreciation  and  amortization
expense   compared  to  a  loss  of  $80,000  including   $99,000   of
depreciation and amortization expense in 1997 and a loss  of  $115,000
including $103,000 of depreciation and amortization expense  in  1996.
The  increase  in  the  loss form 1997 to 1998 is  mainly  due  to  an
increase  in amortization and maintenance expense partially offset  by
an  increase  in  rental income and a decrease  in  interest  expense.
Amortization  expense  increased  due  to  loan  costs   incurred   in
connection  of  the  refinancing of the first  mortgage.   Maintenance
expense increased due to a higher turnover of apartment units.  Rental
income  increased  due  to an increase in the  average  rental  rates.
Interest  expense  decreased  due to  the  refinancing  of  the  first
mortgage which lowered the interest rate from 10% to 8%.  The decrease
in  the  loss from 1996 to 1997 is due to an increase in rental income
combined  with  a  decrease  in legal fees and  amortization  expense,
partially  offset an increase in maintenance expense.   Rental  income
increased  as  a  result  of a scheduled rent increase  for  the  sole
commercial tenant, as well as an increase in average rental  rates  of
residential  units.   Legal fees decreased since negotiations  between
the  property management and the sole commercial tenant were completed
in  1996.  Amortization decreased due to organizational fees  becoming
fully  amortized in the fourth quarter of 1996.   Maintenance  expense
increased as a result of roofing repairs completed at the property.

                    In 1998, Registrant incurred a loss of $184,000 at
the Bakery including $239,000 of depreciation and amortization expense
compared to a loss of $190,000 including $223,000 of depreciation  and
amortization expense in 1997 and a loss of $211,000 including $236,000
of depreciation and amortization expense in 1996.  The decrease in the
loss from 1997 to 1998 is due to a decrease in wages and salaries  and
corporate  apartments  expense  and  an  increase  in  rental   income
partially  offset by an increase in amortization expense.   Wages  and
salaries decreased due to the replacement of employees with contracted
security  service.  Corporate apartments expense decreased  due  to  a
decrease  in  the  rental  of  corporate  apartments.   Rental  income
increased   due   to  an  increase   in  the  average  rental   rates.
Amortization expense increased due to the amortization of  loan  costs
incurred  in  connection with the refinancing of the  first  mortgage.
The  decrease  in the loss from 1996 to 1997 is due to a  decrease  in
maintenance, corporate apartment expense, depreciation, and  insurance
expense,  partially  offset by a decrease  in  rental  income  and  an
increase   in  interest  expense  and  salaries  and  wages   expense.
Maintenance  expense decreased due to the replacement of carpeting  in
several units and extermination services performed in 1996 which  were
not  repeated in 1997.  Corporate apartment expense decreased  due  to
lower  rentals  of  corporate  apartments,  and  depreciation  expense
decreased  due  to certain fixed assets becoming fully depreciated  in
1996.   Insurance expense decreased due to lower premiums, and  rental
income  decreased due to lower average occupancy of residential  units
(95% to 92%).  Interest expense increased due to an adjustment made to
properly  calculate interest on the mortgage loan,  and  salaries  and
wages  expense  increased due to an increase  in  the  salary  of  the
property manager, partially offset by a decrease in the wages  of  the
maintenance personnel.

Item7A.        Quantitative and Qualitative Disclosures about  Market
               Risk

               Not applicable.

Item 8.        Financial Statements and Supplementary Data

               Registrant is not required to furnish the supplementary
               financial information referred to in Item 302 of Regulation S-K.
<PAGE>
                     Independent Auditor's Report

To the Partners of
Diversified Historic Investors 1990

We  have  audited  the  accompanying  consolidated  balance  sheet  of
Diversified   Historic   Investors  1990   (a   Pennsylvania   Limited
Partnership) and subsidiaries as of December 31, 1998 and 1997 and the
related consolidated statements of operations and changes in partners'
equity and cash flows for the years ended December 31, 1998, 1997, and
1996.   These consolidated financial statements are the responsibility
of  the Partnership's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.  We did  not
audit  the  financial  statements of  The  Bakery  Apartments  General
Partnership,  which statements reflect total assets of $3,620,782  and
$3,705,621 as of December 31, 1998 and 1997, respectively,  and  total
revenues  of  $624,484 and $625,890, respectively for the  years  then
ended.   Those statements were audited by other auditors whose  report
has  been  furnished to us, and our opinion, insofar as it relates  to
the amounts included for The Bakery Apartments General Partnership  is
based solely on the reports of the other auditors.

We  conducted our audit in accordance with generally accepted auditing
standards.  These standards require that we plan and perform the audit
to   obtain   reasonable  assurance  about  whether  the  consolidated
financial  statements  are free of material  misstatement.   An  audit
includes  examining, on a test basis, evidence supporting the  amounts
and  disclosures in the consolidated 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 audit  provides
a reasonable basis for our opinion.

In  our opinion, based on our audits and the report of other auditors,
the  consolidated  financial  statements  referred  to  above  present
fairly,   in   all  material  respects,  the  financial  position   of
Diversified Historic Investors 1990 as of December 31, 1998 and  1997,
and the results of their operations and their cash flows for the years
ended  December 31, 1998, 1997, and 1996 in conformity with  generally
accepted accounting principles.

Our  audits  were made for the purpose of forming an  opinion  on  the
basic  financial  statements taken as a whole.  The Schedule  of  Real
Estate  and Accumulated Depreciation on page 24 is presented  for  the
purposes  of  additional analysis and is not a required  part  of  the
basic  financial statements.  Such information has been  subjected  to
the  auditing  procedures applied in the audit of the basic  financial
statements  and,  in  our opinion, is fairly stated  in  all  material
respects  in  relation to the basic financial statements  taken  as  a
whole.


Gross, Kreger & Passio, L.L.C.
Philadelphia, Pennsylvania
March 2, 1999
<PAGE>
                     Independent Auditor's Report


To the Partners of
The Bakery Apartments Limited Partnership

We  have  audited  the  accompanying  balance  sheets  of  The  Bakery
Apartments Limited Partnership, for December 31, 1998 and 1997 and the
related statements of operations, partners' equity and cash flows  for
the   years   then   ended.   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
audit.

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 disclosures  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 financial position of The Bakery
Apartments Limited Partnership as of December 31, 1998 and  1997,  and
the  results of its operations and its cash flows for the  years  then
ended in conformity with generally accepted accounting principles.

Pailet, Meunier and LeBlanc, L.L.P.
Metairie, Louisiana
February 10, 1999
<PAGE>

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
              INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
                                   
                   AND FINANCIAL STATEMENT SCHEDULES


Consolidated financial statements:                                   Page

     Consolidated Balance Sheets at December 31, 1998 and 1997        13
                                                                          
     Consolidated  Statements of Operations for the Years Ended 
     December  31,  1998,  1997, and 1996                             14
                                                                          
     Consolidated  Statements  of Changes in Partners' Equity  for 
     the  Years  Ended December 31, 1998, 1997, and 1996              15
                                                               
     Consolidated  Statements of Cash Flows for the Years Ended
     December  31,  1998, 1997, and 1996                              16
                                                                         
     Notes to consolidated financial statements                     17-22
                                                                            
Financial statement schedules:                                  

     Schedule XI - Real Estate and Accumulated Depreciation           24
                                                                  
     Notes to Schedule XI                                             25



All other schedules are omitted because they are not applicable or the
required information is shown in the consolidated financial statements
or notes thereto.
<PAGE>                                   
                                   
                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
                      December 31, 1998 and 1997

                                Assets

                                                     1998              1997   
Rental properties at cost:                                                   
   Land                                         $    248,856      $    248,856 
   Buildings and improvements                     10,928,637        10,915,625 
   Furniture and fixtures                            155,592           155,592 
                                                  ----------        ---------- 
                                                  11,333,085        11,320,073 
   Less - accumulated depreciation                (3,636,531)       (3,195,801)
                                                  ----------        ----------
                                                   7,696,554         8,124,272 
                                          
Cash and cash equivalents                             59,236            28,549 
Restricted cash                                      152,762            95,609 
Accounts receivable                                   26,700            24,505 
Other assets (net of accumulated                                       
   amortization of $314,312 and $264,054)            181,392            79,944
                                                  ----------        ----------
               Total                             $ 8,116,644       $ 8,352,879
                                                  ==========        ==========
                                 Liabilities and Partners' Equity
                                                                 
Liabilities:                                                            
   Debt obligations                              $ 6,340,936       $ 6,085,969 
   Accounts payable:                                                           
        Trade                                        547,097           579,708 
        Related parties                              166,699           192,796
   Interest payable                                  221,346           125,670
   Tenant security deposits                           62,196            61,038
   Other liabilities                                   5,151            37,864
                                                  ----------        ---------- 
               Total liabilities                   7,343,425         7,083,045
                                                  ----------        ----------  
Minority interests                                   390,343           444,459 
                                                                      
Partners' equity                                     382,876           825,375 
                                                  ----------        ---------- 
               Total                             $ 8,116,644       $ 8,352,879 
                                                  ==========        ==========
                                   
The accompanying notes are an integral part of these financial statements.
<PAGE>

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                   
         For the Years Ended December 31, 1998, 1997 and 1996

                                              1998        1997        1996
                                                                       
Revenues:                                                           
   Rental income                           $1,109,060  $1,092,708  $1,081,821
   Interest income                                470         300       1,540
                                            ---------   ---------   ---------
               Total revenues               1,109,530   1,093,008   1,083,361
                                            ---------   ---------   ---------
Costs and expenses:                                                        
   Rental operations                          539,844     534,794     570,109
   General and administrative                  48,000      48,000      56,030
   Interest                                   529,213     540,682     522,698
   Depreciation and amortization              489,088     475,914     492,417
                                            ---------   ---------   ---------
               Total costs and expenses     1,606,145   1,599,390   1,641,254
                                            ---------   ---------   ---------  
Loss before minority interests               (496,615)   (506,382)   (557,893)

Minority interests' portion of loss            54,116      55,873      61,784
                                            ---------   ---------   ---------
Net loss                                  ($  442,499)($  450,509)($  496,109)
                                            =========   =========   =========
Net loss per limited partnership unit:                                  
      Loss before minority interests      ($    97.70)($    99.62)($   109.75)
      Minority interests                        10.64       10.99       12.15
                                            ---------   ---------   --------- 
                                          ($    87.06)($    88.63)($    97.60)
                                            =========   =========   =========


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

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
        CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY
                                   
         For the Years Ended December 31, 1998, 1997 and 1996


                                           Diversified                        
                                            Historic                          
                                            Advisors    Limited         
                                            1990 (1)  Partners (2)      Total
                                                    
Percentage participation in profit or loss     1%         99%            100%
                                        
Balance at December 31, 1995               ($16,312)   $1,788,305   $1,771,993
Net loss                                     (4,961)     (491,148)    (496,109)
                                             ------     ---------    ---------
Balance at December 31, 1996                (21,273)    1,297,157    1,275,884
Net loss                                     (4,505)     (446,004)    (450,509)
                                             ------     ---------    ---------
Balance at December 31, 1997                (25,778)      851,153      825,375
Net loss                                     (4,425)     (438,074)    (442,499)
                                             ------     ---------    ---------
Balance at December 31, 1998               ($30,203)   $  413,079   $  382,876
                                             ======     =========    ========= 



(1)    General Partner.

(2)    5,032  limited  partnership units outstanding at  December  31,
       1998, 1997, and 1996.

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


                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   
         For the Years Ended December 31, 1998, 1997 and 1996

                                                 1998        1997        1996
                                                                       
Cash flows from operating activities:                                   
   Net loss                                  ($  442,499) ($450,509) ($496,109)
   Adjustments to reconcile net loss to net 
   cash (used in) provided by operating 
   activities:
Depreciation and amortization                    489,088    475,914    492,417
Minority Interests                               (54,116)   (55,873)   (61,784)
Changes in assets and liabilities:                                       
   (Increase) decrease in restricted cash        (57,153)    (3,640)    54,346
   Increase in accounts receivable                (2,195)    (6,604)    (7,736)
   (Increase) decrease  in other assets         (149,806)   (32,337)       672
   (Decrease) increase in accounts payable 
    - trade                                      (32,611)    97,692     67,786
   (Decrease) increase in accounts payable 
    - related parties                            (26,097)    44,786         76
   Increase in interest payable                   95,676     34,235     68,139
   Increase (decrease) increase in tenant security 1,158     (6,002)     3,911
   deposits
   Decrease in other liabilities                 (32,713)   (14,660)    (9,128)
                                               ---------    -------    -------
     Net cash (used in) provided by operating   (211,268)    83,002    112,590
      activities                               ---------    -------    -------
Cash flows from investing activities:         
   Capital expenditures                          (13,012)   (19,304)   (39,569)
                                               ---------    -------    -------
      Net cash used in investing activities:     (13,012)   (19,304)   (39,569)
                                               ---------    -------    -------
Cash flows from financing activities:                                   
Proceeds from debt refinancing                 3,100,000          0          0
Payments of principal under debt obligations  (2,845,033)   (68,309)   (44,977)
                                               ---------    -------    -------
      Net cash provided by (used in) financing   254,967    (68,309)   (44,977)
      activities:                              ---------    -------    -------
Increase (decrease) in cash and cash equivalents  30,687     (4,611)    28,044
Cash and cash equivalents at beginning of year    28,549     33,160      5,116
                                               ---------    -------    -------
Cash and cash equivalents at end of year      $   59,236   $ 28,549   $ 33,160
                                               =========    =======    ======= 
Supplemental Disclosure of Cash Flow Information:                         
   Cash paid during the year for interest     $  443,537   $506,447   $454,559
                                                                         
The accompanying notes are an integral part of these financial statements.
<PAGE>

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - ORGANIZATION

Diversified Historic Investors 1990 (the "Partnership") was formed  in
December  1989,  to acquire, rehabilitate, and manage real  properties
which  were Certified Historic Structures, as defined in the  Internal
Revenue  Code  of  1986  (the  "Code"),  or  which  are  eligible  for
designation  as such, and which may also be (but are not  required  to
be) eligible for low income housing tax credits as provided by Section
42  of  the Code, and such other uses as Dover Historic Advisors  1990
(the  "General Partner") deems appropriate, and to engage in  any  and
all activities related or incidental thereto.

The   General  Partner,  Dover  Historic  Advisors  1990  (a   general
partnership),  whose partners are Dover Historic  Advisors,  Inc.,  (a
Pennsylvania  corporation) and Jacqueline Reichman, has the  exclusive
responsibility for all aspects of the Partnership's operations.

NOTE B - SIGNIFICANT ACCOUNTING POLICIES

A  summary  of  the  significant accounting policies  applied  in  the
preparation  of  the  accompanying consolidated  financial  statements
follows:

1.     Principles of Consolidation

The  accompanying financial statements of the Partnership include  the
accounts  of three subsidiary partnerships (the "Ventures"), in  which
the   Partnership   has   controlling  interests,   with   appropriate
elimination  of  inter-partnership transactions and  balances.   These
financial  statements  reflect  all adjustments  (consisting  only  of
normal  recurring adjustments) which, in the opinion  of  the  General
Partner,  are necessary for a fair statement of the results for  those
years.

2.     Depreciation

Depreciation  is  computed  using the straight-line  method  over  the
estimated useful lives of the assets.  Buildings and improvements  are
depreciated over 25 years and furniture and fixtures over five years.

3.     Net Loss Per Limited Partnership Unit

The  net  loss  per limited partnership unit is based on the  weighted
average  number  of limited partnership units outstanding  during  the
period (5,032 in 1998, 1997, and 1996).

4.     Income Taxes

Federal and state income taxes are payable by the individual partners;
accordingly,  no provision or liability for income taxes is  reflected
in the financial statements.

5.     Deferred Expenses

Loan fees have been incurred with respect to certain loans.  Such fees
were deferred and are amortized over the term of the related loans and
charged to amortization expense.

6.     Cash and Cash Equivalents

The  Registrant considers all highly liquid investments purchased with
a maturity of three months or less to be cash equivalents.

7.     Acquisition Costs

Costs  incurred in identifying and evaluating properties for  possible
acquisition   and  rehabilitation  are  deferred.   Such   costs   are
capitalized  as  part  of  the cost of the  property  if  the  related
property is acquired and are charged to expense if it is not acquired.
Interest,  real estate taxes, and insurance costs incurred during  the
rehabilitation period have been capitalized as part of the cost of the
property.

8.     Restricted Cash

Restricted  cash  includes amounts held for tenant security  deposits,
real estate tax reserves
and other cash restricted as to use.

9.     Revenue Recognition

Revenues  are recognized when rental payments are due on  a  straight-
line  basis.   Rental payments received in advance are deferred  until
earned.

10.    Rental Properties

Rental  properties are stated at cost.  A provision for impairment  of
value is recorded when a decline in value of property is determined to
be  other  than temporary as a result of one or more of the following:
(1)  a  property  is  offered for sale at a price  below  its  current
carrying  value, (2) a property has significant balloon  payments  due
with  the  foreseeable future for which the Partnership does not  have
the  resources  to meet, and anticipates it will be unable  to  obtain
replacement financing or debt modification sufficient to allow  it  to
continue to hold the property over a reasonable period of time, (3)  a
property has been, and is expected to continue, generating significant
operating  deficits  and  the Partnership is unable  or  unwilling  to
sustain such deficit results of operations, and has been unable to, or
anticipates it will be unable to, obtain debt  modification, financing
or refinancing sufficient to allow it to continue to hold the property
for  a  reasonable  period  of time or, (4)  a  property's  value  has
declined  based on management's expectations with respect to projected
future operational cash flows and prevailing economic conditions.   An
impairment  loss is indicated when the undiscounted, sum of  estimated
future  cash flows from an asset, including estimated sales  proceeds,
and  assuming a reasonable period of ownership up to 5 years, is  less
than  the  carrying  amount  of the asset.   The  impairment  loss  is
measured  as the difference between the estimated fair value  and  the
carrying   amount  of  the  asset.   In  the  absence  of  the   above
circumstances,  properties and improvements are stated  at  cost.   An
analysis is done on an annual basis at December 31 of each year.

11.    Use of Estimates

The  preparation  of  the  financial  statements  in  conformity  with
generally accepted accounting principles requires management  to  make
estimates  and  assumptions that affect the amounts  reported  in  the
financial  statements  and accompanying notes.  Actual  results  could
differ from those estimates.

NOTE C - PARTNERSHIP AGREEMENT

The  significant  terms of the Agreement of Limited  Partnership  (the
"Agreement"), as they relate to the financial statements, follow:

All distributable cash from operations (as defined in the Agreement of
Limited Partnership) will be distributed 1% to the General Partner and
99% to the limited partners.

All distributable cash from sales or dispositions (as defined) will be
distributed  to  the  limited partners up to their  adjusted  invested
capital (as defined) or a 6.5% cumulative, noncompounded annual return
on   their   average  amounts  previously  distributed  (as  defined);
thereafter, after receipt by the General Partner or its affiliates  of
any  accrued but unpaid real estate brokerage commissions, the balance
will  be distributed 15% to the General Partner and 85% to the limited
partners.

Net income or loss from operations of the Partnership is allocated  1%
to the General Partner and 99% to the limited partners.

NOTE D - TRANSACTIONS WITH RELATED PARTIES

Included in Accounts Payable - Related Party was $166,699 and $192,796
at  December  31, 1998 and 1997, respectively, owed to the  co-general
partners  of  the  Partnership's  Ventures,  for  additional   amounts
advanced  for  working capital needs.  These advances are non-interest
bearing  and will be paid out of available cash flow from the  related
properties.

NOTE E - LEASES

The  Partnership's  leases with commercial tenants are  classified  as
operating leases.  These leases are generally for a period of three to
five  years and provide for a fixed base rent plus a share of  certain
operating costs.

Minimum  future commercial rentals on operating leases as of  December
31, 1998 are as follows:

                          1999                     $151,940
                          2000                      159,536
                          2001                      167,512
                          2002                      175,892
                          2003                       29,550

NOTE F - ACQUISITIONS

The   Partnership  acquired  three  controlling  general  or   limited
partnership interests in Ventures during the period from October  1990
to March 1991, as discussed below.

In  October  1990, the Partnership was admitted, with  a  99%  limited
partner  interest, to a Connecticut general partnership which  owns  a
building  located in Hartford, Connecticut, consisting of 30 apartment
units and 665 square feet of commercial space, for a cash contribution
of $1,417,000.

In  December  1990, the Partnership was admitted, with a  99%  general
partner  interest,  to  a Virginia general partnership  which  owns  a
building  located in Richmond, Virginia, consisting  of  29  apartment
units  and 14,451 square feet of commercial space, for a cash  capital
contribution of $800,000.

In  March  1991,  the  Partnership purchased a  72.3%  interest  of  a
Pennsylvania general partnership which owns a building located in  New
Orleans,  Louisiana, consisting of 68 apartments, for $1,235,000.   In
October  1992,  in  conjunction  with a refinancing,  the  Partnership
exchanged  its general partnership interest for a limited  partnership
interest in a reconstituted partnership.

NOTE G - DEBT OBLIGATIONS

Debt obligations were as follows:                                   
                                                            December 31,
                                                          1998         1997
                                                         ------       ------
Mortgage loan; interest at 8% until January 1996 when  $  747,819   $  747,819
interest resets based on a specified index; monthly
payments of principal and interest of $7,102; based
on a 25-year amortization schedule; collateralized by
the related rental property (A)

Note payable; interest at 1%; monthly payments of         272,626      272,626
principal and interest of $1,380; based on a
20-year amortization schedule; due 2010

Mortgage loan; interest at 8%; monthly payments of      1,876,281            0
principal and interest of $14,591; based on a 
30-year amortization schedule; principal due June
2013; collateralized by the related rental property (B)

Mortgage loan; interest at the Fidelity Federal Savings         0    1,725,581
Bank prime plus 1.5% with a minimum of 10% and a maximum 
of 15% (10% at December 31, 1997); monthly payments of
principal and interest of $16,275; based on a 30-year
amortization schedule; callable by the lender in 1997;
due February  2022; collateralized by the related rental
property (B)

Mortgage loan; interest at 6.775%; monthly payments     3,100,000            0
of principal and interest of $20,158; based on 30-year
amortization schedule; principal due November 2008;
collateralized by the related rental property (C)

Mortgage loan; interest at 8.25%; monthly payments of           0    2,984,137
principal and interest of $23,552; based on a 30-year                          
amortization schedule, collateralized by the related  
rental property; due November 1999 (C)

Note payable to developer; interest at 9%; payments       152,386      161,533
based on positive cash flow of the property; due upon
sale of the property

Note payable to developer; interest at 8.25%; monthly                          
payments of principal and interest of $1,514; based on
a 30- year amortization schedule; collateralized by 
the related rental property; due November 1999           191,824       194,273
                                                       ---------     ---------
                                                      $6,340,936    $6,085,969
                                                       =========     =========

(A)    The  mortgage  was  sold in 1997.  The partnership  is  in  the
       process of negotiating payment terms with the new holder of the
       note.

(B)    The loan was refinanced in May 1998.

(C )   The loan was refinanced in November 1998.

Maturities of debt obligations at December 31, 1998, are as follows:

                    Year Ending December 31,
                                                    
                          1999                 $   995,625
                          2000                      63,061
                          2001                      67,835
                          2002                      72,975
                          2003                      78,508
                          Thereafter             5,062,932
                                                 ---------
                                                $6,340,936
                                                 =========

NOTE H - INCOME TAX BASIS RECONCILIATION

Certain  items  enter  into  the  determination  of  the  results   of
operations in different time periods for financial reporting  ("book")
purposes  and for income tax ("tax") purposes.  The reconciliation  of
net loss and partners' equity follows:

                                           For the Years Ended December 31,
                                           1998          1997         1996
                                          ------        ------       ------
Net loss - book                       ($  422,499)  ($  450,509)  ($  496,109)
Excess of book over tax depreciation      176,436       134,039       160,384
Other timing differences                      661         1,759        (1,379)
Minority Interest                         (30,386)      (15,699)      (21,621)
                                        ---------     ---------     ---------
Net loss - tax                        ($  275,788)  ($  330,410)  ($  358,725)
                                        =========     =========     ========= 
Partners' equity - book                $  382,876    $  825,376    $1,275,885
Costs of issuance                         638,660       638,660       638,660
Cumulative book over tax loss             670,713       504,000       383,901
Basis reduction                        (1,565,104)   (1,565,104)   (1,565,104)
                                        ---------     ---------     ---------
Partners' equity - tax                 $  127,145    $  402,932    $  733,342 
                                        =========     =========     =========  
                                   
<PAGE>                                   
                                   
                                   

                       SUPPLEMENTAL INFORMATION

<PAGE>

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
        SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION
                           DECEMBER 31, 1998
                                   
                                                                      Costs
                                                                    Capitalized
                                                                   Subsequent to
                                                                    Acquisition
                                          Initial Cost to
                                          Partnership (b)
                                                  (b)

                                                   Buildings and        
Description (a)         Encumbrances      Land     Improvements    Improvements
                            (e)
                                                                               
30 apartment units                                   
and 665 square
feet of commercial                                                  
space in Hartford, CT    $1,020,445        -         $3,027,000      $261,665
                                                                               
29 apartment units                                                             
and 14,451 square feet
of commercial space in                                            
Richmond, VA              1,876,281        186,381    2,287,980       353,425
                                                                               
68 apartment units in                                                          
New Orleans, LA           3,444,210         62,475    5,103,816        37,331
                          ---------        -------   ----------       -------
                         $6,340,936       $248,856  $10,418,796      $652,421
                          =========        =======   ==========       =======

                        Gross Amount at which        
                      Carried at December 31, 1998

                                               
                                   Buildings             
                                      and                  Accum  Date of   Date
Description (a)         Land     Improvements  Total       Depr.  Constr.  Acq.
                                                 (b)(c)   (c)(d)   (a)
                                                                           
30 apartment units                                                       
and 665 square
feet of commercial 
space in Hartford, CT     -       $3,288,665  $3,288,665 $1,143,201   1990  1990
                                                                          
29 apartment units                                                          
and 14,451 square feet
of commercial space in                                     
Richmond, VA            186,381    2,654,417   2,840,798    835,664   1990  1990
                                                                         
68 apartment units in                                                     
New Orleans, LA           62,475   5,141,147   5,203,622   1,657,666  1991  1991
                        -------    ----------  ----------  ---------
                       $248,856   $11,084,229 $11,333,085 $3,636,531     
                        =======    ==========  ==========  =========
<PAGE>

                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                         NOTES TO SCHEDULE XI
                                   
                           December 31, 1998

(A)    All properties are certified historic structures as defined  in
       the  Internal Revenue Code.  The "date of construction"  refers
       to the period in which such properties are rehabilitated.

(B)    The  aggregate cost of real estate owned at December 31,  1998,
       for  Federal  income tax purposes is approximately  $8,333,483.
       However, the depreciable basis of buildings and improvements is
       reduced  for Federal income tax purposes by the investment  tax
       credit and the historic rehabilitation credit obtained.

(C)    Reconciliation of real estate:

                                         1998           1997           1996
                                        ------         ------         ------
Balance at beginning of year         $11,320,073    $11,300,769    $11,261,200
Additions during the year:                                                    
   Improvements                           13,012         19,304         39,569
                                      ----------     ----------     ----------
Balance at end of year               $11,333,095    $11,320,073    $11,300,769
                                      ==========     ==========     ========== 
Reconciliation of accumulated depreciation:
                                         1998           1997           1996
                                        ------         ------         ------
Balance at beginning of year         $ 3,195,801    $ 2,755,349    $ 2,301,499
Depreciation expense for the year        440,730        440,452        453,850
                                      ----------     ----------     ----------
Balance at end of year               $ 3,636,531    $ 3,195,801    $ 2,755,349
                                      ==========     ==========     ==========

(D)    See  Note B to the financial statements for depreciation method
       and lives.

(E)    See Note E to the financial statements for further information.


Item  9.       Changes  in  and Disagreements  with  Accountants  on
               Accounting and Financial Disclosure

               None.

                               PART III

Item 10.       Directors and Executive Officers of Registrant

               a.   Identification of Directors - Registrant has  no
                    directors.

               b.   Identification of Executive Officers

                     The  General Partner of the Registrant  is  Dover
Historic   Advisors   1990   (DoHA-1990),   a   Pennsylvania   general
partnership.  The partners of DoHA-1990 are as follows:

Name                      Position           Term of Office Period Served
                                                                  
Dover Historic Advisors,  Partner in DoHA-   No fixed term  Since September 1990
Inc.                      1990
("Dover Advisors")

Jacqueline D. Reichman    Partner in         No fixed term  Since May 1994
                          DOHA-1990

                     For  further  description of Dover Advisors,  see
paragraph  e.  of this Item.  There is no arrangement or understanding
between  either  person named above and any other person  pursuant  to
which any person was or is to be selected as an officer.

                c.    Identification of Certain Significant Employees.
Registrant  has  no  employees.   Its administrative  and  operational
functions  are  carried out by a property management  and  partnership
administration firm engaged by the Registrant.

                 d.     Family  Relationships.   There  is  no  family
relationship between or among the executive officers and/or any person
nominated or chosen by Registrant to become an executive officer.

                      The  general  partner  is  responsible  for  the
management  and control of Registrant's affairs and will have  general
responsibility and authority in conducting its operations.   DoHA-1990
is a general partnership formed in 1989.
               e.   Business Experience.

                     The partners of DoHA-1990 are Dover Advisors  and
Jacqueline Reichman.  The General Partner may retain its affiliates to
manage certain of the Properties.

                     Dover Advisors, a wholly-owned subsidiary of DHP,
Inc.,  (formerly  Dover Historic Properties, Inc.)  is  a  corporation
formed  in  February  1989  under the  laws  of  the  Commonwealth  of
Pennsylvania  for the purpose of acting as the general partner  (or  a
partner  of the general partner) in real estate programs such  as  the
Registrant.   DHP, Inc. is a subsidiary of The Dover Group,  Ltd.,  an
entity formed in 1985 to act as the holding company for DHP, Inc.  and
certain other companies involved in the development and operations  of
both  historic properties and conventional real estate as well  as  in
financial (non-banking) services.  In February 1992,  The Dover Group,
Ltd's name was changed to D, LTD.

                      The   executive  officers,  directors  and   key
employees of Dover Advisors are described below.

                       Donna   M.   Zanghi  (age  41)  was   appointed
Secretary/Treasurer of Dover Advisors and Secretary/Treasurer of  DHP,
Inc. on June 15, 1993.  She is also a Director and Secretary/Treasurer
of  D,  LTD.   She  has been associated with Dover  Advisors  and  its
affiliates since 1984 except for the period from December 1986 to June
1989 and the period from November 1, 1992 to June 14, 1993.

                     Michele  F.  Rudoi,  (age 33)  was  appointed  on
January 27, 1993 as Assistant Secretary of Dover Advisors, D, LTD  and
DHP, Inc. and Director of D, LTD.

                     Jacqueline D. Reichman was appointed on  May  11,
1994  as a partner of DoHA-1990.  Ms. Reichman and her affiliates have
extensive experience in real estate related ventures.

Item 11.       Executive Compensation

               a.   Cash Compensation - The Registrant did not pay any
cash compensation during 1997.

               b.   Compensation Pursuant to Plans - Registrant has no
plan  pursuant  to  which compensation was paid or distributed  during
1998, or is proposed to be paid or distributed in the future, to DoHA-
1990, any partner therein, or any person named in paragraph c. of Item
10 of this report.

                c.   Other Compensation - No compensation not referred
to  in  paragraph  a.  or  paragraph b.  of  this  Item  was  paid  or
distributed  during  1998 to DoHA-1990, any partner  therein,  or  any
person named in paragraph c. of Item 10.

                d.    Compensation  of Directors - Registrant  has  no
directors.

                e.    Termination of Employment and Change of  Control
Arrangement -
Registrant  has no compensatory plan or arrangement, with  respect  to
any  individual, which results or will result from the resignation  or
retirement  of any individual, or any termination of such individual's
employment  with Registrant or from a change in control of  Registrant
or  a  change in such individual's responsibilities following  such  a
change in control.

Item  12.        Security Ownership of Certain Beneficial  Owners  and
Management

                a.   Security Ownership of Certain Beneficial Owners -
No  person is known to Registrant to be the beneficial owner  of  more
than five percent of the issued and outstanding Units.

                b.    Security  Ownership of Management  -  No  equity
securities of Registrant are beneficially owned by any person named in
paragraph c. of Item 10.

                c.   Changes in Control - Registrant does not know  of
any  arrangement,  the  operation of which may at  a  subsequent  date
result in a change in control of Registrant.

Item 13.       Certain Relationships and Related Transactions

               Pursuant to Registrant's Amended and Restated Agreement
of  Limited  Partnership, DoHA-1990 is entitled to 10% of Registrant's
distributable cash from operations in each year.  There  was  no  such
share allocable to DoHA-1990 for fiscal years 1996 to 1998.

               a.   Certain Business Relationships - Registrant has no
directors.

                b.   Indebtedness of Management - No executive officer
or  significant  employee of Registrant, Registrant's general  partner
(or  any employee thereof) or any affiliate of any such person, is  or
has at any time been indebted to Registrant.
<PAGE>


                                PART IV

Item 14. (A)   Exhibits, Financial Statement Schedules and Reports  on
               Form 8-K.

               1.   Financial Statements:

                    a.  Consolidated  Balance Sheets at December 31, 1998 
                        and 1997.

                    b.  Consolidated Statements of Operations for the Years
                        Ended December 31, 1998, 1997 and 1996.

                    c.  Consolidated Statements  of  Changes in Partners' Equity
                        for the Years Ended December 31, 1998, 1997 and 1996.

                    d.  Consolidated Statements of Cash Flows for the Years
                        Ended December 31, 1998, 1997 and 1996.

                    e.  Notes to consolidated Financial Statements.

               2.   Financial statement schedules:

                    a.  Schedule XI -  Real Estate and Accumulated Depreciation.

                    b.  Notes to Schedule XI.

               3.   Exhibits:

                    (a) Exhibit Number     Document

                             3             Registrant's Amended and Restated
                                           Certificate of Limited Partnership 
                                           and Agreement of Limited Partnership,
                                           previously filed as part of Amendment
                                           No. 1 of Registrant's Registration
                                           Statement on Form S-11, are
                                           incorporated herein by reference.
                                                      
                           21              Subsidiaries of the Registrant are
                                           listed in Item 2. Properties of this
                                           Form 10-K.

                    (b)   Reports on Form 8-K:

                          No reports were filed on Form 8-K during the quarter
                          ended December 31, 1998.

                    (c)  Exhibits:

                         See  Item  14  (A)(3)  above.

<PAGE>

                              SIGNATURES

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

                                DIVERSIFIED HISTORIC INVESTORS 1990
                                             
Date: April 26, 1999            By: Dover Historic Advisors 1990,
      --------------                General Partner
                                             
                                    By: Dover Historic Advisors, Inc., Ptr.
                                                 
                                        By: /s/ Jacqueline D. Reichman
                                            --------------------------
                                            Jacqueline D. Reichman
                                            Partner
                                                      
                                        By: /s/ Michele F. Rudoi
                                            ---------------------------
                                            MICHELE F. RUDOI,
                                            Assistant Secretary

       Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of Registrant and in the capacities and on the dates indicated.

             Signature                        Capacity              Date

DOVER HISTORIC ADVISORS 1990               General Partner

By: Dover Historic Advisors, Inc., Partner

    By:    /s/ Jacqueline D. Reichman                        April 26, 1999
           --------------------------                        --------------
           Jacqueline D. Reichman
           Partner

    By:    /s/ Michele F. Rudoi                              April 26, 1999
           --------------------------                        --------------
           MICHELE F. RUDOI,
           Assistant Secretary