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, 1994
                          ----------------------------------------------------
[   ]  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                    33-33093

                     DIVERSIFIED HISTORIC INVESTORS 1990
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          (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.)

   SUITE 500,  1521 LOCUST STREET,  PHILADELPHIA,  PA  19102
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(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code  (215) 735-5001
                                                   ---------------------------
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
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                        (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 ___  No   X

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 the  Pennsylvania  Uniform  Limited
Partnership  Act.   As of December 31, 1994, 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 Conditions 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
is  a  low-income housing structure which qualifies for, has received, and will
continue to receive the Low Income Tax Credits.   All three 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, 1994, Registrant owned  interests  in
three  properties, located in Connecticut (one), Virginia (one), and  Louisiana
(one).   In total, the properties contain 127 apartment units and 14,877 square
feet ("sf") of commercial/retail space.  As of December 31, 1994, 112 apartment
units  are under lease at monthly rental rates ranging from $200 to $1,720  and
the  14,877 sf of commercial/retail space is under lease at annual rental rates
ranging  from $16.68 to $27.00 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.

                     Due  to 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.  In each market, 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.

                      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,
1994 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 general partners 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  original
aggregate  principal amount of $1,220,000.  The first note payable of  $300,000
(principal balance of $272,626 at December 31, 1994) bears interest at  1%  and
is  due  June 2010.  The second note payable of $920,000 (principal balance  of
$794,934  at  December 31, 1994) is due December 1997. In  February  1993,  the
lender modified this loan.  The modified loan terms provide for interest at  8%
until  January 1, 1996 and then floating over the next two years based  on  the
lender's  two  year  cost  of funds plus 2-1/2%.  Principal  and  interest  are
payable monthly based on a 25-year amortization schedule until maturity.    The
property is managed by an independent property management firm.  As of December
31,  1994,  26  residential apartments are under lease (87%) at  monthly  rents
ranging  from $425 to $703 per month.  As of December 31, 1994, all of the  665
sf  of  commercial space is under lease (100%) and both tenants have an  annual
rent of $27.00 per sf.

                    All residential leases are renewable, one-year leases.  The
occupancy rate since completion of the building in 1991 has been 98% for  1993,
97% for 1992, and 93% for 1991. The monthly rental range has been approximately
the  same  since  1991.  The  occupancy for  the  commercial  space  since  the
completion of the building in 1991 has been 100% for 1993, 100% for  1992,  and
100% for 1991.  The range for annual rents has been $24.96 to $25.32 per sf for
1993,  $6.48  to $6.84 per sf for 1992, and $21.60 to $25.20 per sf  for  1991.
The commercial space is occupied by two tenants who each occupy ten percent  or
more  of  the  rentable square footage.  They operate principally as  a  beauty
salon  and ambulance dispatch service.  They have annual options to renew their
leases for one and two years, respectively. For tax purposes, this property has
a  federal  tax  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
$24,791  which is based on an assessed value of $720,040 taxed  at  a  rate  of
$3.443  per  $100.  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  14,212  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 sf), consisting of
the equity contribution and $1,800,000 provided by a loan (principal balance of
$1,768,814 at December 31, 1994) bearing interest at 10% and due February 2022.
The  property  is managed by an independent property management  firm.   As  of
December  31,  1994, 28 of the 29 apartments (97%) are under lease  with  rents
ranging  from $200 to $600 per month and all of the commercial space  is  under
lease by one tenant at an annual rent of $16.68  per sf.

                    All residential leases are renewable, one-year leases.  The
occupancy rate since the completion of the building in 1991, has been 100%  for
1993,  98%  for  1992, and 90%  for 1991.  The monthly rental  range  has  been
approximately  the  same since 1991.  The occupancy for  the  commercial  space
since  the completion of the building in 1991, has been 100% for 1993, 79%  for
1992,  and 72% for 1991.  The range for annual rents has been $14.40 to  $20.40
per  sf for 1993, $3.00 to $19.92 per sf for 1992, and $12.72 to $21.24 per  sf
for  1991.   The commercial space is occupied by one tenant who operates  as  a
restaurant and currently has a ten year lease which expires February 14,  2003.
For  tax purposes, this property has a federal tax basis of $2,456,358  and  is
depreciated  using the straight-line method with a useful life of  27.5  years.
The annual real estate taxes are $3,930 which is based on an assessed value  of
$271,972  taxed  at  a  rate of $1.445 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 ("TBA"), a Louisiana general partnership, for a cash contribution of
$1,235,000.  Registrant subsequently capitalized $242,040 in acquisition  costs
relating  to  the investment.  TBA acquired and rehabilitated the property  for
$5,029,000 ($65.18 per sf), exclusive of the aforementioned acquisition  costs.
The  rehabilitation  of  the property was financed  in  part  by  a  $3,329,000
construction loan which bore interest at Chase Manhattan Bank's prime rate plus
1/2%,  with  interest  payable  monthly.     In  October  1992,  the  loan  was
refinanced  with  two  new  loans,  one for $3,135,000  (principal  balance  of
$3,080,215 at December 31, 1994) and the other for $201,500 (principal  balance
of  $198,369  at December 31, 1994).  The first loan bears 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 developer/partner
and  has the same terms as the first loan.  In order to satisfy certain  credit
requirements  of the lender, the Registrant and its affiliates exchanged  their
general   partnership  interests  for  limited  partnership  interests   in   a
reconstituted partnership.  However, the Registrant and its affiliates retained
substantially  the same rights and privileges as they had as general  partners.
In  March  1991,  a  $175,000 collateral mortgage note  (principal  balance  of
$160,874 at December 31, 1994) 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.  The property is  managed  by  a
property  management firm which is an affiliate of the Registrant's  co-general
partner of TBA.   As of December 31, 1994, 58 units are under lease (85%)  with
rents ranging from $465 to $1,720.

                    All residential leases are renewable, one-year leases.  The
occupancy rate since completion of the building in 1991 has been 92% for  1993,
93%   for  1992,  and  29%  for  1991.   The  monthly  rental  range  has  been
approximately the same since 1991. For tax purposes, this property has  federal
tax  basis of $3,344,526 and is depreciated using the straight-line method with
a useful life of 27.5 years.  The annual real estate taxes are $11,708 which is
based  on an assessed value of $65,700 taxed at a rate of $17.82 per $100.   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 1994.

                b.   As of December 31, 1994, there were 490 record holders  of
Units.

                c.   Registrant has not declared any cash dividends in 1994 and
1993.

Item 6.        Selected Financial Data

                The  following selected financial data are for the  five  years
ended December 31, 1994.
<TABLE>
<CAPTION>
                      1994          1993         1992          1991         1990
                                                            (unaudited)  (unaudited)

<S>                <C>           <C>             <C>        <C>           <C>       
Rental income      $ 1,026,467   $   998,697     $874,439   $   314,518   $      371
Interest income          1,884         2,850       17,768        43,190       17,375
Other income               -0-           -0-          -0-*       80,000          -0-
Net loss               482,279       476,136      504,606*      564,330      134,367
Net loss per Unit        94.88         93.68        99.28*       111.03        26.44
Total assets (net    9,755,227    10,299,756   11,032,307    11,624,381    8,862,452
of depreciation                                                                      
and amortization)                                                                   
Debt obligations     6,275,832     6,348,546    6,506,322     6,523,063    2,782,943
                                                                                    
*  Unaudited                                                                        
</TABLE>
Item 7.        Management's Discussion and Analysis of Financial
               Condition and Results of Operations

               (1)  Liquidity and Capital Resources.

                      As   of  December  31,  1994,  Registrant  had  cash   of
approximately  $13,404. 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, 1994, Registrant had restricted cash of
$144,480  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.

               (2)  Capital Resources

                     Due  to the recent rehabilitations of the properties,  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.

                    Results of Operations

                     During the fiscal year 1994, Registrant incurred a loss of
$482,279  ($94.88 per limited partnership unit) compared to a loss of  $476,136
($93.68  per  limited partnership unit) in 1993 and a loss of $504,606  ($99.28
per limited partnership unit) in 1992.

                     Rental  income increased from $874,439 in 1992 to $998,697
in  1993  to $1,026,467 in 1994.  The increase from 1993 to 1994 is mainly  the
result  of  an increase in rental income at The Bakery Apartments  and  Shockoe
Hearth Apartments.  The increase at the Bakery Apartments is due to an increase
in  corporate apartment rentals which generate higher revenue than  residential
rentals because the leases are generally short term in nature and are rented at
higher  monthly  rates.  The increase at the Shockoe Hearth Apartments  is  the
result of an increase in the monthly rental rate of its sole commercial tenant.
This  increased rental rate began when the tenant expanded its space to include
the previous tenant's square footage at a higher per square footage charge than
the  former  tenant.   Also,  the  tenant executed  a  new  lease  during  1994
increasing the rent on its existing space.    The increase from 1992 to 1993 is
due  to  an  increase of rental income at all three properties  due  to  higher
occupancy levels and higher rents.

                    As a result of a decrease in the amount of cash during 1994
and  1993, interest income declined from $17,768 in 1992 to $2,850 in  1993  to
$1,884 in 1994.

                     Rental operations expenses decreased from $329,772 in 1992
to  $327,984  in 1993 and increased to $443,668 in 1994.  The overall  increase
from  1993  to  1994 is the result of higher operating expenses  at  all  three
properties,  including  maintenance  and  wages.   In  particular,  The  Bakery
Apartments incurred higher expense (due to the increase in corporate  apartment
rentals).   Also,  an  audit adjustment made in 1993  decreased  net  operating
expenses  in  1993  below actual operating expense expenditures,  (see  below).
There  was  only a slight increase in rental operations expenses from  1992  to
1993.

                     General and administrative expenses decreased from $81,451
in 1992 to $56,965 in 1993 and increased to $62,262 in 1994.  The increase from
1993  to 1994 is due to a general partner fee paid in 1994.  The decrease  from
1992  to 1993 relates to higher legal fees incurred in 1992 due to refinancings
at The Bakery and Jefferson Seymour.

                     Interest  expense  increased  from  $542,765  in  1992  to
$616,374  in 1993, and decreased to $541,374 in 1994.  The decrease in interest
expense  from  1993 to 1994 and the increase in interest expense from  1992  to
1993  is primarily due to the accrual of interest in 1993 on amounts owed, upon
which interest had not been accrued in prior years.

                     Depreciation and amortization increased from  $508,755  in
1992  to $525,083 in 1993 and decreased to $523,309 in 1994.  The increase from
1992  to  1993  is  due  to  the fact that half year amortization  expense  was
recognized in 1992 for The Bakery Apartment's loan costs while a full  year  of
amortization expense was recognized in 1993 and 1994.

                      In   1994  losses  of  $448,000  were  incurred  at   the
Registrant's  three  properties compared to $373,000 in 1993  and  $402,000  in
1992.  A discussion of property operations/activities follows:

                     In  1994,  Registrant  incurred  a  loss  of  $126,000  at
Jefferson/Seymour,  including $132,000 of depreciation expense  compared  to  a
loss of $117,000 including $132,000 of depreciation expense in 1993, and a loss
of $129,000 including $135,000 of depreciation expense in 1992. The increase in
the  loss  from  1993  to 1994 is due primarily to an increase  in  maintenance
expense resulting from a high turnover rate of tenants, partially offset by  an
increase  in  rental income.  The Registrant expects the operating  results  in
1995 to be similar to those experienced in 1994.

                     In 1994, Registrant incurred a loss of $116,000 at Shockoe
Hearth including $98,000 of depreciation expense compared to a loss of $124,000
including  $101,000  of  depreciation expense in 1993 and  a  loss  of  $94,000
including  $89,000 of depreciation expense in 1992. The decrease  in  the  loss
from 1993 to 1994 is due to an increase in rental income partially offset by an
increase in operating expenses such as utilities, maintenance, advertising  and
legal and accounting fees.  As previously stated, the increase in rental income
is due to the increased rent charged to its commercial tenant.   The Registrant
expects  the  operating results in 1995 to be similar to those  experienced  in
1994.

                     In  1994,  Registrant incurred a loss of $206,000  at  the
Bakery  including  $257,000  of depreciation expense  compared  to  a  loss  of
$132,000  including  $247,000 of depreciation expense in 1993  and  a  loss  of
$179,000  including $252,000 of depreciation expense in 1992. The  increase  in
the loss from 1993 to 1994 is primarily due to an audit adjustment made in 1993
which  reduced operating expenses in that year, partially offset by an increase
in  rental  income  in  1994  resulting from  increased  rentals  of  corporate
apartments. The Registrant expects the operating results in 1995 to be  similar
to those experienced in 1994.
<PAGE>
                         Independent Auditor's Report

To the Partners of
Diversified Historic Investors 1990

We  have  audited the accompanying consolidated balance sheets  of  Diversified
Historic   Investors  1990  (a  Pennsylvania  Limited  Partnership)   and   its
subsidiaries  as  of  December 31, 1994 and 1993 and the  related  consolidated
statements  of operations, changes in partners' equity and cash flows  for  the
years   then   ended.   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 audits.   We  did
not   audit   the  financial  statements  of  The  Bakery  Apartments   Limited
Partnership,   which  statements  reflect  total  assets  of   $4,378,350   and
$4,647,124, as of December 31, 1994 and 1993, respectively, and total  revenues
of  $602,641  and  $587,501,  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  Limited Partnership is based solely on the  report  of  the
other auditors.

We  conducted  our  audits,  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
audits  and  the report of other auditors provide 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, 1994 and 1993, and the results of their operations  and
their cash flows for the years then ended 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 22 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
Philadelphia, Pennsylvania
March 23, 1995
<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, 1994 and 1993 and the related  statements
of  operations, changes in 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 audits.

We  conducted  our  audits,  in  accordance with  generally  accepted  auditing
standards.   These  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 Limited Partnership
as  of  December 31, 1994 and 1993, 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
January 27, 1995
<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, 1994       
       and 1993                                              12       
 
     Consolidated Statements of Operations for the Years          
       Ended December 31, 1994, 1993, and 1992 (unaudited)   13
                                                             
     Consolidated  Statements of  Changes  in  Partners'           
       Equity for the Years Ended December 31, 1994, 1993,     
       and 1992                                              14       
     
     Consolidated Statements of Cash Flows for the Years          
       Ended December 31, 1994, 1993, and 1992 (unaudited)   15
                                                             
     Notes to consolidated financial statements           16-20
                                                             
Financial statement schedules:                                    

     Schedule XI - Real Estate and Accumulated Depreciation  22
         
     Notes to Schedule XI                                    23










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, 1994 and 1993

                                    Assets

                                                1994                   1993
Rental properties at cost:                                                     
   Land                                   $    248,856           $    248,856
   Buildings and improvements               10,843,702             10,835,354
   Furniture and fixtures                      155,592                155,250
                                            ----------             ----------   
                                            11,248,150             11,239,460
   Less - accumulated depreciation          (1,834,659)            (1,366,030)
                                            ----------             ----------
                                             9,413,491              9,873,430
                                                                               
Cash and cash equivalents                       13,404                 41,873
Restricted cash                                144,480                142,327
Accounts receivable                              9,621                 14,497
Other assets (net of accumulated                                               
   amortization of $140,417 and $85,737)       174,231                227,629
                                            ----------             ----------  
               Total                      $  9,755,227            $10,299,756
                                            ==========             ==========
                                              
                                 Liabilities and Partners' Equity
                                                                            
Liabilities:                                                               
   Debt obligations                       $  6,275,832           $  6,348,546
   Accounts payable:                                                           
        Trade                                  366,971                320,464
        Related parties                        118,193                 93,946
   Interest payable                             35,424                 33,956
   Tenant security deposits                     57,084                 60,938
   Other liabilities                            39,481                 31,374
                                            ----------              ---------  
                      Total liabilities      6,892,985              6,889,224
                                                                           
Minority interests                             620,720                686,731
Partners' equity                             2,241,522              2,723,801
                                            ----------             ----------  
               Total                       $ 9,755,227            $10,299,756
                                            ==========             ==========   
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, 1994, 1993 and 1992

                                  1994              1993               1992
                                                                   (Unaudited)
Revenues:                                                                  
   Rental income              $1,026,467       $   998,697        $   874,439
   Interest income                 1,884             2,850             17,768
                               ---------         ---------          ---------
     Total revenues            1,028,351         1,001,547            892,207

Costs and expenses:                                                            
   Rental operations             443,668           327,984            329,772
   General and administrative     62,262            56,965             81,451
   Interest                      541,374           616,374            542,765
   Depreciation and amortization 523,309           525,083            508,755
                               ---------         ---------          ---------
    Total costs and expenses   1,570,613         1,526,406          1,462,743
                               ---------         ---------          --------- 
Loss before minority interests  (542,262)         (524,859)          (570,536)

Minority interests'               59,983            48,723             65,930
                               ---------         ---------          ---------
Net loss                     ($  482,279)     ($   476,136)      ($   504,606)
                               =========         =========          =========  
Net loss per limited
  partnership unit           ($    94.88)   ($       93.68)     ($      99.28)

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, 1994, 1993 and 1992


                                       Diversified                          
                                          Historic                        
                                          Advisors       Limited              
                                          1990 (1)  Partners (2)     Total
                                                                     
Percentage participation in profit or loss   1%          99%          100%
                                                                               
Balance at December 31, 1991 (unaudited)  $ 3,013    $3,701,530    $3,704,543
Net loss (unaudited)                       (5,046)     (499,560)     (504,606)
                                           ------     ---------     ---------

Balance at December 31, 1992               (2,033)    3,201,970     3,199,937
Net loss                                   (4,761)     (471,375)     (476,136)
                                           ------     ---------     ---------

Balance at December 31, 1993               (6,794)    2,730,595     2,723,801
Net loss                                   (4,823)     (477,456)     (482,279)
                                           ------     ---------     ---------

Balance at December 31, 1994          ($   11,617)   $2,253,139    $2,241,522
                                           ======     =========     ========= 

 (1)   General Partner.

 (2)   5,032  limited partnership units outstanding at December 31, 1994, 1993,
       and 1992.
<PAGE>
                      DIVERSIFIED HISTORIC INVESTORS 1990
                            (a limited partnership)
                                       
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                       
             For the Years Ended December 31, 1994, 1993 and 1992

                                                 1994        1993       1992
                                                                    (Unaudited)
Cash flows from operating activities:                                          
                                                                     
   Net loss                                   ($482,279)  ($476,136)  ($504,606)
   Adjustments to reconcile net loss to                                       
     net cash used in operating activities:                                    
Depreciation and amortization                   523,309     525,083    508,755
Minority Interests                              (66,011)    (57,451)   (65,930)
Changes in assets and liabilities:                                             
   Increase in restricted cash                   (2,153)    (97,857)   (17,257)
   Decrease (increase) in accounts receivable     4,876      (6,677)     3,982
   Increase in other assets                      (1,282)    (16,372)  (133,462)
   Increase (decrease) in accounts payable-trade 46,507     (80,109)   (24,944)
   Increase (decrease) in accounts payable -     24,247      31,678    (52,232)
     related parties
   Increase in interest payable                   1,468          -0-        -0-
   (Decrease) increase in tenant security 
     deposits                                    (3,854)    (25,473)    41,365
   Increase in other liabilities                  8,107      32,716     31,014
                                                 ------     -------    -------
     Net cash provided by (used in) operating    
       activities                                52,935    (170,598)  (213,315)
                                                 ------     -------    -------
Cash flows from investing activities:                                   
   Capital expenditures                          (8,690)    (10,004)    (1,969)
                                                 ------     -------    -------
     Net cash used in investing activities:      (8,690)    (10,004)    (1,969)
                                                 ------     -------    -------
Cash flows from financing activities:                                          
   Borrowings under debt obligations                 -0-         -0- 3,334,501
   Payments of principal under debt obligations (72,714)   (157,776)(3,351,242)
                                                 ------     -------  ---------
      Net cash used in financing activities:    (72,714)   (157,776)   (16,741)
                                                 ------     -------  ---------
Decrease in cash and cash equivalents           (28,469)   (338,378)  (232,025)
Cash and cash equivalents at beginning of year   41,873     380,251    612,276
                                                 ------     -------   --------
Cash and cash equivalents at end of year       $ 13,404   $  41,873  $ 380,251
                                                 ======     =======   ========  
Supplemental Disclosure of Cash Flow Information:                      
   Cash paid during the year for intrest      $ 530,639   $ 586,574  $ 538,609

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 consistently 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.   The financial  statements  for  the  year  ended
December 31, 1992 are unaudited, with the exception of the balance sheet  which
is  audited.   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 that year.

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
1994, 1993, and 1992).

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.

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.     Costs of Issuance

Costs  incurred in connection with the offering and sale of limited partnership
units  have been charged against partners' equity as a reduction of  the  gross
proceeds.

8.     Capitalized Interest

Interest,   real  estate  taxes,  and  insurance  costs  incurred  during   the
rehabilitation  period  have  been capitalized as  part  of  the  cost  of  the
property.

9.      Reclassifications

Certain  amounts  in  the 1993 financial statements have been  reclassified  to
conform with the format adopted in 1994.

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 - 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%  general  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 14,212 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.
<TABLE>
NOTE E - DEBT OBLIGATIONS

Debt obligations were as follows:                                                                       
<CAPTION>                                                                                            December 31,
                                                                             1994                1993
<S>                                                                      <C>                 <C>
Mortgage  loan;  interest  at 8%  until  January  1996,  when            $   794,934         $   814,760
interest  resets based on a specified index (8%  at  December                                           
31,  1994);  monthly payments of principal  and  interest  of
$7,102, based upon a 25-year amortization; collateralized  by
the related rental property; due in December 1997

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

                                                                                                        
Mortgage loan; interest at the Fidelity Federal Savings  Bank              1,768,814           1,780,828
prime  plus 1.5% with a minimum of 10% and a maximum  of  15%
(10%  at  December  31, 1994, and 1993) based  on  a  30-year
amortization  schedule;  callable  by  the  lender  in  1997;
principal due February 1, 2022; collateralized by the related
rental property

Mortgage loan; interest at 8.25%; monthly payments of $23,552              3,080,215           3,105,714
based  on a 30-year amortization schedule, collateralized  by
the related rental property; due November 1999

Note payable to developer; interest at 9%; payments based  on                160,874             175,000
positive cash flow of the property

Note   payable  to  developer;  interest  at  8.25%;  monthly                198,369             199,618
payments  of $1,514 based on a 30-year amortization schedule;                                           
collateralized by the related rental property;  due  November
1999
                                                                           ---------           ---------
                                                                          $6,275,832          $6,348,546
                                                                           =========           =========
</TABLE>
Maturities of debt  obligations at December 31, 1994, are as follows:

       Year Ending December 31,
                                     
          1995                       $     84,055
          1996                             90,630
          1997                            976,410
          1998                             77,086
          1999                          3,278,584
          Thereafter                    1,769,067
                                        ---------
                                     $  6,275,832
                                        =========

NOTE F - TRANSACTIONS WITH RELATED PARTIES

At December 31, 1992, the Partnership maintained $318,166 in bank accounts in a
bank  who has as a director a person who at that time was an affiliate  of  the
General  Partner.   The  Partnership  also earned  approximately  $12,114  from
deposits at this bank in 1992.

In  1992,  the  Partnership incurred fees of $16,510  for  accounting  services
performed  by  a  company  whose Chairman of the Board  was  at  that  time  an
affiliate of the General Partner.
NOTE G - 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,
                                          1994           1993           1992
                                        -------        --------       --------
Net loss - book                       ($ 482,279)    ($ 476,136)    ($ 504,606)
Excess of book over tax depreciation     168,100        167,927        170,293
Timing differences                       (30,420)         6,252        (44,678)
Minority interest                        (12,527)        (9,507)       (20,139)
                                        --------        -------        -------
Net loss - tax                        ($ 357,126)    ($ 311,464)    ($ 399,130)
                                        ========        =======        =======

Partners' equity - book                $2,241,522    $2,723,801     $3,199,937
Costs of issuance                         638,660       638,660        638,660
Cumulative book over (under) tax loss      89,816       (16,337       (181,009)
Basis reduction                        (1,565,104)   (1,565,104)    (1,565,104)
Capital adjustment - tax only                  -0-      (19,000)            -0-
                                        ---------     ---------      ---------
Partners' equity - tax                 $1,404,894    $1,762,020     $2,092,484
                                        =========     =========      =========

<PAGE>
                           SUPPLEMENTAL INFORMATION
<PAGE>
<TABLE>
                                 DIVERSIFIED HISTORIC INVESTORS 1990
                                       (a limited partnership)
                      SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION
                                          DECEMBER 31, 1995
<CAPTION>                                                                               
                                                       Costs                             
                                                  Capitalized             Gross Amount
                                 Initial Costs to Subsequent to         at which Carried at
                                  Partnership (b) Acquisition            December 31, 1995
                                                                                                                                  
                                        Buildings                     Buildings                                    
                                           and                           and                    Accum     Date of   Date
Description (a)  Encumbrances  Land     Improve   Improve    Land     Improve     Total      Depr.         Constr   Acquired
                    (e)                                                           (b)(c)        (c)         (d)      (a)    
<S>               <C>           <C>    <C>         <C>       <C>      <C>         <C>           <C>        <C>     <C>
30 unit                                                                                                                
apartments
and  665 square                                                                                                        
feet of                                                                                                                
commercial
space in           $1,046,108        - $3,027,000  $261,665        -  $3,288,665  $3,288,665    $751,258   1990    1990
Hartford, CT
                                                                                                                       
29 unit                                                                                                                
apartments and
14,212 square                                                                                                          
feet of
commercial space                                                                                                       
in Richmond, VA     1,756,294  186,381   2,287,980  328,204  186,381  $2,616,184   2,802,565     518,563   1990    1990
                                                                                                                       
68 unit                                                                                                                
apartments in
New Orleans, LA     3,396,852   62,475   5,103,816    3,679   62,475  $5,107,495   5,169,970   1,031,678   1991    1991
                    ---------  -------  ----------  -------  -------  ----------  ----------   ---------
                   $6,199,254 $248,856 $10,418,796 $593,548 $248,856 $11,012,344 $11,261,200  $2,301,499
                    =========  =======  ==========  =======  =======  ==========  ==========   =========      
</TABLE>
<PAGE>                                       
                      DIVERSIFIED HISTORIC INVESTORS 1990
                            (a limited partnership)
                                       
                             NOTES TO SCHEDULE XI
                                       
                               December 31, 1994

(A)    All  properties  are certified historic structures  as  defined  in  the
       Internal  Revenue Code, or are eligible for designation  as  such.   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,  1994,  for
       Federal  income tax purposes is approximately $9,610,207   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:

                                         1994          1993           1992
                                       --------      --------       --------
Balance at beginning of year          $11,239,460   $11,229,456    $11,227,487
Additions during the year:                                                
   Improvements                             8,690        10,004          1,969
                                       ----------    ----------     ----------
Balance at end of year                $11,248,150   $11,239,460    $11,229,456
                                       ==========    ==========     ==========
                                                                         
Reconciliation of accumulated depreciation:
                                         1994           1993            1992
                                       --------       --------        --------
Balance at beginning of year          $ 1,366,030   $   885,286    $   404,548
Depreciation expense for the year         468,629       480,744        480,738
                                       ----------    ----------     ----------
Balance at end of year                $ 1,834,659   $ 1,366,030    $   885,286
                                       ==========    ==========     ==========
(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        Period Served
                                  Office         

Bryn Mawr          Partner in     No fixed       June 1990 - May 1994
Properties         DoHA-1990      term
Advisors, Inc.     
("Bryn Mawr")

Dover Historic     Partner in     No fixed       Since September 1990
Advisors, Inc.     DoHA-1990      term
("Dover
Advisors")

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

                    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.

                     Michael J. Tuszka (age 48) was appointed Chairman of  both
Dover  Advisors and D, LTD on January 27, 1993.  Mr. Tuska has been  associated
with Dover Advisors and its affiliates since 1984.

                     Donna M. Zanghi (age 38) 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 31) was appointed on January  27,
1993  as  Assistant  Secretary of Dover Advisors, D,  LTD  and  DHP,  Inc.  and
Director of D, LTD.

                     Bryn Mawr, a wholly-owned subsidiary of BMR Holdings, Inc.
("BMR  Holdings") is a corporation formed in August 1988 under the laws of  the
commonwealth  of  Delaware which holds, as its principal asset,  a  controlling
interest  in  Resource  America, Inc. ("RAI"),  a  publicly-held  oil  and  gas
company.

                     BMR  Holdings is owned 93.7% by Bryn Mawr Resources,  Inc.
("BMR"), a Delaware Corporation and 6.3% by Bryn Mawr Energy Company ("BME"), a
Pennsylvania Corporation (which is 89.7% owned by BMR).
                     The  executive  officers and directors of  Bryn  Mawr  are
described below:

                     Francis J. Bagnell (age 66) is President and a Director of
Bryn Mawr.  He also serves as President, Chief Operating Officer and a Director
of RAI.

                     Tracy Meagher (age 34) was appointed on February 26,  1993
as Secretary of Bryn Mawr.

                     Effective May 11, 1994, Bryn Mawr resigned as a partner of
DoHA-1990.

                     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 - During 1994, Registrant paid a general
partner fee of $6,000 to DoHA-1990.

                b.    Compensation Pursuant to Plans - Registrant has  no  plan
pursuant  to  which  compensation was paid or distributed during  1994,  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  1994
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 1992 to 1994.

                 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.
                                    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, 1994 and 1993.

                   b. Consolidated Statements of Operations for the Years
                      Ended December 31, 1994, 1993 and 1992 (unaudited).

                   c. Consolidated  Statements of Changes in Partners' Equity
                      for the Years Ended December 31, 1994, 1993 and 1992.

                   d. Consolidated Statements of Cash Flows for the Years
                      Ended December 31, 1994, 1993 and 1992 (unaudited).

                   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                        Document
                      Number
                        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, 1994.

                   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:   May 12, 1995          By: Dover Historic Advisors 1990,
                                  General Partner
                                             
                                  By: Dover Historic Advisors, Inc., Partner
                                                 
                                       By: /s/ Michael J. Tuszka
                                           MICHAEL J. TUSZKA,
                                           Chairman
                                                      
                                       By: /s/ Donna M. Zanghi
                                            DONNA M. ZANGHI,
                                            Secretary and Treasurer
                                                      
                                       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/ Michael J. Tuszka                           May 8, 1995
         MICHAEL J. TUSZKA,
         Chairman

    By: /s/ Donna M. Zanghi                             May 12, 1995
         DONNA M. ZANGHI,
         Secretary and Treasurer

    By: /s/ Michele F. Rudoi                            May 12, 1995
         MICHELE F. RUDOI,
         Assistant Secretary