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, 1997
                          --------------------------------------------

[   ]  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
----------------------------------------------------------------------
        (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 
----------------------------------------------------------------------
(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
----------------------------------------------------------------------
                           (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 the Pennsylvania Uniform
Limited  Partnership  Act.  As of December 31,  1997,  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 (Jefferson  Seymour)
is  a  low-income housing structure which qualifies for, has received,
and  will  continue  to  receive 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,  1997,  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, 1997, 122 apartment units are under  lease
at  monthly rental rates ranging from $210 to $2,170 and14,451  sf  of
the commercial/retail space is under lease at an annual rental rate of
$2.97 per sf for the basement area to $16.51 per sf for the restaurant
area.   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.  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, 1997 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,
1997)  bears  interest at 1% and is due June 2010.   The  second  note
payable  of  $920,000 (principal balance of $747,819 at  December  31,
1997)  bears interest at the lender's cost of funds plus  2  1/2%.   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, 1997,  29  residential
apartments are under lease (97%) at monthly rents ranging from $375 to
$608  per  month.   As of December 31, 1997, none of  the  665  sf  of
commercial  space is under lease, however 50% of the space was  rented
for four months during 1997 (17%).  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 92% for 1996, 92% for 1995, 96% for 1994, and 98% for  1993.
The  monthly rental range has been approximately the same since  1993.
The occupancy for the commercial space was 46% for 1996, 50% for 1995,
100%  for  1994,  and 100% for 1993.  The range for annual  rents  was
$27.00  per  sf for 1996, $27.00 per sf for 1995, $27.00  per  sf  for
1994,  and  $24.96 to $25.32 per sf for 1993.  There are no contingent
rentals included in income for the years ended December 31, 1997, 1996
and  1995.   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 sf),  consisting  of  the  equity
contribution and $1,800,000 provided by a loan (principal  balance  of
$1,725,581  at  December 31, 1997) bearing interest  at  10%  and  due
February  2022.   The  loan was called by the  lender  in  1997.   The
Registrant  is in the process of obtaining refinancing for  the  loan.
The  proposed  refinancing  has  a  principal  balance  of  $1,799,000
bearing interest at 8% with principal and interest payments based on a
25 year amortization schedule,  principal due in 2017.

                    The property is managed by an independent property
management  firm.  As of December 31, 1997, all 29 of  the  apartments
are  under  lease with rents ranging from $210 to $577 per month,  and
all  of  the commercial space is under lease by one tenant  at  annual
rents ranging from $2.97 per sf for the basement area to $16.51 per sf
for  the restaurant area.  All residential leases are renewable,  one-
year leases.  The occupancy rate was 100% for 1996, 96% for 1995,  98%
for  1994,  and  100%  for 1993.  The monthly rental  range  has  been
approximately  the same since 1993.  The occupancy for the  commercial
space  was 100% for 1996, 100% for 1995, 100% for 1994, and  100%  for
1993.   The range for annual rents was $2.80 to $16.00 per sf in 1996,
$2.70  to $15.00 per sf in 1995, $16.68 per sf in 1994, and $14.40  to
$20.40  per  sf  for 1993.  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 $138,000
per  year.  There are no contingent rentals included in income for the
years ended December 31, 1997, 1996 and 1995.  For tax purposes,  this
property  has  a  basis  of $2,490,950 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.  Registrant 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 (principal balance of $2,984,137 at December
31, 1997) and the other for $201,500 (principal balance of $194,273 at
December  31,  1997).  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  general partner of BAGP and has the same terms as the first loan.
In  March 1991, a $175,000 collateral mortgage note (principal balance
of  $161,533 at December 31, 1997) 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, 1997, 64 units are under lease
(94%)  with  rents  ranging  from $560  to  $2,170.   All  leases  are
renewable, one-year leases.  The occupancy rate was 95% for 1996, 100%
for  1995,  93% for 1994, and 92% for 1993.  The monthly rental  range
has  been  approximately the same since 1993.  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  60  units  were
transferred of record in 1997.

                b.    As  of December 31, 1997, there were 489  record
holders of Units.

                c.   Registrant did not declare any cash dividends  in
1997 and 1996.

Item 6.        Selected Financial Data

                The following selected financial data are for the five
years  ended  December  31,  1997.   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.

                      1997        1996        1995        1994        1993
                                                                 
Rental income      $1,092,708  $1,081,821  $1,059,508  $1,026,467 $   998,697
Interest income           300       1,540       2,491       1,884       2,850
Net loss              450,509     496,109     469,528     482,279     476,136
Net loss per Unit       88.63       97.60       92.37       94.88       93.68
Total assets (net   8,351,689   8,771,520   9,244,523   9,755,227  10,299,756   
  of depreciation    
  and amortization)
Debt obligations    6,085,969   6,154,278   6,199,255   6,275,832   6,348,546

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

               (1)  Liquidity

                     As  of December 31, 1997, Registrant had cash  of
approximately  $28,549. 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, 1997, Registrant had restricted
cash  of  $95,609  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

                      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.

               (3)  Results of Operations

                    During the fiscal year 1997, Registrant incurred a
loss  of $450,509 ($88.63 per limited partnership unit) compared to  a
loss  of $496,109 ($97.60 per limited partnership unit) in 1996 and  a
loss of $469,528 ($92.37 per limited partnership unit) in 1995.

                     Rental income increased from  $1,059,508 in  1995
to  $1,081,821 in 1996 to $1,092,708 in 1997. The increase  of  rental
income  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 in rental income 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%).  The increase from 1995
to  1996  is  due  to an increase in rental income at  Shockoe  Hearth
Apartments  and Jefferson Seymour, partially offset by a  decrease  at
The  Bakery  Apartments.   The increase in rental  income  at  Shockoe
Hearth  Apartments was due to an increase in the average occupancy  of
residential  units  (96% to 100%) combined with  an  increase  in  the
rental  income  from the sole commercial tenant, and the  increase  at
Jefferson  Seymour is the result of higher average rental rates.   The
decrease at The Bakery Apartments was the result of a decrease in  the
average occupancy of residential and corporate apartment rentals  (98%
to 94%).

                     Expenses  for  rental operations  increased  from
$463,926  in  1995 to $570,109 in 1996 and decreased  to  $534,794  in
1997.   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).

                     The  increase  from 1995 to 1996  is  due  to  an
increase in maintenance expense at all three properties, as well as an
increase  in  legal  and  real estate tax expense  at  Shockoe  Hearth
Apartments  and  salaries and wages expense at The Bakery  Apartments,
partially  offset  by  a decrease in insurance  expense  at  Jefferson
Seymour  and  corporate  apartment expense at The  Bakery  Apartments.
Maintenance expense increased at Jefferson Seymour due to repairs  and
renovations made to several units, and increased at Shockoe Hearth and
The  Bakery  Apartments  due to extermination  services  performed  to
control  a  termite problem.  Legal fees increased at  Shockoe  Hearth
Apartments  due  to negotiations between property management  and  the
commercial  tenant, and real estate tax expense increased due  to  the
expiration of a real estate tax abatement.  Salaries and wages expense
increased  at The Bakery Apartments due to a reassessment  of  certain
expenses by the management company, and insurance expense decreased at
Jefferson  Seymour due to a decrease in premiums.  Corporate apartment
expense  decreased  at The Bakery Apartments due  to  lower  corporate
apartment rentals.

                     Interest expense decreased from $546,273 in  1995
to  $522,698 in 1996 and increased to $540,682 in 1997.  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.  The decrease from  1995  to
1996  is  due to the accrual of additional interest in 1995 on amounts
owed  to  an affiliate of the Registrant upon which interest  had  not
been properly calculated.

                     Depreciation  and amortization expense  decreased
from  $516,745  in 1995 to $492,417 in 1996 and to $475,914  in  1997.
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.
The  decrease  from 1995 to 1996 is due to personal property  becoming
fully depreciated at The Bakery Apartments in 1995.

                     In  1997 losses of $422,000 were incurred at  the
Registrant's  three  properties  compared  to  $476,000  in  1996  and
$432,000  in  1995.   A  discussion of property  operations/activities
follows:

                    In 1997, Registrant incurred a loss of $152,000 at
Jefferson/Seymour, including $128,000 of depreciation and amortization
expense  compared  to  a  loss  of  $150,000  including  $128,000   of
depreciation and amortization expense in 1996 and a loss  of  $126,000
including $130,000 of depreciation and amortization expense  in  1995.
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. The increase in the loss from 1995 to 1996 is  due  to  an
increase  in  maintenance expense partially offset by an  increase  in
rental  income  and  a  decrease  in insurance  expense.   Maintenance
expense  increased  due to the replacement of  carpeting  as  well  as
repairs  to heating systems in several units.  Rental income increased
due  to higher average rental rates, while insurance expense decreased
due to lower premiums.

                     In 1997, Registrant incurred a loss of $80,000 at
Shockoe  Hearth  including  $99,000 of depreciation  and  amortization
expense  compared  to  a  loss  of  $115,000  including  $103,000   of
depreciation and amortization expense in 1996 and a loss  of  $127,000
including $103,000 of depreciation and amortization expense  in  1995.
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.
The  decrease  in  the  loss from 1995 to 1996 is  the  result  of  an
increase  in  rental  income  partially  offset  by  an  increase   in
maintenance expense, legal fees, and real estate taxes.  The  increase
in  rental  income is due to higher average occupancy  of  residential
rentals  (96% to 100%) combined with an increase in the rental  income
from the sole commercial tenant.  Maintenance expense increased due to
extermination  services performed to control a  termite  problem,  and
legal  fees  increased  as a result of negotiations  between  property
management and the commercial tenant.  Real estate taxes increased due
to  the expiration of a real estate tax abatement in 1996 which caused
the assessment value of the property to increase from $271,972 in 1995
to $1,710,000 in 1996 which resulted in an increase in the real estate
taxes from $3,930 in 1995 to $23,987 in 1996.

                    In 1997, Registrant incurred a loss of $190,000 at
the Bakery including $223,000 of depreciation and amortization expense
compared to a loss of $211,000 including $236,000 of depreciation  and
amortization expense in 1996 and a loss of $179,000 including $252,000
of depreciation and amortization expense in 1995.  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.   The increase in the loss from 1995 to 1996 is the  result
of   a  decrease  in  rental  income  combined  with  an  increase  in
maintenance  and  salaries and wages expense, partially  offset  by  a
decrease  in  interest expense and corporate apartment  expense.   The
decrease  in  rental  income  is due to  a  decrease  in  the  average
occupancy of residential units and corporate apartments (98% to  94%).
Maintenance  expense increased due to the replacement of carpeting  in
several  units  and extermination services performed  to  control  the
termites  which are prevalent in the New Orleans area.   Salaries  and
wages  expense increased due to a reassessment of certain expenses  by
the management company.  Interest expense decreased due to the accrual
of  interest in 1995 on amounts owed to an affiliate of the Registrant
upon  which  interest  had  not been properly  calculated.   Corporate
apartment expense decreased due to lower corporate apartment rentals.

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  sheets  of
Diversified   Historic   Investors  1990   (a   Pennsylvania   Limited
Partnership) and its subsidiaries as of December 31, 1997 and 1996 and
the   related  consolidated  statements  of  operations,  changes   in
partners' equity and cash flows for the years ended December 31, 1997,
1996,  and  1995.   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 General Partnership, which statements reflect total  assets
of  $3,705,621  and  $3,943,320, as of December  31,  1997  and  1996,
respectively,   and   total  revenues  of   $625,890   and   $629,206,
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 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, 1997 and  1996,
and the results of their operations and their cash flows for the years
ended  December 31, 1997, 1996, and 1995 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 25 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, 1998
<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, 1997 and 1996 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, 1997 and  1996,  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 30, 1998
<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, 1997 and 1996       14
                                                                
     Consolidated  Statements of Operations for the Years Ended
       December  31,  1997, 1996, and 1995                           15
                                                                
     Consolidated  Statements  of Changes in Partners' Equity 
       for  the  Years  Ended  December 31, 1997, 1996, and 1995     16
                                                              
     Consolidated  Statements of Cash Flows for the Years Ended
       December  31,  1997, 1996, and 1995                           17
                                                  
     Notes to consolidated financial statements                    18-23
                                          
Financial statement schedules:                                 

     Schedule XI - Real Estate and Accumulated Depreciation          25
                                            
     Notes to Schedule XI                                            26



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, 1997 and 1996

                                Assets

                                                    1997              1996  
Rental properties at cost:                  
   Land                                         $   248,856       $   248,856 
   Buildings and improvements                    10,915,625        10,896,321 
   Furniture and fixtures                           155,592           155,592 
                                                 ----------        ---------- 
                                                 11,320,073        11,300,769  
   Less - accumulated depreciation               (3,195,801)       (2,755,349)
                                                 ----------        ----------
                                                  8,124,272         8,545,420 
                                          
Cash and cash equivalents                            28,549            33,160 
Restricted cash                                      95,609            91,969 
Accounts receivable                                  24,505            17,901 
Other assets (net of accumulated                               
   amortization of $264,054 and $228,889)            79,944            83,070
                                                 ----------        ----------
               Total                            $ 8,352,879       $ 8,771,520
                                                 ==========        ========== 
                                                 
                                 Liabilities and Partners' Equity
                                                   
Liabilities:                            
   Debt obligations                             $ 6,085,969       $ 6,154,278 
   Accounts payable:                      
        Trade                                       579,708           482,016 
        Related parties                             192,796           148,010 
   Interest payable                                 125,670            91,435
   Tenant security deposits                          61,038            67,040
   Other liabilities                                 37,864            52,524
                                                 ----------        ----------

               Total liabilities                  7,083,045         6,995,303
                                                 ----------        ----------
Minority interests                                  444,459           500,332 
                                                                   
Partners' equity                                    825,375         1,275,885
                                                 ----------        ----------
               Total                            $ 8,352,879       $ 8,771,520 
                                                 ==========        ==========
                                   
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, 1997, 1996 and 1995

                                          1997           1996          1995
                                                                       
Revenues:                            
   Rental income                       $1,092,708     $1,081,821    $1,059,508
   Interest income                            300          1,540         2,491
                                        ---------      ---------     ---------
            Total revenues              1,093,008      1,083,361     1,061,999
                                        ---------      ---------     ---------
Costs and expenses:            
   Rental operations                      534,794        570,109       463,926
   General and administrative              48,000         56,030        57,129
   Interest                               540,682        522,698       546,273
   Depreciation and amortization          475,914        492,417       516,745
                                        ---------      ---------     ---------
            Total costs and expenses    1,599,390      1,641,254     1,584,073
                                        ---------      ---------     --------- 
Loss before minority interests           (506,382)      (557,893)     (522,074)

Minority interests' portion of loss        55,873         61,784        52,546
                                        ---------      ---------     ---------
Net loss                              ($  450,509)   ($  496,109)  ($  469,528)
                                        =========      =========     ========= 
Net loss per limited partnership unit: 
      Loss before minority interests  ($    99.62)   ($   109.75)  ($   102.71)
      Minority interests                    10.99          12.15         10.34
                                        ---------      ---------     ---------
                                      ($    88.63)   ($    97.60)  ($    92.37)
                                        =========      =========     =========
                                                          
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, 1997, 1996 and 1995


                                          Diversified                        
                                            Historic                          
                                            Advisors      Limited         
                                            1990 (1)   Partners (2)     Total
                                                    
Percentage participation in profit or loss     1%          99%           100%
                                            
Balance at December 31, 1994               ($11,617)   $2,253,139   $2,241,522
Net loss                                     (4,695)     (464,833)    (469,528)
                                             ------     ---------    ---------
Balance at December 31, 1995                (16,312)    1,788,306    1,771,994
Net loss                                     (4,961)     (491,148)    (496,109)
                                             ------     ---------    ---------
Balance at December 31, 1996                (21,273)    1,297,158    1,275,885
Net loss                                     (4,505)     (446,004)    (450,509)
                                             ------     ---------    ---------
Balance at December 31, 1997               ($25,778)   $  851,154   $  825,376
                                             ======     =========    =========



(1)    General Partner.

(2)    5,032  limited  partnership units outstanding at  December  31,
       1997, 1996, and 1995.

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, 1997, 1996 and 1995

                                                   1997       1996       1995
                                                                       
Cash flows from operating activities:      
   Net loss                                     ($450,509) ($496,109) ($469,528)
   Adjustments to reconcile net loss to net 
     cash provided by operating activities:
Depreciation and amortization                     475,914    492,417    516,745
Minority Interests                                (55,873)   (61,784)   (58,604)
Changes in assets and liabilities:                                       
   (Increase) decrease in restricted cash          (3,640)    54,346     (1,835)
   Increase in accounts receivable                 (6,604)    (7,736)      (544)
   (Increase) decrease  in other assets           (32,337)       672      2,016
   Increase in accounts payable - trade            97,692     67,786     47,260
   Increase in accounts payable - related parties  44,786         76     29,741
   Increase (decrease) in interest payable         34,235     68,139    (12,128)
   (Decrease) increase in tenant security deposits (6,002)     3,911      6,045
   (Decrease) increase in other liabilities       (14,660)    (9,128)    22,171
      Net cash provided by operating              -------    -------    -------
      activities                                   83,002    112,590     81,339
                                                  -------    -------    -------
Cash flows from investing activities:           
   Capital expenditures                           (19,304)   (39,569)   (13,050)
                                                  -------    -------    -------
      Net cash used in investing activities:      (19,304)   (39,569)   (13,050)
                                                  -------    -------    -------
Cash flows from financing activities:       
   Payments of principal under debt obligations   (68,309)   (44,977)   (76,577)
                                                  -------    -------    -------
      Net cash used in financing activities:      (68,309)   (44,977)   (76,577)
                                                  -------    -------    -------
(Decrease) increase in cash and cash equivalents   (4,611)    28,044     (8,288)
Cash and cash equivalents at beginning of year     33,160      5,116     13,404
                                                  -------    -------    -------
Cash and cash equivalents at end of year         $ 28,549   $ 33,160   $  5,116
                                                  =======    =======    =======
Supplemental Disclosure of Cash Flow Information:
   Cash paid during the year for interest        $506,447   $454,559   $517,739
                 
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.   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 1997, 1996, and 1995).

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  a
continued hold of 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 a continued hold of  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.

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 $192,796 and $148,010
at  December  31, 1997 and 1996, 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 property.

NOTE E - LEASES

The  Partnership's  leases with commercial tenants are  classified  as
operating leases.  Leases are generally for a period of three to  five
years and provide for a fixed base rent plus contingent rents based on
level of sales and sharing of certain operating costs.

Minimum  future commercial rentals on operating leases as of  December
31, 1997 are as follows:

                          1998            $147,906
                          1999             154,852
                          2000             162,145
                          2001             177,480
                          2002             185,417

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,
                                                           1997        1996
                                                          ------      ------
Mortgage loan; interest at 8% until January 1996 when   $  747,819  $  756,566
interest resets based on a specified index; monthly
payments of $7,102 based on a 25 year amortization;
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 the Fidelity Federal Savings  1,725,581   1,741,781
Bank prime plus 1.5% with a minimum of 10% and a maximum
of 15% (10% at December 31, 1997 and 1996) based on a
30-year amortization schedule; callable by the lender in
1997; principal due February 1, 2022; collateralized by
the related rental property (B)

Mortgage loan; interest at 8.25%; monthly payments of    2,984,137   3,018,995
$23,552 based on a 30-year amortization schedule,
collateralized by the related rental property; due
November 1999

Note payable to developer; interest at 9%; payments        161,533     169,386
based on positive cash flow of the property

Note payable to developer; interest at 8.25%; monthly                          
payments of $1,514 based on a 30-year amortization
schedule; collateralized by the related rental property;
due November 1999                                          194,273     194,924
                                                         ---------   ---------
                                                        $6,085,969  $6,154,278
                                                         =========   =========

(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  lender called the note in 1997.  The Partnership is in  the
       process   of  refinancing  the  mortgage  loan.   The  proposed
       refinancing  has  a  principal balance  of  $1,799,000  bearing
       interest at 8% and will be due in 2017.

Maturities of debt obligations at December 31, 1997, are as follows:

                    Year Ending December 31,
                                                    
                          1998                   $1,082,007
                          1999                    3,169,344
                          2000                       30,439
                          2001                       33,626
                          2002                       37,147
                          Thereafter              1,733,406
                                                  ---------
                                                 $6,085,969
                                                  =========

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,
                                            1997          1996           1995
                                           ------        ------         ------
Net loss - book                         ($  450,509)  ($  496,109)  ($  469,528)
Excess of book over tax depreciation        134,039       160,384       185,200
Other timing differences                      1,759        (1,379)        3,484
Minority Interest                           (15,699)      (21,621)      (31,983)
                                          ---------     ---------     ---------
Net loss - tax                          ($  330,410)  ($  358,725)  ($  312,827)
                                          =========     =========     =========

Partners' equity - book                  $  825,376    $1,275,885    $1,771,994
Costs of issuance                           638,660       638,660       638,660
Cumulative book over tax loss               504,000       383,901       246,517
Basis reduction                          (1,565,104)   (1,565,104)   (1,565,104)
                                          ---------     ---------     ---------
Partners' equity - tax                   $  402,932    $  733,342    $1,092,067
                                          =========     =========     =========
                                   
<PAGE>                                   
                       SUPPLEMENTAL INFORMATION
<PAGE>
                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
        SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION
                           DECEMBER 31, 1997
                                   
                                                                        Costs
                                                                     Capitalized
                                                                   Subsequent to
                                                                    Acquisition
                                        Initial Cost          
                                        to Partnership
                                             (b)

                                                   Buildings and    
Description (a)         Encumbrances     Land      Improvements     Improvements
                            (e)
                                                                               
30 unit apartments                                                  
and 665 square feet                 
of commercial space
in Hartford, CT          $1,020,445        -        $3,027,000        $261,665
                                                                               
29 unit apartments                                                             
and 14,451 square feet    
of commercial space 
in Richmond, VA           1,725,581     186,381      2,287,980         353,425
                                                                               
68 unit apartments in                                                          
New Orleans, LA           3,339,943      62,475      5,103,816          37,331
                          ---------     -------     ----------         -------
                         $6,085,969    $248,856    $10,418,796        $652,421
                          =========     =======     ==========         =======

                        Gross Amount at which        
                       Carried at December 31,
                                1997

                                               
                                   Buildings                          
                                      and               Accum. Date of   Date
Description (a)          Land     Improvements  Total    Depr. Constr.  Acquired
                                                (b)(c)  (c)(d)   (d)       (a)
                                                                 
30 unit apartments                                             
and 665 square feet
of commercial space
in Hartford, CT                    $3,288,665 $3,288,665 $1,012,554 1990  1990
                                                   
29 unit apartments                              
and 14,451 square feet   
of commercial space 
in Richmond, VA          186,381    2,641,405  2,827,786    729,748 1990  1990
                                                 
68 unit apartments in                                              
New Orleans, LA           62,475    5,141,147  5,203,622  1,453,499 1991  1991
                         -------   ---------- ----------  --------- 
                        $248,856  $11,071,217$11,320,073 $3,195,801
                         =======   ========== ==========  =========
<PAGE>
                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                         NOTES TO SCHEDULE XI
                                   
                           December 31, 1997

(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,  1997,
       for  Federal  income tax purposes is approximately  $8,320,471.
       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:

                                             1997         1996         1995
                                            ------       ------       ------
Balance at beginning of year             $11,300,769  $11,261,200  $11,248,150
Additions during the year:         
   Improvements                               19,304       39,569       13,050
                                          ----------   ----------   ----------
Balance at end of year                   $11,320,073  $11,300,769  $11,261,200
                                          ==========   ==========   ==========

Reconciliation of accumulated depreciation:
Balance at beginning of year             $ 2,755,349  $ 2,301,499  $ 1,834,659
Depreciation expense for the year            440,452      453,850      466,840
                                          ----------   ----------   ----------
Balance at end of year                   $ 3,195,801  $ 2,755,349  $ 2,301,499
                                          ==========   ==========   ==========

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

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

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
1997, 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  1997 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 1995 to 1997.

               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, 1997
                        and 1996.

                    b.  Consolidated Statements of Operations for the Years
                        Ended December 31, 1997, 1996 and 1995.

                    c.  Consolidated Statements  of  Changes in Partners' Equity
                        for the Years Ended December 31, 1997, 1996 and 1995.

                    d.  Consolidated Statements of Cash Flows for the Years
                        Ended December 31, 1997, 1996 and 1995.

                    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
                         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, 1997.

                     (c)    Exhibits:
                            See  Item  14  (A)(3) above.

                              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 20, 1998         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 20, 1998
           --------------------------                       --------------
           JACQUELINE D. REICHMAN
           Partner

    By:    /s/ Michele F. Rudoi                             April 20, 1998
           ---------------------------                      --------------
           MICHELE F. RUDOI,
           Assistant Secretary