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, 1996
                          --------------------------------------------

[   ]  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,  1996,  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 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,  1996,  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, 1996, 122 apartment units are under  lease
at  monthly rental rates ranging from $210 to $1,900 and 14,451 sf  of
commercial/retail  space is under lease at an annual  rental  rate  of
$2.83 per sf for the basement area to $15.73 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, 1996 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,
1996)  bears  interest at 1% and is due June 2010.   The  second  note
payable  of  $920,000 (principal balance of $756,566 at  December  31,
1996)  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% (8% at December 31, 1996).
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,  1996,  28
residential apartments are under lease (93%) at monthly rents  ranging
from $375 to $608 per month.  As of December 31, 1996, none of the 665
sf of commercial space is under lease.

                     All  residential  leases are renewable,  one-year
leases.   The occupancy rate has been 92% for 1995, 96% for 1994,  98%
for  1993  and  97%  for  1992.  The monthly  rental  range  has  been
approximately  the same since 1992.  The occupancy for the  commercial
space has been 50% for 1995, 100% for 1994, 100% for 1993 and 100% for
1992.   The  range for annual rents has been $27.00 per sf  for  1995,
$27.00 per sf for 1994, $24.96 to $25.32 per sf for 1993 and $6.48  to
$6.84  per  sf  for 1992.  Half of the commercial space (333  sf)  was
occupied  by  one tenant who operated principally as  a  beauty  salon
until  November  1996.   The  lease officially  expired  in  1995  and
thereafter  the  tenant  remained on a  month  to  month  basis  while
negotiations  for renewal of the lease were conducted.   However,  all
attempts  to  reach an agreement failed and the tenant  moved  out  in
November.   Every  effort is being made at this time by  the  property
management  firm to rent all of the commercial space.   There  are  no
contingent rentals included in income for the years ended December 31,
1996,  1995 and 1994.  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  $27,015
which  is  based on an assessed value of $802,470 taxed at a  rate  of
$3.366  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
$1,741,781  at  December 31, 1996) bearing interest  at  10%  and  due
February  2022.   The  property is managed by an independent  property
management firm.  As of December 31, 1996, 29 of the apartments (100%)
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 $2.83 per sf for the basement area to $15.73 per sf
for the restaurant area.

                     All  residential  leases are renewable,  one-year
leases.  The occupancy rate has been 96% for 1995, 98% for 1994,  100%
for  1993  and  98%  for  1992.  The monthly  rental  range  has  been
approximately  the same since 1992.  The occupancy for the  commercial
space has been 100% for 1995, 100% for 1994, 100% for 1993 and 79% for
1992.   The range for annual rents has been $2.70 to $15.00 per sf  in
1995,  $16.68  per sf in 1994, $14.40 to $20.40 per sf  for  1993  and
$3.00 to $19.92 per sf for 1992.  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.  The lease  is  an  operating
lease  and the minimum future rental on the noncancelable lease as  of
December  31,  1996  is $132,000 per year.  There  are  no  contingent
rentals included in income for the years ended December 31, 1996, 1995
and  1994.   For tax purposes, this property has a basis of $2,471,646
and  is depreciated using the straight-line method with a useful  life
of  27.5  years.   The annual real estate taxes are $23,987  which  is
based  on  an assessed value of $1,710,000 taxed at a rate of  $1.4028
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.   Certain affiliates of the Registrant  simultaneously
acquired  26.7%  of  the  general partnership interests  in  the  same
Louisiana  partnership 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 $3,018,995 at December 31, 1996) and  the  other
for  $201,500  (principal balance of $194,924 at December  31,  1996).
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 $169,386  at  December
31,  1996)  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,
1996,  65 units are under lease (96%) with rents ranging from $460  to
$1,900.   All  leases are renewable, one-year leases.   The  occupancy
rates have been 100% for 1995, 93% for 1994, 92% for 1993 and 93%  for
1992.   The monthly rental range has been approximately the same since
1992.   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 $11,708 which is  based
on  an  assessed value of $65,700 taxed at a rate of $17.82 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  55  units  were
transferred of record in 1996.

                b.    As  of December 31, 1996, there were 487  record
holders of Units.

                c.   Registrant did not declare any cash dividends  in
1996 and 1995.

Item 6.        Selected Financial Data

                The following selected financial data are for the five
years  ended  December  31,  1996.   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.

                         1996      1995       1994        1993        1992
                       
Rental income        $1,081,821 $1,059,508 $1,026,467 $   998,697 $   874,439
Interest income           1,540      2,491      2,850       1,884      17,768
Net loss                496,109    469,528    482,279     476,136     504,606
Net loss per Unit         97.60      92.37      94.88       93.68       99.28
Total assets (net     8,771,520  9,244,523  9,755,227  10,299,756  11,032,307
  of depreciation   
  and amortization)                           
Debt obligations      6,154,276  6,199,255  6,275,832   6,348,546   6,506,322

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

               (1)  Liquidity

                     As  of December 31, 1996, Registrant had cash  of
approximately  $33,160. 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, 1996, Registrant had restricted
cash  of  $91,969  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.

                      The  Registrant  will  seek  to  refinance   the
outstanding loan at Jefferson Seymour which is scheduled to mature  in
December 1997.  There can be no assurances that such financing will be
available and if not the property will be marketed for sale.

               (3)  Results of Operations

                    During the fiscal year 1996, Registrant incurred a
loss  of $496,109 ($97.60 per limited partnership unit) compared to  a
loss  of $469,528 ($92.37 per limited partnership unit) in 1995 and  a
loss of $482,279 ($94.88 per limited partnership unit) in 1994.

                    Rental income increased from $1,026,467 in 1994 to
$1,059,508 in 1995 to $1,081,821 in 1996.  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 is due to an increase in the average  occupancy  of
residential  rentals (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 is the result of a decrease  in  the
average occupancy of residential and corporate apartment rentals  (98%
to  94%).  The increase from 1994 to 1995 was mainly the result of  an
increase in rental income at The Bakery Apartments and Shockoe  Hearth
Apartments, partially offset by a decrease at Jefferson Seymour.   The
increase  at The Bakery Apartments was 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 was the result of an increase in the rental income from its
sole  commercial  tenant,  as  well as  higher  average  occupancy  of
residential tenants.  The decrease at Jefferson Seymour was due to the
loss of one of its commercial tenants.

                     Expenses  for  rental operations  increased  from
$443,668  in  1994  to  $463,926 in 1995 to  $570,109  in  1996.   The
increase  from  1995  to  1996 is due to an  increase  in  maintenance
expense at all three properties, legal and real estate tax expense  at
Shockoe  Hearth Apartments and salary and wage 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 at Jefferson Seymour and  The  Bakery
Apartments  increased due to repairs and renovations made  to  several
units,  and  at  Shockoe Hearth Apartments and the Bakery  maintenance
expense increased due to extermination services performed to control a
termite  problem.   Legal fees increased at Shockoe Hearth  Apartments
due  to  negotiations between the property and the commercial  tenant,
and  real estate tax expense increased due to the expiration of a real
estate tax abatement.  Salary and wage 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.   The
increase  from  1994  to  1995  was mainly  due  to  higher  corporate
apartment  expense  incurred at The Bakery Apartments  due  to  higher
corporate  apartment  rentals, as well as  an  increase  in  insurance
expense experienced at each property due to higher premiums charged by
the  insurance  industry.  There was also an increase  in  maintenance
expense  at  Shockoe Hearth due to increased occupancy levels  of  the
residential apartments.  These increases were partially offset by  the
overall decrease of operating expenses at Jefferson Seymour due to the
loss of one of its commercial tenants causing a proportionate decrease
in utilities, maintenance, management fees, and wages.

                     Interest expense increased from $541,374 in  1994
to  $546,273 in 1995 and decreased to $522,698 in 1996.  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.  The increase from 1994 to 1995 is a
result  of  a  higher interest rate on the mortgage  loan  at  Shockoe
Hearth Apartments.

                     Depreciation  and amortization expense  decreased
from  $523,309 in 1994 to $516,745 in 1995 to $492,417 in  1996.   The
decrease  from  1995  to  1996 and 1994 to 1995  is  due  to  personal
property becoming fully depreciated at The Bakery Apartments.

                     In  1996 losses of $476,000 were incurred at  the
Registrant's  three  properties  compared  to  $432,000  in  1995  and
$448,000  in  1994.   A  discussion of property  operations/activities
follows:

                    In 1996, Registrant incurred a loss of $150,000 at
Jefferson/Seymour, including $128,000 of depreciation and amortization
expense  compared  to  a  loss  of  $126,000  including  $130,000   of
depreciation and amortization expense in 1995 and a loss  of  $126,000
including $132,000 of depreciation and amortization expense  in  1994.
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.  Although there was no material overall change in  the  loss
from  1994  to  1995, there was a decrease in rental income  partially
offset  by  a decrease in operating expenses.  The decrease in  rental
income  is  the  result of the loss of one of its  commercial  tenants
which  caused a proportionate decrease in operating expenses, such  as
utilities,  maintenance, management fees, and wages, partially  offset
by an increase in insurance expense due to higher premiums.

                    In 1996, Registrant incurred a loss of $115,000 at
Shockoe  Hearth  including $103,000 of depreciation  and  amortization
expense  compared  to  a  loss  of  $127,000  including  $102,000   of
depreciation and amortization expense in 1995 and a loss  of  $116,000
including $101,000 of depreciation and amortization expense  in  1994.
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 the property
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.  The increase  in  the
loss  from  1994  to  1995  is a result of an  increase  in  operating
expenses such as maintenance and insurance, as well as an increase  in
interest  expense, partially offset by an increase in  rental  income.
The  increase  in  maintenance is due to the higher  occupancy  levels
experienced  by  the  property during the year  and  the  increase  in
insurance  expense is due to higher premiums charged by the  insurance
industry.   The  increase  in interest expense  is  due  to  a  higher
interest  rate  on the mortgage loan.  The increase in income  is  the
result  of  an increased rental income from the commercial tenant,  as
well as higher average occupancy of residential units.

                    In 1996, Registrant incurred a loss of $211,000 at
the Bakery including $236,000 of depreciation and amortization expense
compared to a loss of $179,000 including $252,000 of depreciation  and
amortization expense in 1995 and a loss of $206,000 including $257,000
of depreciation and amortization expense in 1994.  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 salary and wage 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.
Salary  and  wage 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.   The decrease in the loss from 1994 to 1995 is  due  to  the
increased  rentals  of  corporate apartments  (which  generate  higher
revenue than residential units), offset proportionately by an increase
in  corporate  apartment expense, as well as an increase in  insurance
expense due to higher premiums.

                    Effective January 1, 1995, the Partnership adopted
the provisions of Statement of Financial Accounting Standards ("SFAS")
No.  121, "Accounting for the Impairment of Long - Lived Assets to  be
Disposed Of."  There was no cumulative effect of the adoption of  SFAS
NO. 121.

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, 1996 and 1995 and
the   related  consolidated  statements  of  operations,  changes   in
partners' equity and cash flows for the years ended December 31, 1996,
1995,  and  1994.   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  $3,943,320  and  $4,137,829, as of December  31,  1996  and  1995,
respectively,   and   total  revenues  of   $629,206   and   $640,781,
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, 1996 and  1995,
and the results of their operations and their cash flows for the years
ended  December 31, 1996, 1995, and 1994 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 10, 1997
<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, 1996 and 1995 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, 1996 and  1995,  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 17, 1997
<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, 1996 and 1995         14 

     Consolidated  Statements of Operations for the Years Ended
       December  31,  1996, 1995, and 1994                             15
                                                                         
     Consolidated  Statements  of Changes in Partners' Equity
       for  the  Years  Ended December 31, 1996, 1995, and 1994        16
                                                           
     Consolidated  Statements of Cash Flows for the Years Ended
       December  31,  1996, 1995 and 1994                              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, 1996 and 1995

                                Assets

                                                 1996             1995
Rental properties at cost:                                             
   Land                                     $    248,856      $    248,856 
   Buildings and improvements                 10,896,321        10,856,073  
     Furniture and fixtures                      155,592           156,271      
                                              ----------        ----------
                                              11,300,769        11,261,200 
   Less - accumulated depreciation            (2,755,349)       (2,301,499)
                                              ----------        ---------- 
                                               8,545,420         8,959,701 
                                               
Cash and cash equivalents                         33,160             5,116 
Restricted cash                                   91,969           146,315
Accounts receivable                               17,901            10,165  
Other assets (net of accumulated                                            
 amortization of $228,889 and $190,322)           83,070           122,309
                                              ----------        ---------- 
               Total                         $ 8,771,520       $ 9,243,606 
                                              ==========        ========== 
                                                 
                                 Liabilities and Partners' Equity
                                        
Liabilities:                             
   Debt obligations                          $ 6,154,278       $ 6,199,255 
   Accounts payable:                                        
        Trade                                    482,016           414,230 
        Related parties                          148,010           147,934 
   Interest payable                               91,435            23,296 
   Tenant security deposits                       67,040            63,129
   Other liabilities                              52,524            61,652      
                                              ----------        ----------
               Total liabilities               6,995,303         6,909,496

Minority interests                               500,332           562,116
Partners' equity                               1,275,885         1,771,994 
                                              ----------        ----------
               Total                         $ 8,771,520       $ 9,243,606  
                                              ==========        ==========

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, 1996, 1995 and 1994


                                          1996           1995          1994
                                                                       
Revenues:                                                           
   Rental income                       $1,081,821    $1,059,508    $1,026,467
   Interest income                          1,540         2,491         1,884
                                        ---------     ---------     ---------
       Total revenues                   1,083,361     1,061,999     1,028,351
                                        ---------     ---------     ---------
Costs and expenses:                                                
   Rental operations                      570,109       463,926       443,668
   General and administrative              56,030        57,129        62,262
   Interest                               522,698       546,273       541,374
   Depreciation and amortization          492,417       516,745       523,309
                                        ---------     ---------     ---------
       Total costs and expenses         1,641,254     1,584,073     1,570,613
                                        ---------     ---------     ---------
Loss before minority interests           (557,893)     (522,074)     (542,262)

Minority interests' portion of loss        61,784        52,546        59,983
                                        ---------     ---------     ---------
Net loss                              ($  496,109)  ($  469,528)  ($  482,279)
                                        =========     =========     ========= 

Net loss per limited partnership unit ($    97.60)  ($    92.37)  ($    94.88)
                                        =========     =========     =========

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, 1996, 1995 and 1994


                                      Diversified                        
                                        Historic                          
                                        Advisors      Limited         
                                        1990 (1)    Partners (2)     Total
                                                    
Percentage participation in 
  profit or loss                          1%           99%             100%
                                        
Balance at December 31, 1993        ($   6,794)     $2,730,595      $2,723,801
Net loss                                (4,823)       (477,456)       (482,279)
                                       -------       ---------       ---------
Balance at December 31, 1994           (11,617)      2,253,139       2,241,522
Net loss                                (4,695)       (464,833)       (469,528)
                                       -------       ---------       ---------
Balance at December 31, 1995           (16,312)      1,788,306       1,771,994
Net loss                                (4,961)       (491,148)       (496,109)
                                       -------       ---------       ---------
Balance at December 31, 1996         ($ 21,273)     $1,297,158      $1,275,885
                                       =======       =========       =========


(1)    General Partner.

(2)    5,032  limited  partnership units outstanding at  December  31,
       1996, 1995, and 1994.

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, 1996, 1995 and 1994

                                                   1996       1995        1994
                                                                       
Cash flows from operating activities:         
   Net loss                                     ($496,109) ($469,528) ($482,279)
   Adjustments to reconcile net loss to net cash 
     provided by operating activities:
Depreciation and amortization                      492,417   516,745    523,309
Minority Interests                                 (61,784)  (58,604)   (66,011)
Changes in assets and liabilities:            
   Decrease (increase) in restricted cash           54,346    (1,835)    (2,153)
   (Increase) decrease in accounts receivable       (7,736)     (544)     4,876
   Decrease (increase) in other assets                 672     2,016     (1,282)
   Increase in accounts payable - trade             67,786    47,260     46,507
   Increase in accounts payable - related parties       76    29,741     24,247
   Increase (decrease) increase in interest payable 68,139   (12,128)     1,468
   Increase (decrease) in tenant security deposits   3,911     6,045     (3,854)
   (Decrease) increase in other liabilities         (9,128)   22,171      8,107
                                                   -------   -------    -------
    Net cash provided by operating                 112,590    81,339     52,935
      activities                                   -------   -------    -------
Cash flows from investing activities:                        
   Capital expenditures                            (39,569)  (13,050)    (8,690)
                                                   -------   -------    -------
      Net cash used in investing activities:       (39,569)  (13,050)    (8,690)
                                                   -------   -------    -------
Cash flows from financing activities:            
   Payments of principal under debt obligations    (44,977)  (76,577)   (72,714)
                                                   -------   -------    -------
      Net cash used in financing activities:       (44,977)  (76,577)   (72,714)
                                                   -------   -------    -------
Increase (decrease) in cash and cash equivalents    28,044    (8,288)   (28,469)
Cash and cash equivalents at beginning of year       5,116    13,404     41,873
                                                   -------   -------    -------
Cash and cash equivalents at end of year          $ 33,160  $  5,116   $ 13,404
                                                   =======   =======    =======
Supplemental Disclosure of Cash Flow Information:       
   Cash paid during the year for interest         $454,559  $517,739   $530,639
                                           
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 1996, 1995, and 1994).

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.

11.    New Accounting Pronouncement

Effective  January 1, 1995, the Partnership adopted the provisions  of
Statement  of  Financial  Accounting  Standards  ("SFAS")   No.   121,
"Accounting for the Impairment of Long - Lived Assets and for  Long  -
Lived  Assets to be Disposed Of."  There was no cumulative  effect  of
the adoption of SFAS No. 121.

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 is $148,010 and $147,934
at  December  31, 1996 and 1995, 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, 1996 are as follows:

                          1997                     $141,291
                          1998                      147,906
                          1999                      154,852
                          2000                      162,145
                          2001                      177,480

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:                                   
<TABLE>
<S>                                                             <C>        <C>  
                                                                    December 31,
                                                                    1996         1995
 
Mortgage  loan;  interest  at 8%  until  January  1996,  when   $  756,566  $   776,470
interest  resets based on a specified index; 8%  at  December                          
31,  1996;  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; interest at 1%; monthly payments of  principal      272,626      269,638
and  interest  of  $1,380; based on  a  20-year  amortization
schedule; due 2010

Mortgage loan; interest at the Fidelity Federal Savings  Bank    1,741,781    1,756,295
prime  plus 1.5% with a minimum of 10% and a maximum  of  15%
(10%  at  December  31, 1996 and 1995)  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    3,018,995    3,050,603
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      169,386      152,385
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                                                               194,924      193,864
                                                                 ---------    ---------
                                                                $6,154,278   $6,199,255
                                                                 =========    =========
</TABLE>
Maturities of debt obligations at December 31, 1996, are as follows:

                    Year Ending December 31,
                                                    
                          1997                  $  976,633
                          1998                      77,670
                          1999                   3,186,913
                          2000                      47,392
                          2001                      48,526
                          Thereafter             1,817,144
                                                 ---------
                                                $6,154,278
                                                 =========
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,

                                             1996           1995        1994

Net loss - book                        ($  496,109)  ($  469,528)  ($  482,279)
Excess of book over tax depreciation       160,384       185,200       168,100
Other timing differences                    (1,379)        3,484           608
Minority Interest                          (21,621)      (31,983)      (43,555)
                                         ---------     ---------     ---------
Net loss - tax                         ($  358,725)  ($  312,827)  ($  357,126)
                                         =========     =========     ========= 

Partners' equity - book                  1,275,885    $1,771,994    $2,241,522
Costs of issuance                          638,660       638,660       638,660
Cumulative book over tax loss              383,901       246,517        89,816
Basis reduction                         (1,565,104)   (1,565,104)   (1,565,104)
                                         ---------     ---------     ---------
Partners' equity - tax                  $  733,342    $1,092,067    $1,404,894
                                         =========     =========     =========
<PAGE>                                   
                       SUPPLEMENTAL INFORMATION
<PAGE>
                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
        SCHEDULE XI - REAL ESTATE AND ACCUMULATED DEPRECIATION
                           DECEMBER 31, 1996
                                   
                                                                       Costs
                                                                    Capitalized
                                                                  Subsequent to
                                    Initial Cost to                Acquisition
                                    Partnership (b)

                                                   Buildings and 
Description (a)       Encumbrances        Land     Improvements     Improvements
                          (e)
                                                                               
30 unit apartments  
and 665 square feet
of commercial space                             
in Hartford, CT          $1,029,192          -        $3,027,000     $261,665
                                                                               
29 unit apartments                                                             
and 14,451 square feet
of commercial space
in Richmond, VA           1,741,781      186,381       2,287,980      334,121
                                                                               
68 unit apartments in                                                          
New Orleans, LA           3,383,303       62,475       5,103,816       37,331
                          ---------      -------      ----------      -------
                         $6,154,276     $248,856     $10,418,796     $633,117
                          =========      =======      ==========      =======

                       Gross Amount at which
                       Carried at 12/31/96
                                               
                                 Buildings                    
                                    and                    Accum    Date of Date
Description (a)         Land    Improvements   Total       Depr.    Constr.  Acq
                                               (b)(c)      (c)(d)     (a)
                      
30 unit apartments                       
and 665 square feet                                
of commercial space                          
in Hartford, CT                  $3,288,665  $3,288,665  $  877,719  1990  1990
                     
29 unit apartments      
and 14,451 square feet
of commercial space
in Richmond, VA         186,381   2,622,101   2,808,482     624,478  1990  1990
                         
68 unit apartments in                          
New Orleans, LA          62,475   5,141,147   5,203,622   1,253,152  1991  1991
                        -------  ----------  ----------   ---------
                       $248,856 $11,051,913 $11,300,769  $2,755,349
                        =======  ==========  ==========   =========
<PAGE>
                  DIVERSIFIED HISTORIC INVESTORS 1990
                        (a limited partnership)
                                   
                         NOTES TO SCHEDULE XI
                                   
                           December 31, 1996

(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,  1996,
       for  Federal  income tax purposes is approximately  $8,301,167.
       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:

                                            1996          1995           1994
Balance at beginning of year             $11,261,200   $11,248,150   $11,239,460
Additions during the year:                           
   Improvements                               39,569        13,050         8,690
                                          ----------    ----------    ----------
Balance at end of year                   $11,300,769   $11,261,200   $11,248,150
                                          ==========    ==========    ==========
Reconciliation of accumulated depreciation:
                                            1996           1995          1994
Balance at beginning of year             $ 2,301,499   $ 1,834,659   $ 1,366,030
Depreciation expense for the year            453,850       466,840       468,629
                                          ----------    ----------    ----------
Balance at end of year                   $ 2,755,349   $ 2,301,499   $ 1,834,659
                                          ==========    ==========    ==========

(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. ("Dover Advisors")   1990

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.

                     Michael J. Tuszka (age 50) was appointed Chairman
of  both  Dover Advisors and D, LTD on January 27, 1993.   Mr.  Tuszka
resigned as Chairman and Director of both Dover Advisors and D, LTD on
June 30, 1996.

                      Donna   M.   Zanghi  (age  40)   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 32)  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 1996.

               b.   Compensation Pursuant to Plans - Registrant has no
plan  pursuant  to  which compensation was paid or distributed  during
1996, 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  1996 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 1994 to 1996.

               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, 1996 and 1995.

                   b. Consolidated Statements of Operations for the Years Ended
                      December 31, 1996, 1995 and 1994.

                   c. Consolidated Statements  of  Changes in Partners'  Equity
                      for  the Years Ended December 31, 1996, 1995 and 1994.

                   d. Consolidated Statements of Cash Flows for the Years Ended
                      December 31, 1996, 1995 and 1994.

                   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, 1996.

                   (c) Exhibits:

                       See  Item  14  (A)(3)  above.
<PAGE>
                              SIGNATURES

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

                            DIVERSIFIED HISTORIC INVESTORS 1990
                                             
Date: April 21, 1997        By: Dover Historic Advisors 1990,
                                General Partner
                                             
                                By: Dover Historic Advisors, Inc.,
                                    Partner
                                                
                                    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/ Donna M. Zanghi                        April 21, 1997
              DONNA M. ZANGHI,
              Secretary and Treasurer

    By:       /s/ Michele F. Rudoi                       April 21, 1997
              MICHELE F. RUDOI,
              Assistant Secretary