UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, DC.  20549

                            FORM 10-Q

(Mark One)

[X]  QUARTERLY  REPORT PURSUANT TO SECTION 13  OR  15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended         June 30, 2001
                               ----------------------------------

                               or

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number                 33-15597
                        -----------------------------------------

                DIVERSIFIED HISTORIC INVESTORS V
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    (Exact name of registrant as specified in its charter)

Pennsylvania                                        23-2479468
--------------                                  -----------------
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                 Identification No.)

           1521 Locust Street, Philadelphia, PA   19102
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     (Address of principal executive offices)    (Zip Code)

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

                              N/A
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(Former name, former address and former fiscal year, if changed
since last report)

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
                                            ------     ------

<PAGE>


                 PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

        Consolidated Balance Sheets - June 30, 2001 (unaudited)
        and December 31, 2000
        Consolidated Statements of Operations - For the Three
        Months and Six Months Ended June 30, 2001 and 2000
        (unaudited)
        Consolidated Statements of Cash Flows - For the Six
        Months Ended June 30, 2001 and 2000 (unaudited)
        Notes to Consolidated Financial Statements (unaudited)

Item 2.     Management's Discussion and Analysis of
               Financial Condition and Results of Operations.

               (1)  Liquidity

                     As of June 30, 2001, Registrant had cash  of
$10,074.   Such funds are expected to be used to pay  liabilities
and  general  and administrative expenses of Registrant,  and  to
fund   cash  deficits  of  the  property.   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 loan modifications with the lender  in
order  to  remain current on all obligations.  The Registrant  is
not aware of any additional sources of liquidity.

                      As   of  June  30,  2001,  Registrant   had
restricted cash of $117,096 consisting primarily of funds held as
security deposits and escrows for taxes.  As a consequence of the
restrictions as to use, Registrant does not deem these  funds  to
be a source of liquidity.

               (2)  Capital Resources

                    Any capital expenditures needed are generally
replacement  items and are funded out of cash from operations  or
replacement reserves, if any.  The Registrant is not aware of any
factors  which would cause historical capital expenditure  levels
not  to be indicative of 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  second  quarter  of  2001,  the
Registrant  incurred  a net loss of $25,598  ($2.27  per  limited
partnership  unit) compared to a net loss of $66,086  ($5.87  per
limited  partnership unit) for the same period in 2000.  For  the
first  six  months  of 2001, the Registrant incurred  a  loss  of
$59,428 ($5.27 per limited partnership unit) compared to net loss
of  $116,940 ($10.39 per limited partnership unit) for  the  same
period in 2000.

               Rental income increased $3,605 from $32,322 in the
second quarter of 2000 to $35,927 in the same period in 2001  and
increased $8,621 from $60,832 for the first six months of 2000 to
$69,453 in the same period in 2001. The increase in rental income
from the second quarter of 2000 to the same period in 2001 is due
to  an increase in average monthly rental rates, partially offset
by  a  decrease in average occupancy (92% to 82%).  The  increase
during the first six months of 2000 to the same period in 2001 is
due to an increase in average monthly rental rates.

                Rental operations expense decreased $18,263  from
$36,924  in  the second quarter of 2000 to $18,661  in  the  same
period  in  2001 and decreased $15,096 from $54,938 in the  first
six  months  of 2000 to $39,842 in the same period in  2001.  The
decrease  in both periods from 2000 to 2001 is due to a  decrease
in  maintenance expense and real estate tax expense. The decrease
in  maintenance  expense  is  due  to  a  decrease  in  apartment
preparation expenses, and the decrease in real estate tax expense
is  due to the decrease in the amount of payments made during the
periods.

              Interest expense increased $969 from $14,904 in the
second quarter of 2000 to $15,873 in the same period in 2001. The
increase  is due an increase in principal balance on the mortgage
in  which  the interest is calculated. Interest expense increased
$1,565  from $29,709 in the first six months of 2000  to  $31,274
for  the  first  six months of 2001. The increase in  the  second
quarter  and the first six months of 2001 is due to additions  to
the principal balance.

             In the second quarter of 2001, Registrant incurred a
loss of approximately $14,000 at the Lofts at Red Hill, including
$15,000 of depreciation and amortization expense, compared  to  a
loss of $35,000 including $15,000 of depreciation expense in  the
second  quarter  of 2000.  The decrease in loss from  the  second
quarter  of 2000 to the same period in 2001 is due to a  decrease
in  rental  operations  expense due  to  a  decrease  in  average
occupancy (92% to 82%).

              For  the  first  six  months  of  2001,  Registrant
incurred  a  loss of approximately $30,000 at the  Lofts  at  Red
Hill, including $30,000 of depreciation and amortization expense,
compared  to  a loss of $54,000 including $29,000 of depreciation
expense  in the same period of 2000.  The decrease in  loss  from
the first six months of 2000 to the same period in 2001 is due to
the  increase in rental income and a decrease in rental operating
expense.  The increase in rental income is due to an increase  in
average  monthly  rental rates. The decrease in rental  operating
expense  is  due  to  a  decrease in maintenance  expense  and  a
decrease  in real estate tax expense. The decrease in maintenance
expense  is  due to a decrease in apartment preparation  expense,
and the decrease in real estate tax expense due to a decrease  in
the payment amount during the period.

<PAGE>

                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

                   CONSOLIDATED BALANCE SHEETS
                   ---------------------------

                             Assets

                              June 30, 2001    December 31, 2000
                              -------------    -----------------
                               (Unaudited)
Rental properties, at cost:
 Land                          $   61,046           $   61,046
 Buildings and improvements     1,445,431            1,445,431
 Furniture and fixtures            89,316               89,316
                               ----------           ----------
                                1,595,793            1,595,793
Less-accumulated depreciation    (799,163)            (769,734)
                               ----------           ----------
                                  796,630              826,059
Cash and cash equivalents          10,074                7,545
Restricted cash                   117,096              112,630
Accounts and notes receivable      10,640                6,954
Other assets (net of
 amortization of $257,141 and
 $224,919 at June 30, 2001 and
 December 31, 2000,
  respectively)                    80,556              112,778
                               ----------           ----------
     Total                     $1,014,996           $1,065,966
                               ==========           ==========

                Liabilities and Partners' Equity
Liabilities:
 Debt obligations              $  451,118           $  429,645
 Accounts payable:
 Trade                            119,124              115,800
 Related parties                   33,656               33,656
 Taxes                                  0               17,332
Accrued liabilities                14,329               12,811
Tenant security deposits            9,190                9,715
                               ----------           ----------
     Total liabilities            627,417              618,959

Partners' equity                  387,579              447,007
                               ----------           ----------

     Total                     $1,014,996           $1,065,966
                               ==========           ==========

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

<PAGE>

                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF OPERATIONS
              -------------------------------------
                           (Unaudited)

                           Three months             Six months
                          ended June 30,          ended June 30,
                          2001      2000         2001        2000
                          ----      ----         ----        ----
                                  Restated                Restated
Revenues:
 Rental income          $35,927   $32,322     $ 69,453     $ 60,832
 Interest income          3,833        51        3,884          172
                        -------   -------     --------     --------
  Total revenues         39,760    32,373       73,337       61,004
                        -------   -------     --------     --------
Costs and expenses:
 Rental operations       18,660    36,924       39,842       54,938
 General and
  administrative              0    15,999            0       31,998
 Interest                15,873    14,904       31,273       29,709
 Depreciation and
  amortization           30,825    30,632       61,650       61,299
                        -------   -------     --------     --------
  Total costs and
   expenses              65,358    98,459      132,765      177,944
                        -------   -------     --------     --------

Net (loss) income      ($25,598) ($66,086)   ($ 59,428)   ($116,940)
                        =======   =======     ========     ========

Net (loss) income
 per limited
 partnership unit      ($  2.27) ($  5.87)   ($   5.27)   ($  10.39)
                        =======   =======     ========     ========

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

<PAGE>


                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF CASH FLOWS
              -------------------------------------
                           (Unaudited)

                                           Six months ended
                                              June 30,
                                          2001          2000
                                          ----          ----
                                                      Restated
Cash flows from operating activities:
 Net (loss) income                      ($59,428)    ($116,940)
  Adjustments to reconcile net (loss)
   income to net cash provided by
   used in) operating activities:
   Depreciation and amortization          61,650        61,299
   Extraordinary gain from
    extinguishment of debt                     0             0
   Changes in assets and liabilities:
   (Increase) decrease in restricted
    cash                                  (4,467)       (1,923)
   (Increase) decrease in accounts
    receivable                            (3,686)       (1,790)
   Increase in accounts payable - trade    3,324        40,644
   Decrease)  increase in accounts
    payable - taxes                      (17,332)       13,496
   Increase in accrued liabilities         1,520         1,096
  (Decrease) increase in tenant
    security deposits                       (525)        1,791
                                         -------      --------
Net cash used in operating activities:   (18,944)       (2,327)
                                         -------      --------
Cash flows from financing activities:
 Proceeds from debt financings            21,473         5,709
                                         -------      --------
Net cash provided by (used in)
 financing activities:                    21,473         5,709
                                         -------      --------
Increase (decrease) in cash and cash
 equivalents                               2,529         3,382
Cash and cash equivalents at
 beginning of period                       7,545         3,951
                                         -------      --------
Cash and cash equivalents at end of
 period                                  $10,074      $  7,333
                                         =======      ========

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

<PAGE>


                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

           The  unaudited  consolidated financial  statements  of
Diversified  Historic  Investors V (the "Registrant")  have  been
prepared  pursuant to the rules and regulations of the Securities
and  Exchange  Commission.  Accordingly, certain information  and
footnote  disclosures  normally included in financial  statements
prepared   in  accordance  with  generally  accepted   accounting
principles  have  been  omitted  pursuant  to  such   rules   and
regulations.  The accompanying consolidated financial  statements
and  related notes should be read in conjunction with the audited
financial statements and notes thereto in the Registrant's Annual
Report on Form 10-K for the year ended December 31, 2000.

               The information furnished reflects, in the opinion
of  management,  all adjustments, consisting of normal  recurring
accruals, necessary for a fair presentation of the results of the
interim periods presented.

                   PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

              To  the best of its knowledge, Registrant is not  a
party  to,  nor  is  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 quarter covered
by this report to a vote of security holders.


Item 6.     Exhibits and Reports on Form 8-K

         (a) Exhibit Number     Document
             --------------     --------
              3                 Registrant's    Amended     and
                                Restated Certificate of Limited
                                Partnership  and  Agreement  of
                                Limited Partnership, previously
                                filed as part of Amendment  No.
                                2  of Registrant's Registration
                                Statement  on  Form  S-11,  are
                                incorporated     herein      by
                                reference.


           (b)  Reports on Form 8-K:

            No  reports were filed on Form 8-K during the quarter
            ended June 30, 2001.

<PAGE>

                           SIGNATURES


                 Pursuant  to the requirements 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.



Date: September 23, 2002      DIVERSIFIED HISTORIC INVESTORS V
      ------------------
                              By: Dover Historic Advisors V,
                                   General Partner

                                  By: EPK, Inc., Partner

                                      By: /s/ Spencer Wertheimer
                                          ----------------------
                                          SPENCER WERTHEIMER
                                          President and Treasurer

<PAGE>