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, 2000
                               ----------------------------------

                               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
-----------------------------------------------------------------
     (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.)

            1609 Walnut Street, Philadelphia, PA   19103
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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, 2000 (unaudited)
        and December 31, 1999
        Consolidated Statements of Operations - For the Three
        Months and Six Months Ended June 30, 2000 and 1999
        (unaudited)
        Consolidated Statements of Cash Flows - For the Six
        Months Ended June 30, 2000 and 1999 (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, 2000, Registrant had cash of $7,333.
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, 2000, Registrant had restricted cash
of  $117,962  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  2000,  Registrant
incurred  a  net  loss of $66,086 ($5.87 per limited  partnership
unit)  compared  to  a  net loss of $47,184  ($4.19  per  limited
partnership unit) for the same period in 1999.  For the first six
months  of  2000, Registrant incurred a loss of $116,940  ($10.39
per   limited  partnership  unit)  compared  to  net  income   of
$3,754,997  ($333.64 per limited partnership unit) for  the  same
period in 1999.

             Rental  income  increased $2,769 to $32,322  in  the
second  quarter of 2000 from $29,553 in the same period  in  1999
and  increased $5,586 to $60,832 for the first six months of 2000
from  $55,246 for the same period in 1999. The increase in rental
income  is  due  to an increase in average occupancy  during  the
second  quarter (92% from 88%) and for six months (87% from  82%)
at the Lofts at Red Hill.

              Rental  operations  expense  increased  $21,276  to
$36,924  in the second quarter of 2000 from $15,648 in  the  same
period in 1999 and increased $21,056 to $54,938 for the first six
months of 2000 from $33,432 for the same period in 1999 due to an
increase in apartment preparation and commission expenses at  the
Lofts at Red Hill due to the increase in average occupancy.

              Interest expense increased $391 to $14,904  in  the
second  quarter of 2000 from $14,513 in the same period in  1999.
The  increase  is  due  to  a  higher principal  balance  on  the
mortgage.

              Interest  expense decreased $41,935 to $29,709  for
the first six months of 2000 from $71,104 for the same period  in
1999.  The decrease is due to the foreclosure of the Redick Plaza
Hotel  effective  as  of  January 1999, partially  offset  by  an
increase  in interest expense at the Lofts at Red Hill due  to  a
higher principal balance on the mortgage.

              As  of  January  1999 the Redick  Plaza  Hotel  was
foreclosed by the second mortgage lender, with the consent of the
first  mortgage  lender, by recordation of  a  deed  in  lieu  of
foreclosure.   The deed was recorded in June 1999 to be effective
as  of January 15, 1999.  As a result, the Registrant realized an
extraordinary gain from forgiveness of indebtedness in the amount
of  $3,994,755, which is the difference between the debt  of  the
hotel  and the net book value of its assets in the first  quarter
of 1999.

             In the second quarter of 2000, Registrant incurred a
loss of approximately $35,000 at the Lofts at Red Hill, including
$15,000 of depreciation and amortization expense, compared  to  a
loss of $16,000 including $15,000 of depreciation expense in  the
second  quarter of 1999.  The increase in the loss in the  second
quarter  of  2000  from the same period in 1999  is  due  to  the
increase  in rental operations expense, partially offset  by  the
increase  in rental income, both due to the increase  in  average
occupancy (92% from 88%).

              For  the  first  six  months  of  2000,  Registrant
incurred  a  loss of approximately $54,000 at the  Lofts  at  Red
Hill, including $29,000 of depreciation and amortization expense,
compared  to  a loss of $37,000 including $29,000 of depreciation
expense in the same period in 1999.  The increase in the loss  in
the  first six months of 2000 from the same period in 1999 is due
to the increase in rental operations expense, partially offset by
the  increase  in  rental income, both due  to  the  increase  in
average occupancy (87% from 82%).

             The results of operations for the second quarter and
the  first  six months of 1999 have been restated to reflect  the
foreclosure  of the Redick Plaza Hotel effective  as  of  January
1999.

<PAGE>

                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

                   CONSOLIDATED BALANCE SHEETS

                             Assets

                                  June 30, 2000    December 31, 1999
                                   (Unaudited)

Rental properties, at cost:
 Land                              $   61,046      $   61,046
 Buildings and improvements         1,445,431       1,445,431
 Furniture and fixtures                86,863          86,863
                                   ----------      ----------
                                    1,593,340       1,593,340
Less - accumulated depreciation      (740,198)       (711,121)
                                   ----------      ----------
                                      853,142         882,219
Cash and cash equivalents               7,333           3,951
Restricted cash                       117,962         116,039
Accounts and notes receivable           1,940             150
Other assets (net of amortization
 of $192,697 and $160,475 at
 June 30, 2000 and December 31,
 1999,respectively)                   144,999         177,221
                                   ----------      ----------
     Total                         $1,125,376      $1,179,580
                                   ==========      ==========

                Liabilities and Partners' Equity
Liabilities:
 Debt obligations                  $  423,108      $  417,399
 Accounts payable:
  Trade                               152,168         111,524
  Related parties                      33,656          33,656
  Taxes                                27,189          13,693
 Accrued liabilities                   15,256          14,160
 Tenant security deposits              11,135           9,344
                                   ----------      ----------
     Total liabilities                662,512         599,776
Partners' equity                      462,864         579,804
                                   ----------      ----------
     Total                         $1,125,376      $1,179,580
                                   ==========      ==========

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,
                              2000     1999          2000         1999
                                     Restated                 Restated
Revenues:
   Rental income            $32,322   $29,553     $ 60,832   $   55,246
   Hotel income                   0         0            0       18,181
   Interest income               51        55          172          222
                            -------   -------     --------   ----------
  Total revenues             32,373    29,608       61,004       73,649
                            -------   -------     --------   ----------
Costs and expenses:
   Rental operations         36,924    15,648       54,938       33,432
   Hotel operations               0         0            0       96,318
   General and
    administrative           15,999    15,999       31,998       31,998
   Interest                  14,904    14,513       29,709       71,104
   Depreciation and
    amortization             30,632    30,632       61,299       80,555
                            -------   -------     --------   ----------
  Total costs and expenses   98,459    76,792      177,944      313,407
                            -------   -------     --------   ----------
Net loss before
 extraordinary item         (66,086)  (47,184)    (116,940)    (239,758)
Extraordinary gain from
 from extinguishment of debt      0         0            0    3,994,755
                            -------   -------     --------   ----------
Net (loss) income          ($66,086) ($47,184)   ($116,940)  $3,754,997
                            =======   =======     ========   ==========
Net loss per limited
 partnership unit:
 Net loss before
  extraordinary item      ($   5.87) ($  4.19)   ($  10.39) ($    21.30)
 Extraordinary gain               0         0            0       354.95
                           --------   -------     --------   ----------
Net (loss) income         ($   5.87) ($  4.19)   ($  10.39) ($   333.65)
                           ========   =======     ========   ==========

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

<PAGE>



                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)

                                               Six months ended
                                                  June 30,
                                               2000       1999
                                                        Restated
Cash flows from operating activities:
 Net (loss) income                         ($116,940)$3,754,997
  Adjustments to reconcile net (loss)
   income to net cash provided by (used
   in) operating activities:
  Depreciation and amortization               61,299     80,555
  Extraordinary gain from                          0 (3,994,755)
   extinguishment of debt
  Changes in assets and liabilities:
   (Increase) decrease in restricted cash     (1,923)       391
   Increase in accounts receivable            (1,790)      (142)
   Increase in accounts payable - trade       40,644     67,312
   Increase in accounts payable - taxes       13,496     44,063
   Increase in interest payable                    0     42,320
   Increase (decrease) in accrued
    liabilities                                1,096     (1,421)
   Increase in tenant security deposits        1,791        910
                                            --------  ---------
Net cash used in operating activities:        (2,327)    (5,770)
                                            --------  ---------
Cash flows from financing activities:
 Proceeds from debt financings                 5,709      4,783
 Repayments of debt financings                     0     (8,404)
                                            --------  ---------
Net cash provided by (used in)
 financing activities:                         5,709     (3,621)
                                            --------  ---------
Increase (decrease) in cash and cash
 equivalents                                   3,382     (9,391)
Cash and cash equivalents at
 beginning of period                           3,951     13,986
                                            --------  ---------
Cash and cash equivalents at end of period  $  7,333  $   4,595
                                            ========  =========

The accompanying notes are an integral part of these finacial 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, 1999.

          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, 2000.

<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:  November 27, 2000    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>