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         March 31, 2002
                               ----------------------------------

                               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.)

           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
-----------------------------------------------------------------
(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 - March 31, 2002
          (unaudited) and December 31, 2001
          Consolidated Statements of Operations - Three Months
          Ended March 31, 2002 and 2001 (unaudited)
          Consolidated Statements of Cash Flows - Three Months
          Ended March 31, 2002 and 2001 (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 March 31, 2002, Registrant had cash of $8,693.
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 March 31, 2002, Registrant had restricted cash
of  $122,155,  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  first  quarter  of  2002,  Registrant
incurred  a  net  loss of $34,913 ($3.10 per limited  partnership
unit)  compared  to  net  loss  of  $30,663  ($2.70  per  limited
partnership unit) for the same period in 2001.

              Rental  income,  including all operating  receipts,
decreased  $1,036 from $33,527 in the first quarter  of  2001  to
$32,491  in  the same period in 2002. Income from  actual  rental
payments increased $172 from $30,759 in the first quarter of 2001
to  $30,931 in the same period in 2002. The increase in is due to
an increase in occupancy for the period (84% to 87%).

               Rental  operations  expense  decreased  $372  from
$21,182  in  the  first quarter of 2001 to $20,810  in  the  same
period in 2002. The decrease in rental operations expense is  due
to  a  decrease in legal and accounting services  as  well  as  a
decrease  in leasing commissions, partially offset by an increase
in  maintenance  expense. The decrease in  legal  and  accounting
expense  is  due to a decrease in services performed  during  the
first quarter of 2002 compared to those performed during the same
period in 2001. The decrease in leasing commissions is due  to  a
decrease  in the turnover of apartment units and the increase  in
maintenance  expense is due to an increase in apartment  painting
expenses.

              Interest expense increased by $737 from $15,400  in
the  first quarter of 2001 to $16,137 in the same period in 2002.
The  increase in interest expense at the Lofts at Red Hill is due
to  an  increase  in principal balance on which the  interest  is
calculated.

              In  the  first  quarter  of  2002,  the  Registrant
incurred  a  loss of approximately $20,000 at the  Lofts  at  Red
Hill, including $15,000 of depreciation and amortization expense,
compared  to a loss of $17,000, including $15,000 of depreciation
expense, in the first quarter of 2001.  The increase in loss from
the first quarter of 2001 to the same period in 2002 is due to  a
decrease  in interest income, partially offset by an increase  in
rental  income.  The decrease in interest income  is  due  to  an
adjustment made in 2001 that reflected unrecorded interest income
from  prior periods. The increase in rental income is due  to  an
increase in average occupancy (84% to 87%).

<PAGE>

                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

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

                             Assets

                              March 31, 2002   December 31, 2001
                              --------------   -----------------
                               (Unaudited)

Rental properties, at cost:
 Land                           $   61,046         $   61,046
 Buildings and improvements      1,445,431          1,445,431
 Furniture and fixtures             92,107             92,107
                                ----------         ----------
                                 1,598,584          1,598,584
Less - accumulated depreciation   (843,654)          (828,871)
                                ----------         ----------
                                   754,930            769,713
Cash and cash equivalents            8,693              4,974
Restricted cash                    122,155            118,001
Accounts and notes receivable       13,155             13,931
receivable
Other assets (net of
 amortization of $305,474
 and $289,363 at
 March 31, 2002 and
 December 31, 2001,
 respectively)                      32,222             48,333
                                ----------         ----------
     Total                      $  931,155         $  954,952
                                ==========         ==========

                Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $  463,837         $  459,699
 Accounts payable:
  Trade                            128,763            127,132
  Related parties                   33,656             33,656
  Taxes                              3,178                  0
Accrued liabilities                 14,453             13,564
Tenant security deposits            10,485              9,205
                                ----------         ----------
     Total liabilities             654,372            643,256
Partners' equity                   276,783            311,696
                                ----------         ----------
     Total                      $  931,155         $  954,952
                                ==========         ==========

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 ended
                                         March 31,
                                    2002          2001
                                    ----          ----
                                               (Restated)
Revenues:
 Rental income                    $32,491       $33,526
 Interest income                      438         3,814
                                  -------       -------
     Total revenues                32,929        37,340
                                  -------       -------
Costs and expenses:
 Rental operations                 20,810        21,182
 General and administrative             0           596
 Interest                          16,137        15,400
 Depreciation and amortization     30,895        30,825
                                  -------       -------
     Total costs and expenses      67,842        68,003
                                  -------       -------
Net (loss) income                ($34,913)     ($30,663)
                                  =======       =======

Net loss  per limited
 partnership unit:
 Net (loss) income               ($  3.10)     ($  2.70)
                                  =======       =======

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)

                                         Three months ended
                                              March 31,
                                         2002          2001
                                         ----          ----
                                                    (Restated)
Cash flows from operating activities:
 Net (loss) income                    ($34,913)     ($30,663)
 Adjustments to reconcile net loss to
  net cash provided by (used in)
  operating activities:
  Depreciation and amortization         30,895        30,825
  Changes in assets and liabilities:
  Increase in restricted cash           (4,154)       (1,666)
  Increase (decrease) in accounts
   receivable                              776          (622)
  Increase in accounts payable - trade   1,631         1,359
  Increase (decrease) in accounts
   payable - taxes                       3,178       (17,332)
  Increase decrease in accrued
   liabilities                             889           203
  Increase (decrease) in tenant
   security deposits                     1,280           (85)
                                       -------       -------
Net cash used in operating activities     (418)      (17,981)
                                       -------       -------
Cash flows from financing activities:
  Repayments of debt financings          4,137        17,601
                                       -------       -------
Net cash provided by (used in)
 financing activities                    4,137        17,601
                                       -------       -------
Increase (decrease) in cash and cash
 equivalents                             3,719          (380)
Cash and cash equivalents at
 beginning of period                     4,974         7,545
                                       -------       -------
Cash and cash equivalents at end of
 period                                $ 8,693       $ 7,165
                                       =======       =======

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") and related  notes  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 on Form  10-K
of the Registrant for the year ended December 31, 2001.

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.

<PAGE>

                   PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

              To  the  best of its knowledge, Registrant  is  not
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 March 31, 2002.

<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: June 4, 2003         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>