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         September 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 - September 30, 2001
        (unaudited) and December 31, 2000
        Consolidated Statements of Operations - For the Three
        Months and Nine Months Ended September 30, 2001 and 2000
        (unaudited)
        Consolidated Statements of Cash Flows - For the Nine
        Months Ended September 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 September 30, 2001, Registrant had cash
of $9,167.  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 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  September 30, 2001,  Registrant  had
restricted cash of $111,494 consisting primarily of funds held as
security   deposits  escrows  for  real  estate  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 third quarter of 2001, Registrant
incurred  a  net  loss of $45,720 ($4.06 per limited  partnership
unit)  compared  to  a  net loss of $44,916  ($3.99  per  limited
partnership  unit) for the same period in 2000.   For  the  first
nine  months  of  2001, Registrant incurred a  loss  of  $105,148
($9.34  per limited partnership unit) compared to a net  loss  of
$161,855  ($14.38  per limited partnership  unit)  for  the  same
period in 2000.

             Rental income decreased $5,922 from $38,497  in  the
third  quarter of 2000 to $32,575 in the same period of 2001  and
increased $2,698 from $99,330 for the first nine months  of  2000
to  $102,028 for the same period in 2001. The decrease in  rental
income  in  the  third  quarter is due to a decrease  in  average
occupancy (98% to 83%).  The increase in rental income during the
first nine months is due to an increase in average monthly rental
rates,  partially offset by a decrease in average occupancy  (91%
to 83%).

             Rental  operations  expense  increased  $8,380  from
$21,661  in  the  third quarter of 2000 to $30,041  in  the  same
period  in  2001 and decreased $6,717 from $76,599 for the  first
nine  months of 2000 to $69,882 for the same period in 2001.  The
increase  in rental operating expense from the third  quarter  of
2000  to  the same period in 2001 is due to an increase  in  real
estate  tax expense. The decrease from the first nine  months  of
2000  to  the  same  period  in 2001 is  due  to  a  decrease  in
maintenance expense and commission expense. The overall  decrease
in  maintenance  expense  and commission  expense  is  due  to  a
decrease in occupancy (91% to 83%).

            Interest expense increased $1,061 from $15,177 in the
third  quarter of 2000 to $16,238 in the same period in 2001  and
increased $2,626 from $44,886 for the first nine months  of  2000
to  $47,511 for the same period in 2001. The increase in both the
third  quarter and the first nine months of 2001  is  due  to  an
increase  in  principal  balance on the  mortgage  in  which  the
interest is calculated.


             In the third quarter of 2001, Registrant incurred  a
loss of approximately $30,000 at the Lofts at Red Hill, including
$17,000 of depreciation and amortization expense, compared  to  a
loss  of  approximately $13,000 including $15,000 of depreciation
expense  in  the  third quarter of 2000, and for the  first  nine
months  of  2001,  incurred  a  loss  of  approximately  $60,000,
including $47,000 of depreciation expense compared to a  loss  of
approximately $67,000 for the first nine months of 2000 including
depreciation  expense of $46,000. The increase in loss  from  the
third  quarter of 2000 to the same period in 2001  is  due  to  a
decrease  in  rental income and an increase in  rental  operating
expense.  The decrease in rental income is due to a  decrease  in
average  occupancy (98% to 83%). The increase in rental operating
expense  is  due to an increase in real estate tax  expense.  The
decrease  in loss from the first nine months of 2000 to the  same
period  in 2001 is due to a decrease in rental operating expense.
The  decrease in rental operating expense is due to decreases  in
maintenance and commission expense due to a decrease  in  average
occupancy (91% to 83%).

<PAGE>
                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

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

                             Assets

                               September 30,    December 31,
                                   2001             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    (813,876)        (769,734)
                               ----------       ----------
                                  781,917          826,059
Cash and cash equivalents           9,167            7,545
Restricted cash                   111,495          112,630
Accounts and notes receivable      12,939            6,954
Other assets (net of
 amortization of $274,521 and
 $224,919  at September 30, 2001
 and December 31, 2000,
 respectively)                     63,175          112,778
                               ----------       ----------
     Total                     $  978,693       $1,065,966
                               ==========       ==========

                Liabilities and Partners' Equity
Liabilities:
 Debt obligations                455,356           429,645
 Accounts payable:
  Trade                          123,594           115,800
  Related parties                 33,656            33,656
  Taxes                            1,648            17,332
Accrued liabilities               13,351            12,811
Tenant security deposits           9,230             9,715
                              ----------        ----------
     Total liabilities           636,835           618,959
Partners' equity                 341,858           447,007
                              ----------        ----------
     Total                    $  978,693        $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            Nine months
                             ended September 30,     ended September 30,
                              2001         2000       2001         2000
                              ----         ----       ----         ----
                                         Restated                Restated

Revenues:
 Rental income              $32,574      $38,497    $102,028    $ 99,330
 Interest income                 79           56       3,962         228
                            -------      -------    --------    --------
  Total revenues             32,653       38,553     105,990      99,558
                            -------      -------    --------    --------

Costs and expenses:
 Rental operations           30,040       21,661      69,882      76,599
 General and
  administrative                  0       15,999           0      47,997
 Interest                    16,238       15,177      47,511      44,886
 Depreciation and
  amortization               32,095       30,632      93,745      91,931
                            -------      -------    --------    --------
  Total costs and expenses   78,373       83,469     211,138     261,413
                            -------      -------    --------    --------
Net (loss) income          ($45,720)    ($44,916)  ($105,148)  ($161,855)
                            =======      =======    ========    ========
Net (loss) income per
 limited partnership unit: ($  4.06)    ($  3.99)  ($   9.34)  ($  14.38)
                            =======      =======    ========    ========

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)

                                           Nine months ended
                                             September 30,
                                           2001          2000
                                           ----          ----
                                                       Restated
Cash flows from operating activities:
 Net (loss) income                      ($105,148)   ($161,855)
  Adjustments to reconcile net (loss)
   income to net cash used in operating
   activities:
   Depreciation and amortization           93,745       91,931
   Changes in assets and liabilities:
   Decrease in restricted cash              1,136        2,007
   (Increase) in accounts receivable       (5,986)      (6,859)
   Increase in accounts payable - trade     7,793       56,964
   (Decrease) increase in accounts
    payable - taxes                       (15,684)       9,315
   Increase (decrease) in accrued
    liabilities                               540       (1,324)
  (Decrease) increase in tenant
   security deposits                         (485)       1,826
                                         --------     --------
Net cash used in operating activities:    (24,089)      (7,995)
                                         --------     --------
Cash flows from financing activities:
 Proceeds from debt financings             25,711        8,886
                                         --------     --------
Net cash provided by (used in)
 financing activities                      25,711        8,886
                                         --------     --------
Increase (decrease) in cash and cash
 equivalents                                1,622          891
Cash and cash equivalents at
 beginning of period                        7,545        3,951
                                         --------     --------
Cash and cash equivalents at end of
 period                                  $  9,167     $  4,842
                                         ========     ========

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 September 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>