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, 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
-----------------------------------------------------------------
 (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, 2000
          (unaudited) and December 31, 1999
          Consolidated Statements of Operations - Three Months
          Ended March 31, 2000 and 1999 (unaudited)
          Consolidated Statements of Cash Flows - Three Months
          Ended March 31, 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 March 31, 2000, Registrant had cash of $5,451.
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, 2000, Registrant had restricted cash
of  $115,651  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  2000,  Registrant
incurred  a  net  loss of $50,855 ($4.52 per limited  partnership
unit)  compared to net income of $3,802,180 ($337.84 per  limited
partnership unit) for the same period in 1999.

              Rental  income increased $2,818 to $28,510  in  the
first  quarter of 2000 from $25,692 in the same period  in  1999.
The increase is the result of an increase in average occupancy at
the Lofts at Red Hill (83% from 77%).

              Rental operations expense increased $231 to $18,015
in  the first quarter of 2000 from $17,784 in the same period  in
1999  due  to increases in utilities, maintenance and commissions
expenses due to the increase in occupancy, partially offset by  a
decrease in real estate taxes.

              Interest expense decreased by $41,487 to $14,804 in
the  first  quarter of 2000 from $56,591 in 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 first quarter of 2000, Registrant incurred a
loss of approximately $19,000 at the Lofts at Red Hill, including
$15,000 of depreciation and amortization expense, compared  to  a
loss of $22,000 including $15,000 of depreciation expense in  the
first  quarter of 1999.  The decrease in the loss  in  the  first
quarter  of  2000  from the same period in 1999  is  due  to  the
increase  in  rental income, partially offset by an  increase  in
rental  operations expense, both due to the increase  in  average
occupancy (83% from 77%).

              The results of operations for the first quarter  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

                                 March 31, 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     (725,677)         (711,121)
                                  ----------        ----------
                                     867,663           882,219
                                  ----------        ----------
Cash and cash equivalents              5,451             3,951
Restricted cash                      115,651           116,039
Accounts and notes receivable          1,581               150
Other assets (net of amortization
 of $176,586 and $160,475 at
 March 31, 2000 and December 31,
 1999, respectively)                 161,111           177,221
                                  ----------        ----------
     Total                        $1,151,457        $1,179,580
                                  ==========        ==========

                Liabilities and Partners' Equity

Liabilities:
 Debt obligations                 $  420,203        $  417,399
 Accounts payable:
  Trade                              131,974           111,524
  Related parties                     33,656            33,656
  Taxes                               13,693            13,693
 Accrued liabilities                  14,117            14,160
 Tenant security deposits              8,865             9,344
                                  ----------        ----------
     Total liabilities               622,508           599,776
Partners' equity                     528,949           579,804
                                  ----------        ----------
     Total                        $1,151,457        $1,179,580
                                  ==========        ==========

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

<PAGE>


                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF OPERATIONS
                           (Unaudited)

                                      Three months ended
                                           March 31,
                                      2000          1999
                                                  (Restated)
Revenues:
 Rental income                      $28,510   $     25,692
 Hotel income                             0         18,181
 Interest income                        120            167
                                    -------     ----------
     Total revenues                  28,630         44,040
                                    -------     ----------
Costs and expenses:
 Rental operations                   18,015         17,784
 Hotel operations                         0         96,318
 General and administrative          15,999         15,999
 Interest                            14,804         56,591
 Depreciation and  amortization      30,667         49,923
                                    -------     ----------
     Total costs and expenses        79,485        236,615
                                    -------     ----------
Net loss before extraordinary item ($50,855)     ($192,575)
Extraordinary gain from
 extinguishment of debt                   0      3,994,755
                                   --------     ----------
Net (loss) income                 ($ 50,855)    $3,802,180
                                   ========     ==========
Net loss per limited
 partnership unit:
Net loss before
 extraordinary item               ($   4.52)   ($    17.11)
Extraordinary gain                        0         354.95
                                   --------     ----------
Net (loss) income                 ($   4.52)        337.84
                                   ========     ==========

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,
                                            2000         1999
                                                       Restated

Cash flows from operating activities:
 Net (loss) income                       ($50,855)   $3,802,180
 Adjustments to reconcile net loss to
  net cash provided by (used in)
  operating activities:
   Depreciation and amortization           30,667        49,923
   Extraordinary gain from
    extinguishment of debt                      0    (3,994,755)
   Changes in assets and liabilities:
    Decrease (increase) in restricted
     cash                                     388          (453)
    Increase in accounts receivable        (1,431)         (537)
    Increase in accounts payable - trade   20,450        51,021
    Increase in accounts payable - taxes        0        46,638
    Increase in interest payable                0        42,320
    (Decrease) increase in accrued
     liabilities                              (43)          390
    (Decrease) Increase in tenant
     security deposits                       (479)          920
                                         --------    ----------
Net cash used in operating activities      (1,303)       (2,353)
                                         --------    ----------
Cash flows from financing activities:
 Borrowings under debt obligations          2,803         2,271
 Repayments of debt financings                  0        (8,404)
                                         --------    ----------
Net cash provided by (used in)
 financing activities                       2,803        (6,133)
                                         --------    ----------
Increase (decrease) in cash and cash
 equivalents                                1,500        (8,486)
Cash and cash equivalents at
 beginning of period                        3,951        13,986
                                         --------    ----------
Cash and cash equivalents at end of
 period                                  $  5,451    $    5,500
                                         ========    ==========

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, 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 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, 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>