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, 1997
                               ---------------------------------------

[   ]  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                                 23-24794680
-------------------------------                      -----------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization                      Identification No.)

    SUITE 500,  1521 LOCUST STREET,  PHILADELPHIA,  PA   19102
---------------------------------------------------------------------
  (Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code  (215) 735-5001

                                 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 - September 30, 1997
             (unaudited) and December 31, 1996
             Consolidated Statements of Operations - For the Three
             Months and Nine Months Ended September 30, 1997 and 1996
             (unaudited)
             Consolidated Statements of Cash Flows - For the Nine
             Months Ended September 30, 1997 and 1996 (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, 1997, Registrant had cash  of
$256,417.   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 various lenders in order to remain current
on  all  obligations.  The Registrant is not aware of  any  additional
sources of liquidity.

                   As of September 30, 1997, Registrant had restricted
cash  of  $172,927  consisting primarily of  funds  held  as  security
deposits,  replacement reserves and escrows for taxes  and  insurance.
As  a  consequence of the restrictions as to use, Registrant does  not
deem these funds to be a source of liquidity.

             (2)  Capital Resources

                   Due to the relatively recent rehabilitations of the
properties,  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.   In the first nine  months  of
1997,  expenditures for capital items were $15,832 at the Redick Plaza
Hotel and $1,907 at the Lofts at Red Hill.

                   In  October  1996,  the  Redick  Plaza  Hotel,  was
transferred  to  1504  Harney  Street  Associates  ("HSA")  a  limited
partnership in which the Registrant owns a 99% interest.  The property
was transferred so that it would be held by the Registrant in a manner
similar  to  the  other properties held by the  Registrant.   HSA  was
unable  to pay the bonds as they became due, and on October 28,  1996,
HSA filed a reorganization petition pursuant to Chapter 11 of the U.S.
Bankruptcy Code as disclosed in the Registrant's Annual Report on Form
10-K for the year ended December 31, 1996.  In July 1997, the loan was
sold  and  the bankruptcy dismissed.  The Registrant entered  into  an
agreement with the new holder of the note whereby monthly payments  of
interest  are to be made to the new note holder in an amount equal  to
net operating income.

             (3)  Results of Operations

                    During  the  third  quarter  of  1997,  Registrant
incurred  a  net  loss of $1,347,424 ($119.73 per limited  partnership
unit)  compared  to  a  net  loss  of  $449,989  ($39.99  per  limited
partnership  unit) for the same period in 1996.  For  the  first  nine
months of 1997, Registrant incurred a loss of $1,975,020 ($175.49  per
limited  partnership unit) compared to a net loss of $887,952  ($78.90
per limited partnership unit) for the same period in 1996.

                   Rental and hotel income combined decreased $194,316
from  $700,515 in the third quarter of 1996 to $506,199  in  the  same
period in 1997.  The decrease resulted mainly from a decrease in hotel
income  of  $89,789 and a decrease of $104,527 in rental income.   The
decrease in hotel income is due to a decrease in the average occupancy
(65%  to 59%) and a decrease in average room rates ($92.01 to $90.66),
as   discussed  below.   The  decrease  in  rental  income  is  mainly
attributable to the sale of the St. Mary's Market partially offset  by
an  increase  in  rental income at the Lofts at Red  Hill  due  to  an
increase in the average occupancy (72% to 98%).

                   Rental  and  hotel income decreased  $973,386  from
$2,530,292  for  the first nine months of 1996 to $1,556,906  for  the
same  period  of  1997.  This decrease is due to  a  net  decrease  of
$642,624  in rental income and a decrease in hotel income of $330,762.
The  decrease  in  hotel income is due to a decrease  in  the  average
occupancy (67% to 58%) partially offset by an increase in the  average
room  rates  ($93.35 to $93.79), as discussed below.  The decrease  in
rental  income  is mainly attributable to the sale of the  St.  Mary's
Market  partially offset by an increase in rental income at the  Lofts
at Red Hill due to an increase in the average occupancy (76% to 92%).

                   Expense for rental operations decreased by $124,739
from  $159,048  in the third quarter of 1996 to $34,309  in  the  same
period  in 1997 and decreased by $357,811 from $507,107 for the  first
nine months of 1996 to $149,296 for the same period in 1997 due to the
sale of St. Mary's Market.

                   Hotel  operations expense decreased  $121,063  from
$569,203  in the third quarter of 1996 to $448,140 in the same  period
in  1997  due  mainly to a decrease in wages and  salaries  due  to  a
decrease in overall occupancy.

                   Hotel  operations expense decreased  $217,151  from
$1,655,085 for the first nine months of 1996 to $1,437,934 in the same
period in 1997 due mainly to a decrease in management fees (which  are
based  upon  hotel  revenues)  and a  decrease  in  overall  operating
expenses and wages and salaries.

                    General   and  administrative  expense   increased
$721,999 from $24,000 in the third quarter of 1996 to $745,999 in  the
same  period in 1997 and increased $765,997 from $72,000 for the first
nine  months  of 1996 to $837,997 for the same period  in  1997.   The
increase from the third quarter and the first nine months of  1996  to
the same periods in 1997 is the result of administrative fees incurred
in  the  third  quarter of 1997 in connection with the bankruptcy  and
subsequent  negotiations with the new mortgage holder  at  the  Redick
Plaza Hotel.

                  Interest expense increased $314,049 from $189,253 in
the  third quarter of 1996 to $503,302 in the same period in 1997  and
increased $185,609 from $557,368 for the first nine months of 1996  to
$742,977  for  the  same  period in 1997.  The  increase  in  interest
expense  is  the  result of an increase in the interest  rate  at  the
Redick  Plaza  Hotel partially offset by the sale of  the  St.  Mary's
Market.

                   Depreciation  and  amortization  expense  decreased
$82,472 from $209,222 in the third quarter of 1996 to $126,750 in  the
same period in 1997 and decreased $247,416 from $627,668 for the first
nine  months  of 1996 to $380,252 for the same period  in  1997.   The
decrease from the first nine months of 1996 to the same period in 1997
is  the result of the sale of the St. Mary's Market and loan costs  at
the Redick Plaza Hotel becoming fully amortized in November 1996.

                   Losses  incurred during the third  quarter  at  the
Registrant's  three  properties  amounted  to  $606,000,  compared  to
approximately  $425,000 for the same period in 1996.   For  the  first
nine  months  of 1997 the Registrant's three properties  recognized  a
loss  of  $1,076,000 compared to approximately $815,000 for  the  same
period in 1996.

                      In   the   third  quarter  of  1997,  Registrant
recognized  a  loss  of $596,000 at the Redick Plaza  Hotel  including
$225,000  of  depreciation expense, compared to a loss of $208,000  in
the  third  quarter  of 1996, including $134,000 of  depreciation  and
amortization expense.  The loss from the third quarter of 1996 to  the
third quarter of 1997 increased due to a decrease in hotel income  and
an  increase  in interest expense partially offset by  a  decrease  in
wages  and  salaries and amortization expense.  Hotel income decreased
due to a decrease in the average occupancy (65% to 59%) and a decrease
in  the  average nightly rates ($92.01 to $90.66) resulting  from  the
opening  of  a  new  hotel in the area served by the  Registrant  and,
accordingly,  an increase in competition.  Interest expense  increased
due  to  an  increase in the interest rate as a result of the  default
interest  that is charged on the bonds.  Wages and salaries  decreased
due  to  the  decrease  in average occupancy and amortization  expense
decreased due to loan costs becoming fully amortized in November 1996.

                     For  the  first  nine months of 1997,  Registrant
recognized  a  loss of $1,057,000 at the Redick Plaza Hotel  including
$337,000  of  depreciation expense compared to a loss of $475,000  for
the  same  period in 1996, including depreciation expense of $402,000.
The loss from the first nine months of 1996 to the same period in 1997
increased  due  to  a  decrease in hotel income  and  an  increase  in
interest  expense  partially offset by a decrease in management  fees,
wages  and  salaries,  operating expenses  and  amortization  expense.
Hotel income decreased due to a decrease in the average occupancy (67%
to  58%)  partially offset by a slight increase in the average nightly
rates ($93.35 to $93.79) resulting from the opening of a new hotel  in
the  area  served by the Registrant and, accordingly, an  increase  in
competition.   Interest expense increased due to an  increase  in  the
interest  rate  as  a result of the default interest  charged  on  the
bonds.    Management  fees  (which  are  based  upon  hotel  revenues)
decreased  due to the decrease in hotel income, and overall  operating
expenses decreased due to the decrease in average occupancy. Wages and
salaries  decreased  due  to the decrease  in  average  occupancy  and
amortization  expense  decreased due  to  loan  costs  becoming  fully
amortized in November 1996.

                   In the third quarter of 1997, Registrant incurred a
loss  of  $0 at the St. Mary's Market, compared to a loss of  $198,000
including  $61,000  of depreciation expense in the second  quarter  of
1996 and for the first nine months of 1997, Registrant incurred a loss
of $3,000 at the St. Mary's Market, compared to a loss of $308,000 for
the  first  nine  months  of 1996, including depreciation  expense  of
$182,000.  The decreased loss for both the third quarter and the first
nine months of 1997 from the same periods in 1996 is the result of the
sale of the property in October 1996.

                   In the third quarter of 1997, Registrant incurred a
loss  of  $10,000  at  the  Lofts at Red Hill,  including  $14,000  of
depreciation expense, compared to a loss of $19,000 including  $14,000
of depreciation expense in the third quarter of 1996 and for the first
nine  months of 1997, Registrant incurred a loss of $16,000, including
$43,000 of depreciation expense compared to a loss of $32,000 for  the
first  nine months of 1996 including depreciation expense of  $43,000.
The  decrease  in the loss from the third quarter and the  first  nine
months  of  1996  to  the same periods in 1997 is  the  result  of  an
increase  in rental income due to an increase in the average occupancy
(72%  to 98%) in the third quarter and (76% to 92%) for the first nine
months.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
               September 30, 1997 and December 31, 1996
                                   
                                Assets

                                         September 30, 1997    December 31, 1996
                                            (Unaudited)
Rental properties, at cost:                                        
Land                                        $   347,955           $   347,955
Buildings and improvements                   10,978,422            10,976,514
Furniture and fixtures                        1,174,437             1,158,605
                                             ----------            ----------
                                             12,500,814            12,483,074
Less - Accumulated depreciation              (5,157,430)           (4,777,178)
                                             ----------            ---------- 
                                              7,343,384             7,705,896
                                                                      
Cash and cash equivalents                       256,417             1,126,711
Restricted cash                                 172,927                 8,956
Accounts and notes receivable                   211,096               172,869
Other  assets  (net  of  amortization   of                            
$284,230  and  $190,812 at  September  30,                            
1997 and December 31, 1996, respectively)       167,686                31,677
                                             ----------            ----------
       Total                                $ 8,151,510           $ 9,046,109
                                             ==========            ==========

                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                            $ 6,796,874           $ 6,163,254
Accounts payable:                                                    
       Trade                                    404,090               517,295
       Related parties                           55,000               130,063
       Taxes                                     25,760                44,084
Interest payable                                818,169               158,962
Accrued liabilities                              77,879                79,243
Tenant security deposits                         10,060                14,510
                                             ----------            ---------- 
       Total liabilities                      8,187,832             7,107,411
                                             ----------            ---------- 
Partners' equity                                (36,322)            1,938,698
                                             ----------            ---------- 
       Total                                $ 8,151,510           $ 9,046,109
                                             ==========            ==========

The accompanying notes are an integral part of these financial statements.
<PAGE>
                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended September 30, 1997 and 1996
                              (Unaudited)

                                    Three months              Nine months
                                ended September 30,       ended September 30,
                                  1997        1996        1997          1996
                                 ------      ------      ------        ------
Revenues:                  
   Rental income             $   32,384  $  136,911    $   90,335    $  732,959
   Hotel income                 473,815     563,604     1,466,571     1,797,333
   Interest income                4,877         222        16,530           984
                              ---------   ---------     ---------     ---------
   Total revenues               511,076     700,737     1,573,436     2,531,276
                              ---------   ---------     ---------     ---------
Costs and expenses:        
   Rental operations             34,309     159,048       149,296       507,107
   Hotel operations             448,140     569,203     1,437,934     1,655,085
   General and administrative   745,999      24,000       837,997        72,000
   Interest                     503,302     189,253       742,977       557,368
   Depreciation and           ---------   ---------     ---------     ---------
        amortization            126,750     209,222       380,252       627,668
                              ---------   ---------     ---------     ---------
   Total costs and expenses   1,858,500   1,150,726     3,548,456     3,419,228
                              ---------   ---------     ---------     ---------
Net loss                    ($1,347,424)($  449,989)  ($1,975,020)  ($  887,952)
                              =========   =========     =========     =========
Net loss per limited partnership   
unit                        ($   119.73)($    39.99)  ($   175.49)  ($    78.90)
                              =========   =========     =========     =========

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
         For the Nine Months Ended September 30, 1997 and 1996
                              (Unaudited)
                                   
                                                           Nine months ended
                                                            September 30,
                                                         1997            1996
                                                                              
Cash flows from operating activities:                                         
 Net loss                                           ($1,975,020)   ($ 887,952)
 Adjustments to reconcile net loss to net                                     
   cash (used in) provided by operating activities:
 Depreciation and amortization                          380,252       627,668
 Changes in assets and liabilities:                                           
   (Increase) decrease in restricted cash              (163,971)       89,276
   Increase in accounts receivable                      (38,227)      (62,515)
   Increase in other assets                            (136,012)      (16,152)
   (Decrease) increase in accounts payable - trade     (113,205)      359,523
   (Decrease) increase in accounts payable - related                            
     parties                                            (75,063)       85,162
   Decrease in accounts payable - taxes                 (18,324)      (15,716)
   Increase in interest payable                         659,207        10,653
   (Decrease) increase in accrued liabilities            (1,364)        8,657
   Decrease in tenant security deposits                  (4,450)      (43,343)
                                                      ---------       -------
Net cash (used in) provided by operating activities: (1,486,177)      155,261
                                                      ---------       ------- 
Cash flows from investing activities:                                        
 Capital expenditures                                   (17,740)     (151,176)
                                                      ---------       -------  
   Net cash used in investing activities:               (17,740)     (151,176)
                                                      ---------       ------- 
Cash flows from financing activities:                                        
 Proceeds from debt financings                          633,623             0
 Principal payments                                           0       (14,512)
                                                      ---------       -------
Net cash provided by (used in) financing activities:    633,623       (14,512)
                                                      ---------       -------
Decrease in cash and cash equivalents                  (870,294)      (10,427)
                                                                             
Cash and cash equivalents at beginning of period      1,126,711        40,854
                                                      ---------       -------
Cash and cash equivalents at end of period           $  256,417      $ 30,427
                                                      =========       =======
Supplemental Disclosure of Cash Flow Information:                            
 Cash paid for interest                              $        0      $546,714

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 in Form 10-K of the Registrant, and notes
thereto, for the fiscal year ended December 31, 1996.

              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 any of 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.
                                                
                   21         Subsidiaries  of the Registrant are  listed  in
                              Item  2.  Properties on Form  10-K,  previously
                              filed and incorporated herein by reference.

             (b)  Reports on Form 8-K:

                  No  reports  were  filed  on  Form  8-K  during  the
                  quarter ended September 30, 1997.
<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 14, 1997       DIVERSIFIED HISTORIC INVESTORS V
        -----------------
                                By: Dover Historic Advisors V, General Partner
                                             
                                    By: EPK, Inc., Partner
                                                 
                                        By: /s/ Donna M. Zanghi
                                            ---------------------------- 
                                            DONNA M. ZANGHI,
                                            Vice President and Secretary