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, 1998
                               ---------------------------------------
[   ]  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
----------------------------------------------------------------------
   (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 - June 30, 1998 (unaudited)
             and December 31, 1997
             Consolidated Statements of Operations - For the Three
             Months and Six Months Ended June 30, 1998 and 1997
             (unaudited)
             Consolidated Statements of Cash Flows - For the Six
             Months Ended June 30, 1998 and 1997 (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,  1998,  Registrant  had  cash  of
$113,681.   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 June 30, 1998, Registrant had restricted cash
of  $119,577 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.

             (3)  Results of Operations

                   During  the  second  quarter  of  1998,  Registrant
incurred a net loss of $384,598 ($34.17 per limited partnership  unit)
compared  to  a  net loss of $297,471 ($26.43 per limited  partnership
unit)  for the same period in 1997.  For the first six months of 1998,
Registrant   incurred  a  loss  of  $1,038,340  ($92.26  per   limited
partnership  unit)  compared to a net loss  of  $627,596  ($55.76  per
limited partnership unit) for the same period in 1997.

                   Rental and hotel income combined decreased $205,982
from  $579,859 in the second quarter of 1997 to $372,877 in  the  same
period  in  1997.  $208,961 of the decrease was from hotel income  and
there  was a $2,979 increase in rental income.  The decrease in  hotel
income is due to a decrease in the average occupancy (66% to 46%)  and
a  decrease  in  average room rates ($93.90 to $84.08) at  the  Redick
Plaza  Hotel.  The increase in rental income is due to an increase  in
the average occupancy (89% to 95%) at the Lofts at Red Hill.

                   Rental  and  hotel income decreased  $391,735  from
$1,050,707 for the first six months of 1997 to $658,972 for  the  same
period  of 1998. $398,349 of the decrease was due to hotel income  and
there  was a $6,614 increase in rental income.  The decrease in  hotel
income is due to a decrease in the average occupancy (64% to 39%)  and
a  decrease  in  average room rates ($95.37 to $86.98) at  the  Redick
Plaza  Hotel.  The increase in rental income is due to an increase  in
average occupancy (89% to 94%) at the Lofts at Red Hill.

                   Expense for rental operations decreased by  $75,559
from  $91,608  in the second quarter of 1997 to $16,049  in  the  same
period  in  1998 and decreased by $76,480 from $114,987 for the  first
six months of 1997 to $38,507 for the same period in 1998 due to legal
fees  incurred  in the second quarter of 1997 in connection  with  the
bankruptcy of the Redick Plaza Hotel that did not recur in 1998.

                   Hotel  operations expense decreased  $142,515  from
$476,388 in the second quarter of 1997 to $333,873 in the same  period
in  1998 and decreased $147,136 from $989,794 for the first six months
of  1997  to  $842,658 for the same period in 1998 due to  an  overall
decrease in operating expenses due to the decrease in occupancy.

                     Interest expense increased $105,748 from $140,899
in  the second quarter of 1997 to $246,647 in the same period in  1998
and  increased $254,704 from $239,675 for the first six months of 1997
to  $494,379  for the same period in 1998.  The increase  in  interest
expense  is  the  result of an increase in the interest  rate  at  the
Redick Plaza Hotel due to the July 1997 refinancing and an increase in
interest expense at the Lofts at Red Hill due to a new loan.

                   Depreciation  and  amortization  expense  increased
$37,602 from $253,502 in the second quarter of 1997 to $291,104 in the
same  period in 1998 and increased $18,801 from $126,751 for the first
six  months  of  1997 to $145,552 for the same period  in  1998.   The
increase  is  the result of the amortization of loan fees incurred  in
July 1997 connection with the refinancing of the Redick Plaza Hotel.

                   Losses  incurred during the second quarter  at  the
Registrant's  three  properties  amounted  to  $351,000,  compared  to
approximately $181,000 for the same period in 1997.  For the first six
months of 1998 the Registrant's three properties recognized a loss  of
$970,000  compared to approximately $467,000 for the  same  period  in
1997.

                      In   the  second  quarter  of  1998,  Registrant
recognized  a  loss  of $341,000 at the Redick Plaza  Hotel  including
$115,000 of depreciation and amortization expense, compared to a  loss
of  $180,000  in  the  second quarter of 1997, including  $113,000  of
depreciation and amortization expense and; for the first six months of
1998,  incurred a loss of $942,000 including $230,000 of  depreciation
and  amortization expense, compared to a loss of $461,000 for the same
period  in  1997, including depreciation and amortization  expense  of
$225,000.  The increase in the losses from the second quarter of  1997
and  the first six months of 1997 to the same periods in 1998  is  the
result  of  a decrease in rental income due to a decrease  in  average
occupancy  (66%  to 46%) and a decrease in the average  nightly  rates
($93.90  to  $84.08)  for the quarter and a decrease  in  the  average
occupancy (64% to 39%) for the first six months and a decrease in  the
average nightly rates ($95.37 to $86.98) combined with an increase  in
interest  expense due to the July 1997 refinancing which  included  an
interest rate increase.  The increased loss is partially offset by  an
overall  decrease  in  operating  expenses  due  to  the  decrease  in
occupancy.

                    In the second quarter of 1998, Registrant incurred
a  loss  of  $10,000  at the Lofts at Red Hill, including  $14,000  of
depreciation  expense, compared to a loss of $1,000 including  $14,000
of  depreciation  expense in the second quarter of 1997  and  for  the
first  six  months  of  1998, incurred a loss  of  $28,000,  including
$30,000  of depreciation expense compared to a loss of $6,000 for  the
first  six  months of 1997 including depreciation expense of  $29,000.
The increased loss from the second quarter and the first six months of
1998  from  the same periods in 1997 is the result of an  increase  in
interest expense partially offset by an increase in rental income  due
to  an  increase in the average occupancy (89% to 95%) for the  second
quarter  and (89% to 94%) for the first six months.  Interest  expense
increased  due  to  the new note placed on the property  in  September
1997.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
                  June 30, 1998 and December 31, 1997
                                   
                                Assets

                                         June 30, 1998         December 31, 1997
                                           (Unaudited)
Rental properties, at cost:                                          
Land                                      $   347,955             $   347,955
Buildings and improvements                 10,976,514              10,976,514
Furniture and fixtures                      1,175,768               1,175,768
                                           ----------              ---------- 
                                           12,500,237              12,500,237
Less - Accumulated depreciation            (5,535,727)             (5,284,345)
                                           ----------              ----------
                                            6,964,510               7,215,892
                                                                     
Cash and cash equivalents                     113,681                  57,736
Restricted cash                               119,577                 176,129
Accounts and notes receivable                 117,274                 117,468
Other assets (net of amortization of                                 
  $325,465 and $190,812 at June 30,                                  
  1998 and December 31, 1997,                                        
  respectively).                              364,727                 396,949
                                           ----------              ----------
       Total                              $ 7,679,769             $ 7,964,174
                                           ==========              ==========
                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                          $ 6,815,427             $ 6,804,113
Accounts payable:                                                    
       Trade                                  621,133                 385,613
       Related parties                         33,656                  55,000
       Taxes                                   95,258                  35,123
Interest payable                            1,334,227                 869,660
Accrued liabilities                            81,152                  77,899
Tenant security deposits                        9,870                   9,380
                                           ----------              ---------- 
       Total liabilities                    8,990,723               8,236,788
                                           ----------              ---------- 
Partners' equity                           (1,310,954)              (272,614)
                                           ----------              ---------- 
       Total                              $ 7,679,769             $ 7,964,174
                                           ==========              ==========
                                   
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 Six Months Ended June 30, 1998 and 1997
                              (Unaudited)

                                   Three months               Six months
                                  ended June 30,            Ended June 30,
                                1998        1997          1998         1997

Revenues:        
   Rental income            $  32,745    $  29,766     $  64,565   $   57,951
   Hotel income               340,132      549,093       594,407      992,756
   Interest income                645        5,315         1,334       11,653
                             --------     --------     ---------    ---------
   Total revenues             373,522      584,174       660,306    1,062,360
                             --------     --------     ---------    ---------
Costs and expenses:     
   Rental operations           16,049       91,608        38,507      114,987
   Hotel operations           333,873      476,388       842,658      989,794
   General and             
      Administrative           15,999       45,999        31,998       91,998
   Interest                   246,647      140,899       494,379      239,675
   Depreciation and        
      Amortization            145,552      126,751       291,104      253,502
                             --------     --------     ---------     --------
   Total costs and           
      Expenses                758,120      881,645     1,698,646    1,689,956
                             --------     --------     ---------     --------
Net loss                   ($ 384,598)  ($ 297,471)  ($1,038,340)  ($ 627,596)
                             ========     ========     =========     ========
Net loss per limited    
   partnership unit        ($   34.17)  ($   26.43)  ($    92.26)  ($   55.76)
                             ========     ========     =========     ========

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 Six Months Ended June 30, 1998 and 1997
                              (Unaudited)
                                         
                                                        Six months ended
                                                              June 30,
                                                         1998          1997
Cash flows from operating activities:                                         
 Net loss                                            ($1,038,340)   ($ 627,596)
   Adjustments to reconcile net loss to net cash
     provided (used in) by operating activities:   
 Depreciation and amortization                           291,104       253,502
 Changes in assets and liabilities:                                           
   Decrease (increase) in restricted cash                 56,552      (269,513)
   Decrease (increase) in accounts receivable                194        (6,366)
   Increase in other assets                               (7,499)      (87,062)
   Increase (decrease) in accounts payable - trade       235,519       (22,847)
   Decrease in accounts payable - related parties        (21,344)      (75,063)
   Increase in accounts payable - taxes                   60,135         7,674
   Increase in interest payable                          464,567       239,796
   Increase (decrease) increase in accrued liabilities     3,253        (5,610)
   Increase in tenant security deposits                      490           605
                                                       ---------     --------- 
Net cash provided by (used in) operating activities:      44,631      (592,480)
                                                       ---------     --------- 
Cash flows from investing activities:                                        
 Capital expenditures                                          0        (3,962)
                                                       ---------     ---------
   Net cash used in investing activities:                      0        (3,962)
                                                       ---------     --------- 
Cash flows from financing activities:                                        
 Proceeds from debt financings                            11,314             0
 Principal payments                                            0             0
                                                       ---------     --------- 
Net cash provided by financing activities:                11,314             0
                                                       ---------     ---------
Increase (decrease) in cash and cash equivalents          55,945      (596,442)
                                                                             
Cash and cash equivalents at beginning of period          57,736     1,126,711
                                                       ---------     ---------
Cash and cash equivalents at end of period            $  113,681    $  530,269
                                                       =========     =========

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 and notes thereto,  in  the
Registrant's  Annual Report on Form 10-K for the year  ended  December
31, 1997.

              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       Document
                  Number

                    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 June 30, 1998.
<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:   August 20, 1998       DIVERSIFIED HISTORIC INVESTORS V
        ---------------
                              By: Dover Historic Advisors V, General Partner
                                             
                                  By: EPK, Inc., Partner
                                                 
                                      By:  /s/ Spencer Wertheimer
                                           ----------------------
                                           SPENCER WERTHEIMER
                                                            President
                                                            and
                                                            Treasurer