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, 1997
                               ---------------------------------------
                                  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.)

         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 - March 31, 1997 (unaudited)
             and December 31, 1996
             Consolidated Statements of Operations - Three Months
             Ended March 31, 1997 and 1996 (unaudited)
             Consolidated Statements of Cash Flows - Three Months
             Ended March 31, 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  March 31, 1997, Registrant  had  cash  of
$797,030.   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  March 31, 1997, Registrant had restricted
cash  of  $109,001  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 October 1996, Radisson Redick, 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.

               (3)  Results of Operations

                     During  the  first  quarter of  1997,  Registrant
incurred a net loss of $330,125 ($29.33 per limited partnership  unit)
compared  to  a  net loss of $183,790 ($16.33 per limited  partnership
unit) for the same period in 1996.

                      Rental   and  hotel  income  combined  decreased
$458,942 from $930,790 in the first quarter of 1996 to $471,848 in the
same  period  in  1996.  This decrease resulted  from  a  decrease  of
$310,189 in rental income and a decrease of $148,753 in hotel  income.
The  decrease in rental income is the result of the sale of St. Mary's
Market  in  October 1996 and an increase in average occupancy  at  the
Lofts  at Red Hill (83% to 88%).  The decrease in hotel income is  due
to a decrease in average occupancy (66% to 50%) partially offset by an
increase  in average nightly rates ($93.39 to $97.27) at the  Radisson
Redick.

                      Expense  for  rental  operations  decreased   by
$147,302 from $170,681 in the first quarter of 1996 to $23,379 in  the
same period in 1996.  Expenses for rental operations decreased due  to
the  sale of the St. Mary's Market partially offset by an increase  in
maintenance  expense at the Lofts at Red Hill due to the  painting  of
several  units.   Hotel  operations  expense  decreased  $14,453  from
$527,859  in the first quarter of 1996 to $513,406 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
partially  offset by an increase in legal fees incurred in  connection
with the bankruptcy proceedings.

                     Depreciation  and amortization expense  decreased
$82,472 from $209,223 in the first quarter of 1996 to $126,751 in  the
same  period in 1997.  The decrease from the first quarter of 1996  to
the  same  period in 1997 is the result of the sale of the St.  Mary's
Market  and loan costs at Radisson Redick becoming fully amortized  in
November 1996.

                      Interest  expense  decreased  by  $84,423   from
$183,199 in the first quarter of 1996 to $98,776 in the same period in
1996.   The  decrease  is the result of the sale  of  the  St.  Mary's
Market.

                      Losses  incurred  during  the  quarter  at   the
Registrant's three properties amounted to $289,000, compared to a loss
of approximately $160,000 for the same period in 1996.

                     In the first quarter of 1997, Registrant incurred
a  loss of $281,000 at the Radisson Redick Hotel including $112,000 of
depreciation  compared to a loss of $142,000 in the first  quarter  of
1996,  including  $134,000 of depreciation and  amortization  expense.
The increased loss from the first quarter of 1996 to the first quarter
of 1997 is the result of a decrease in hotel income and an increase in
legal  fees  partially  offset  by  a  decrease  in  management  fees,
operating  expenses and amortization expense.  Hotel income  decreased
due  to  a  decrease in the average occupancy (66% to  50%)  partially
offset  by  an  increase in average nightly rates ($93.39  to  $97.27)
resulting  from the opening of a new hotel in the area served  by  the
Registrant  and, accordingly, an increase in competition.  Legal  fees
increased  due  to  fees incurred in connection  with  the  bankruptcy
proceedings,  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.
Amortization  expense  decreased due  to  loan  costs  becoming  fully
amortized in November 1996.

                     In the first quarter of 1997, Registrant incurred
a  loss  of  $3,000 at the St. Mary's Market compared  to  a  loss  of
$13,000 including $61,000 of depreciation expense in the first quarter
of  1996.   The decreased loss from the first quarter of 1996  to  the
first  quarter  of 1997 is the result of the sale of the  property  in
October 1996.

                     In the first quarter of 1997, Registrant incurred
a  loss  of  $5,000  at  the Lofts at Red Hill, including  $14,000  of
depreciation  expense, compared to a loss of $5,000 including  $14,000
of  depreciation expense in the first quarter of 1996.  Although there
was  no  change in the overall loss from the first quarter of 1996  to
the same period in 1997, there was an increase in rental income due to
an  increase in the average occupancy (83% to 88%) partially offset by
an  increase  in  maintenance expense due to the painting  of  several
units in the first quarter of 1997.
<PAGE>
                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
                                   
                                Assets

                                        March 31, 1997      December 31, 1996
                                          (Unaudited)
Rental properties, at cost:                                          
Land                                      $   347,955         $   347,955
Buildings and improvements                 10,977,846          10,976,514
Furniture and fixtures                      1,158,605           1,158,605
                                             
                                           12,484,406          12,483,074
Less - Accumulated depreciation            (4,903,929)         (4,777,178)
                                           ----------          ----------
                                            7,580,477           7,705,896
                                                                     
Cash and cash equivalents                     797,030           1,126,711
Restricted cash                               109,001               8,956
Accounts and notes receivable                 168,731             172,869
Other  assets  (net  of  amortization of                           
$284,230 and $190,812 at March 31, 1997                           
and December 31, 1996, respectively)           32,804              31,677
                                           ----------          ----------
       Total                              $ 8,688,043         $ 9,046,109
                                           ==========          ==========
                   Liabilities and Partners' Equity

Liabilities:
Debt obligations                          $ 6,163,254         $ 6,163,254
Accounts payable:                                                 
       Trade                                  497,389             517,295
       Related parties                         55,000             130,063
       Taxes                                   18,543              44,084
Interest payable                              257,859             158,962
Accrued liabilities                            78,530              79,243
Tenant security deposits                        8,895              14,510
                                           ----------          ----------
       Total liabilities                    7,079,470           7,107,411
                                           ----------          ----------
Partners' equity                            1,608,573           1,938,698
                                           ----------          ----------
       Total                              $ 8,688,043         $ 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 Ended March 31, 1997 and 1996
                              (Unaudited)


                                     Three months           Three months
                                        ended                  ended
                                       March 31,              March 31,
                                         1997                   1996
Revenues:                                                                  
Rental income                          $ 28,185              $  338,374
Hotel income                            443,663                 592,416
Interest income                           6,338                     382
                                        -------               ---------
       Total revenues                   478,186                 931,172
                                        -------               ---------
Costs and expenses:                                                        
Rental operations                        23,379                 170,681
Hotel operations                        513,406                 527,859
General and administrative               45,999                  24,000
Interest                                 98,776                 183,199
Depreciation and amortization           126,751                 209,223
                                        -------               ---------
       Total costs and expenses         808,311               1,114,962
                                        -------               ---------
Net loss                              ($330,125)            ($  183,790)
                                        =======               =========
Net loss per limited partnership unit ($  29.33)            ($    16.33)
                                        =======               =========

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 Three Months Ended March 31, 1997 and 1996
                              (Unaudited)

                                                        Three months ended
                                                              March 31,
                                                        1997            1996
Cash flows from operating activities:                                         
 Net loss                                           ($  330,125)    ($ 183,790)
 Adjustments to reconcile net loss to net                                     
 cash (used in) provided by operating activities:                            
 Depreciation and amortization                          126,751        209,223
 Changes in assets and liabilities:                                           
 Increase in restricted cash                           (100,045)       (18,258)
 Decrease (increase) in accounts receivable               4,138        (77,543)
 Increase in other assets                                (1,127)        (5,357)
 (Decrease) increase in accounts payable - trade        (19,906)        67,934
 Increase in accounts payable - related parties         (75,063)       (10,581)
 (Decrease) increase in accounts payable - taxes        (25,541)        35,618
 Increase in interest payable                            98,897          3,551
 (Decrease) increase in accrued liabilities              (5,615)         4,122
 Decrease in tenant security deposits                      (713)          (554)
                                                      ---------        -------
Net cash (used in) provided by operating activities    (328,349)        24,365
                                                      ---------        -------
Cash flows from investing activities:                                         
 Capital expenditures                                    (1,332)       (43,290)
                                                      ---------        -------
Net cash used in investing activities                    (1,332)       (43,290)
                                                      ---------        -------
Cash flows from financing activities:                                         
 Principal payments                                           0         (4,838)
                                                      ---------        -------
Net cash used in financing activities                         0         (4,838)
                                                      ---------        -------
Decrease in cash and cash equivalents                  (329,681)       (23,763)
                                                                              
Cash and cash equivalents at beginning of period      1,126,711         40,854
                                                      ---------        ------- 
Cash and cash equivalents at end of period           $  797,030       $ 17,091
                                                      =========        =======

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 in Form 10-K of  the
Registrant, and notes thereto, for the 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

                In  October 1996, Radisson Redick, 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.

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 March 31, 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:   August 12, 1997         DIVERSIFIED HISTORIC INVESTORS V

                                By: Dover Historic Advisors V, General Partner
                                         
                                    By: EPK, Inc., Partner
                                             
                                        By:  /s/ Donna M. Zanghi
                                             DONNA M. ZANGHI,
                                             Secretary and Treasurer