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, 1996
                               ---------------------------------------
[   ]  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 - September 30, 1996
             (unaudited) and December 31, 1995
             Consolidated Statements of Operations - For the Three
             Months and Nine Months Ended September 30, 1996 and 1995
             (unaudited)
             Consolidated Statements of Cash Flows - For the Nine
             Months Ended September 30, 1996 and 1995 (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, 1996, Registrant had cash  of
$30,427.   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.

                   On  October  10,  1996,  one  of  the  Registrant's
Ventures, St. Mary's Market Partnership sold its property to Residence
Inn  by  Marriott, Inc.  The property was sold for $6,270,000.   After
payment  of  the existing first loan balance of $4,432,356  and  other
selling  costs,  the  net  proceeds  of  the  sale  are  approximately
$1,171,000

                   As of September 30, 1996, Registrant had restricted
cash  of  $151,960  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
1996,  expenditures for capital items were $133,305  at  the  Radisson
Redick (including the purchase of a new limousine) and $17,872 at  the
St. Mary's Market.

                   The Registrant is in the process of negotiating  an
agreement  to  extend  the maturity date on the  outstanding  Radisson
Redick bonds that matured on November 1, 1996.  If no agreement can be
reached,  it is expected that the property will be foreclosed  by  the
lender.   Should the foreclosure occur, it is not expected to  have  a
significant impact on the Registrant's liquidity, as the property  has
generated little or no cash flow.

             (3)  Results of Operations

                    During  the  third  quarter  of  1996,  Registrant
incurred a net loss of $449,989 ($39.99 per limited partnership  unit)
compared  to  a  net loss of $159,956 ($14.21 per limited  partnership
unit) for the same period in 1995.  For the first nine months of 1996,
Registrant incurred a loss of $887,952 ($78.90 per limited partnership
unit)  compared  to  a  net  loss  of  $446,941  ($39.71  per  limited
partnership unit) for the same period in 1995.

                   Rental and hotel income combined decreased $278,735
from  $979,250 in the third quarter of 1995 to $700,515  in  the  same
period in 1996.  The decrease resulted mainly from a decrease in hotel
income  of $136,226 and a decrease of $142,959 in rental income.   The
decrease in hotel income is due to a decrease in the average occupancy
(70%  to 65%) and a decrease in average room rates ($96.19 to $92.01),
as   discussed  below.   The  decrease  in  rental  income  is  mainly
attributable to an overall decrease in occupancy at St. Mary's  Market
due  to the vacating of units as leases expired in anticipation of the
sale of the property.

                   Rental  and  hotel income decreased  $339,357  from
$2,869,649  for  the first nine months of 1995 to $2,530,292  for  the
same  period  of  1996.  This decrease is due to  a  net  decrease  of
$180,546  in rental income and a decrease in hotel income of $158,811.
The  decrease  in  hotel income is due to a decrease  in  the  average
occupancy (73% to 67%) and a decrease in average room rates ($95.17 to
$93.47), as discussed below.  The decrease in rental income is  mainly
attributable to an overall decrease in occupancy at St. Mary's Market,
as  discussed below, partially offset by an increase in rental  income
at  the Lofts at Red Hill due to increases in the average rental rates
of the units.

                   Expense for rental operations decreased by  $24,775
from  $183,823 in the third quarter of 1995 to $159,048  in  the  same
period  in  1996 and decreased by $39,223 from $546,330 for the  first
nine months of 1996 to $507,107 for the same period in 1996 due to  an
overall  decrease  in  operating expenses at  St.  Mary's  Market,  as
discussed  below.   Hotel  operations expense increased  $30,306  from
$538,897  in the third quarter of 1995 to $569,203 in the same  period
in  1996  and  increased $147,963 from $1,507,122 for the  first  nine
months  of  1995 to $1,655,085 in the same period in 1996  due  to  an
increase  in rooms expense, an increase in professional fees incurred,
and an increase in wages and salaries, as discussed below.

                   Interest expense increased $3,992 from $185,261  in
the  third quarter of 1995 to $189,253 in the same period in 1996  and
decreased $22,694 from $580,062 for the first nine months of  1995  to
$557,368  for  the same period in 1996.  The decrease from  the  first
nine  months  of 1995 to the same period in 1996 is the  result  of  a
decrease in the interest rate on the outstanding bonds with respect to
the  Radisson Redick from 5.42% for the first nine months of  1995  to
4.59% in the same period in 1996.

                   Depreciation  and  amortization  expense  increased
$1,650  from $207,572 in the third quarter of 1995 to $209,222 in  the
same  period in 1996 and increased $16,334 from $611,334 for the first
nine  months  of 1995 to $627,668 for the same period  in  1996.   The
increase from the first nine months of 1995 to the same period in 1996
is the result of the amortization of loan costs incurred in connection
with the bond refinancing at Radisson Redick in February 1995.

                   Losses  incurred during the third  quarter  at  the
Registrant's  three  properties  amounted  to  $425,000,  compared  to
approximately  $135,000 for the same period in 1995.   For  the  first
nine  months  of 1996 the Registrant's three properties  recognized  a
loss  of  $815,000  compared to approximately $374,000  for  the  same
period in 1995.

                   In the third quarter of 1996, Registrant recognized
a  loss of $208,000 at the Radisson Redick Hotel including $134,000 of
depreciation and amortization expense, compared to a loss  of  $48,000
in  the third quarter of 1995, including $134,000 of depreciation  and
amortization expense.  The loss from the third quarter of 1995 to  the
third  quarter  of 1996 increased due to an decrease in rooms  revenue
and  an  increase  in  rooms expense, wages and salaries  expense  and
professional fees.  The decrease in rooms revenue is the result  of  a
decrease  in  occupancy (70% to 65%) and a decrease  in  average  room
rates ($96.19 to $92.01) resulting from the opening of a new hotel  in
the  area  served by the Registrant and, accordingly, an  increase  in
competition.    Rooms  expense  increased  due  to  an   increase   in
commissions  expense in an effort to increase occupancy,  professional
fees  increased due to fees paid to a consulting firm in an effort  to
compete  with  the new hotel and wages and salaries increased  due  to
cost of living raises given to employees.

                   For  the  first  nine  months of  1996,  Registrant
recognized  a loss of $475,000 at the Radisson Redick Hotel  including
$402,000 of depreciation and amortization expense compared to  a  loss
of  $190,000  for  the  same  period in 1995,  including  depreciation
expense  of $391,000.  The loss from the first nine months of 1995  to
the  first  nine months of 1996 increased due to a decrease  in  rooms
revenue combined with an increase in rooms expense, wages and salaries
expense,  professional fees and amortization expense partially  offset
by  a decrease in interest expense.  The decrease in rooms revenue  is
the  result  of an decrease in average occupancy (73% to  67%)  and  a
decrease in average room rates ($95.17 to $93.47) as a result  of  the
increased competition referred to above.  Rooms expense increased  due
to  an  increase  in  commissions expense in  an  effort  to  increase
occupancy   and  the  purchase  of  new  uniforms  for  the   bellman,
professional fees increased due to fees paid to a consulting  firm  in
an  effort  to  compete  with the new hotel  and  wages  and  salaries
increased   due   to  cost  of  living  raises  given  to   employees.
Amortization increased due the amortization of loan fees  incurred  in
connection  with  the  refinancing of  the  bonds  in  February  1995.
Interest expense decreased due to a decrease in the interest rate from
an  average of 5.42% for the first nine months of 1995 to 4.59% in the
same period in 1996.

                   In the third quarter of 1996, Registrant incurred a
loss  of  $198,000  at  the St. Mary's Market,  including  $61,000  of
depreciation expense, compared to a loss of $67,000 including  $59,000
of  depreciation  expense in the second quarter of 1995  and  for  the
first  nine months of 1996, Registrant incurred a loss of $308,000  at
the  St.  Mary's  Market, including $182,000 of depreciation  expense,
compared  to  a  loss of $146,000 for the first nine months  of  1995,
including  depreciation expense of $177,000.  The increased  loss  for
both the third quarter and the first nine months of 1996 from the same
periods in 1995 is the result of a decrease in rental income due to  a
decrease  in occupancy and an overall decrease in operating  expenses.
Occupancy and overall operating expenses decreased due to the vacating
of  units  as  leases  expired in anticipation  of  the  sale  of  the
property.

                   In the third quarter of 1996, Registrant incurred a
loss  of  $19,000  at  the  Lofts at Red Hill,  including  $14,000  of
depreciation expense, compared to a loss of $20,000 including  $14,000
of depreciation expense in the third quarter of 1995.  The decrease in
the loss from the third quarter of 1995 to the same period in 1996  is
the  result  of  an  overall  decrease in operating  expenses  due  to
operational efficiencies achieved at the property.

                   For  the  first  nine  months of  1996,  Registrant
incurred a loss of $32,000 at the Lofts at Red Hill, including $43,000
of  depreciation expense compared to a loss of $38,000 for  the  first
nine  months  of 1995 including depreciation expense of $43,000.   The
decrease  in the loss from the first nine months of 1995 to  the  same
period in 1996 is the result of an increase in rental income due to an
increase  in  the  average rental rates of the units  and  an  overall
decrease   in  operating  expenses  due  to  operational  efficiencies
achieved at the property
<PAGE>
<TABLE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
               September 30, 1996 and December 31, 1995
<CAPTION>                                   
                                Assets

                                                  September 30, 1996        December 31, 1995
                                                      (Unaudited)
                                                  ------------------        -----------------
Rental properties, at cost:                                                                  
<S>                                                     <C>                      <C>
Land                                                    $  1,133,669             $  1,133,669
Buildings and improvements                                17,040,457               17,022,586
Furniture and fixtures                                     1,484,672                1,351,367
                                                          ----------               ----------
                                                      
                                                          19,658,798               19,507,622
Less - Accumulated depreciation                           (7,039,671)              (6,514,441)
                                                          ----------               ----------
                                                          12,619,127               12,993,181
                                                                                             
Cash and cash equivalents                                     30,427                   40,854
Restricted cash                                              151,960                  241,236
Accounts and notes receivable                                150,162                   87,647
Other  assets  (net  of  amortization   of                                                   
$293,250  and  $190,812 at  September  30,                                                   
1996 and December 31, 1995, respectively).                                                   
                                                              67,081                  154,367
                                                          ----------               ----------
       Total                                             $13,018,757              $13,517,285
                                                          ==========               ==========
                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                                        $10,422,453             $10,436,965
Accounts payable:                                                                          
       Trade                                                686,630                 327,107
       Related parties                                       98,588                  13,426
       Taxes                                                 24,608                  40,324
Interest payable                                             17,530                   6,877
Accrued liabilities                                          81,664                  73,007
Tenant security deposits                                     28,813                  72,156
                                                         ----------              ----------
       Total liabilities                                 11,360,286              10,970,862
                                                                                           
Partners' equity                                          1,658,471               2,546,423
                                                         ----------              ----------
       Total                                            $13,018,757             $13,517,285
                                                         ==========              ==========

The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended September 30, 1996 and 1995
                              (Unaudited)
<CAPTION>
                                           Three months                         Nine months
                                        ended September 30,                 ended September 30,
                                        1996            1995                1996            1995
                                      --------        --------            --------        --------
Revenues:                                                                                          
<S>                               <C>                <C>              <C>               <C>     
   Rental income                  $   136,911        $  279,870       $   732,959       $   913,505
   Hotel income                       563,604           699,830         1,797,333         1,956,144
   Interest income                        222               537               984             1,421
                                      -------           -------         ---------         ---------
   Total revenues                     700,737           979,787         2,531,276         2,871,070
                                      -------           -------         ---------         ---------
Costs and expenses:                                                                                
   Rental operations                  159,048           183,823           507,107           546,330
   Hotel operations                   569,203           538,897         1,655,085         1,507,122
   General and                                                                                     
      administrative                   24,000            24,190            72,000            73,163
   Interest                           189,253           185,261           557,368           580,062
   Depreciation and                                                                                
      amortization                    209,222           207,572           627,668           611,334
                                    ---------         ---------         ---------         ---------
   Total costs and                                                                                 
      expenses                      1,150,726         1,139,743         3,419,228         3,318,011
                                    ---------         ---------         ---------         ---------
Net loss                          ($  449,989)      ($  159,956)      ($  887,952)      ($  446,941)
                                    =========         =========         =========         =========
Net loss per limited                                                                               
   partnership unit            ($       39.99)   ($       14.21)    ($      78.90)    ($      39.71)
                                                                                                   
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>


                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
         For the Nine Months Ended September 30, 1996 and 1995
                              (Unaudited)
<CAPTION>                                   
                                                                      Nine months ended
                                                                        September 30,
                                                                     1996              1995
                                                                   --------          --------  
Cash flows from operating activities:                                                         
<S>                                                              <C>               <C> 
 Net loss                                                        ($ 887,952)       ($ 446,941)
 Adjustments to reconcile net loss to net                                                     
   cash provided by (used in) operating activities:                                          
 Depreciation and amortization                                      627,668           611,334
 Changes in assets and liabilities:                                                           
   Decrease (increase) in restricted cash                            89,276            (6,611)
   Increase in accounts receivable                                  (62,515)          (41,079)
   Increase in other assets                                         (16,152)         (255,240)
   Increase in accounts payable - trade                             359,523            59,274
   Increase in accounts payable - related parties                    85,162             9,218
   Decrease in accounts payable - taxes                             (15,716)          (13,442)
   Increase (decrease) in interest payable                           10,653           (35,456)
   Increase (decrease) in accrued liabilities                         8,657           (19,714)
   (Decrease) increase in tenant security deposits                  (43,343)            3,223
                                                                    -------          --------
Net cash provided by (used in) operating activities:                155,261          (135,434)
                                                                    -------          --------
Cash flows from investing activities:                                                        
 Capital expenditures                                              (151,176)          (60,882)
                                                                    -------          --------
   Net cash used in investing activities:                          (151,176)          (60,882)
                                                                    -------          --------
Cash flows from financing activities:                                                        
 Proceeds from debt financings                                           -0-          221,555
 Principal payments                                                 (14,512)          (79,250)
                                                                    -------          --------
Net cash (used in) provided by financing activities:                (14,512)          142,305
                                                                    -------          --------
Decrease in cash and cash equivalents                               (10,427)          (54,011)
                                                                                             
Cash and cash equivalents at beginning of period                     40,854            84,643
                                                                    -------          --------         
Cash and cash equivalents at end of period                       $   30,427        $   30,632
                                                                    =======          ========
Supplemental Disclosure of Cash Flow Information:                                            
 Cash paid for interest                                            $546,714          $615,518

The accompanying notes are an integral part of these financial statements.
</TABLE>
<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, 1995.

              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 5.      Other Information

             The pro forma financial statements on the following pages
present  the  impact of the sale of the property owned by  St.  Mary's
Market Partnership as follows:  (1) the pro forma consolidated balance
sheet  as  of  September 30, 1996, and (2) the pro forma  consolidated
statements of operations for the year ended December 31, 1995 and  the
nine months ended September 30, 1996.
<PAGE>
<TABLE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 PRO FORMA CONSOLIDATED BALANCE SHEET
                          September 30, 1996
                              (Unaudited)
<CAPTION>                                   
                                Assets

                                                 Historical             Pro Forma              Pro Forma
                                            September 30, 1996           Adjustments     September 30, 1996
Rental properties, at cost:                                                                                
<S>                                               <C>                 <C>
Land                                              $  1,133,669        ($    785,714)          $     347,955
Buildings and improvements                          17,040,457           (6,064,761)             10,975,696
Furniture and fixtures                               1,484,672             (395,571)              1,089,101
                                                    ----------           ----------              ----------
                                                    19,658,798           (7,246,046)             12,412,752
Less - Accumulated depreciation                     (7,039,671)           2,410,639              (4,629,032)
                                                    ----------           ----------              ----------
                                                    12,619,127           (4,835,407)              7,783,720
                                                                                                           
Cash and cash equivalents                               30,427              (12,360)                 18,067
Restricted cash                                        151,960             (144,148)                  7,812
Accounts and notes receivable                          150,162              (21,646)                128,516
Other assets                                            67,081              (20,872)                 46,209
                                                    ----------           ----------               ---------
       Total                                       $13,018,757         ($ 5,034,433)            $ 7,984,324
                                                    =========            ==========               =========
                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                                   $10,422,453          ($4,192,329)             $6,230,124
Accounts payable:                                                                                          
       Trade                                           686,630             (119,084)                567,546
       Related parties                                  98,588              (77,244)                 21,344
       Taxes                                            24,608                     0                 24,608
Interest payable                                        17,530                     0                 17,530
Accrued liabilities                                     81,664              (66,871)                 14,793
Tenant security deposits                                28,813              (21,333)                  7,480
                                                    ----------            ---------               ---------
Total Liabilities                                   11,360,286          ( 4,476,861)              6,883,425
                                                                               
Partners' equity                                     1,658,471             (557,572)              1,100,899
                                                    ----------            ---------               --------- 
       Total                                       $13,018,757         ($ 5,034,433)            $ 7,984,324
                                                    ==========            =========               =========
</TABLE>
<PAGE>
<TABLE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
            PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
                 For the Year Ended December 31, 1995
                                   
<CAPTION>
                                            Historical             Pro Forma              Pro Forma
                                         December 31, 1995        Adjustments         December 31, 1995
                                                                  (Unaudited)            (Unaudited)
                                         -----------------        -----------         -----------------
Revenues:                                                                                            
<S>                                           <C>                 <C>                    <C> 
   Rental income                              $1,205,122          ($1,106,724)           $     98,398
   Hotel income                                2,548,434                    0               2,548,434
   Interest income                                 4,576               (4,155)                    421
                                               ---------            ---------             -----------
   Total revenues                              3,758,132           (1,110,879)              2,647,253
                                               ---------            ---------             -----------
Costs and expenses:                                                                                  
   Rental operations                             746,877             (634,352)                112,525
   Hotel operations                            2,036,995                    0               2,036,995
   General and administrative                     96,000                    0                  96,000
   Interest                                      765,349             (439,344)                326,005
   Depreciation and amortization                 825,509             (242,482)                583,027
                                               ---------            ---------               ---------
   Total costs and expenses                    4,470,730           (1,316,178)              3,154,552
                                               ---------            ---------               ---------
Net loss                                     ($  712,598)          $  205,299             ($  507,299)
                                               =========            =========               =========
Net loss per limited partnership             ($    63.32)          $    18.24             ($    45.08)
unit
</TABLE>
<PAGE>
<TABLE>                                                                                                    
                                   
                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
            PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
             For the Nine Months Ended September 30, 1996
                              (Unaudited)
<CAPTION>
                                            Historical             Pro Forma              Pro Forma
                                        September 30, 1996        Adjustments        September 30, 1996
                                        ------------------        -----------        ------------------
Revenues:                                                                                            
<S>                                          <C>                    <C>                  <C>  
   Rental income                             $   732,959            ($661,153)           $     71,806
   Hotel income                                1,797,333                    0               1,797,333
   Interest income                                   984                 (909)                     75
                                               ---------              -------               ---------
   Total revenues                              2,531,276             (662,062)              1,859,214
                                               ---------              -------               --------- 
Costs and expenses:                                                                                  
   Rental operations                             507,107             (446,048)                 61,059
   Hotel operations                            1,655,085                    0               1,655,085
   General and administrative                     72,000                    0                  72,000
   Interest                                      557,368             (342,233)                215,135
   Depreciation and amortization                 627,668             (181,861)                445,807
                                               ---------              -------               ---------
   Total costs and expenses                    3,419,228             (970,142)              2,449,086
                                               ---------              -------               ---------
Net loss                                    ($  887,952)             $ 308,080           ($  589,872)
                                               ========               ========              ========
Net loss per limited partnership                                                                     
unit                                        ($    78.90)             $   26.49           ($    52.41)
                                                 
</TABLE>
<PAGE>
                                                                        
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, 1996.
<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 1, 1996         DIVERSIFIED HISTORIC INVESTORS V

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