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, 2000
                               ----------------------------------

                               or

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to
                               --------------    ----------------

Commission file number                   33-15597
                      -------------------------------------------

                    DIVERSIFIED HISTORIC INVESTORS V
-----------------------------------------------------------------
     (Exact name of registrant as specified in its charter)

        Pennsylvania                                 23-2479468
-------------------------------                   ---------------
(State or other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                  Identification No.)

            1609 Walnut Street, Philadelphia, PA   19103
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         (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (215)557-9800
                                                   --------------

                              N/A
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 (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, 2000
        (unaudited) and December 31, 1999
        Consolidated Statements of Operations - For the Three
        Months and Nine Months Ended September 30, 2000 and 1999
        (unaudited)
        Consolidated Statements of Cash Flows - For the Nine
        Months Ended September 30, 2000 and 1999 (unaudited)
        Notes to Consolidated Financial Statements (unaudited)

Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations.

         (1)   Liquidity

             As  of  September 30, 2000, Registrant had  cash  of
$4,842.   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 lender  in
order  to  remain current on all obligations.  The Registrant  is
not aware of any additional sources of liquidity.

             As  of September 30, 2000, Registrant had restricted
cash  of  $114,032 consisting primarily of funds held as security
deposits escrows for real estate taxes.  As a consequence of  the
restrictions as to use, Registrant does not deem these  funds  to
be a source of liquidity.

         (2)   Capital Resources

              Any   capital  expenditures  needed  are  generally
replacement  items and are funded out of cash from operations  or
replacement reserves, if any.  The Registrant is not aware of any
factors  which would cause historical capital expenditure  levels
not  to be indicative of capital requirements in the future  and,
accordingly,  does  not  believe that  it  will  have  to  commit
material  resources  to capital investment  for  the  foreseeable
future.

         (3)   Results of Operations

            During the third quarter of 2000, Registrant incurred
a  net  loss  of  $44,916  ($3.99 per limited  partnership  unit)
compared  to a net loss of $59,812 ($5.31 per limited partnership
unit) for the same period in 1999.  For the first nine months  of
2000,  Registrant incurred a loss of $161,855 ($14.38 per limited
partnership unit) compared to a net income of $3,695,185 ($328.33
per  limited  partnership  unit) for the  same  period  in  1999.
Included  in  income  in the first nine  months  of  1999  is  an
extraordinary  gain of $3,994,755 related to the  foreclosure  of
the Redick Plaza Hotel in January 1999.

             Rental  income increased $11,522 to $38,497  in  the
third quarter of 2000 from $26,975 in the same period in 1999 and
increased  $17,109 to $99,330 for the first nine months  of  2000
from  $82,221 for the same period in 1999. The increase in rental
income  is  due  to an increase in average occupancy  during  the
third  quarter (98% from 79%) and for nine months (91% from  81%)
at the Lofts at Red Hill.

            Rental operations expense decreased $3,815 to $21,661
in  the third quarter of 2000 from $25,476 in the same period  in
1999  and increased $17,691 to $76,599 for the first nine  months
of  2000  from $58,908 for the same period in 1999.  The decrease
from  quarter  to  quarter is the result of a  decrease  in  real
estate  taxes  partially offset by increases in  maintenance  and
commission expenses.  The increase for the first nine  months  is
due to increases in maintenance and commission expenses.  In both
periods, the expense increases are due to the increase in average
occupancy.

             Interest  expense increased $411 to $15,177  in  the
third  quarter of 2000 from $14,766 in the same period  in  1999.
The  increase  is  due  to  a  higher principal  balance  on  the
mortgage.

            Interest expense decreased $40,894 to $44,886 for the
first  nine  months of 2000 from $85,870 for the same  period  in
1999.  The decrease is due to the foreclosure of the Redick Plaza
Hotel  effective  as  of  January 1999, partially  offset  by  an
increase  in interest expense at the Lofts at Red Hill due  to  a
higher principal balance on the mortgage.

             As  of  January  1999  the Redick  Plaza  Hotel  was
foreclosed by the second mortgage lender, with the consent of the
first  mortgage  lender, by recordation of  a  deed  in  lieu  of
foreclosure.   The deed was recorded in June 1999 to be effective
as  of January 15, 1999.  As a result, the Registrant realized an
extraordinary gain on forgiveness of indebtedness in  the  amount
of  $3,994,755, which is the difference between the debt  of  the
hotel  and the net book value of its assets in the first  quarter
of 1999.

             In the third quarter of 2000, Registrant incurred  a
loss of approximately $13,000 at the Lofts at Red Hill, including
$15,000 of depreciation and amortization expense, compared  to  a
loss  of  approximately $28,000 including $15,000 of depreciation
expense  in  the  third quarter of 1999 and for  the  first  nine
months  of  2000,  incurred  a  loss  of  approximately  $67,000,
including $44,000 of depreciation expense compared to a  loss  of
approximately $66,000 for the first nine months of 1999 including
depreciation expense of $44,000.  The decrease in the  loss  from
quarter to quarter is the result of an increase in rental  income
and  a   decrease  in  real  estate  taxes  partially  offset  by
increases in maintenance and commission expenses. The increase in
the loss to the first nine months of 2000 from 1999 is the result
of   increases  in maintenance and commission expenses  partially
offset by an increase in rental income.

             The results of operations for the third quarter  and
the  first nine months of 1999 have been restated to reflect  the
foreclosure  of the Redick Plaza Hotel effective  as  of  January
1999.

<PAGE>


                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

                   CONSOLIDATED BALANCE SHEETS

                             Assets

                                   September 30,    December 31,
                                       2000             1999
                                    (Unaudited)
Rental properties, at cost:
 Land                              $   61,046       $   61,046
 Buildings and improvements         1,445,431        1,445,431
 Furniture and fixtures                86,863           86,863
                                   ----------       ----------
                                    1,593,340        1,593,340
Less - accumulated depreciation      (754,719)        (711,121)
                                   ----------       ----------
                                      838,621          882,219
Cash and cash equivalents               4,842            3,951
Restricted cash                       114,032          116,039
Accounts and notes receivable           7,009              150
Other assets (net of amortization
 of $208,808 and $160,475 at
 September 30, 2000 and
 December 31, 1999, respectively)     128,889          177,221
                                   ----------       ----------
     Total                         $1,093,393       $1,179,580
                                   ==========       ==========

                Liabilities and Partners' Equity
Liabilities:
 Debt obligations                  $  426,285       $  417,399
 Accounts payable:
  Trade                               168,490          111,524
  Related parties                      33,656           33,656
  Taxes                                23,008           13,693
Accrued liabilities                    12,836           14,160
Tenant security deposits               11,170            9,344
                                   ----------       ----------
     Total liabilities                675,445          599,776
     Partners' equity                 417,948          579,804
                                   ----------       ----------
     Total                         $1,093,393       $1,179,580
                                   ==========       ==========

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

<PAGE>

                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF OPERATIONS
                           (Unaudited)

                                 Three months           Nine months
                             ended September 30,     ended September 30,
                             2000          1999       2000         1999
                                         Restated                Restated

Revenues:
   Rental income            $38,497      $26,975    $ 99,330   $   82,221
   Hotel income                   0            0           0       18,181
   Interest income               56           86         228          308
                            -------      -------    --------   ----------
  Total revenues             38,553       27,061      99,558      100,710
                            -------      -------    --------   ----------
Costs and expenses:
   Rental operations         21,661       25,476      76,599       58,908
   Hotel operations               0            0           0       96,318
   General and
    administrative           15,999       15,999      47,997       47,997
   Interest                  15,177       14,766      44,886       85,870
   Depreciation and
    amortization             30,632       30,632      91,931      111,187
                            -------      -------    --------   ----------
  Total costs and expenses   83,469       86,873     261,413      400,280
                            -------      -------    --------   ----------

Loss before extraordinary
 item                       (44,916)    (59,812)    (161,855)    (299,570)
Extraordinary gain from
 extinguishment of
 indebtedness                     0           0            0    3,994,755
                            -------     -------     --------   ----------
Net (loss) income          ($44,916)   ($59,812)   ($161,855)  $3,695,185
                            =======     =======     ========   ==========
Net (loss) income per
 limited partnership unit:
Loss before extraordinary
 item                      ($  3.99)   ($  5.31)   ($  14.38) ($   26.62)
Extraordinary gain                0           0            0      354.95
                            -------     -------     --------   ---------
Net (loss) income          ($  3.99)   ($  5.31)   ($  14.38) ($  328.33)
                            =======     =======     ========   =========

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
                           (Unaudited)

                                              Nine months ended
                                                September 30,
                                             2000          1999
                                                         Restated
Cash flows from operating activities:
 Net (loss) income                       ($161,855)   $3,695,185
  Adjustments to reconcile net (loss)
   income to net cash used in operating
   activities:
 Depreciation and amortization              91,931      111,187
 Extraordinary gain from
  entinguishment of debt                         0   (3,994,755)
 Changes in assets and liabilities:
  Decrease in restricted cash                2,007          633
  Increase in accounts receivable           (6,859)        (154)
  Increase in accounts payable - trade      56,964       94,183
  Increase in accounts payable - taxes       9,315       44,063
  Increase in interest payable                   0       42,320
  Decrease in accrued liabilities           (1,324)      (1,161)
  Increase (decrease) in tenant
   security deposits                         1,826         (605)
                                          --------   ----------
Net cash used in operating activities:      (7,995)      (9,104)
                                          --------   ----------
Cash flows from financing activities:
 Proceeds from debt financings               8,886        7,549
 Repayments of debt financings                   0       (8,404)
                                          --------   ----------
Net cash provided by (used in)
 financing activities                        8,886         (855)
                                          --------   ----------
Increase (decrease) in cash and cash
 equivalents                                   891       (9,959)
Cash and cash equivalents at
 beginning of period                         3,951       13,986
                                          --------   ----------
Cash and cash equivalents at end of
 period                                   $  4,842   $    4,027
                                          ========   ==========

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 and notes thereto in the Registrant's Annual
Report on Form 10-K for the year ended December 31, 1999.

          The  information furnished reflects, in the opinion  of
management,  all  adjustments,  consisting  of  normal  recurring
accruals, necessary for a fair presentation of the results of the
interim periods presented.

                   PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

          To the best of its knowledge, Registrant is not a party
to,  nor  is  its  property the subject of, any pending  material
legal proceedings.

Item 4.  Submission of Matters to a Vote of Security Holders

          No  matter was submitted during the quarter covered  by
this report to a vote of security holders.


Item 6.  Exhibits and Reports on Form 8-K

            (a) Exhibit Number  Document

              3                 Registrant's    Amended     and
                                Restated Certificate of Limited
                                Partnership  and  Agreement  of
                                Limited Partnership, previously
                                filed as part of Amendment  No.
                                2  of Registrant's Registration
                                Statement  on  Form  S-11,  are
                                incorporated     herein      by
                                reference.


             (b)  Reports on Form 8-K:

            No  reports were filed on Form 8-K during the quarter
            ended September 30, 2000.

<PAGE>


                           SIGNATURES


          Pursuant to the requirements of the Securities Exchange
Act  of 1934, Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.



Date:  November 27, 2000             DIVERSIFIED HISTORIC INVESTORS V
       -----------------
                                     By: Dover Historic Advisors V,
                                          General Partner

                                         By: EPK, Inc., Partner

                                             By: /s/ Spencer Wertheimer
                                                 ----------------------
                                                 SPENCER WERTHEIMER
                                                 President and Treasurer

<PAGE>