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, 1999
                               ---------------------------------------
                                  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
----------------------------------------------------------------------
(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 - March 31, 1999 (unaudited)
             and December 31, 1998
             Consolidated Statements of Operations - Three Months
             Ended March 31, 1999 and 1998 (unaudited)
             Consolidated Statements of Cash Flows - Three Months
             Ended March 31, 1999 and 1998 (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, 1999, Registrant  had  cash  of
$7,809.   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, 1999, Registrant had restricted
cash  of  $160,880  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

                     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  first  quarter of  1999,  Registrant
incurred a net loss of $702,148 ($62.39 per limited partnership  unit)
compared  to  a  net loss of $653,740 ($58.09 per limited  partnership
unit) for the same period in 1998.

                    Rental and hotel income combined decreased $81,999
from  $286,095 in the first quarter of 1998 to $204,096  in  the  same
period  in 1999.  This decrease resulted from a decrease of $4,828  in
rental income and a decrease of $77,171 in hotel income.  The decrease
in  rental income is the result of a decrease in the average occupancy
at  the  Lofts at Red Hill (93% to 77%).  The decrease in hotel income
is due to a decrease in average occupancy (31% to 28%) combined with a
decrease  in  average nightly rates ($89.89 to $71.59) at  the  Redick
Plaza Hotel.

                     Hotel  operations expense decreased $50,728  from
$508,785  in the first quarter of 1998 to $458,057 in the same  period
in  1999 due to an overall decrease in operating expenses due  to  the
decrease in occupancy.

                      Interest  expense  increased  by  $20,463   from
$247,732  in the first quarter of 1998 to $268,195 in the same  period
in 1999.  The increase is due to the commencement of interest on a new
note placed on the Redick Plaza Hotel in September 1998.

                      Losses  incurred  during  the  quarter  at   the
Registrant's two properties amounted to $671,685, compared to  a  loss
of approximately $619,000 for the same period in 1998.

                     In the first quarter of 1998, Registrant incurred
a  loss  of  $649,000 at the Redick Plaza Hotel including $116,000  of
depreciation and amortization expense compared to a loss  of  $601,000
in  the first quarter of 1998, including $115,000 of depreciation  and
amortization  expense.  The increased loss from the first  quarter  of
1998 to the first quarter of 1999 is the result of a decrease in hotel
income  and  an  increase in interest expense partially  offset  by  a
decrease  in  operating expenses.  Hotel income  decreased  due  to  a
decrease  in  the  average  occupancy (31% to  28%)  combined  with  a
decrease  in  average  nightly  rates ($89.89  to  $71.59).   Interest
expense  increased due to the commencement of interest on a  new  note
placed  on  the  Redick  Plaza  Hotel in  September  1998.   Operating
expenses decreased due to the decrease in the occupancy.

                     In the first quarter of 1999, Registrant incurred
a  loss  of  $22,000  at the Lofts at Red Hill, including  $15,000  of
depreciation and amortization expense, compared to a loss  of  $18,000
including  $15,000  of depreciation expense in the  first  quarter  of
1998.  The increase in the loss from the first quarter of 1998 to  the
same  period in 1999 is due to a decrease in rental income  due  to  a
decrease in the average occupancy (93% to 77%).
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                      CONSOLIDATED BALANCE SHEETS

                                Assets

                                          March 31, 1999       December 31, 1998
                                            (Unaudited)
Rental properties, at cost:
Land                                       $   347,955             $   347,955
Buildings and improvements                  10,322,476              10,322,476
Furniture and fixtures                       1,121,539               1,121,539
                                            ----------              ----------
                                            11,791,970              11,791,970
Less - Accumulated depreciation             (5,879,460)             (5,752,945)
                                            ----------              ----------
                                             5,912,510               6,039,025

Cash and cash equivalents                        7,809                  13,986
Restricted cash                                160,880                 263,862
Accounts and notes receivable                   88,123                  99,954
Other  assets  (net  of  amortization   of
$385,048 and $365,187 at March 31,    1999
and December 31, 1998, respectively)           328,144                 348,005
                                            ----------              ----------
       Total                               $ 6,497,466             $ 6,764,832
                                            ==========              ==========
                   Liabilities and Partners' Equity

Liabilities:
Debt obligations                           $ 7,569,245             $ 7,566,974
Accounts payable:
       Trade                                   696,366                 578,973
       Related parties                          33,656                  33,656
       Taxes                                   182,457                  95,258
Interest payable                             1,722,775               1,498,851
Accrued liabilities                             36,522                  33,447
Tenant security deposits                         9,065                   8,145
                                            ----------              ----------
       Total liabilities                    10,250,086               9,815,304
                                            ----------              ----------
Partners' equity                            (3,752,620)             (3,050,472)
                                            ----------              ----------
       Total                               $ 6,497,466             $ 6,764,832
                                            ==========              ==========

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, 1999 and 1998
                              (Unaudited)


                                      Three months                  Three months
                                          ended                         Ended
                                        March 31,                     March 31,
                                          1999                          1998
Revenues:
Rental income                           $ 26,992                      $ 31,820
Hotel income                             177,104                       254,275
Interest income                              167                           689
                                         -------                       -------
       Total revenues                    204,263                       286,784
                                         -------                       -------
Costs and expenses:
Rental operations                         17,784                        22,456
Hotel operations                         458,057                       508,785
General and administrative                15,999                        15,999
Interest                                 268,195                       247,732
Depreciation and amortization            146,376                       145,552
                                         -------                       -------
       Total costs and expenses          906,411                       940,524
                                         -------                       -------
Net loss                               ($702,148)                    ($653,740)
                                         =======                       =======
Net loss per limited partnership unit  ($  62.39)                    ($  58.09)
                                         =======                       =======

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, 1999 and 1998
                              (Unaudited)

                                                            Three months ended
                                                                March 31,
                                                             1999      1998
Cash flows from operating activities:
 Net loss                                                 ($702,148) ($653,740)
 Adjustments to reconcile net loss to net cash (used in)
  provided by operating activities:
 Depreciation and amortization                              146,376    145,552
 Changes in assets and liabilities:
 Decrease (increase) in restricted cash                     102,982     (4,369)
 Decrease in accounts receivable                             11,831     26,929
 Increase in accounts payable - trade                       117,393    236,460
 Decrease in accounts payable - related parties                   0    (21,344)
 Increase in accounts payable - taxes                        87,199     62,710
 Increase in interest payable                               223,924    232,190
 Increase in accrued liabilities                                920        435
 Increase in tenant security deposits                         3,075      7,776
                                                            -------    -------
Net cash (used in) provided by operating activities          (8,448)    32,599
                                                            -------    -------
Cash flows from investing activities:
 Capital expenditures                                             0          0
                                                            -------    -------
Net cash used in investing activities                             0          0
                                                            -------    -------
Cash flows from financing activities:
 Borrowings under debt obligations                            2,271      3,542
                                                            -------    -------
Net cash provided by financing activities                     2,271      3,542
                                                            -------    -------
(Decrease) increase in cash and cash equivalents             (6,177)    36,141

Cash and cash equivalents at beginning of period             13,986     57,736
                                                            -------    -------
Cash and cash equivalents at end of period                 $  7,809   $ 93,877
                                                            =======    =======

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, 1998.

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 March 31, 1999.
<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:   June 7, 1999           DIVERSIFIED HISTORIC INVESTORS V
        ------------
                               By: Dover Historic Advisors V, General Partner

                                   By: EPK, Inc., Partner

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