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, 2002
                               ----------------------------------

                               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.)

           1521 Locust Street, Philadelphia, PA   19102
-----------------------------------------------------------------
     (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 - September 30, 2002 (unaudited)
        and December 31, 2001
        Consolidated Statements of Operations - For the Three Months
        and Nine Months Ended September 30, 2002 and 2001 (unaudited)
        Consolidated Statements of Cash Flows - For the Nine Months
        Ended September 30, 2002 and 2001 (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, 2002, Registrant  had  cash  of
$4,363.   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, 2002, Registrant had  restricted
cash  of  $121,532  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.

                On  October 1, 2002, the mortgage note secured by  the
Lofts at Red Hill matured and was declared in default by the lender.

                On September 10, 2003, the Lofts at Red Hill was sold.
The  net  proceeds  of  the sale were used to pay  the  mortgage  note
secured  by  the  property and accrued expenses of the Registrant.  No
funds  remained  for  distribution to  unit  holders.  The  Registrant
liquidated thereafter.

            (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 2002, Registrant incurred a
net loss of $39,413 ($3.50 per limited partnership unit) compared to a
net  loss of $45,720 ($4.06 per limited partnership unit) for the same
period  in  2001.   For  the  first nine months  of  2002,  Registrant
incurred  a  loss  of $112,772 ($10.02 per limited  partnership  unit)
compared  to  a  net  loss of $105,148 ($9.34 per limited  partnership
unit) for the same period in 2001.

             Rental income decreased $2,001 from $32,575 in the  third
quarter  of  2001 to $30,574 in the same period of 2002 and  decreased
$5,757 from $102,028 for the first nine months of 2001 to $96,271  for
the  same period in 2002. The decrease in rental income from both  the
third  quarter  and first nine months of 2001, compared  to  the  same
periods in 2002, is due to a decrease in average occupancy (84% to 81%
and 85% to 82%, respectively)

             Other income of $7,299 recognized in the third quarter of
2002 was due to the return of real estate taxes from prior periods due
to a successful tax appeal.

             Rental operations expense decreased $347 from $30,041  in
the  third quarter of 2001 to $29,694 in the same period in 2001.  The
decrease in rental operations expense from the third quarter of  2001,
compared  to  the  same  period in 2002,  is  due  to  a  decrease  in
advertising expense and leasing commissions.

             Rental  operations expense increased $2,180 from  $69,882
for  the  first nine months of 2001 to $72,062 for the same period  in
2002.  The  increase in rental operations expense from the first  nine
months  of  2001, compared to the same period in 2002, is  due  to  an
increase  in apartment preparation expense and insurance expense.  The
increase in apartment preparation expense is due to an increase in the
turnover of apartment units. The increase in insurance expense is  due
to an increase in insurance premiums.

             Interest expense increased $901 from $16,238 in the third
quarter  of  2001 to $17,139 in the same period in 2002 and  increased
$2,323  from $47,511 for the first nine months of 2001 to $49,834  for
the  same period in 2002. The increase from both the third quarter and
the  first nine months of 2001, compared to the same periods in  2002,
is  due  to  an increase in the principal balance of the  mortgage  on
which the interest is calculated.

             In  the third quarter of 2002, Registrant incurred a loss
of  approximately $24,000 at the Lofts at Red Hill, including  $15,000
of  depreciation  and  amortization expense, compared  to  a  loss  of
approximately $30,000 including $17,000 of depreciation expense in the
third quarter of 2001. The decrease in loss from the third quarter  of
2001,  compared to the same period in 2002, is due to an  increase  in
other  income, partially offset by a decrease in rental income  and  a
decrease in rental operations expense. The increase in other income is
due to the return of real estate taxes from previous periods due to  a
successful tax appeal, partially offset by a decrease in rental income
due  to a decrease in average occupancy (84% to 81%). The decrease  in
rental  operations expense is due to a decrease in advertising expense
and leasing commissions.

             In  the first nine months of 2002, Registrant incurred  a
loss  of  approximately $67,000 at the Lofts at  Red  Hill,  including
$46,000  of  depreciation expense compared to a loss of  approximately
$60,000  including depreciation expense of $47,000 for the first  nine
months  of  2001. The increase in loss from the first nine  months  of
2001,  compared to the same period in 2002, is due to  a  decrease  in
rental income and interest income and an increase in rental operations
expense, partially offset by an increase in other income. The decrease
in  rental  income is due to a decrease in average occupancy  (85%  to
82%)  and  the  decrease in interest income is due to  a  decrease  in
interest  rates. The increase in other income is due to the return  of
real  estate  taxes  from previous periods due  to  a  successful  tax
appeal.  The  increase  in rental operations  expense  is  due  to  an
increase in maintenance expense and insurance expense. The increase in
maintenance  expense  is due to an increase in  apartment  preparation
expense and the increase in insurance expense is due to an increase in
insurance premiums.

            On October 1, 2002, the mortgage note secured by the Lofts
at Red Hill matured and was declared in default by the lender.

                On September 10, 2003, the Lofts at Red Hill was sold.
The  net  proceeds  of  the sale were used to pay  the  mortgage  note
secured  by  the  property and accrued expenses of the Registrant.  No
funds  remained  for  distribution to  unit  holders.  The  Registrant
liquidated thereafter.

Item 4.    Controls and Procedures

             We  maintain disclosure controls and procedures that  are
designed  to ensure that information required to be disclosed  in  our
Securities  Exchange  Act  of  1934 reports  is  recorded,  processed,
summarized and reported within the time periods specified in the SEC's
rules  and  forms,  and  that  such  information  is  accumulated  and
communicated  to  our  management, including  our  managing  partner's
principal  executive  officer  and  principal  financial  officer,  as
appropriate, to allow timely decisions regarding required  disclosure.
In  designing  and evaluating the disclosure controls and  procedures,
our  management recognized that any controls and procedures, no matter
how  well designed and operated, can provide only reasonable assurance
of  achieving  the  desired  control objectives,  and  our  management
necessarily was required to apply its judgment in evaluating the cost-
benefit relationship of possible controls and procedures.

             Under the supervision of our managing partner's principal
executive officer and principal financial officer we have carried  out
an  evaluation of the effectiveness of our adopted disclosure controls
and  procedures  as of the end of the period covered by  this  report.
Based  upon  that  evaluation, our managing  partner's  president  and
treasurer  concluded that our disclosure controls and  procedures  are
effective.

             There  have  been no significant changes in our  internal
controls over financial reporting that has materially affected, or  is
reasonably  likely  to  materially affect, our internal  control  over
financial reporting during our most recent fiscal quarter.

<PAGE>


                    DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                      CONSOLIDATED BALANCE SHEETS
                      ---------------------------

                                Assets


                          September 30, 2002   December 31, 2001
                          ------------------   -----------------
                                (Unaudited)
Rental properties, at cost:
 Land                           $   61,046          $   61,046
 Buildings and improvements      1,445,431           1,445,431
 Furniture and fixtures             92,107              92,107
                                ----------          ----------
                                 1,598,584           1,598,584
Less - accumulated depreciation   (873,332)           (828,871)
                                ----------          ----------
                                   725,252             769,713
Cash and cash equivalents            4,363               4,974
Restricted cash                    121,532             118,001
Accounts and notes receivable        9,402              13,931
Other assets (net of amortization
 of $337,221 and $289,363)             475              48,333
                                ----------          ----------
     Total                      $  861,024          $  954,952
                                ==========          ==========

                   Liabilities and Partners' Equity
Liabilities:
 Debt obligations                  477,333             459,699
 Accounts payable:
  Trade                            129,079             127,132
  Related parties                   33,656              33,656
Accrued liabilities                 12,557              13,564
Tenant security deposits             9,475               9,205
                                ----------          ----------
     Total liabilities             662,100             643,256
Partners' equity                   198,924             311,696
                                ----------          ----------
     Total                      $  861,024          $  954,952
                                ==========          ==========

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,
                           2002       2001        2002         2001
                           ----       ----        ----         ----
Revenues:
 Rental income            $30,574   $32,574     $ 96,271    $102,028
 Interest income              320        79        1,076       3,962
 Other income               7,299         0        7,299           0
                          -------   -------     --------    --------
  Total revenues           38,193    32,653      104,646     105,990
                          -------   -------     --------    --------

Costs and expenses:
 Rental operations         29,694    30,040       72,062      69,882
 Interest                  17,139    16,238       49,834      47,511
 Bad debt                       0         0        3,202           0
 Depreciation and
  Amortization             30,773    32,095       92,320      93,745
                          -------   -------     --------    --------
  Total costs
   and expenses            77,606    78,373      217,418     211,138
                          -------   -------     --------    --------
Net loss                 ($39,413) ($45,720)   ($112,772)  ($105,148)
                          =======   =======     ========    ========

Net loss per limited
 partnership unit:       ($  3.50) ($  4.06)   ($  10.02)  ($   9.34)
                          =======   =======     ========    ========

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,
                                            2002         2001
                                            ----         ----

Cash flows from operating activities:
 Net loss                               ($112,772)   ($105,148)
 Adjustments to reconcile net loss to
  net cash used in operating
  activities:
  Depreciation and amortization            92,320       93,745
 Changes in assets and liabilities:
  (Increase) decrease in restricted cash   (3,530)       1,136
  Decrease (increase) in accounts
   receivable                               4,528       (5,986)
  Increase in accounts payable - trade      1,947        7,793
  Decrease in accounts payable - taxes          0      (15,684)
  (Decrease) increase in accrued
   liabilities                             (1,008)         540
  Increase (decrease) in tenant
   security deposits                          270         (485)
                                         --------     --------
Net cash used in operating activities:    (18,245)     (24,089)
                                         --------     --------
Cash flows from financing activities:
 Proceeds from debt financings             17,634       25,711
                                         --------     --------
Net cash provided by financing
 activities                                17,634       25,711
                                         --------     --------
(Decrease) increase in cash and cash
 equivalents                                 (611)       1,622
Cash and cash equivalents at
 beginning of period                        4,974        7,545
                                         --------     --------
Cash and cash equivalents at end of
 period                                  $  4,363     $  9,167
                                         ========     ========

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, 2001.

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.


NOTE 2 - SUBSEQUENT EVENTS

On October 1, 2002, the mortgage note secured by the Lofts at Red Hill
matured and was declared in default by the lender.

The  personal property in New Orleans, Louisiana was conveyed  to  the
owners  of  the  building in which it is located in exchange  for  the
release  of an escrow account, which was used to pay accrued  expenses
of the partnership.

On  September  10,  2003,  the Lofts at Red Hill  was  sold.  The  net
proceeds of the sale were used to pay the mortgage note secured by the
property and accrued expenses of the Registrant.

No  funds  remained for distribution to unit holders.  The  Registrant
liquidated thereafter.

<PAGE>


                      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, 2002.

<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: January 19, 2004         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>

                                                            Exhibit 31

                             CERTIFICATION

  I, Spencer Wertheimer, certify that:

1.  I  have  reviewed  this quarterly report  on  Form  10-Q  for  the
 quarterly  period  ended September 30, 2003 of  Diversified  Historic
 Investors V;

2.      Based on my knowledge, this report does not contain any untrue
 statement  of  a  material  fact or omit to  state  a  material  fact
 necessary  to make the statements made, in light of the circumstances
 under  which  such statements were made, not misleading with  respect
 to the period covered by this report;

3.      Based  on  my knowledge, the financial statements,  and  other
 financial information included in this report, fairly present in  all
 material respects the financial condition, results of operations  and
 cash  flows  of the registrant as of, and for, the periods  presented
 in this report;

4.  I  am  responsible  for  establishing and  maintaining  disclosure
 controls  and procedures (as defined in Exchange Act Rules  13a-15(e)
 and  15d-15(e))  [Omission in accordance with SEC  Release  Nos.  33-
 8238,  34-47986  and IC-26068 (June 5, 2003)] for the registrant  and
 have:

  (a)     Designed such disclosure controls and procedures, or  caused
    such  disclosure controls and procedures to be designed  under  my
    supervision, to ensure that material information relating  to  the
    registrant,  including  its  consolidated  subsidiaries,  is  made
    known  to me by others within those entities, particularly  during
    the period in which this report is being prepared;

  (b)     [Omitted  in accordance with SEC Release Nos.  33-8238,  34-
    47986 and IC-26068 (June 5, 2003)];

  (c)     Evaluated  the effectiveness of the registrant's  disclosure
    controls   and  procedures  and  presented  in  this   report   my
    conclusions  about  the effectiveness of the  disclosure  controls
    and  procedures,  as  of  the end of the period  covered  by  this
    report based on such evaluation; and

  (d)     Disclosed  in  this  report any change in  the  registrant's
    internal  control  over financial reporting that  occurred  during
    the  registrant's  most  recent fiscal quarter  (the  registrant's
    fourth  fiscal quarter in the case of an annual report)  that  has
    materially   affected,  or  is  reasonably  likely  to  materially
    affect,   the   registrant's  internal  control   over   financial
    reporting; and

5.      I  have  disclosed,  based  on my most  recent  evaluation  of
 internal  control  over  financial  reporting,  to  the  registrant's
 auditors  and  the  audit  committee of  the  registrant's  board  of
 directors (or persons performing the equivalent functions):

  (a)     All significant deficiencies and material weaknesses in  the
    design  or  operation of internal control over financial reporting
    which  are  reasonably likely to adversely affect the registrant's
    ability   to  record,  process,  summarize  and  report  financial
    information; and

  (b)     Any fraud, whether or not material, that involves management
    or   other   employees  who  have  a  significant  role   in   the
    registrant's internal control over financial reporting.


Date:  January 19, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 19, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: Treasurer (principal
                                              financial officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

<PAGE>

                                                            Exhibit 32

                       CERTIFICATION PURSUANT TO
                        18 U.S.C. SECTION 1350,
                        AS ADOPTED PURSUANT TO
             SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection  with  the Quarterly Report of  Diversified  Historic
Investors V on Form 10-Q for the quarterly period ended September  30,
2003  as filed with the Securities and Exchange Commission on the date
hereof  (the "Report"), I, Spencer Wertheimer, President and Treasurer
of  the Company's managing partner, EPK, Inc., certify, pursuant to 18
U.S.C.  Section  1350,  as adopted pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002, that:

  (1) The Report fully complies with the requirements of section 13(a)
or 15(d) of the Securities Exchange Act of 1934, and

  (2)  The information contained in the Report fairly presents, in all
material  respects, the financial condition and results of  operations
of the Company.



Date:  January 19, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 19, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: Treasurer (principal
                                              financial officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.


<PAGE>