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           June 30, 1997
                               ---------------------------------------

[   ]  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 - June 30, 1997 (unaudited)
             and December 31, 1996
             Consolidated Statements of Operations - For the Three
             Months and Six Months Ended June 30, 1997 and 1996
             (unaudited)
             Consolidated Statements of Cash Flows - For the Six
             Months Ended June 30, 1997 and 1996 (unaudited)
             Notes to Consolidated Financial Statements (unaudited)

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

             (1)  Liquidity

                   As  of  June  30,  1996,  Registrant  had  cash  of
$530,269.   Such funds are expected to be used to pay liabilities  and
general  and administrative expenses of Registrant, and to  fund  cash
deficits  of the properties.  Cash generated from operations  is  used
primarily  to fund operating expenses and debt service.  If cash  flow
proves  to  be insufficient, the Registrant will attempt to  negotiate
loan modifications with the various lenders in order to remain current
on  all  obligations.  The Registrant is not aware of  any  additional
sources of liquidity.

                   As of June 30, 1997, Registrant had restricted cash
of  $278,469 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  second  quarter  of
1997,  expenditures fpr capital items were $0 at the  Radisson  Redick
and $97 at the Lofts at Red Hill and for the first six months of 1997,
expenditures for capital items were $2,533 at the Radisson Redick  and
$1,429 at the Lofts at Red Hill.

                  In October 1996, Radisson Redick, was transferred to
1504  Harney Street Associates ("HSA") a limited partnership in  which
the  Registrant owns a 99% interest.  The property was transferred  so
that  it  would be held by the Registrant in a manner similar  to  the
other  properties held by the Registrant.  HSA was unable to pay bonds
issued with respect to the property as they became due, and on October
28,  1996, HSA filed a reorganization petition pursuant to Chapter  11
of  the  U.S. Bankruptcy Code as disclosed in the Registrant's  Annual
Report on Form 10-K for the year ended December 31, 1996.

             (3)  Results of Operations

                   During  the  second  quarter  of  1997,  Registrant
incurred a net loss of $297,471 ($26.43 per limited partnership  unit)
compared  to  a  net loss of $254,172 ($22.58 per limited  partnership
unit)  for the same period in 1996.  For the first six months of 1997,
Registrant incurred a loss of $627,596 ($55.76 per limited partnership
unit)  compared  to  a  net  loss  of  $437,963  ($38.91  per  limited
partnership unit) for the same period in 1996.

                   Rental and hotel income combined decreased $320,128
from  $898,987 in the second quarter of 1996 to $579,859 in  the  same
period  in  1997.  $92,220 of the decrease was from hotel  income  and
$227,908  of  the  decrease was from rental income.  The  decrease  in
hotel  income  is due to a decrease in the average occupancy  (72%  to
66%)  and  a  decrease in average room rates ($94.50 to $93.90).   The
decrease  in rental income is mainly attributable to the sale  of  the
St. Mary's Market partially offset by an increase in rental income  at
the Lofts at Red Hill due to an increase in the average occupancy (72%
to 89%).

                   Rental  and  hotel income decreased  $779,070  from
$1,829,777 for the first six months of 1996 to $1,050,707 for the same
period  of 1997. $240,973 of the decrease was due to hotel income  and
$538,097  of  the decrease was due to rental income.  The decrease  in
hotel  income  is due to a decrease in the average occupancy  (80%  to
64%) partially offset by an increase in average room rates ($93.96  to
$95.37).  The decrease in rental income is mainly attributable to  the
sale  of  the  St. Mary's Market partially offset by  an  increase  in
rental  income at the Lofts at Red Hill due to an increase in  average
occupancy (77% to 89%).

                   Expense for rental operations decreased by  $85,770
from  $177,378 in the second quarter of 1996 to $91,608  in  the  same
period  in 1997 and decreased by $233,072 from $348,059 for the  first
six  months of 1996 to $114,987 for the same period in 1997 due to the
sale  of  the  St. Mary's Market.  Hotel operations expense  decreased
$81,635 from $558,023 in the second quarter of 1996 to $476,388 in the
same  period in 1997 and decreased by $96,088 from $1,085,882 for  the
first  six months of 1996 to $989,794 for the same period in 1997  due
mainly  to  a decrease in management fees (which are based upon  hotel
revenues) and a decrease in overall operating expenses.

                   Interest expense decreased $44,017 from $184,916 in
the  second quarter of 1996 to $140,899 in the same period in 1997 and
decreased $128,440 from $368,115 for the first six months of  1996  to
$239,675  for  the  same  period in 1997.  The  decrease  in  interest
expense  is the result of the sale of the St. Mary's Market  partially
offset by an increase in the interest rate at the Radisson Redick.

                   Depreciation  and  amortization  expense  decreased
$82,472 from $209,223 in the second quarter of 1996 to $126,751 in the
same period in 1997 and decreased $164,944 from $418,446 for the first
six  months  of  1996 to $253,502 for the same period  in  1997.   The
decrease  is the result of the sale of the St. Mary's Market and  loan
costs at Radisson Redick becoming fully amortized in November 1996.

                   Losses  incurred during the second quarter  at  the
Registrant's  three  properties  amounted  to  $181,000,  compared  to
approximately $230,000 for the same period in 1996.  For the first six
months of 1997 the Registrant's three properties recognized a loss  of
$470,000  compared to approximately $390,000 for the  same  period  in
1996.

                      In   the  second  quarter  of  1997,  Registrant
recognized  a loss of $180,000 at the Radisson Redick Hotel  including
$113,000  of  depreciation expense, compared to a loss of $125,000  in
the  second  quarter of 1996, including $134,000 of  depreciation  and
amortization expense and for the first six months of 1997,  Registrant
recognized  a  loss  of  $461,000 including $225,225  of  depreciation
expense  compared to a loss of $267,000 for the same period  in  1996,
including depreciation expense of $268,000.  The increase in the  loss
from  the second quarter of 1996 and the first six months of  1996  to
the  same periods in 1997 is the result of a decrease in hotel  income
and an increase in interest expense partially offset by a decrease  in
management  fees, operating expenses and amortization expense.   Hotel
income  decreased due to a decrease in the average occupancy  (72%  to
66%)  and  a decrease in the average nightly rates ($94.50 to  $93.90)
for  the quarter and a decrease in the average occupancy (80% to  64%)
for  the  first six months partially offset by an increase in  average
nightly rates ($93.96 to $95.37) resulting from the opening of  a  new
hotel  in  the  area  served by the Registrant  and,  accordingly,  an
increase  in  competition.   Interest  expense  increased  due  to  an
increase in the interest rate as a result of the default interest that
is  charged  on  the  bonds  while  the  property  is  in  bankruptcy.
Management fees (which are based upon hotel revenues) decreased due to
the decrease in hotel income, and overall operating expenses decreased
due  to  the  decrease  in  average occupancy.   Amortization  expense
decreased due to loan costs becoming fully amortized in November 1996.

                  In the second quarter of 1997, Registrant incurred a
loss  of  $0  at the St. Mary's Market, compared to a loss of  $97,000
including  $61,000  of depreciation expense in the second  quarter  of
1996  and for the first six months of 1997, Registrant incurred a loss
of  $3,000, compared to a loss of $110,000 for the first six months of
1996, including depreciation expense of $121,000.  The decreased  loss
for  both the second quarter and the first six months of 1997 from the
same  periods  in  1996 is the result of the sale of the  property  in
October 1996.

                  In the second quarter of 1997, Registrant incurred a
loss  of  $1,000  at  the  Lofts at Red  Hill,  including  $14,000  of
depreciation  expense, compared to a loss of $8,000 including  $14,000
of  depreciation  expense in the second quarter of 1996  and  for  the
first  six  months  of 1997, Registrant incurred  a  loss  of  $6,000,
including  $29,000  of  depreciation expense compared  to  a  loss  of
$13,000  for  the  first  six  months of 1996  including  depreciation
expense  of  $29,000.  The decreased loss from the second quarter  and
the  first  six months of 1997 from the same periods in  1996  is  the
result  of  an  increase in rental income due to an  increase  in  the
average  occupancy (72% to 89%) for the quarter and (77% to  89%)  for
the first six months.
<PAGE>
                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
                  June 30, 1997 and December 31, 1996
                                   
                                Assets

                                      June 30, 1997         December 31, 1996
                                       (Unaudited)
Rental properties, at cost:                                          
Land                                   $   347,955             $   347,955
Buildings and improvements              10,977,943              10,976,514
Furniture and fixtures                   1,161,138               1,158,605
                                        ----------              ----------
                                        12,487,036              12,483,074
Less - Accumulated depreciation         (5,030,680)             (4,777,178)
                                        ----------              ---------- 
                                         7,456,356               7,705,896
                                                                     
Cash and cash equivalents                  530,269               1,126,711
Restricted cash                            278,469                   8,956
Accounts and notes receivable              179,235                 172,869
Other assets (net of amortization of                                 
  $284,230 and $190,812 at June 30,                                  
  1997 and December 31, 1996,                                        
  respectively).                           118,739                  31,677
                                        ----------              ----------
       Total                           $ 8,563,068             $ 9,046,109
                                        ==========              ==========

                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                       $ 6,163,254             $ 6,163,254
Accounts payable:                                                    
       Trade                               494,448                 517,295
       Related parties                      55,000                 130,063
       Taxes                                51,758                  44,084
Interest payable                           398,758                 158,962
Accrued liabilities                         79,848                  79,243
Tenant security deposits                     8,900                  14,510
                                        ----------              ----------
       Total liabilities                 7,251,966               7,107,411
                                        ----------              ----------
Partners' equity                         1,311,102               1,938,698
                                        ----------              ----------
       Total                           $ 8,563,068             $13,517,285
                                        ==========              ==========

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 and Six Months Ended June 30, 1997 and 1996
                              (Unaudited)

                                  Three months                 Six months
                                 ended June 30,              ended June 30,
                                1997        1996           1997         1996

Revenues:                
   Rental income             $ 29,766   $  257,674     $   57,951   $  596,048
   Hotel income               549,093      641,313        992,756    1,233,729
   Interest income              5,315          380         11,653          762
                              -------    ---------      ---------    ---------  
   Total revenues             584,174      899,367      1,062,360    1,830,539
                              -------    ---------      ---------    ---------
Costs and expenses:      
   Rental operations           91,608      177,378        114,987      348,059
   Hotel operations           476,388      558,023        989,794    1,085,882
   General and                                                 
      administrative           45,999       24,000         91,998       48,000
   Interest                   140,899      184,916        239,675      368,115
   Depreciation and                                              
      amortization            126,751      209,223        253,502      418,446
                              -------    ---------      ---------    ---------
   Total costs and       
      expenses                881,645    1,153,540      1,689,956    2,268,502
                              -------    ---------      ---------    ---------
Net loss                    ($297,471) ($  254,172)   ($  627,596) ($  437,963)
                              =======    =========      =========    =========
Net loss per limited     
   partnership unit         ($  26.43) ($    22.58)   ($    55.76) ($    38.91)
                              =======    =========      =========    =========

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 Six Months Ended June 30, 1997 and 1996
                              (Unaudited)
                                                           Six months ended
                                                                June 30,
                                                           1997          1996
Cash flows from operating activities:                                         
 Net loss                                             ($ 627,596)   ($ 437,963)
 Adjustments to reconcile net loss to net                                     
   cash (used in) provided by operating activities:                          
 Depreciation and amortization                           253,502       418,446
 Changes in assets and liabilities:                                           
   (Increase) decrease in restricted cash               (269,513)       25,383
   Increase in accounts receivable                        (6,366)      (90,543)
   Increase in other assets                              (87,062)       (8,778)
   (Decrease) increase in accounts payable - trade       (22,847)      145,354
   (Decrease) increase in accounts payable - 
      related parties                                    (75,063)       22,109
   Increase in accounts payable - taxes                    7,674         9,625
   Increase in interest payable                          239,796         7,102
   (Decrease) increase in accrued liabilities             (5,610)       12,220
   Increase (decrease) in tenant security deposits           605        (9,794)
                                                       ---------     ---------
Net cash (used in) provided by operating activities:    (592,480)       93,161
                                                       ---------     ---------
Cash flows from investing activities:                                        
 Capital expenditures                                     (3,962)      (87,687)
                                                       ---------     --------- 
   Net cash used in investing activities:                 (3,962)      (87,687)
                                                       ---------     ---------
Cash flows from financing activities:                                        
 Proceeds from debt financings                                 0             0
 Principal payments                                            0        (9,675)
                                                       ---------     ---------
Net cash used in financing activities:                         0        (9,675)
                                                       ---------     ---------
Decrease in cash and cash equivalents                   (596,442)       (4,201)
                                                                             
Cash and cash equivalents at beginning of period       1,126,711        40,854
                                                       ---------     ---------
Cash and cash equivalents at end of period            $  530,269    $   36,653
                                                       =========     =========

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 in Form 10-K and notes thereto,  in  the
Registrant's  Annual Report on Form 10-K for the year  ended  December
31, 1996.

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

                      PART II - OTHER INFORMATION

Item 1.      Legal Proceedings

                In  October 1996, Radisson Redick, was transferred  to
1504  Harney Street Associates ("HSA") a limited partnership in  which
the  Registrant owns a 99% interest.  The property was transferred  so
that  it  would be held by the Registrant in a manner similar  to  the
other  properties held by the Registrant.  HSA was unable to  pay  the
bonds  as  they  became  due, and on October 28,  1996,  HSA  filed  a
reorganization petition pursuant to Chapter 11 of the U.S.  Bankruptcy
Code  as disclosed in the Registrant's Annual Report on Form 10-K  for
the year ended December 31, 1996.

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

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

Item 6.      Exhibits and Reports on Form 8-K

             (a)  Exhibit
                  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 June 30, 1997.

<PAGE>
                              SIGNATURES


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



Date:  August 26, 1997         DIVERSIFIED HISTORIC INVESTORS V

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