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, 2001
                               ----------------------------------

                               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
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     (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, 2001
          (unaudited) and December 31, 2000
          Consolidated Statements of Operations - Three Months
          Ended March 31, 2001 and 2000 (unaudited)
          Consolidated Statements of Cash Flows - Three Months
          Ended March 31, 2001 and 2000 (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, 2001, Registrant had cash of $7,165.
Such funds are expected to be used to pay liabilities and general
and  administrative  expenses of Registrant,  and  to  fund  cash
deficits of the property.  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 March 31, 2001, Registrant had restricted cash
of  $114,295  consisting  primarily of  funds  held  as  security
deposits  and  escrows  for  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  first  quarter  of  2001,  Registrant
incurred  a  net  loss of $30,663 ($2.72 per limited  partnership
unit)  compared  to  net  loss  of  $50,855  ($4.52  per  limited
partnership unit) for the same period in 2000.

              Rental income increased $5,016 from $28,510 in  the
first quarter of 2000 to $33,526 in the same period in 2001.  The
increase  in  rental  income is due to  an  increase  in  average
occupancy for the period (83% to 84%).

              Rental  operations  expense increased  $3,167  from
$18,015  in  the  first quarter of 2000 to $21,182  in  the  same
period  of  2001 due to increases in real estate tax expense  and
legal  and accounting expense, partially offset by a decrease  in
maintenance expense. The increase in real estate tax  expense  is
due  to prior year real estate taxes which were paid in 2001. The
increase  in  legal and accounting expense is due  to  additional
services rendered during the first quarter 2001. The decrease  in
maintenance expense is due to a decrease in maintenance  services
and cleaning services at the Lofts at Red Hill.

              Interest expense increased $597 from $14,804 in the
first quarter of 2000 to $15,401 in the same period in 2001.  The
increase in interest expense at the Lofts at Red Hill is  due  to
principal additions on the mortgage in January 2001.


              In  the  first  quarter  of  2001,  the  Registrant
incurred  a  loss of approximately $17,000 at the  Lofts  at  Red
Hill, including $15,000 of depreciation and amortization expense,
compared  to  a loss of $19,000 including $15,000 of depreciation
expense in the first quarter of 2000.  The decrease in loss  from
the  first quarter of 2000 to the same period in 2001 is  due  to
the  increase in rental income, partially offset by  an  increase
rental operating expense. The increase in rental income is due to
an  increase  in occupancy (83% to 84%). The increase  in  rental
operating  expense  is  due to an increase  in  real  estate  tax
expense and legal and accounting expense.

<PAGE>


                DIVERSIFIED HISTORIC INVESTORS V
              (a Pennsylvania limited partnership)

                   CONSOLIDATED BALANCE SHEETS

                             Assets
                             ------

                              March 31, 2001     December 31, 2000
                              --------------     -----------------
                                (Unaudited)

Rental properties, at cost:
  Land                          $   61,046            $   61,046
  Buildings and improvements     1,445,431             1,445,431
  Furniture and fixtures            89,316                89,316
                                ----------            ----------
                                 1,595,793             1,595,793
Less - accumulated depreciation   (784,448)             (769,734)
                                ----------            ----------
                                   811,345               826,059

Cash and cash equivalents            7,165                 7,545
Restricted cash                    114,295               112,630
Accounts and notes receivable        7,577                 6,955
Other assets (net of
 amortization of $241,030
 and $224,919 at March 31, 2001
 and  December 31, 2000,
 respectively)                      96,667               112,777
                                ----------            ----------
     Total                      $1,037,049            $1,065,966
                                ==========            ==========

                Liabilities and Partners' Equity
                --------------------------------
Liabilities:
 Debt obligations               $  447,246            $  429,645
Accounts payable:
  Trade                            117,159               115,800
  Related parties                   33,656                33,656
  Taxes                                  0                17,332
Accrued liabilities                 13,015                12,811
Tenant security deposits             9,630                 9,715
                                ----------            ----------
     Total liabilities             620,706               618,959

Partners' equity                   416,343               447,007
                                ----------            ----------
     Total                      $1,037,049            $1,065,966
                                ==========            ==========

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 ended
                              March 31,                March 31,
                                 2001                    2000
                                 ----                    ----
                                                      (Restated)
Revenues:
  Rental income                $33,526                 $28,510
  Interest income                3,814                     120
                               -------                 -------
     Total revenues             37,340                  28,630
                               -------                 -------
Costs and expenses:
  Rental operations             21,182                  18,015
  General and administrative       596                  15,999
  Interest                      15,401                  14,804
  Depreciation and
   amortization                 30,824                  30,667
                               -------                 -------

      Total costs and expenses  68,003                  79,485
                               -------                 -------

Net (loss) income             ($30,663)               ($50,855)
                               =======                 =======

Net loss perlimited
 partnership unit:            ($  2.72)               ($  4.52)
                               =======                 =======

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)

                                           Three months ended
                                                March 31,
                                           2001          2000
                                           ----          ----
                                                    (Restated)
Cash flows from operating activities:
 Net (loss) income                      ($30,663)     ($50,855)
 Adjustments to reconcile net loss to
  net cash provided by (used in)
  operating activities:
   Depreciation and amortization          30,825        30,667
   Changes in assets and liabilities:
   (Increase) decrease in restricted
    cash                                  (1,666)          388
   (Increase) in accounts receivable        (622)       (1,431)
   Increase in accounts payable-trade      1,359        20,450
   (Decrease) in accounts payable-taxes  (17,332)            0
   Increase (decrease) in accrued
    liabilities                              203           (43)
   (Decrease) in tenant security deposits    (85)         (479)
                                         -------       -------
Net cash used in operating activities    (17,981)       (1,303)
                                         -------       -------
Cash flows from financing activities:
 Borrowings under debt obligations             0         2,803
 Repayments of debt financings            17,601             0
                                         -------       -------
Net cash provided by (used in)
 financing activities                     17,601         2,803
                                         -------       -------
Increase (decrease) in cash and cash
 equivalents                                (380)        1,500
Cash and cash equivalents at
 beginning of period                       7,545         3,951
                                         -------       -------
Cash and cash equivalents at end of
 period                                  $ 7,165       $ 5,451
                                         =======       =======

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 and notes thereto on Form  10-K
of the Registrant for the year ended December 31, 2000.

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  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 March 31, 2001.

<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: September 23, 2002   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>