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, 1999
                               ---------------------------------------
[   ]  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 - June 30, 1999 (unaudited)
             and December 31, 1998
             Consolidated Statements of Operations - For the Three
             Months and Six Months Ended June 30, 1999 and 1998
             (unaudited)
             Consolidated Statements of Cash Flows - For the Six
             Months Ended June 30, 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 June 30, 1999, Registrant had cash of $19,188.
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, 1999, Registrant had restricted cash
of  $160,036 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  second  quarter  of  1999,  Registrant
incurred a net loss of $417,582 ($37.10 per limited partnership  unit)
compared  to  a  net loss of $384,598 ($26.43 per limited  partnership
unit)  for the same period in 1998.  For the first six months of 1999,
Registrant   incurred  a  loss  of  $1,119,730  ($99.49  per   limited
partnership  unit)  compared to a net loss of $1,038,340  ($92.26  per
limited partnership unit) for the same period in 1998.

                   Rental  and hotel income combined increased $41,007
from  $372,877 in the second quarter of 1998 to $413,884 in  the  same
period  in  1999.  $42,638 of the increase was from hotel  income  and
there  was a $1,631 decrease in rental income.  The increase in  hotel
income is due to an increase in the average occupancy (46% to 52%)  at
the  Redick Plaza Hotel.  The decrease in rental income is  due  to  a
decrease  in  the average occupancy (95% to 88%) at the Lofts  at  Red
Hill.

                   Rental  and  hotel  income decreased  $40,992  from
$658,972  for  the first six months of 1998 to $617,980 for  the  same
period  of 1999.  $34,533 of the decrease was due to hotel income  and
$6,459 increase due to rental income.  The decrease in hotel income is
due  to a decrease in the average room rates ($86.98 to $72.99) at the
Redick  Plaza  Hotel.   The decrease in rental  income  is  due  to  a
decrease in average occupancy (94% to 82%) at the Lofts at Red Hill.

                  Expense for rental operations decreased by $402 from
$16,049 in the second quarter of 1998 to $15,647 in the same period in
1999 and decreased by $5,076 from $38,507 for the first six months  of
1998  to  $33,431  for the same period in 1999 due to  a  decrease  in
operating  expenses at the Lofts at Red Hill due to  the  decrease  in
average occupancy.

                   Hotel  operations  expense increased  $50,342  from
$333,873 in the second quarter of 1998 to $384,215 in the same  period
in  1999 and decreased $386 from $842,658 for the first six months  of
1998  to $842,272 for the same period in 1999.  The increase from  the
second quarter of 1998 to the same period in 1999 is due to an overall
increase in operating expenses due to the increase in occupancy.

                     Interest expense increased $22,636 from  $246,647
in  the second quarter of 1998 to $269,283 in the same period in  1999
and  increased $43,099 from $494,379 for the first six months of  1998
to  $537,478  for the same period in 1999.  The increase  in  interest
expense is the result of an increase in the principal balance  of  the
mortgage  at  the  Redick Plaza Hotel due to  advances  made  to  fund
improvements at the hotel.

                   Losses  incurred during the second quarter  at  the
Registrant's  two  properties  amounted  to  $385,000,   compared   to
approximately $351,000 for the same period in 1998.  For the first six
months of 1998 the Registrant's three properties recognized a loss  of
$1,056,000 compared to approximately $970,000 for the same  period  in
1998.

                    In the second quarter of 1999, Registrant incurred
a  loss  of  $370,000 at the Redick Plaza Hotel including $115,000  of
depreciation and amortization expense, compared to a loss of  $341,000
in  the second quarter of 1998, including $115,000 of depreciation and
amortization  expense.   The increase in  the  loss  from  the  second
quarter  of  1998  to  the same period in 1999 is  the  result  of  an
increase  in  interest  expense,  an  overall  increase  in  operating
expenses  partially offset by an increase in rental income due  to  an
increase  in  average  occupancy  (46%  to  52%).   Interest   expense
increased due to an increase in the principal balance of the  mortgage
due to advances made for improvements at the hotel.  Overall operating
expenses increased due to the increase in the average occupancy.

                     For  the  first  six months of  1999,  Registrant
incurred  a  loss  of $1,019,000 at the Redick Plaza  Hotel  including
$231,000 of depreciation and amortization expense, compared to a  loss
of  $942,000  for the same period in 1998, including depreciation  and
amortization expense of $230,000.  The increase in the loss  from  the
first  six months of 1998 to the same period in 1999 is the result  of
an  increase  in interest expense combined with a decrease  in  rental
income.   Interest  expense  increased  due  to  an  increase  in  the
principal   balance  of  the  mortgage  due  to  advances   made   for
improvements at the hotel.  The decrease in rental income is due to  a
decrease  in  the average room rates ($86.98 to $72.99) while  average
occupancy remained stable.

                    In the second quarter of 1999, Registrant incurred
a  loss  of  $15,000  at the Lofts at Red Hill, including  $15,000  of
depreciation expense, compared to a loss of $10,000 including  $14,000
of  depreciation  expense in the second quarter of 1998  and  for  the
first  six  months  of  1999, incurred a loss  of  $37,000,  including
$30,000 of depreciation expense compared to a loss of $28,000 for  the
first  six  months of 1998 including depreciation expense of  $30,000.
The increased loss from the second quarter and the first six months of
1998 to the same periods in 1999 is the result of a decrease in rental
income due to a decrease in the average occupancy (95% to 88%) for the
second  quarter and (94% to 82%) for the first six months.   The  loss
for  the  six-month  period was partially  offset  by  a  decrease  in
operating expenses due to the decrease in average occupancy.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                      CONSOLIDATED BALANCE SHEETS
                  June 30, 1999 and December 31, 1998

                                Assets

                                         June 30, 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                      1,294,701               1,121,539
                                           ----------              ----------
                                           11,965,132              11,791,970
Less - Accumulated depreciation            (6,005,976)             (5,752,945)
                                           ----------              ----------
                                            5,959,156               6,039,025

Cash and cash equivalents                      19,188                  13,986
Restricted cash                               160,036                 263,862
Accounts and notes receivable                 134,741                  99,954
Other assets (net of amortization of
  $404,909 and $365,187 at June 30,
  1999 and December 31, 1998,
  respectively).                              308,283                 348,005
                                           ----------              ----------
       Total                              $ 6,581,404             $ 6,764,832
                                           ==========              ==========
                   Liabilities and Partners' Equity
Liabilities:
Debt obligations                          $ 7,985,757             $ 7,566,974
Accounts payable:
       Trade                                  681,096                 578,973
       Related parties                         33,656                  33,656
       Taxes                                  183,383                  95,258
Interest payable                            1,815,046               1,498,851
Accrued liabilities                            43,613                  33,447
Tenant security deposits                        9,055                   8,145
                                           ----------              ----------
       Total liabilities                   10,751,606               9,815,304
                                           ----------              ----------
Partners' equity                           (4,170,202)             (3,050,472)
                                           ----------              ----------
       Total                              $ 6,581,404             $ 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 and Six Months Ended June 30, 1999 and 1998
                              (Unaudited)

                                    Three months                Six months
                                    ended June 30,            Ended June 30,
                                  1999         1998         1999        1998

Revenues:
   Rental income               $ 31,114      $ 32,745     $ 58,106    $ 64,565
   Hotel income                 382,770       340,132      559,874     594,407
   Interest income                   55           645          222       1,334
                                -------       -------      -------     -------
   Total revenues               413,939       373,522      618,202     660,306
                                -------       -------      -------     -------
Costs and expenses:
   Rental operations             15,647        16,049       33,431      38,507
   Hotel operations             384,215       333,873      842,272     842,658
   General and
      Administrative             15,999        15,999       31,998      31,998
   Interest                     269,283       246,647      537,478     494,379
   Depreciation and
      Amortization              146,377       145,552      292,753     291,104
                                -------       -------    ---------   ---------
   Total costs and
      Expenses                  831,521       758,120    1,737,932   1,698,646
                                -------       -------    ---------   ---------
Net loss                      ($417,582)    ($384,598) ($1,119,730)($1,038,340)
                                =======       =======    =========   =========
Net loss per limited
   partnership unit           ($  37.10)    ($  34.17) ($    99.49)($    92.26)
                                =======       =======    =========   =========

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, 1999 and 1998
                              (Unaudited)
                                                       Six months ended
                                                            June 30,
                                                       1999           1998
Cash flows from operating activities:
 Net loss                                          ($1,119,730)   ($1,038,340)
 Adjustments to reconcile net loss to net cash
     (used in) provided by operating activities:
 Depreciation and amortization                         292,753        291,104
 Changes in assets and liabilities:
   Decrease in restricted cash                         103,826         56,552
   (Increase) decrease in accounts receivable          (34,787)           194
   Increase in other assets                                  0         (7,499)
   Increase in accounts payable - trade                102,123        235,519
   Decrease in accounts payable - related parties            0        (21,344)
   Increase in accounts payable - taxes                 88,125         60,135
   Increase in interest payable                        316,195        464,567
   Increase in accrued liabilities                      10,166          3,253
   Increase in tenant security deposits                    910            490
                                                     ---------      ---------
Net cash (used in) provided by operating activities   (240,419)        44,631
                                                     ---------      ---------
Cash flows from investing activities:
 Capital expenditures                                 (173,162)             0
                                                     ---------      ---------
   Net cash used in investing activities:             (173,162)             0
                                                     ---------      ---------
Cash flows from financing activities:
 Proceeds from debt financings                         418,783         11,314
 Principal payments                                          0              0
                                                     ---------      ---------
Net cash provided by financing activities:             418,783         11,314
                                                     ---------      ---------
Increase in cash and cash equivalents                    5,202         55,945

Cash and cash equivalents at beginning of period        13,986         57,736
                                                     ---------      ---------
Cash and cash equivalents at end of period          $   19,188     $  113,681
                                                     =========      =========

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, 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

                    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, 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:   August 26, 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