Rhode Island's Solution
Diocesan Press Service. May 8, 1963 [X-15]
The Diocese of Rhode Island is taking a step forward in providing housing for aging persons of limited means. With money from the Edwards Fund, seven colonial homes adjacent to the Cathedral in Providence have been purchased and are being converted into apartments as funds become available.
At present, two of the houses have been completely converted, providing 12 apartments which rent at $50 each per month. The rent covers heat, electricity, and all utilities with the exception of telephones.
In order to finance this project, the Diocese rents apartments in the unconverted buildings at regular commercial rates until the investment in the property itself has been recovered. Once recovered, these funds are used for conversion. To date, the Edwards Fund homes are operating in the black and, when completed, will provide apartments for between 45 and 50 people.
The Diocese also has seven apartments for the aging in McVickar House and 15 apartments in other houses.