Ready for a party in a historic home that’s seen better days and should be boarded up?

It’s going to happen Thursday at 6 p.m. at the Fair Mansion on Fair Street in Pawtuxet. But while the house is shabby, some of its former elegance will come shining through. Most importantly, the party will showcase the potential of the home’s future.

“We’ll save one house and ten lives,” says Christine Foisy, who has been putting together the party for the last couple of weeks.

A lot has come together in a short time. The house, built in 1820 by William Budlong, has been vacant for three years, as best anyone remembers. The electricity, water and gas were shut off. The paint is peeling. Windows are dirty and, in some cases, covered by clear plastic. The roof leaks and the floors creak.

The Fair House is the House of Hope’s next major project. The non-profit has lined up $2 million in grants and funding to transform the structure into 10 utility apartments, each with a kitchen-living area, bathroom and bedroom. The units will rent to men and women at 30 percent of their income, what is considered affordable.

And, in case you were wondering, the fourth story cupola, with is 360-degree views of the neighborhood and the bay, is going to remain a part of the house. Construction will save many features of the building, including its interior staircase and mahogany banister. It won’t start for another couple of months. The House of Hope is finalizing plans to be followed by a bidding process.

In the meantime, Foisy, who heads development at the House, doesn’t want to lose the opportunity to show off the mansion while raising funds for the transition. She’s getting help.

Last week, the Navy Operational Support Center offered their assistance. Foisy said they were initially looking to send a team of volunteers around in a couple of weeks. She told them she didn’t have much time to pull things together so they stepped up their visit. A crew of 20 showed up to pull out old mattresses, broken furniture and piles of debris. Right behind the Navy came 50 Textron interns from across the country.

Foisy was able to get generators to power the vacuums. Plastic was pulled off windows and crews went to work cleaning walls, floors and windows.

The Textron team adopted a room and they are decorating it for the party. BankRI, Dan’s Place and the Pawtuxet Village Garden Club have adopted other rooms.

Since then, power has been restored but the house is still without heat and water. That’s the way it’s going to be Thursday night, but that doesn’t trouble Foisy. Arrangements have been made for a Porta-john and, with more than 80 tickets already sold, and more expected to go this week, she expects a “warm” crowd.

Fireworks Caterers is doing the event and wine and beer is being provided by Thorpe Liquors. Space heaters will be rented, if needed.

“This is such an important house,” said Foisy, “we want to be sure to invite the community to see it.”

Some people haven’t waited. Drawn by all the activity, they have been wandering over to see what’s happening and that suits Foisy.

“They’re welcome,” she said.

The house has had many lives. It served as an exhibition hall for the State Fair and Cattle Drive (hence its name and the street’s) and was then converted into a schoolhouse. From schoolhouse it became a private home (Foisy says it was the governor’s home once) and then converted for senior housing.

This July, the City Council approved the House of Hope zoning to convert the building into five apartments. An additional five-unit wing will be added to the building.

House of Hope lawyer Kenneth McGunagle told the council in July that the agency received $231,107 in historical tax credits for the renovations from the state. About $2 million in federal grants have been earmarked for the project.

Throughout the house Thursday, wreaths decorated by board members will be on display and then offered for sale.

“Don’t forget this is a fundraiser,” says Foisy.

Tickets are $40 and can be bought online at the House of Hope Facebook page, at House of Hope administrative offices in Apponaug, or at the door of Fair Mansion the day of the event.