Thanks!
This version (16.02) works, although it is older than the 16.04 that I had installed previously.
I also had to edit the .vpj file and change the version from 13 to 12 in order to be able to load my project with this version. There was a warning that it may be corrupted, but it loaded just fine and allowed me to edit the text.
Just to clarify, I don't need multiple versions of the text clip with different edits. I only need a single text clip, but I have to play around with its location until it lines up with the video in the background. That was not possible with 16.04. There is only 1 Text clip in the bin (none with (1) and so on) and that clip is also on timeline. But any edits (when double-clicked the one on the timeline) only affected the clip in the bin and not the one on the timeline.