Council reviews restricted town funds as possible sources for housing, discusses Wakefield Elementary and South Road School options

The Town Council on Sept. 22 received an inventory from the finance director of town-held funds that could potentially be used to support affordable housing or other municipal priorities, and discussed whether to accelerate work on several municipally owned parcels including Wakefield Elementary and South Road School.

"The number one item is the affordable housing fund, which ... had $490,000," finance director Brian told the council as he reviewed account balances and restrictions. He listed other accounts and balances as presented in the meeting: an open-space fund with about $1.4 million (and $2.3 million of authorized but unissued open-space bond authorization available if needed), a South Road School fund at roughly $302,000 (part of which staff has been using for utilities and maintenance), a school-improvement fund of about $170,000, the Alva Watson endowment with $145,000 of which $106,000 is available, and the Walter Watson trust with roughly $216,000 (about $175,000 available).

Brian said that, if all the identified balances were available for repurposing, the total would be about $2.6 million. He cautioned, however, that some funds are…