Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act (?Act?), establishes a dedicated funding source for the acquisition, creation and preservation of open space; acquisition, preservation, rehabilitation and restoration of historic resources; acquisition, creation, preservation, rehabilitation and restoration of land for recreational use; acquisition, creation, preservation and support of community housing; and rehabilitation or restoration of open space and community housing acquired or created as provided under said Act. In Sheffield, the funding source for these community preservation purposes will be a surcharge of 1% on annual tax levy on real property beginning in fiscal year 2026, and by annual distributions made by the state from a trust fund created by the Act. Only communities that adopt the Act receive a distribution from this state trust fund. If approved, the following exemptions from such surcharge, permitted under Section 3(e) of said Act, will apply: (1) property owned and occupied as a domicile by a person who would qualify for low income housing or low or moderate income senior housing in the town; (2) $100,000 of the value of each taxable parcel of residential real property; and (3) $100,000 of the value of each taxable parcel of class three, commercial property, and class four, industrial property as defined in G.L. c. 59, sec. 2A. The surcharge to be paid by a taxpayer receiving an exemption or an abatement of real property authorized by G.L. c. 59 or any other law will be reduced in proportion to such exemption or abatement. Upon acceptance by the voters, a Community Preservation Committee will be established by bylaw to study community preservation resources, possibilities, and needs, and will make recommendations on the use of Community Preservation Act funds. Town Meeting must approve any such recommendation before the funds may be expended for any purpose. At least 10% of the funds for each fiscal year will be spent or reserved for later spending on each of the Act?s three community preservation purposes: (1) open space and recreation, (2) historic resources and (3) affordable housing.