Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, establish a dedicated funding source to acquire, preserve, rehabilitate and restore historic resources, to acquire, create and preserve open space, land for recreational use, and community housing, and to rehabilitate and restore such open space, land for recreational use and community housing acquired or created as provided under said Act. In the Town of Lincoln, the Community Preservation Act will be funded by an additional surcharge of one and one half percent (1 1/2 %) on the annual tax levy on real property and by matching funds provided by the state. The following exemptions from such surcharge, permitted under Section 3(e) of said Act, shall apply: the exemption for property owned and occupied as a domicile by any person who qualifies for low income housing or low or moderate income senior housing in the Town, as defined in Section 2 of said Act, and the exemption for $100,000 of the value of each taxable parcel of residential real property. Any other taxpayer receiving any exemption of real property authorized by Chapter 59 of the General Laws shall be exempt from this Act. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds. Town Meeting must approve any such recommendation before funds can be expended and all expenditures will be subject to an annual audit.