Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act ("Act"), establish a dedicated funding source to enable cities and town to: (1) acquire and preserve open space, which includes land for park and recreational uses and the protection of public drinking water well fields, acquifers and recharge areas, wetlands, farm land, forests, marshes, beaches, scenic areas, wildlife preserves and other conservation areas; (2) acquire, preserve and restore historic buildings and sites; and (3) create and preserve community housing. In the Town of Southwick, the funding source for these community preservation purposes will be a surcharge of three percent (3%) on the annual tax levy on real property and annual distributions made by the state from a trust fund created by the Act. If approved, the first $100,000 of value of each taxable parcel of residential real estate, and 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, shall be exempt from this surcharge. A taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws of Massachusetts or any other law is exempt from any surcharge on real property established under the Act. A taxpayer receiving a regular property tax abatement will also receive a pro rata reduction in surcharge. A Community Preservation Committee has been established by by-law to study community preservation resources, possibilities and needs and to make annual recommendations to Town Meeting on spending the funds. At least ten percent (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 (excluding land for recreational use); (2) historic resources; and (3) affordable housing.