Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act (Act), allow communities to establish a dedicated funding source, and to receive state matching funds, with which to (1) acquire, create, and preserve open space, which includes, but is not limited to, farmland, forests and marshes, and other conservation land; (2) acquire, preserve, rehabilitate, and restore historic buildings and sites; (3) create, preserve, and support affordable housing; and (4) acquire, create, and preserve land for recreational use. The dedicated funds may also be used to rehabilitate and restore open space, community housing, and recreational land acquired or created under the Act. As approved by the 2004 Annual Town Meeting, the local funding source for Concord will be a surcharge of 1.5% on the annual property tax on real property, commencing in fiscal year 2005, which runs from July 1, 2004 to June 30, 2005. In addition, the Act creates a state trust fund from which the Town will receive distributions in the form of matching funds that are solely available to the communities that have accepted the Act. The funding source for this trust is the increased filing fees at the local registry of deeds and land courts. Concord's Town Meeting has voted to include the following optional exemptions such that, if the Act is accepted, the following will be exempt from the surcharge: (1) $100,000 of the value of each taxable parcel of residential real property; and (2) 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 by Section 2 of said Act. Any other taxpayer receiving an exemption on real property taxes authorized by chapter 59 of the General Laws shall receive a pro rata reduction of the surcharge. A Community Preservation Committee composed of nine local citizens will consult with citizens and town committees and make recommendations on the use of the funds. All expenditures will be subject to a vote of Town Meeting, and will be included in the Town's annual audit.