The provisions of 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 eligible to receive matching funds provided by the State for the purposes permitted by said Act, including the creation, preservation and support of affordable housing, the acquisition, creation and preservation of open space, the acquisition, creation and preservation of land for recreational use, the acquisition, preservation, rehabilitation and restoration of historic properties in Brookline, and the rehabilitation and restoration of such affordable housing, open space and land for recreational use that is acquired or created as provided under said Act. At least 10% of the annual revenues raised under the Act must be spent or reserved for later spending on each of the following three purposes: (i) open space (exclusive of land for recreational use); (ii) affordable housing; and (iii) historic properties. In the Town of Brookline, the Community Preservation Act will be funded by a surcharge of 3% on annual real estate taxes and by matching funds provided by the state. As approved by the 2006 Annual Town Meeting the following shall be exempt from the surcharge as permitted under Section 3(e) of said Act: (a) residential property owned and occupied 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 (b) $100,000 of the value of each taxable parcel of residential real property. Other exemptions on real property taxes authorized by Chapter 59 of the General Laws shall also apply to the surcharge. Such surcharge on real property shall commence in fiscal year 2007, which runs from July 1, 2006 to June 30, 2007. A Community Preservation Committee will be established under Article 3.19 of the General By-Laws and will be composed of nine members; one member from each of the following: the Board of Selectmen, Advisory Committee, School Committee, Housing Advisory Board, Conservation Commission, Planning Board, Parks and Recreation Commission, Preservation Commission and the Brookline Housing Authority. The Committee will make recommendations on the use of community preservation funds to Town Meeting which makes the final decision on whether or not to approve funding for a particular project.