Section 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 to acquire, create and preserve open space, historic resources, land for recreational use, and community housing, and to rehabilitate and restore such open space, historic resources, land for recreational use and community housing acquired or created as provided under the Act. In Pittsfield, the Act will be funded by an additional surcharge of 1% on the annual tax levy on real property and by matching funds provided by the state. The following exemptions from such surcharge, permitted under the Act, will apply: 1. $100,000 of the value of each taxable parcel of residential real property 2. For property owned and occupied as a domicile by a person who would qualify for low income housing or low and moderate income senior housing Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws and any other law shall be exempt from this Act. A Community Preservation Committee must be created by Ordinance and will make recommendations on the use of the funds. The Mayor with the approval of the City Council must approve any such recommendation before funds can be expended to acquire and particular parcel of land. All expenditures pursuant to the Act will be subject to an annual audit.