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: acquire, create and preserve open space and land for recreational use; acquire, preserve, rehabilitate and restore historic resources; create, preserve and support community housing; and rehabilitate and restore open space, land for recreational use and community housing that is acquired or created in accordance with the Act. In Belmont, the Act will be funded, beginning in Fiscal Year 2012, 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, will apply: (1) $100,000 of the value of each taxable parcel of residential real property; and (2) 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. A taxpayer receiving a regular property tax abatement or exemption will also receive a pro rata reduction in surcharge. A Community Preservation Committee must be created pursuant to bylaw and will make recommendations on the use of the funds. Town Meeting must approve any such recommendation before funds can be expended. All expenditures pursuant to the Act will be subject to an annual audit.