Property taxes traditionally fund the day-to-day operating needs of safety, health, schools, roads, maintenance and more. But until the CPA, there was no steady funding source for preserving and improving a community’s infrastructure. The Community Preservation Act can give a community the funds needed to control its future.
The Community Preservation Act provides new funding sources which can be used to address three core community concerns:
- Acquisition and preservation of open space
- Creation and support of affordable housing
- Acquisition and preservation of historic buildings and landscapes
A minimum of 10% of the annual revenues of the fund must be used for each of the three core community concerns; Community Housing, Open Space Acquisition and Historical Preservation. The remaining 70% can be allocated for any combination of the allowed uses, or for land for recreational use. This gives each community the opportunity to determine its priorities, plan for its future, and have the funds to make those plans happen.
The Town of Hanover passed the CPA (3% surcharge) at the May 2005 Town Meeting.