On Tuesday, November 5, Lowell has an opportunity to adopt the Community Preservation Act (CPA), a tool that assists communities in preserving open space and historic sites, creating affordable housing, and developing outdoor recreational facilities. To date, 175 of the Commonwealth’s cities and towns have adopted the CPA since 2002 with just over $2.1 billion raised in funding statewide.
Funding for the CPA comes from two sources. The first is a surcharge on local property taxes and if passed, the Lowell percentage would be 1% a year which with various exemptions, would amount to $24.50 per year on a $350,000 single family home. The second is from a state match from the Community Preservation Trust fund whose source of funds is surcharges on documents filed at the Registry of Deeds. It must be noted that since 2001, $5.8 million dollars has been paid into the Community Preservation Trust Fund from Lowell real estate transactions at the Registry with the community not benefiting as Lowell has not passed the CPA.
To learn more about the CPA, head to www.lowelllandtrust.org/cpa/and also the website of the Community Preservation Coalition at www.communitypreservation.org where you can also see what types of projects other communities have used CPA funds for. Please spread the word and be sure to vote tomorrow!