Community Preservation Committee Description (cont'd)

Stow is participating in the CPA in a manner that maximizes state matching funds and provides the least financial impact to the community. Towns that participate with a 3% property tax surcharge are eligible for state matching funds in the second and third rounds of grants each year. In addition to a 3% property tax surcharge to fund the Community Preservation Fund, Stow voted to adopt all exemptions to the surcharge, including: properties occupied by low income property owners and properties occupied by low and moderate income senior property owners if they show proof of eligibility income. Additionally, the first $100,000 of assessed property value is exempt from the tax surcharge.

The CPC has been studying the existing resources of the town, identifying critical needs such as affordable housing and evaluating options to address those needs. All specific projects to be funded must be approved by a majority vote at Town Meeting.