Description
The Community Preservation Act (CPA) Committee will meet virtually to review anticipated revenues for FY25 and discuss its FY25 meeting schedule and processes.
Registration Link for Zoom Meeting: https://cambridgema.zoom.us/webinar/register/WN_lF7rU4AAQPGYdscJHzcxKw#/registration
To participate via Telephone: Dial: US: +1 929 436 2866 or +1 301 715 8592 or +1 312 626 6799 or +1 669 900 6833 or +1 253 215 8782 or +1 346 248 7799
Webinar ID: 894 2483 4342
Agenda:
- Election of Chair
- Approval of minutes from December 18, 2023 meeting
- Background / Introductions
- FY25 Funding Estimates
- 2024 Meeting Schedule & Process
- Review of Balances Available for Transfer
- Committee Discussion
- Public Comment
Background
The Community Preservation Act (CPA) was created by state law (G.L. c. 44B) to help cities and towns preserve the character of their community. In 2001, Cambridge residents voted to adopt the CPA locally, which allowed the City of Cambridge to implement a 3% surcharge on Property Tax bills to fund eligible projects.
The Commonwealth of Massachusetts provides "matching" funds in addition to those raised locally by the surcharge. The percentage of the state match varies from year to year, depending on two factors: the amount of fees paid at Registries of Deeds throughout the state, and the number of communities that have adopted the CPA locally (thereby receiving a share of the state match).
Each year, the City of Cambridge is required to spend at least 10% of its annual CPA revenues on each category – open space, historic preservation, and community housing. The remaining percentage can be used towards any of the three funding categories.
Additional information is available on the CPA Committee website, Cambridgema.gov/cpa