The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
The Community Preservation Act became law in September 2000. The intent of the law is to help communities preserve open space and historical landmarks (Excuse me, I know I’m simplifying). A community receives CPA funds only if it assesses a surcharge on local taxpayers. The law also established a $20.00 surcharge on every document recorded at the registeries of deeds in Massachusetts. This money presently funds the Community Perservation Act. Since the time of its enactment all participating communities have receievd 100 percent matching funds. Last Sunday the Boston Globe ran an interesting article on the current state of the CPA funding pool. For the first time since the inception of the act 100 percent matching funds may not be possible. According to the Globe two factors contributed to the pool’s shrinking the resources. First, the number of communities participating in the CPA has increased to 127. Second, and most notable to us, the funds being collected from the registries of deeds has decrease dramatically. According to Stuart Saginor Executive Director of the Community Preservation Coalition…“ We had anticipated this all along. Not in our wildest dreams did we imagine that it would be a 100 percent match” (Boston Globe). Whether anticipated or not many local communities are being forced to re-adjust their CPA spending strategies. After looking at the stats for January 2008 …there many be even more need for adjustment in the coming years.
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