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Falmouth initiated participation in the Community Preservation Program in 2005 when residents voted to adopt the Community Preservation Act (CPA) and to convert a 3 percent Cape Cod Land Bank property tax surcharge to a Community Preservation surcharge. At its inception, the Falmouth Community Preservation Fund (CPFund) assumed repayment obligation for $30 million in Land Bank debt. (Massachusetts Community Preservation Act, MGL 44B; Cape Cod Amendment, Chapter 149 s. 298 of the Acts of 2004; Town Code 29 s. 15-22)