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).
The Fund receives local revenues each year and a state match from the Community Preservation Trust Fund. In 2015, total revenues were $3.4 million, including a 33 percent match from the state. By 2020 the CPFund will have received an estimated $38 million in local and $15 million in state revenues, for a total $53 million. By 2035 it is estimated that the Fund will have received $89 million in local and $24 million in state revenues, for a total $113 million. By that date it will also have completely retired the Land Bank debt.