Costa Mesa is moving forward with a pilot program to assist first-time homebuyers using cannabis tax revenue. - The program offers grants or loans of $25,000 to $35,000 per applicant.
- Eligibility includes Costa Mesa residents or graduates of the Newport-Mesa Unified School District. - The fund has $550,000, sourced from 0.5% of the city's cannabis tax, and does not affect the general fund.
- Recipients must use the home as their primary residence for at least five years. The city council will consider the proposal as part of ongoing efforts to address the high cost of housing in the area.