{"id":15368,"date":"2026-06-15T23:31:49","date_gmt":"2026-06-15T23:31:49","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=15368"},"modified":"2026-06-15T23:31:49","modified_gmt":"2026-06-15T23:31:49","slug":"costa-mesa-to-consider-homebuyer-program-funded-with-cannabis-tax-revenue","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=15368","title":{"rendered":"Costa Mesa to consider homebuyer program funded with cannabis tax revenue"},"content":{"rendered":"
\n

Costa Mesa residents looking to buy their first homes could apply for a grant or loan through a proposed program funded by cannabis tax dollars.<\/p>\n

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The City Council will consider on Tuesday, June 16, establishing a two-year pilot that would help current and former residents put down roots in the city using revenues generated by Measure Q, a 2020 ballot initiative that authorized a 7% local tax on cannabis businesses.<\/p>\n

The city allocated 0.5% of that revenue source to a fund for first-time homebuyers, who can be either residents or graduates of the Newport-Mesa Unified School District. The city began funding for the program in 2022, and there is now enough money built up to try the pilot, city staff said.<\/p>\n

City leaders have long discussed the challenges renters and first-time homebuyers face in Costa Mesa, which has a median home purchase price of $1.4 million, according to data from Redfin. The council passed a no-fault eviction ordinance in 2023 that prevents landlords from evicting tenants during renovations, property sales and other circumstances.<\/p>\n

Under the homebuyer program, the city could provide assistance to each applicant in the form of a one-time grant or loan of $25,000 to $35,000, city staff said. Applicants could use the money to buy single-family detached homes, townhouses, condos or manufactured homes. Though not required by Measure Q, the city could limit assistance to residents making less than 150% to 250% of the area median income.<\/p>\n

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Applicants who receive a grant or loan would be encouraged to make the home their primary residence for at least five years to \u201censure that program funds support long-term homeownership rather than short-term investments,\u201d city staff said.<\/p>\n

Since the homebuyer program would be funded by cannabis tax revenue, it would not have an impact on the city\u2019s general fund, city staff said in a report. The fund for the program receives roughly a quarter of a million dollars in Measure Q revenue a year and currently has a balance of $550,000.<\/p>\n

Costa Mesa is projected to make an estimated $3.6 million in cannabis tax revenue this year, a 6% increase from the previous year, according to the city\u2019s 2025-26 budget. Most of that money \u2014 6.5% of the 7% tax \u2014 is allocated to the city\u2019s general fund, which is pays for day-to-day operations such as the police and fire departments, parks and other services. A small portion will go toward funding art and culture programs, such as large-scale public artworks and free concerts and performances at city parks.<\/p>\n

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The City Council will consider on Tuesday, June 16, establishing a two-year pilot that would help current and former residents put down roots in the city.<\/p>\n","protected":false},"author":1,"featured_media":15367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2],"tags":[],"class_list":["post-15368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-based-on-facts-either-observed-and-verified-directly-by-the-reporter-or-reported-and-verified-from-knowledgeable-sources","category-news"],"yoast_head":"\nCosta Mesa to consider homebuyer program funded with cannabis tax revenue - Silicon Valley Moving Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/siliconvalleymovingpost.com\/?p=15368\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costa Mesa to consider homebuyer program funded with cannabis tax revenue - 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