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35 <br /> The Consortium will enforce these requirements through a HOME written agreement executed with <br /> the organization receiving the HOME award for homeownership activity to protect its investment <br /> and minimize its risk in HOME-assisted homebuyer projects in the event the homebuyer is in <br /> noncompliance. <br /> 4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that is <br /> rehabilitated with HOME funds along with a description of the refinancing guidelines required <br /> that will be used under 24 CFR 92.206(b),are as follows: <br /> The Orange County HOME Consortium does not intend to refinance any existing debt for multifamily <br /> housing that will be rehabilitated with HOME funds. <br /> Discussion <br /> The Market Analysis found that Orange County has high housing costs and insufficient units for low- <br /> income households, particularly extremely low-income households earning below 30%AMI—only 5%of <br /> rental units in the County are affordable to households at this income level. As such, the Consortium has <br /> identified the need for tenant-based rental assistance, and has been using HOME funds and local Match <br /> funds to fill this gap. <br /> Annual Action Plan 31 <br /> FY 2023-2024 <br />