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31 <br /> HOME-ARP Refinancing Guidelines <br /> If the Orange County, NC HOME Consortium intends to use HOME-ARP funds to refinance existing debt secured by <br /> multifamily rental housing that is being refinanced with HOME-ARP funds, the Consortium must state its HOME- <br /> ARP refinancing guidelines in accordance with 24 CFR 92.206(b). The guidelines must describe the conditions under <br /> which the Consortium will refinance existing debt for a HOME-ARP rental project. <br /> Minimum level of rehabilitation per unit or required ratio between rehabilitation to <br /> refinancing to demonstrate that rehabilitation of HOME-ARP rental housing is the primary <br /> eligible activity <br /> The Consortium does not intend to use HOME-ARP funds to refinance existing debt. <br /> Required review of management practices to demonstrate that disinvestment in the property <br /> has not occurred; that the long-term needs of the project can be met; and that the feasibility <br /> of serving qualified population for the minimum compliance period can be demonstrated <br /> The Consortium does not intend to use HOME-ARP funds to refinance existing debt. <br /> State whether the new investment is being made to maintain current affordable units, create <br /> additional affordable units, or both <br /> The Consortium does not intend to use HOME-ARP funds to refinance existing debt. <br /> Required compliance period(whether it is the minimum 15 years or longer) <br /> The Consortium does not intend to use HOME-ARP funds to refinance existing debt. <br /> State that HOME-ARP funds cannot be used to refinance multifamily loans made or insured by <br /> any federal programs, including CDBG <br /> The Consortium does not intend to use HOME-ARP funds to refinance existing debt. HOME-ARP funds <br /> cannot be used to refinance multifamily loans made or insured by any federal programs, including <br /> CDBG. <br /> Other requirements in the guidelines, if applicable <br /> N/A <br /> 29 <br />