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HOME-ARP Refinancing Guidelines
If the PJ intends to use HOME-ARP funds to refinance existing debt secured by
multifamily rental housing that is being rehabilitated with HOME-ARP funds, the PJ must
state its HOME-ARP refinancing guidelines in accordance with 24 CFR 92.206(b). The
guidelines must describe the conditions under with the PJ will refinance existing debt for
a HOME-ARP rental project, including:
● Establish a minimum level of rehabilitation per unit or a required ratio between
rehabilitation and refinancing to demonstrate that rehabilitation of HOME-ARP
rental housing is the primary eligible activity
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
● Require a review of management practices to demonstrate that disinvestment in
the property has not occurred; that the long-term needs of the project can be met;
and that the feasibility of serving qualified populations for the minimum
compliance period can be demonstrated.
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
● State whether the new investment is being made to maintain current affordable
units, create additional affordable units, or both.
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
● Specify the required compliance period, whether it is the minimum 15 years or
longer.
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
● State that HOME-ARP funds cannot be used to refinance multifamily loans made
or insured by any federal program, including CDBG.
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
● Other requirements in the PJ’s guidelines, if applicable:
The City of Newport News will not use HOME-ARP funds to refinance existing
debt secured by multifamily rental housing.
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