* "rays" (pronounced the same but with a different spelling) refers to beams of light.
While not technically a homonym, "raise" is a near homonym, with a slightly different pronunciation (the 'z' sound is replaced with a 's' sound). However, "raise" has a completely different meaning, often referring to lifting or increasing something.
It's important to note that finding a true homonym for "raze" is difficult because it's a relatively uncommon word.