This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development of 邡 is uncertain. It combines 方 and ⻏ (a mound or city wall), but the original meaning and component relationship are unclear.
The left side 方 suggests direction or method, and the right side ⻏ suggests a place. Without a clear meaning, picture a signpost pointing to a town: the kanji might represent a place name or a direction.
For ホウ, imagine a sign pointing to a town and saying 'Ho! You are here.' The exclamation 'Ho!' cues ホウ.