USDA RD released an Unnumbered Letter (UL) on May 3, 2017, providing guidance on refinancing existing loans in the Section 538 Guaranteed Rural Rental Housing Program (GRRHP). The intent of this UL is to provide guidance on loan refinancing for existing properties with Section 538 GRRHP loan guarantees where the Agency determines that refinancing is in the best interest of the Government or the program.