up entered into a purchase and sale agreement in january of this year with john hommond of the john m. hommond living trust for a purchase price of 1.4 million dollars. up's grant would serve as a down payment and they would carry back a 1 million loan. the seller would carry the loan for 10 years at which point up would need to refinance. at that point the balance would be approximately $628,000. the close of escrow is scheduled for january 14, 2015, and mohcd would, if authorized, allocate the $400,000 as part of escrow. up monthly mortgage payments are approximated at $6,738, which is about $738 more than their existing rental payments and up has submitted documentation of an agreement with police polaris pacific to pay the difference between their current monthly payments and their proposed mortgage monthly payments. the rfp that was issued require applicants demonstrate a dollar for dollar match and up demonstrated about $400,000 in matching funds, which is not easy to do. these funds will be deposited in replacement reserves and operating reserves and will also help to pay for o