Need help w numbers on 12-unit in goverment stabilization program

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Hi BP,

I'm currently looking at a multi-unit deal in Florida that is part of a local government subsidized neighborhood stabilization program.  The deal is for 12 separate multi-family homes, and the seller is saying that there is no mortgage, but after the "holding period" there will be no mortgages and the homes will be paid off.  Obviously the first question is regarding the holding period, but I wanted to see if anyone has purchased a deal like this or has any experience with these programs. 

I'm working through the financials now, but the deal at first glance looks way too good to be true, and I'm very skeptical as to why they existing owner would be selling. 

Please share any experience with this type of deal, and any questions to ask that I may not be thinking of.  I am working up the numbers now, and can answer those specifics as I get to them. 

Thanks!