It seemed like it bottomed and then our lovely government added the stress test and tightened regulations making the Alberta market even softer. 

Usually the rate is based on what the prevailing interest rate is in the market for a safe investment often the number used is 10 year US government bonds. 

No big employers in the area and most tenants in park are on government assistance or receiving social security.

My assumption it is for government voucher renters.

Given that the parish is a hassle, I'm leaning towards the limited hassle of a tenant that can be evicted over non-payment rather than dealing with a finicky government entity that can be slow and fails inspections for silly reasons rather than actual issues. 

The junior lienholder would have to agree to accept the offered funds, and are not compelled by any government body to do so.

I'd FOIA some of the local city governments/school districts/etc... to see what real estate they are selling and ask if any of them already have cell towers on them. 

like buying a 1st position note, but you're buying it from the government? 

Once you have a seller that has agreed to provide owner financing, then, as other commenters have stated, it's pretty much just a promissory note (which governs terms of the loan and creates obligation to repay) and mortgage (which secures the loan against the property).  

If the tenants don't get subsidies, why is it a government funded program?