Section 127I of chapter 111 of the General Laws is hereby amended by adding the following paragraph:-

Following appointment of a receiver for a vacant residential property, the court, upon motion by the receiver with notice to the owner, mortgagee, and all interested parties, may allow for the sale of the property to a nonprofit entity for fair market value in its then current condition. Any such sale shall be conditioned upon the court finding that the nonprofit will correct all outstanding state sanitary code violations and rehabilitate the property for affordable sale to a first-time homebuyer from a household whose income is not more than 120 per cent of median income as determined by the federal Department of Housing and Urban Development, and further that the nonprofit has the expertise and resources necessary to do so. Any such motion filed by the receiver under this section shall not be heard by the court for at least thirty days following the filing date, during which period the owner, mortgagee, and any other interest parties may join a motion for leave to correct all state sanitary code violations at the property. Upon finding that the owner, mortgagee, or other interested party has the intention and ability to correct the code violations, the court shall stay hearing on the receiver’s motion for a reasonable period of time to allow the owner, mortgagee, or other interested party to do so.