Notwithstanding the fourth paragraph, following the 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 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 agrees to correct all outstanding state sanitary code violations and rehabilitate the property for sale to a first-time homebuyer whose income is not more than 120 per cent of the area median income as determined by the United States Department of Housing and Urban Development; provided, that a nonprofit entity shall demonstrate to the court adequate expertise and resources necessary to rehabilitate the property and correct outstanding state sanitary code violations. Any such motion filed by a receiver pursuant to this paragraph shall be heard by the court not less than 30 days following the filing date, during which period the owner, mortgagee and any other interested parties may join a motion for leave to correct all outstanding state sanitary code violations at the property. Upon a finding by the court that the owner, mortgagee or other interested party has the intention and ability to correct all outstanding state sanitary code violations, the court shall stay the hearing on the receiver's motion for a reasonable period of time to allow the owner, mortgagee or other interested party to correct such outstanding sanitary code violations.