As Wisconsin foreclosures reach record levels, the White House announced Tuesday the state will be receiving over $51 million for unemployed Wisconsinites to avoid a similar fate.

The U.S. Department of Housing and Urban Development is shelling out $51,540,638 to Wisconsin citizens at risk for foreclosure as part of an emergency Homeowners’ Loan Program, according to the HUD.

The program, introduced in August, allows homeowners to receive up to $50,000 in loans interest-free as long as they were able to pay their mortgage previous to experiencing at least a 15 percent drop in income.

These loans are meant to help homeowners make mortgage payments while they are unemployed, underemployed or have lost income due to a medical condition, according to a HUD statement.

Homeowners must also be three months behind on mortgage payments and own only one home.

The money will help to stabilize the a less-than-robust housing market, said Assistant Secretary for Financial Stability Herb Allison in a statement.

“This is part of the administration’s comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels,” Allison said.

The White House announced in August it will give $2 billion to 17 states and the District of Columbia to combat foreclosures in this economy – which did not include Wisconsin at that time.

The announcement comes after a Madison foreclosure watch group indicated Wisconsin foreclosure rates in September were 8.5 percent higher than September of last year.

There were nearly 50 foreclosures filed Tuesday alone, according to the group, foreclosurealarm.com.

Multiple Democratic congress members came out in support of the loan, saying it will help individuals battling unemployment keep their homes while looking for work.

“It is important to help these struggling homeowners stay in their homes while they work to secure jobs and provide for their families,” Sen. Russ Feingold, D-Wis., said in a statement.

Not every Wisconsin politician has been supportive of similar housing bailouts programs, however.

Rep. Jim Sensenbrenner, R-Wis., voted against the initial housing recovery legislation offering similar loans in 2008, saying in a statement it would not help other homeowners who are struggling to be responsible with their mortgages.