Gov. Chris Gregoire announced Oct. 1 the state’s receipt of more than $28 million from the U.S. Department of Housing and Urban Development (HUD) to help neighborhoods hard hit by recent credit instability.

Washington could have qualified to receive as much as $80 million from HUD based upon the state’s population. However, the state received a lesser amount because of Washington state’s low foreclosure rate, due in part to programs introduced by the governor that protect consumers and police bad lenders.

“The financial turmoil on Wall Street and the national mortgage crisis have hurt Washingtonians,” Gregoire said in a statement. “This funding provides a welcome supplement to our own efforts to provide relief to citizens who are most vulnerable to the national economic downturn. I will move as quickly as possible to put this money to work in our communities.”

Through HUD’s Neighborhood Stabilization program, nearly $4 billion has been distributed across the country. This initiative targets emergency assistance to state and local officials to acquire and redevelop foreclosed properties that might otherwise become abandoned in communities. The HUD funds will help supplement State programs put in place since 2005 to assist homeowners. These programs include. Last year, the Legislature enacted new lending regulations, consumer protections and requirements for disclosure to consumers.