Atlantic City Mayor Lorenzo Langford announced a new loan initiative in his speech on Thursday at an annual business association luncheon. Langford said the city would work with a small business investment company to offer up to $40 million in loans annually for commercial and residential properties, including those threatened by foreclosure. Home ownership in the resort is only 32 per cent, compared with a 67 per cent average in the rest of New Jersey. The mayor also announced that the Save-A-Lot supermarket chain would open a store in Renaissance Plaza in March. The city has been without a major grocery store for nearly five years.