The federal HUD (Department of Housing and Urban Development) Section 108 loan allows a community to authorize borrowing up to five times their current year’s Community Development Block Grant (CDBG) allocation. Norristown’s CDBG allocation is slightly more than $1 million a year.
\”The most important thing is we have created a tremendous number of jobs because of the U.S. Maintenance deal,\” said Charles Gallub, the principal of Develcom, a Bellmawr, N.J., development firm. \”We are contractually obligated to create 450 jobs.\”
Attorney Marcel Groen, representing Develcom, said most of the $5 million loan would be used to build a 50,000-square-foot supermarket to be leased by Pathmark Corp. in a 20-year lease.
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