Pres. Obama To Announce Investment In 5 'Promise Zones,' Including Philadelphia
WASHINGTON (CBS/AP) — President Barack Obama will announce five "Promise Zones" this week as part of his effort to focus on income inequality in the lead-up to his State of the Union address.
Promise Zones are areas where the federal government provides tax incentives and grants to help communities tackle poverty. Obama first announced the initiative during last year's State of the Union speech.
On Thursday, Obama will announce the first Promise Zone locations. They're in San Antonio, Texas; Philadelphia; Los Angeles; southeastern Kentucky and the Choctaw Nation of Oklahoma.
Mayor Nutter commented, "It really is a gateway to leveraging additional dollars in particularly challenged area of the city. This is an area that has high poverty, low educational attainment, vacancy rates in terms of housing stock."
He added, "We're going to coordinate a number of resources to go into that area. First and foremost, it's a recognition of much of the work that's going on here in Philadelphia. We're honored, we're thrilled and looking forward to the work."
The White House says Obama believes investing in and rebuilding economically challenged communities is crucial to helping children have a chance at success.
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