Obama Touts First Promise Zones Economic Initiative

(Washington, DC) -- President Obama is designating troubled neighborhoods in five cities as Promise Zones. In a White House event, the President said the new federal program will help address economic inequality. The first five Promise Zones are in Los Angeles, Philadelphia, San Antonio, southeastern Kentucky and the Choctaw Nation of Oklahoma. The areas will be eligible for tax breaks, federal grants and other tools fight poverty and violence, build better schools and promote quality, affordable housing.