BUSINESS
01/08/2014 08:07 am ET Updated Jan 23, 2014

Obama To Announce Investment In 5 'Promise Zones'

ASSOCIATED PRESS

WASHINGTON (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.

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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