President Obama this afternoon will announce five “promise zones” as “part of the president’s plan to create a better bargain for the middle-class by partnering with local communities and businesses to create jobs, increase economic security, expand educational opportunities, increase access to quality, affordable housing and improve public safety,” according to the White House.
The first five “promise zones” are located in San Antonio, Philadelphia, Los Angeles, Southeastern Kentucky, and the Choctaw Nation of Oklahoma.
The White House says they “have each put forward a plan on how they will partner with local business and community leaders to make investments that reward hard work and expand opportunity. In exchange, these designees will receive the resources and flexibility they need to achieve their goals.”
“Each of these designees knows and has demonstrated that it takes a collaborative effort – between private business and federal, state, tribal and local officials; faith-based and non-profit organizations; children and parents – to ensure that hard work leads to a decent living for every American, in every community.”
The zones initiative is modeled on “intensive federal partnership.”
“Modeled after the Administration’s successful Strong Cities Strong Communities and Strike Force for Rural Growth and Opportunity initiatives, which have created unique partnerships between local stakeholders and the federal government, these first five Promise Zones will benefit from intensive federal support at the local level to help them implement their economic and community development goals,” the administration said. “Where necessary to achieve their goals, Promise Zones will get priority and be able to access federal investments that further the goals of job creation, additional private investment, increased economic activity, improved educational opportunity, and reduction in violent crime.”
“Each Promise Zone will be provided five full-time AmeriCorps VISTA members to support their strategic plan. These VISTAs will recruit and manage volunteers, and strengthen the capacity of Promise Zones to expand economic opportunity.”
Furthermore, Obama wants selective tax breaks for his project.
“President Obama has proposed, and called on Congress to act, to cut taxes on hiring and investment in areas designated as Promise Zones – based upon the proven model of Empowerment Zones tax credits – to attract businesses and create jobs.”