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.  He cited ongoing improvement in the economic recovery and said it is important to ensure that nobody is left behind. 

The first five Promise Zones are in Los Angeles, Philadelphia, San Antonio, southeastern Kentucky and the Choctaw Nation of Oklahoma. 

The designated areas will be eligible for tax breaks, federal grants and other tools to fight poverty and violence, build better schools and promote quality, affordable housing.  Obama insisted the program is "not a handout."  He said it's designed to help the Promise Zones succeed "as partners" with the federal government.  (Metro Networks Inc.)