Obama to Name 'Promise Zones' in 5 Troubled Neighborhoods

More location-based tax break programs

President Obama will designate troubled neighborhoods in five cities and areas as "Promise Zones," eligible for tax breaks and other forms of assistance designed to create jobs and improve education, housing and public safety.

The first five Promise Zones will be located in San Antonio, Philadelphia, Los Angeles, southeastern Kentucky, and the Choctaw Nation of Oklahoma, said a White House statement.

Obama plans to make a formal announcement Thursday.

Under the proposed Promise Zones, the federal government plans to partner with local governments and businesses to provide tax incentives and grants to help combat poverty. The project is part of Obama's effort to address income inequality.