Obama picks Philadelphia as a "Promise Zone"

Philadelphia may get a serious boost after being named a Promise Zone.

The White House wants to see Philadelphia improve its poverty rate, crime rate and and increase employment. In turn, the city was just named a Promise Zone, a federal initiative to accelerate revitalization efforts in targeted areas. It's one of five areas selected for the designation.

The city’s selected Promise Zone is a nearly two-square mile area in West Philadelphia. Bordered by the Schuylkill River on the east, Girard Avenue on the north, 48th Street to the west and Sansom Street to the south, the Promise Zone is home to 35,315 residents.

“Being selected as a Promise Zone is an important step in the transformation process for a neighborhood struggling with high poverty, high crime, high vacancy, low educational attainment and low employment rates,” said Mayor Michael Nutter. “Being a Promise Zone will enable the City to align existing resources and apply for new federal funding —building on efforts already at work — through a multi-faceted, focused approach. I want to thank President Obama and his Administration for this recognition and the opportunities it will provide.”

The designation:

    Creates a partnership between the federal government and local leaders who are addressing multiple community revitalization challenges with on-the-ground technical assistance to help navigate federal programs and regulations.

    Provides preference points on other federal grants and funding opportunities.

    Will, if enacted by Congress, provide employer tax incentives to create jobs for Zone residents and attract private capital to disinvested places.

The Promise Zone initiative is led by the White House with support from federal agencies, including the U.S. Department of Housing and Urban Development, U.S. Department of Agriculture, U.S. Department of Education and U.S. Department of Justice.

Source: Philadelphia Business Journal