President Barack Obama today unveiled the first five planned “promise zones" in troubled areas of five cities.

The first five zones will be located in Los Angeles, Calif., San Antonio, Texas, Choctaw Nation of Oklahoma, Southeastern Kentucky, and Philadelphia, Pa.

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Under the initiative, the federal government will partner with local communities and businesses to create jobs, increase educational opportunities and boost access to affordable housing. The initiative will provide tax incentives, housing initiatives and education grants.

“Communities that are making the most progress on these issues have some things in common,” Obama said. “They don't look for a single silver bullet. Instead, they bring together local government and nonprofits and businesses and teachers and parents around a shared goal.”

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Watch a clip of the remarks above.