Koreatown Beats South L.A. as “Special Poverty Area”

Koreatown LA is one of five areas in the United States chosen by the Obama administration to receive federal funds and tax credits to revive high-poverty sectors.

Though the news came as a shock to residents who never thought they were poorer than people living in South Los Angeles, the money was much sought after and is eagerly awaited by businesseses and government officials representing the area who have deep experience in using taxpayer dollars.

Koreatown power-brokers are expected to share $500 million with the adjacent areas of Westlake, Pico-Union, and East Hollywood during the 10-year designation period. The losers in the poverty contest include Watts in the South LA area, as well as downtown’s Skid Row.

San Antonio, Philadelphia, Southeastern Kentucky, and the Choctaw Nation of Oklahoma are the four other specially designated poverty zones in the United States.

Details will be added here after the public announcement on Thursday.