ATLANTA — An Atlanta City Council committee has unanimously approved a $5 billion plan aimed at revitalizing long-neglected neighborhoods across the city.

Members of the City Council’s Finance-Executive Committee voted 7-0 to advance Mayor Andre Dickens’ Neighborhood Reinvestment Initiative.

The plan would use property tax revenue to invest in Atlanta’s historically underserved south and west neighborhoods through affordable housing, infrastructure improvements and economic development while preventing the displacement of longtime residents.

Mayor Dickens called the Neighborhood Reinvestment Initiative one of the most important projects of his second term.

“It was based on our desires to see opportunities and change in our under invested communities, and for the betterment of the whole city of Atlanta,” Dickens said.

Dickens told committee members the goal is to improve the lives of residents across the city and emphasized the importance of continued community involvement.

“The pressure is on the community to give us the proper inputs, each day we’re challenged to move forward, and then the next administration, and the next administrations for the duration of this,” Dickens said.

Following the committee’s vote, Dickens thanked members for advancing the proposal.

“You guys have proven that you are willing to be for Atlanta; and so this moving forward really makes a big statement about your commitment to improve things,” Dickens said.

Atlanta Housing CEO Terri Lee also voiced support for the initiative.

“The NRI presents to me one of the most comprehensive opportunities for us to address not just affordable housing, but really neighborhood stabilization and transformation correctly and in an inclusive fashion,” Lee said.

The full Atlanta City Council is expected to vote on the measure next week.

WSB Radio’s Veronica Waters contributed to this story.