It is understood the party are asking the Government to invest the money in Budget 2019 on new housing, claiming the funding will provide 4,000 new homes.
However, Labour Party spokesperson on housing, Jan O'Sullivan TD, said the proposal is "insufficient, inefficient and unsustainable", describing it as a "clear signal that they are not taking the housing crisis seriously".
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"With over 100,000 households on housing waiting lists and even greater numbers facing rents they cannot afford, the volume of housing needed is in the tens of thousands per annum," she said.
"That is why Labour has proposed spending €16 billion over five years, in a project of State-led development of 80,000+ homes. We have at least €5 billion in the Ireland Strategic Investment Fund that can be allocated to house-building now, if the Government so chooses.
"As college professors have argued, the Government simply needs to get on with it."
(LM/CM)
