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The government has come under criticism after alleged details of the Croí Cónaithe Cities scheme were leaked.
Sinn Féin representative Eoin Ó Broin has described the leaks as "another crazy pro-developer Fianna Fáil scam".
"It seems the proposal is to gift large developers of high density developments in our cities €500 million of taxpayers' money without any discount for the purchaser and anything close to affordability for working people," Teachta Ó Broin said.
"The briefing to the media clearly states that the proposal is aimed at increasing supply not reducing the cost of buying a home in the city.
"Without house prices and private sector development costs spiralling out of control such a scheme would be a scandalous use of taxpayers' money.
"What has Darragh O'Brien and his government got against funding Local Authorities and Approved Housing Bodies to build large volumes of high quality homes to rent and buy at genuinely affordable prices for working people?
"The €500 million for this mega subsidy for large developers stands in stark contrast to the measly affordable housing funding provided to Local Authorities for the Affordable Housing Fund, at just €60 million and to Approved Housing Bodies for Cost Rental at just €70 million.
"A Sinn Féin government would not tolerate such a madcap scheme. Instead we would invest the €500 million and more in the direct delivery by Local Authorities and Approved Housing Bodies of genuinely affordable homes to rent and buy."
