Housing Spokesperson Dessie Ellis said that the plans will benefit developers, however it will in "no way" help those in housing need.
Mr Ellis also welcomed the proposal of a vacant site levy, but said that it needed to be stronger and it could not be left until 2018 as planned by the government.
Deputy Ellis said: "The affordable housing scheme allowed local authorities to provide for purchase, housing built by private developers at a below market rate.
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"This was an invaluable scheme for many people who could neither access social housing nor afford the excessive house prices which prevail to this day. The scheme made up half of the 20% requirement for developers to provide housing for council renting or affordable purchase schemes.
"Of course, the Local Authority was not just given these properties, as they pay a price based on the apparent cost of construction and the land.
"Affordable Housing under Part V delivered nearly 10,000 homes for families priced out of the market between 2004 and 2011 when the government closed the scheme.
"Instead of reintroducing Affordable Housing or making social housing account for the entire of the 10% requirement lost through the closed scheme, the government are seeking to limit what is left of Part V.
"In the past, cash strapped councils could take money from developers instead of buying homes which might not have been the best way to deliver new council homes. This was open to misuse and some councils used it to cover costs elsewhere due to general under funding of local authorities. These funds should have been ring fenced."
(CD/JP)
