Housing spokesperson Eoin Ó Broin TD said the government needs to spend at least €2 billion to meet the need required.
He also said additional funding is "desperately required" to roll out affordable purchase and affordable rental.
Deputy Ó Broin said that many are deeply sceptical about the homeless summit.
He said: "For today's summit to be more than a flashy PR stunt the Minster must lead the implementation of radical policy change. This must start with being honest about how must investment in housing is truly required.
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"The Minister for Housing's assertion that funding is not an issue in tackling the homeless crisis is simply not true.
"The Minister must implement a series of radical policy changes. By stating that funding is not a problem, the Minister is effectively passing the buck and placing the blame on local authorities.
"It is often the case that after initial funding has been approved for a council build, it can take up to 24 months of back and forth before any homes tenanted.
"Local authorities are nearly entirely dependent on central government for funding and approval for every council home they want to bring on stream.
"With nearly 8,000 homeless people dependent on emergency accommodation it is time to dispense with some of the hoops local authorities are forced to jump through by central government in order to obtain approval and speed up delivery.
"Local councils are also best placed to deliver social and affordable homes on public land. The Minster must therefore frontload funding and allow local authorities to deliver public housing.
"We know at the crux of this issue is the lack of supply and while the pace of delivery of homes needs to increase, the government must urgently adopt measures to keep people in their homes."
(CD/LM)
