Dublin City Council is drawing up plans to build up to 600 new social affordable housing units in the Docklands.
Officials are currently in talks with Nama to buy the former Irish Glass Bottle site.
Dublin City Council hopes the deal for the land in Ringsend will be done over the next few weeks.
Officials say that developing the former landfill will be an expensive task.
Sinn Féin spokesperson on housing and Dublin Mid-West TD Eoin Ó Broin says, for the plan to work, the government has to get behind the council.
"If central government supports Dublin City Council both through access to long-term, low-interest loans and additional capital funding then yes it is possible," said Deputy Ó Brion.
At this stage it all depends on whether Minister Eoghan Murphy and Taoiseach Leo Varadkar give Dublin City Council the support it needs.
Affordable rents are generally seen as between 30 and 35% of a household's after-tax income.
Dublin City Council is working on a number of affordable housing projects across the capital however many won't be ready for a number of years.
Plans for several hundred units at O'Devaney Gardens on the northside of the city are the most advanced but these will not be ready before the end of 2021.
Projects at St Michael's Estate in Inchicore, Cherry Orchard in Ballyfermot and Ballymun are further off still.