Declan O’Loan was speaking ahead of a proposed motion in the Assembly yesterday.
The MLA said: "This issue is too important for the arguments that we have seen.
"There are 40,000 applicants on the waiting list, half of those being in urgent housing need. In one year, 9,000 households are deemed homeless."
Mr O'Loan said by 2011 there will be a funding deficit of £200m, which could stretch to £1bn by 2018.
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"We will be addressing that against a background of reduced public expenditure," he said.
Describing the situation as a "stark challenge" for the devolved government, Mr O'Loan said it would not be overcome by political parties "criticising each other".
He said the Housing Council has presented a good starting point in its document ‘Bridging the Gaps’.
"It proposes new thinking on developer contributions in the medium term, on new governance arrangements for the Housing Executive and permitting it to borrow, and enhancing the role of the private rented sector.
"The SDLP has proposed the restructuring of Housing Executive debt and the sale and leaseback of the Housing Executive headquarters. All of these ideas and more need to be debated."
Mr O'Loan said more public investment should go into social housing, in the short term.
He said: "That will do more than anything else to counter the recession. House building is labour intensive, and for every ten jobs created directly, another seven will be generated elsewhere in the economy."
(PR/KMcA)
