Fr Reynolds, who was based in Clonard Monastery for over 30 years, was one of the key figures who helped broker the peace process.
Mr Ford said Fr Reynolds made an “invaluable contribution to peace”.
“Fr Reynolds was a man of deep faith who played a major role in helping bring peace to Northern Ireland. Everyone in our community owes him a debt of gratitude for that, with the work he carried out helping bring an end to the Troubles.
“On behalf of Alliance, I wish to extend my deepest sympathies to all his family and friends.”