Announcing the First Puerto Rican Cooperativas to Join the Federal Home Loan Bank System
New York, NY (September 8th, 2026) - Three Puerto Rican cooperativas have officially joined the Federal Home Loan Bank System, an important source of liquidity for community lenders working to expand homeownership on the Island. They are Cooperativa de Ahorro y Crédito La Sagrada Familia (SagradaCoop), Cooperativa de Ahorro y Crédito de Camuy (Camuy Cooperativa), and Cooperativa de Ahorro y Crédito de Lares y Región Central (LarCoop), all Inclusiv members.
“The formal acceptance of our membership application by the Federal Home Loan Bank of New York as the first cooperativa to join marks a transformative milestone for our cooperativa and for the entire cooperative movement in Puerto Rico. We are proud to pioneer this path, which will create new opportunities to expand access to fair and affordable financial solutions," said Eddie W. Alicea-Sáez, CEO of Cooperativa La Sagrada Familia.
"Our membership in the Federal Home Loan Bank of New York represents a historic opportunity to strengthen our ability to serve our members. This partnership expands our access to liquidity and financing tools, enabling us to continue advancing the dream of homeownership and fostering the economic development of the communities we serve," said Carlos M. De Jesús Sánchez, President and CEO of Larcoop "Camuy Cooperativa is proud to be among the first cohort of cooperativas to become members of the Federal Home Loan Bank of New York. This membership, and the tools and resources it provides, will enable us and fellow cooperativas to expand our homeownership initiatives for the benefit of the communities we serve, " said Michele Franqui Baquero, CEO, Camuy Cooperativa.
“The admission of the La Sagrada Familia, Camuy Coop, and Larcoop to the Federal Home Loan Bank of New York demonstrates the strength and capacity of Puerto Rican cooperatives,” said Mabel Jiménez-Miranda, Executive President at COSSEC. “This achievement strengthens the tools available to support housing finance, expand growth opportunities, and generate greater benefits for members and communities.”
“Inclusiv has worked closely with our members, the regulators and local partners to unlock FHLB System membership for financial cooperatives in Puerto Rico. The approval of these initial cooperativa applicants to FHLBNY marks a monumental expansion that will allow cooperatives to access long-term capital to expand mortgage lending and make the dream of homeownership affordable to low- and moderate-income Puerto Rican families and households,” said Cathie Mahon, President/CEO, Inclusiv.
Inclusiv’s Advocacy for the Removal of Membership Barriers
For years, structural differences between cooperativas and federally insured credit unions prevented cooperativas from joining the FHLB System, despite serving more than 1.2 million members and being publicly insured and regulated. In 2023, Inclusiv, and over 65 cooperativas advocated for removing these barriers through FHFA comment letters and direct engagement with agency officials. In April 2024, the FHFA issued new guidance establishing pathways for eligible cooperativas to obtain FHLBank membership, followed by a Memorandum of Understanding between the Federal Home Loan Bank of New York and COSSEC to implement the new framework.
We look forward to working with our cooperativa members and system partners to continue expanding homeownership opportunities and financial inclusion in Puerto Rico.
