By Casey Fannon
Nearly 30 years ago, I joined the National Cooperative Bank (NCB) straight out of college.
I knew little about cooperatives then, but I quickly discovered the strength of this ownership model while working in cooperative housing finance.
Since that time, I’ve seen firsthand how co-ops create not just economic value, but community resilience, democratic participation, and long-term stability.
In 2024, NCB originated $1.1 billion in new loans, serving housing co-ops, food co-ops, purchasing co-ops, credit unions, and more. In my view, what makes co-ops so durable—especially in times of economic uncertainty—is that they are not speculative ventures. They exist to solve real needs.
Whether it’s a food co-op addressing neighborhood food scarcity, a purchasing co-op helping independent retailers compete with national chains, or a credit union providing access to the unbanked, cooperatives put people before profits.
As members both own and benefit from the enterprise, co-ops form self-sustaining ecosystems where value flows back to the community.
Take housing. Cooperative housing remains one of the most overlooked solutions to affordability and neighborhood stability.
Unlike condominiums, where decision making is less centralized, housing co-ops act collectively—whether repairing roofs, upgrading community centers, or negotiating financing.
This model works especially well in senior housing co-ops and manufactured housing communities particularly, where residents gain security and dignity by collectively owning their homes.
At NCB, we are also supporting new efforts like Frolic Communities in Seattle, which is pioneering small-scale urban cooperative developments that fight displacement, expand affordability, and build neighborhood cohesion.
And let’s be clear – Salient policy innovation can unlock even more potential.
One promising step is adapting the Low-Income Housing Tax Credit program to allow direct pay credits for co-ops—ensuring affordability and homeownership without diluting cooperative governance.
Similarly, expanding programs like Tenant Opportunity to Purchase Acts (TOPA) can give renters the first right to convert buildings into resident-owned co-ops, creating long-term community wealth.
But the cooperative difference isn’t just financial. Research shows co-op members are more likely to vote, volunteer, and engage civically.
I’ve seen this play out in real life: in one Massachusetts housing co-op, a resident who once stayed on the sidelines became active in the property committee, met her neighbors, and even met her future husband.
That may be an extraordinary case, but the point stands—cooperatives build connections. They create the conditions for belonging and purpose, which are essential to well-being and longevity.
For lenders, policymakers, and communities looking ahead, the message is clear: the cooperative model offers a double bottom line—economic returns alongside measurable social impact.
At a time when people are demanding more sustainable, community-centered ways of living and working, co-ops stand as a proven alternative.
NCB’s mission remains simple: finance cooperative enterprises that strengthen communities. But the broader call is to ensure policies, financing tools, and public understanding catch up to the model’s promise.
If we do, cooperatives can play an even greater role in addressing some of our country’s most urgent needs—from affordable housing to equitable energy, from resilient retail to inclusive finance.
The cooperative advantage isn’t just about business. It’s about building communities that endure.
About the Author
Since joining NCB in 1996, Mr. Casey Fannon has dedicated his entire career to National Cooperative Bank and has served as its President and CEO since 2021.
