Flagstar Bank normally does not fund multi-year grants except in special situations. The average grant or sponsorship awarded is under $5,000 and is determined on an individual basis.

The bank will accept applications for grants based on the following criteria:
  • The organization is within Flagstar's designated assessment areas (local service areas)
  • The organization is a nonprofit with federal tax-exempt 501(c)(3) status whose mission is economic development or service to low- and moderate-income persons, families, and communities
  • The amount and degree of benefit the program provides to the community
  • The organization has Flagstar employees serving in a volunteer capacity and/or on a board or committee
 
Flagstar generally does NOT accept applications for CRA grants or sponsorships from the following:
  • Individuals
  • Foundations
  • Churches or religious organizations unless the organization provides nonpartisan charitable services benefiting low and moderate income people
  • Organizations that affect local, state, or federal legislation, including political parties and candidates
  • Fund-raising activities such as golf outings, walk-a-thons, auctions, etc.
 
Qualifying grants and sponsorships/events:
  • Economic Development: Assisting low- and moderate-income individuals, families and tracts with small business development and job creation
  • Financial Literacy and Education: Homebuyer's fairs, training for low- and moderate income individuals and families in homeownership, money management, credit counseling, predatory lending, and identity theft. Also financial literacy and in-school banking services for students in elementary, middle, and high school and scholarships for low- and moderate-income students through qualified nonprofit organizations
  • Housing: Affordable housing, rehab, new construction, and home improvement for low- and moderate-income individuals and families, including neighborhood revitalization
  • Other: Other community-based programs and services targeted to low- and moderate-income persons and families to promote economic self-sufficiency and serve as a catalyst for economically distressed areas
 
Application and Review Process

To be considered for a possible grant or sponsorship/event, please fill out the cover form and submit a formal proposal, less than three pages, on organization letterhead and include the following information:

  • Name of organization and website, if applicable
  • Contact information including name, title, address (P.O. Boxes are not acceptable), phone number, and email address
  • Description of organization, including number of years in existence, role in the community, and clearly stated mission and goals. Also include the names of any Flagstar employees volunteering in the organization
  • Requested amount of grant along with a specific explanation of how the funding will be used by/for the organization, program, or event. Also include an evaluation process for measuring the success of the program and how the organization will track the number of clients served to prove the impact of the grant
  • A list of the board of directors
  • A copy of the organization's federal 501(c)(3) tax-exempt letter

Please note: Requests must be submitted between January 1 and October 1 of each calendar year for review. The grant or sponsorship/event request will not be reviewed unless all information is included. Please keep in mind a current or previous grant award does not ensure future support. Once received, each grant and sponsorship/event request is individually reviewed, and if determined suitable for Community Reinvestment Act purposes, will be submitted for approval. The review process can take up to eight weeks. The organization will be notified by letter, phone, or email whether the grant or sponsorship is approved or denied.

If you have any questions regarding guidelines or requirements, please call the CRA Department at (248) 312-5700. You may send your CRA grant or sponsorship/event proposals by fax to (888) 876-5095, by email to communitydevelopment@flagstar.com, or by postal mail to:

Flagstar Bank
Community Development
S-440-1
5151 Corporate Drive
Troy, MI 48098

CONTACT
  • (248) 312-5700