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Community Focus

Reinvesting in and rebuilding our communities.

A growing model

The Community Reinvestment Act (CRA) was enacted in 1977 to encourage financial institutions to help meet the credit needs of the communities they serve, including areas with low to moderate incomes.

We collaborate with community members and civic and nonprofit stakeholders to effectively deliver assistance based on what each community needs. The bank’s efforts resulted in an “outstanding” rating from the U.S. Office of the Comptroller of the Currency, which is a high honor.

2022 highlights*

  • $94 million in CRA low-income housing tax credit investments
  • $3.4 million in CRA-qualifying grants and sponsorships
  • $15 million in CRA small business investment corporation and economic development grants
  • Over $ 6.4 million in CRA minority deposit institution investments
  • Over $1 million in affordable housing, homeownership grants, home repair, and accessibility modification program grants through the Federal Home Loan Banks of Indianapolis and New York

*as of 12/31/22

Community and economic development impact

Flagstar utilizes tax credits and community development lending to help fund and develop a variety of affordable housing developments and community initiatives. We also support innovative solutions for underserved communities and businesses to access high-speed internet.

In 2022, Michigan’s Greater Pontiac Community Committee Coalition recognized Flagstar with a Corporate Citizen Award. Flagstar was one of nine companies named that “aid in business development, community involvement, resident engagement, career opportunities, and humanitarian efforts.

Recent Achievements

Optimum Modular

Funds will be used for a construction loan to expand a facility that will produce housing modular units for multifamily properties.

California Community Reinvestment Corporation (CCRC)

$15 million will be provided to the nonprofit in the form of revolving credit facility to CCRC, a loan consortium of banks in California providing permanent sources of funds for Low Income Housing Tax Credit deals. CCRC will provide the permanent mortgages directly to their borrowers by drawing down on the credit lines provided by member banks.

Bronson-Coldwater

Loan proceeds of $1.5 million will be used for rural senior housing in Michigan. Two areas will benefit from the acquisition and moderate rehabilitation of 40 senior housing units for residents who are 62 or older. The Bronson site contains 24 units, and the Coldwater site includes 16.

Brush Watson West – 434 Watson Street

A $10 million construction loan will finance the construction of a proposed mid-rise building containing 64 dwelling units located at 434 Watson Street in Detroit. Fifty-one apartments will be designated for households earning between 30% to 80% of the area median income, with project-based rental assistance available for nine of the units. The remaining 13 apartments will be offered at market rents.

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Mortgage Origination

Helping our customers find their way home.

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Mortgage Servicing

Making mortgages work.

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Community Banking

Keeping our community at the heart of our business.