Community Focus
Reinvesting in and rebuilding our communities.
Community Impact
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. In 2021, our efforts resulted in an “outstanding” rating from the U.S. Office of the Comptroller of the Currency, which is a high honor.
2021 highlights
- $22 million in CRA low-income housing tax credit investments
- $1.7 million+ in CRA-qualifying grants and sponsorships
- $15 million in CRA small business investment corporation and economic development grants
- $1.5 million in CRA minority deposit institution investments
- $93,148 in homeownership grants, home repair, and accessibility modification program grants through the Federal Home Loan Bank of Indianapolis
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.
Our recent achievements include the following:
7850 East Jefferson Apartments, Detroit, Michigan
Ginosko Development Company intends to construct 225-unit affordable housing development units on 2.80 acres, split among three three-story buildings. Phase I will consist of 75 units in one building to be financed by Flagstar Bank. The area is fully developed with larger multifamily communities along the Detroit River that blend into smaller multifamily and institutional developments heading north into Detroit neighborhoods.
Lockwood Senior Apartments Ann Arbor, Michigan
This amenity-rich senior living property is more attractive than conventional affordable housing, but it has a lower price point than several luxury senior living developments nearby. The project consists of 65 restricted units for occupancy by households whose incomes do not exceed 60% of AMI and 89 market-rate units.

Midtown Square Apartments, Detroit, Michigan
This loan is an $11,928,815 construction loan to finance the renovation of an existing 73-unit 9-story apartment building located at 93 Seward Avenue in Detroit. The project is estimated to have 20% of the units covered with tenant-based vouchers.
Danbury Park Apartments, Ypsilanti, Michigan
This loan is a $24,100,000 construction loan in an area (Washtenaw County) with a significant need for affordable housing. The HAP covers 146 of the 151 units. The remaining five units are affordable, with the tenants paying no more than 60% of the area median income.

The Monarch Apartments, Palm Springs, California
Flagstar helped secure funding for the first affordable housing complex in 12 years. The $31 million complex project will feature 60 affordable units that include one-, two- and three-bedroom apartments for low-income residents. Monarch rents will remain affordable for at least 55 years. They hope this will allow generations of families to establish themselves without worrying about housing security or paying large portions of their income toward rent.

Inkster Smart City Initiative
Innovative solutions to provide access to high-speed internet to underserved communities and businesses
Flagstar Bank made a $1 million lead contribution to Detroit-based Strategic Alliance Community Development Corporation to create fiber-optic infrastructure and provide high-speed broadband internet to Inkster, Michigan. The project is scheduled to be complete by mid-2023. The COVID-19 pandemic intensified the need to bring reliable and affordable broadband access to underserved communities like Inkster that are challenged to attract funding for significant infrastructure projects. The pilot’s success will help provide similar broadband connections to more than 100 communities in Michigan and across the country.
“Streaming empowers dreaming,” said Reggie Davis, executive vice president and president of banking. “This project is an investment in Inkster’s future and in the future of the entire metro area, which will benefit from having Inkster as a smart city, where youth are plugged in, tech-savvy and job-ready. I couldn’t be prouder of Flagstar for taking the lead in jump-starting this project.”
To see our commitment in action, watch this 2-minute video.
Pontiac High School SME PRIME
Addressing the manufacturing skills gap for the future workforce
In 2021, Flagstar made a significant contribution to implement SME PRIME (Partnership Response in Manufacturing Education), a program that brings manufacturing and engineering education and career opportunities to Pontiac High School students. Participating schools partner with local manufacturers to provide industry-informed curriculum and hands-on training on modern industry-standard equipment. Pontiac High School serves more than 1,000 students in Oakland County, Michigan, many from economically disadvantaged circumstances.
“Pontiac High School students are diverse and often underrepresented in STEM fields,” said Suzanne Kavanaugh, PhD, principal of Pontiac High School. “The SME Education Foundation PRIME schools program creates new pathways and opportunities for these students to explore futures in both industry and ongoing education.”
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