Flagstar Bank to invest $10M to boost Pontiac projects

Pontiac — Flagstar Bank plans to invest $10 million over five years to boost development in Pontiac.

The bank says the money includes $5 million for Flagstar’s Pontiac home mortgage initiative, including customized home loans for Pontiac residents and veterans, as well as $2.5 million to support small businesses, startups and economic growth.

As part of the investment, the Troy-based bank says there’s $1.5 million for the previously announced naming rights to the Flagstar Strand Theatre for the Performing Arts and related efforts, and $1 million for financial literacy and asset-building initiatives.