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VARIABLE INTEREST ENTITIES | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
VARIABLE INTEREST ENTITIES | NOTE 8 - VARIABLE INTEREST ENTITIES Citizens is involved in various entities that are considered VIEs, including investments in limited partnerships that sponsor affordable housing projects, limited liability companies that sponsor renewable energy projects or asset-backed securities, and lending to special purpose entities. Citizens’ maximum exposure to loss as a result of its involvement with these entities is limited to the balance sheet carrying amount of its investment in equity and asset-backed securities, unfunded commitments, and outstanding principal balance of loans to special purpose entities. The Company does not consolidate any of its investments in these entities. These investments are included in other assets in the Consolidated Balance Sheets. For more details see Note 11 in the Company’s 2021 Form 10-K. A summary of these investments is presented below:
(in millions) | September 30, 2022 |  | December 31, 2021
Lending to special purpose entities included in loans and leases | $3,647 |  |  | $2,646 |
LIHTC investment included in other assets | 2,148 |  |  | 1,978 |
LIHTC unfunded commitments included in other liabilities | 985 |  |  | 927 |
Asset-backed investments included in HTM securities | 614 |  |  | 737 |
Renewable energy investments included in other assets | 390 |  |  | 429 |
Lending to Special Purpose Entities Citizens provides lending facilities to third-party sponsored special purpose entities. As of September 30, 2022 and December 31, 2021, the lending facilities had aggregate unpaid principal balances of $3.6 billion and $2.6 billion, respectively, and undrawn commitments to extend credit of $2.4 billion and $1.9 billion, respectively. For more information on commitments to extend credit see Note 13. Low Income Housing Tax Credit Partnerships The purpose of the Company’s equity investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital. The following table presents information related to the Company’s affordable housing tax credit investments:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Tax credits included in income tax expense | $59 |  |  | $48 |  |  | $180 |  |  | $150 |
Other tax benefits included in income tax expense | 15 |  |  | 11 |  |  | 46 |  |  | 36 |
Total tax benefits included in income tax expense | 74 |  |  | 59 |  |  | 226 |  |  | 186 |
Less: Amortization included in income tax expense | 61 |  |  | 50 |  |  | 190 |  |  | 156 |
Net benefit from affordable housing tax credit investments included in income tax expense | $13 |  |  | $9 |  |  | $36 |  |  | $30 |
No LIHTC investment impairment losses were recognized during the three and nine months ended September 30, 2022 and 2021.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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