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AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS | 12 Months Ended
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Dec. 31, 2013
AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS |
AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS | NOTE 10—AFFORDABLE HOUSING PARTNERSHIPS AND OTHER INVESTMENTS The Company invests in certain limited partnerships that are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the United States. The Company’s ownership amount in each limited partnership varies. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. The Company is not the primary beneficiary and, therefore, not required to consolidate these entities. Depending on the ownership percentage and the influence the Company has on the limited partnership, the Company uses either the equity method or cost method of accounting. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest. The balance of the investments in these entities was $165.7 million and $185.6 million at December 31, 2013 and 2012, respectively.
|  | December 31, |
|  | 2013 |  | 2012 |
|  | Amount |  | Count |  | Amount |  | Count |
|  | (Dollars in thousands) |
Tax credit partnerships: |  |  |  |  |  |  |  |  |
Equity method |  | $ | 129,631 |  | 35 |  | $ | 142,507 |  | 35 |
Cost method |  | 35,145 |  | 13 |  | 42,591 |  | 16 |
Total tax credit partnerships |  | 164,776 |  | 48 |  | 185,098 |  | 51 |
Tax exempt bonds |  | 948 |  |  |  | 547 |  |  |
Grand total |  | $ | 165,724 |  |  |  | $ | 185,645 |  |  |
The Company also invests in certain limited partnerships that qualify for Community Reinvestment Act (CRA) credits or that qualify for other types of tax credits. The Community Reinvestment Act encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes. The balance of CRA and other investments was $69.2 million and $45.9 million at December 31, 2013 and 2012, respectively, and is included in other assets in the consolidated balance sheets. The Company finances the purchase of certain real estate tax credits generated by partnerships which own multiple properties currently under construction. These transactions were financed with non-recourse commitments which are collateralized by the Company’s partnership interests in the real estate investment tax credits. The Company’s unfunded commitments related to the affordable housing and other investments are payable on demand. Total unfunded commitments for these investments were $73.1 million and $84.6 million at December 31, 2013 and 2012, respectively, and are recorded in accrued expenses and other liabilities in the consolidated balance sheets. The Company’s usage of federal tax credits approximated $34.2 million, $18.7 million and $11.1 million during 2013, 2012 and 2011, respectively. The Company’s remaining tax credits approximated $165.7 million at December 31, 2013. Affordable housing and other investments amortization amounted to $27.3 million, $18.1 million and $17.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. During 2013 and 2012, the Company had no impairment or sales of affordable housing and other investments.

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- Definition The entire disclosure for affordable housing programs and other investments. + References No definition available. + Details
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- Details
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