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Investments in Qualified Affordable Housing Projects | 12 Months Ended
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Dec. 31, 2021
Investments in Qualified Affordable Housing Projects |
Investments in Qualified Affordable Housing Projects | Note 30—Investments in Qualified Affordable Housing Projects The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. The tax credits and the operating loss tax benefits that are generated by each of the properties are expected to exceed the total value of the investment made by the Company. For the year ended December 31, 2021, tax credits and other tax benefits of $13.7 million and amortization of $9.9 million were recorded. For the year ended December 31, 2020, the Company recorded tax credits and other tax benefits of $11.2 million and amortization of $12.9 million. At December 31, 2021 and 2020, the Company’s carrying value of QAHPs was $99.5 million and $105.6 million, respectively, with an original investment of $140.8 million and $137.1 million respectively. The Company has $15.6 million and $42.7 million in remaining funding obligations related to these QAHPs recorded in liabilities at December 31, 2021 and 2020, respectively. None of the original investment will be repaid. The investment in QAHPs is being accounted for using the equity method.

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- Definition The entire disclosure for Affordable Housing Program (AHP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI http://asc.fasb.org/topic&trid=2209208 + Details
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- References No definition available. + Details
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