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Low Income Housing Tax Credits
3 Months Ended
Mar. 31, 2017
Low Income Housing Tax Credits

Note 6: Low Income Housing Tax Credits

The Company had investments in three separate housing equity funds at March 31, 2017. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver federal low income housing tax credits to investors, allocate tax losses and other possible tax benefits to investors, and to preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $1.5 million as of March 31, 2017. These investments and related tax benefits have expected terms through 2029. Tax credits and other tax benefits recognized related to these investments during the three months ended March 31, 2017 was $17 thousand. Total projected tax credits to be received for 2017 are $68 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $1.5 million at March 31, 2017 and are included in other liabilities on the consolidated balance sheets.