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Qualified Affordable Housing Projects and Other Tax Credit Investments
 6 Months Ended
Jun. 30, 2020
Investments in Affordable Housing Projects [Abstract]  
Qualified Affordable Housing Projects and Other Tax Credit Investments QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS
Old National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects.  These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of June 30, 2020, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments.
The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments:
(dollars in thousands) June 30, 2020December 31, 2019
InvestmentAccounting MethodInvestmentUnfunded Commitment (1)InvestmentUnfunded Commitment
LIHTCProportional amortization$28,083  $2,646  $29,735  $3,911  
FHTCEquity25,760  21,778  22,403  17,886  
Renewable EnergyEquity7,644  3,090  7,523  4,129  
Total $61,487  $27,514  $59,661  $25,926  
(1)All commitments will be paid by Old National by 2027.
The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments:
(dollars in thousands)Amortization Expense (1)Tax Expense
(Benefit) Recognized (2)
Three Months Ended June 30, 2020  
LIHTC$776  $(1,019) 
FHTC—  (1,356) 
Renewable Energy287  (307) 
Total$1,063  $(2,682) 
Three Months Ended June 30, 2019
LIHTC$791  $(1,042) 
Renewable Energy568  (533) 
Total$1,359  $(1,575) 
Six Months Ended June 30, 2020
LIHTC$1,553  $(2,038) 
FHTC5,143  (2,712) 
Renewable Energy659  (707) 
Total$7,355  $(5,457) 
Six Months Ended June 30, 2019
LIHTC$1,584  $(2,085) 
Renewable Energy828  (777) 
Total$2,412  $(2,862) 
(1)The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC and Renewable Energy tax credits is included in noninterest expense.
(2)All of the tax benefits recognized are included in our income tax expense.  The tax benefit recognized for the FHTC and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) of the investments’ income (loss).