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QUALIFIED AFFORDABLE HOUSING INVESTMENTS
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
QUALIFIED AFFORDABLE HOUSING INVESTMENTS
QUALIFIED AFFORDABLE HOUSING INVESTMENTS

The Corporation has investments in various limited partnerships that sponsor affordable housing projects. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the CRA. These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes the Corporation’s affordable housing investments as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Investment TypeInvestmentUnfunded Commitment InvestmentUnfunded Commitment
LIHTC$112,728 $88,433 $114,514 $96,408 

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the three months ended March 31, 2024 and 2023, respectively:
Three Months Ended March 31,
20242023
Amortization expense$1,696 $244 
Tax credits recognized1,644 284