Investment in Qualified Affordable Housing

Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act.

The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments as of September 30, 2018 and December 31, 2017.



(in thousands)	September 30, 2018		December 31, 2017
Affordable housing tax credit investments	$	52,116	$	49,669
Unfunded commitments	22,282		14,282

Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between 2018 and 2029.

During each of the three months ended September 30, 2018 and 2017, Park recognized amortization expense of $1.9 million and during each of the nine months ended September 30, 2018 and 2017, Park recognized amortization expense of $5.6 million, which was included within the provision for income taxes. Additionally, during the three months ended September 30, 2018 and 2017, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $2.0 million and $2.3 million, respectively, and during each of the nine months ended September 30, 2018 and 2017, Park recognized tax credits and other benefits from its affordable housing tax credit investments of $6.9 million which was included within the provision for income taxes.