Low Income Housing Partnerships

12 Months Ended

Sep. 30, 2024

Investment Program, Proportional Amortization Method, Elected [Line Items]

Low Income Housing Partnerships

LOW INCOME HOUSING PARTNERSHIPS

The Bank's investment in low income housing partnerships, which is included in other assets in the consolidated balance sheets, was $131.4 million and $121.8 million at September 30, 2024 and 2023, respectively.  The Bank's obligations related to unfunded commitments, which are included in other liabilities in the consolidated balance sheets, were $74.3 million and $63.6 million at September 30, 2024 and 2023, respectively. The majority of the commitments at September 30, 2024 are projected to be funded through the end of calendar year 2027.

For fiscal years 2024, 2023, and 2022, the net income tax benefit associated with these investments, which consists of proportional amortization expense and affordable housing tax credits and other related tax benefits, was reported in income tax expense in the consolidated statements of income. The amount of proportional amortization expense recognized during fiscal years 2024, 2023 and 2022 was $10.4 million, $10.1 million and $9.3 million, respectively, and the amount of affordable housing tax credits and other related tax benefits was $12.6 million, $12.4 million and $11.6 million, respectively, resulting in a net income tax benefit of $2.2 million, $2.3 million and $2.3 million, respectively. There were no impairment losses during fiscal years 2024, 2023, or 2022 resulting from the forfeiture or ineligibility of tax credits or other circumstances.