The following table summarizes Old National’s investments in Low Income Housing Tax Credits (“LIHTC”), Federal Historic Tax Credits (“FHTC”), and Indiana Community Revitalization Enhancement District Tax Credits (“CReED”) at March 31, 2017:


(dollars in thousands)						Three Months Ended				Three Months Ended
						March 31,				March 31,
		At March 31, 2017				2017		2016		2017			2016
	Accounting			Unfunded		Amortization				Tax Benefit
Investment	Method	Investment		Commitment (1)		Expense (2)				Recognized (2)
LIHTC and other qualifying investments	Proportional amortization	$	27,988	$	14,875	$	941	$	201	$	(1,297	)	$	(281	)
FHTC	Equity		9,835		7,425		—		—		(1,520	)		—
CReED	Equity		1,504		1,502		—		—		—			—

Total		$	39,327	$	23,802	$	941	$	201	$	(2,817	)	$	(281	)

(1)	All commitments will be paid by the Company by 2027.

(2)	Tax credit investments are included in the Company’s estimate of the effective annual tax rate.

The following table summarizes the Company’s qualified affordable housing projects and other tax credit investments at December 31, 2016:


(dollars in thousands)		At December 31, 2016
	Accounting			Unfunded
Investment	Method	Investment		Commitment
LIHTC and other qualifying investments	Proportional amortization		$29,110		$16,210
FHTC	Equity		4,434		3,104
CReED	Equity		1,504		1,502

Total		$	35,048	$	20,816