NOTE 7, Low-Income Housing Tax Credits

The Company was invested in four separate housing equity funds at both December 31, 2016 and December 31, 2015. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, deliver Federal Low Income Housing Credits to investors, allocate tax losses and other possible tax benefits to investors, and preserve and protect project assets.

The investments in these funds were recorded as other assets on the consolidated balance sheets and were $3.9 million and $4.2 million at December 31, 2016 and December 31, 2015, respectively. The expected terms of these investments and the related tax benefits run through 2032. Additional committed capital calls expected for the funds totaled $2.5 million and $3.0 million at December 31, 2016 and December 31, 2015, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheets. During the years ended December 31, 2016 and 2015, the Company recognized amortization expense of $300,000 thousand and $219,000 thousand, respectively, which was included within noninterest expense on the consolidated statements of income.

The table below summarizes the tax credits and other tax benefits recognized by the Company and related to these investments, as of the periods indicated:

	Years Ended December 31,
	2016			2015
	(in thousands)
Tax credits received		$	384	$	291
Tax benefit from losses			102		74
Total tax benefit		$	486	$	365