Note 5. Low-Income Housing Tax Credits

The Company was invested in four separate housing equity funds at both March 31, 2020 and December 31, 2019. 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 $2.9 million and $3.0 million at March 31, 2020 and 2019, respectively. The expected terms of these investments and the related tax benefits run through 2033. Total projected tax credits to be received for 2019 are $413 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $32 thousand at March 31, 2020 and $50 thousand at December 31, 2019, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheet.

	Three Months Ended March 31				Affected Line Item on
	2020		2019		Consolidated Income Statement
Tax credits and other benefits
Amortization of operating losses	$	45	$	80	ATM and other losses
Tax benefit of operating losses*		9		17	Income tax expense (benefit)
Tax credits		103		124	Income tax expense (benefit)
Total tax benefits	$	112	$	141

* Computed using a 21% tax rate.