NOTE 8, Low-Income Housing Tax Credits

The Company was invested in four separate housing equity funds at both December 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 $2.3 million and $3.0 million at December 31, 2020 and December 31, 2019, respectively. The expected terms of these investments and the related tax benefits run through 2033. Additional committed capital calls expected for the funds totaled $18 thousand and $50 thousand at December 31, 2020 and December 31, 2019, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheets. During the years ended December 31, 2020 and 2019, the Company recognized amortization expense of $688 thousand and $216 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,
	2020		2019
Tax credits and other benefits
Amortization of operating losses	$	688	$	216
Tax benefit of operating losses*		144		45
Tax credits		419		441
Total tax benefits	$	563	$	486
* Computed using a 21% tax rate.