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Investments in Affordable Housing Limit Partnerships
12 Months Ended
Dec. 31, 2016
Federal Home Loan Banks [Abstract]  
Investments in Affordable Housing Limit Partnerships
Investments in Affordable Housing Limited Partnerships

As part of our community reinvestment initiatives, we invest in affordable housing limited partnerships that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits and other tax benefits for these investments. Our investment in affordable housing limited partnerships, reflected in other assets in the consolidated statements of financial condition, totaled $15.7 million at December 31, 2016 and $17.2 million at December 31, 2015. Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $12.0 million at December 31, 2016 and $12.9 million at December 31, 2015. Funding installments are due on an "as needed" basis, currently projected over the next two years, the timing of which cannot be estimated. Expense related to our investments in affordable housing limited partnerships, included in other non-interest expense in the consolidated statements of income, totaled $1.5 million for the year ended December 31, 2016, $1.1 million for the year ended December 31, 2015 and $1.5 million for the year ended December 31, 2014. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $1.4 million for the year ended December 31, 2016, $1.4 million for the year ended December 31, 2015 and $2.2 million for the year ended December 31, 2014.