SunAmerica\'s affordable housing investment began in 1988 when it sought to reduce its own federal tax liability. Initially, SunAmerica was investing in affordable housing in order to use the tax credit for its own tax planning. However, after having formed strong relationships with affordable housing developers and having created a significant pipeline of future tax credit transactions, SunAmerica wanted to maintain its production capacity that had taken a few years to build and began to explore ways in which it could continue to acquire tax credit properties without being limited by its finite tax appetite. In the beginning of 1991.