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What is the Maryland Affordable Housing Trust (MAHT) program, and how does it affect IOLTA?

April 26, 2017affect affordable HOUSING IOLTA Maryland program Trust

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What is the Maryland Affordable Housing Trust (MAHT) program, and how does it affect IOLTA?

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A. During the 1992 Session, the Maryland General Assembly enacted a new program, modeled on IOLTA, to help fund affordable housing in Maryland. The Maryland Affordable Housing Trust (MAHT) statute requires real estate title companies to place their small or short-term client trust funds which are held in escrow into an MAHT account generating interest for affordable housing. MAHT is administered by the Maryland Department of Housing and Community Development. In some instances, attorneys who maintain private real estate law practices and operate a title company may have a choice whether to place a client escrow deposit into their IOLTA or MAHT account. Whenever possible, MLSC encourages attorneys to deposit all eligible trust funds into their IOLTA to help provide critically needed legal services to Maryland’s poor, in keeping with an attorney’s obligations under Rule 6.1 of the Maryland Rules of Professional Conduct.