Not everyone fits a mortgage — and that's okay. MCDP's Lambert Woods Cooperative is a different path to ownership for the same kinds of families.
You buy a share of the whole development instead of taking a mortgage — no bank loan, no credit requirement. Reserve with $500 today; the $4,500 balance is due at move-in (April 2027). You get your share plus approved appreciation (modest, set by the bylaws) back when you leave.
Part of the equity is held by the co-op, so homes stay affordable for the next family. Monthly cost including utilities runs about $1,750–$2,750 by size.
Members democratically set budgets, investments, and policies — long-term stability, similar tax benefits to ownership, and real community.
Households who can't (or don't want to) get a mortgage, want less cash up front, or value a shared, resident-run community.
| Dougherty condo | Lambert Woods co-op | |
|---|---|---|
| Up-front cost | Down payment + closing (assistance available) | $5,000 share |
| Financing | Mortgage (or cash) | No mortgage needed |
| Equity | Full appreciation + principal | Your share back plus approved appreciation (set by the bylaws — modest, currently around 2%/yr) |
| Move-in | Late summer / fall 2027 (Phase 3) | April 2027 |
| Income limits | Up to 80% / 100% AMI | About 50% to 120% AMI |
2259 & 2265 Washington Ave Ext, North Deering. 22 homes on floors 1–3, no elevator; each is a complete private apartment (own kitchen, bath, washer/dryer hookups) with shared community rooms on the first floor. No mortgage and no credit-score requirement. Monthly cost includes utilities.
| Home | Monthly (incl. utilities) | Floors | Size | Open |
|---|---|---|---|---|
| 1BR | $1,650–1,750 | 2nd & 3rd (plus two 1st-floor) | 458–534 sq ft | 9 open |
| 2BR | $2,150–2,400 | 2nd & 3rd | 745–827 sq ft | 5 open |
| 3BR | $2,750 | 1st | 1,003 sq ft | Reserved — waitlist |
The $500 reservation is refundable until construction begins. Subscribers meet monthly (second Thursday, 6pm) with Raise-Op to set house rules (including pets) and get to know their neighbors before move-in. Income is verified once by the City of Portland before move-in; households generally earn under 100% of AMI, with up to 20% of homes open to 100–120%.