Don't fit a mortgage? Consider a co-op.
Not everyone fits a mortgage — and that's okay. MCDP's Lambert Woods Cooperative is a different path to ownership for the same buyers.
A $5,000 share, not a down payment
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 (estimated June 2027). When you leave, you get your share back plus an estimated 2% a year.
Permanently affordable
Part of the equity is held by the co-op, so homes stay affordable for the next household. Monthly cost including utilities runs about $1,750–$2,750 by size.
Owned & run by residents
Members democratically set budgets, investments, and policies — long-term stability, similar tax benefits to ownership, and real community.
Who it's for
Households who can't (or don't want to) get a mortgage, want less cash up front, or value a shared, resident-run community.
Condo vs. co-op — which is right for you?
| 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 | Principal paydown + limited appreciation (resale price rises with Area Median Income) | Your $5,000 share back plus an estimated 2% a year |
| Move-in | Estimated April 2028 (Phase 3) | June 2027 |
| Income limits | Up to 80% / 100% AMI | Most homes under 100% AMI; up to 20% at 100–120%. Priority now for households under 80%. Minimum: the monthly charge can be at most half your gross income (about $42,000 a year for a 1BR, $51,600 for a 2BR, $66,000 for a 3BR). |
What's open right now
2259 & 2265 Washington Ave Ext, North Deering. Every home is a complete private apartment (own kitchen, bath, washer/dryer hookups) with shared community rooms on the first floor. No mortgage, no credit-score requirement. Monthly cost includes utilities.
See the homes
Tap any picture to enlarge. Both buildings use the same floor plans. On the board below, tap See where on any home to see exactly where it sits. The second and third floor maps and the 1-bedroom plans are from the builder's permit drawings (August 2026). The two upper-floor 1-bedroom layouts are not identical: 201 and 301 have the larger bedroom. Final details may change slightly during construction.
Unit by unit
Monthly cost includes heat, electric, water and trash (not internet or parking). Floors 1–3, walk-up. A $500 reservation holds a specific home and is refundable until construction begins; the $4,500 share balance is due at move-in (June 2027).
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%. Right now we're giving priority to households earning under 80% of AMI.
Common questions about the co-op
How does the co-op work?
You buy a $5,000 share in Lambert Woods Cooperative instead of buying the unit itself. The share gives you the right to live in your home. There is no mortgage and no credit-score requirement. You reserve with $500 now and pay the $4,500 balance at move-in. After that you pay one monthly charge that includes heat, electric, water and trash.
How do I pay the $500 reservation deposit?
Pay online through the cooperative’s secure PayPal page (www.paypal.com/ncp/payment/WDVDYN6BA4UWW), or by check made out to Maine Cooperative Development Partners, with your name and “Subscriber deposit” on the memo line, mailed to 6 City Center, 3rd Floor, Portland, ME 04101. The deposit holds a specific home and is refundable until construction begins.
When can I move in?
The date is not set yet. The current estimate is June 2027. Reserved members hear about the schedule at the monthly members’ meetings.
What do I get back when I leave?
Your $5,000 share plus an estimated 2% a year. You don’t sell the home the way you would a condo; the cooperative keeps it affordable for the next household.
Does the co-op have a mortgage? Will it be paid off?
The cooperative carries one mortgage on the buildings, and its cost is built into the monthly charge. There is no set plan or date to pay it off; the members decide that together as the co-op grows. The goal is that being a member always costs less than renting or owning a comparable home.
Can I use a housing voucher?
Yes. A MaineHousing or Housing Choice Voucher can be used at Lambert Woods Cooperative.
Is there an elevator? Are any homes step-free?
There is no elevator; the buildings are three-story walk-ups. The first-floor homes have no stairs; ask us which ones are still open. They are not certified ADA units, but they are built to accessibility standards and a wheelchair can get in. Tell us what your household needs and we will tell you honestly whether a home fits.
Is there parking and EV charging?
Yes. There are 4 EV chargers on site, which are also open to the public. Parking is not included in the monthly charge.
Who can join, and which size home fits my household?
Most homes are for households earning under 100% of AMI (Area Median Income), and up to 20% can go to households at 100–120%. We’re currently prioritizing households under 80% of AMI. One-bedrooms are for 1–2 people and two-bedrooms for 2–4, so a single person takes a one-bedroom. Income is verified once by the City of Portland before move-in.
Does it have to be my main home?
Yes. Your Lambert Woods home must be your primary residence, and you need to live there at least 51% of the time. It can’t be a second or part-time home.
I own a home now. Can I join?
You can’t own another home that could be your primary residence, like a house, condo or co-op. A seasonal place is fine, and so is owning an apartment, as long as you live at Lambert Woods at least 51% of the year. If you own a home now, you can still reserve, but it is best to sell before you join. We are glad to help you plan the sale and the timing.
When do I get the co-op’s documents?
The cooperative’s governing documents are being finalized now. You will get them to review as part of signing up, and members shape the house rules together at the monthly meetings.