umask a specific directory

[Mike <stuff@dustsmoke.com>]

Is there a way to umask only a specific directory?

For instance, i have a project folder where 2 people are working on web 
stuff. (Both are members of  a specific group like projectgroup). 
Everything works fine as far as setting the default group on the files 
right. But when a user creates a file it has a global umask of 022. So 
nobody else can change the files except the user who made it without me 
manually going in there and doing a chomd 664 *. I know I can set the 
umask to 002 by default but I only want that in this specific directory. 
Everything else should be 022. I just can't seem to google an actual 
answer for this one. I get a lot of results where people are asking the 
same question but their questions are always left unanswered.

Thanks,
Mike