The Argent Apartments

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2011

The Argent Apartments now provide affordable rental housing to 96 hard-working families in Silver Spring, Maryland, a central business district that is an employment and transit center for Montgomery County, Maryland. However, just one year ago, The Argent was an empty building – the remains of a failed condominium project. Originally developed as for-sale market-rate condominiums, The Argent was a victim of the economic downturn and the slump in the housing market. The building was competed and the units went up for sale at the start of the nationwide housing crisis and no units in the building were ever sold. At the same time, the bank that financed the loan to develop the condo community was taken over by the Federal Deposit Insurance Company, making it necessary to sell the property. The building sat empty for more than a year. Montgomery County provided innovative financing and support to a developer that converted the project to rental. The rental units opened in September, 2010 and now are home to 96 families who enjoy living in Silver Spring.