Argent Opens Subsidized Apartments in Silver Spring

The Argent, downtown Silver Spring's only all-affordable apartment building, opens its doors tomorrow. Built in 2009 by Washington DC-based Perseus Realty LLC as "luxury" condos (outward appearances notwithstanding) the condo project languished with few sales (actually none) and financing gone south, sitting vacant for more than a year until sold earlier this year to Utah based Pallas Properties and Paradigm Financial Consulting for $24.8m.

Pallas snapped up the 96-unit property earlier this summer for $258,000 per unit, with the assistance of federal Low Income Housing Tax Credits in a plan that keeps 90% of the units set aside for tenants with less than 60% of the Average Median Income (up to $43,000) and 10% of the apartments at less than 50% AMI. The Argent offers underground parking and, in a rare twist for a multi-family building, stainless steel appliances, ceramic floor tiles, and granite countertops. The deal keeps the units income restricted for 30 years. Montgomery County contributed $5m through the Housing Initiative Fund.

But the addition of an entirely low-income building took neighbors by surprise, reports SouthSilverSpring blog, and not in a good way. Subsidized apartments are rife throughout Silver Spring - the Portico has 23 of 151 units bankrolled by taxpayers, Falkland Chase Townhouses (58 of 70), Alexander House (123 of 310), Silver Spring House (32 of 77), 1200 East West (32 of 245), Gramax Towers (153 of 180), the Veridian (58 of 457), and as DCMud reported just yesterday, the Galaxy is now under construction next door with 82 of 195 units dedicated to low-income tenants. Occupancy of the Argent, located at 1200 Blair Mill Rd., will begin in October. The ceremony will take place tomorrow at 9:30am.

Update Sept 16: At the ceremony, Montgomery County Executive Isiah Leggett released a statement that said “One of my top priorities is increasing the amount of affordable housing in Montgomery County...These units will provide much-needed safe and affordable housing to 96 individuals and families and give yet another boost to South Silver Spring.”

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