Hounslow and partner David Florence qualified fastest of six for the final, which meant they would go last at the course just up the road from White Hart Lane at Lee Valley.
Fellow Britons Tim Ballie and Etienne Stott also made it into the final and went first - clocking up an impressive time of 106.41 through the 23 gates down the course.
One by one, the finalists failed to topple that time and it was soon left to favourites and four-time champions Pavel and Peter Hochschorner of Slovakia, plus Hounslow/Florence to try and overcome Ballie/Stott.
They clocked 108.28 and that left Hounslow/Florence with the Britons to beat for gold.
In a storming run, it could have gone either way, but they clocked 106.77, agonisingly just outside gold, but still enough to take a fantastic silver.
Hounslow was featured in our official matchday programme last season as we counted down to this summer's Games.
"I have lived in Nottingham for the past 10 years, but recently came back to London for training purposes,” he told us at the time.
“I’ve missed out on getting to as many Spurs games as I would have liked living in the East Midlands, but now White Hart Lane is just down the road for me hopefully I’ll get to a number of matches before the season finishes.
"I have to say, the proximity of the football ground to the White Water Course is something that has crossed my mind on a number of occasions. It will be fantastic to hopefully be competing in the London Olympics on home turf and to do so in an area I have a real connection to."
After claiming silver, he said: "It's fantastic. We attacked it hard all the way down and it was probably just about the sprint to the finish. But that's the difference between Olympic champions and silver medallists."