Audible Down Payment Assistance Program - FAQs​

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Q: What is the Audible Down Payment Assistance Program?

A: The Audible Down Payment Assistance (ADPA) program will provide counseling and financial support for a down payment to own a home in the city of Newark for Audible employees who meet eligibility requirements. Each eligible employee will receive a one-time grant of $25,000 to be applied to down payment costs for a first-time home purchase in Newark.

 

Q: Who is eligible for the ADPA pilot program?

A: Employees interested in applying for this program must meet the following eligibility criteria as of January 1, 2025:

• Full time employee (FTE)

• In good standing (no performance improvement plan for any part of the year prior to application)

• Tenure of at least 2 years

• First time homeowner (defined as not having owned a home for at least 3 years, if employee was a previous homeowner)

• Home must be owner-occupied (i.e., not purchased for investment purposes)

• Base annual salary maximum of $125,000 at the time of application

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Interested and eligible employees will have the opportunity to apply for the program beginning in January 2025. Applicants who are deemed financially ready for a home purchase will be chosen to move forward with housing counseling. Those who complete housing counseling, as well as identify a mortgage lender and a Newark home to purchase, will receive a $25,000 grant.

Q: How do I apply for this program?

A: Interested employees who meet the eligibility criteria above can apply here. The Housing and Community Development Network of NJ (HCDNNJ) will manage the application, vetting, housing counseling, and overall processes related to the program.

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Q: I am already receiving housing counseling as part of last year’s ADPA pilot program. Do I need to re-apply?
A: If you have already applied, have been deemed eligible by HCDNNJ and are currently going through the process of housing counseling/home buying through this program, you do not need to re-apply.

Q: What does the overall process look like?
A: Once HCDNNJ receives an interested employee’s application through the online portal, they will verify employment information with the Audible People & Places team to confirm that the applicant meets the eligibility requirements. If the applicant is ready to move forward after an interview with HCDNNJ, they will be assigned a HUD (United States Department of Housing and Urban Development)- Certified Housing Counselor as part of the next steps. Housing counseling will be a confidential process between the counselor and the participant.

 

During sessions, the Counselor will walk the applicant through the budgeting and affordability process, which includes: 

-    Addressing any credit issues, assisting in collecting/preparing the application for a mortgage to determine eligibility, and obtaining pre-qualification for home ownership. 
-    Identifying additional programs that may be available to provide additional benefits towards home ownership.
-    Referrals to three potential mortgage providers for mortgage application. 
-    Preparing an ongoing budget to follow after the home purchase plus a budget for unexpected expenses and maintenance. 
 

Only participants who complete housing counseling, identify a home to purchase along with a mortgage lender, and are in good standing with Audible at the time of grant issuing (verified by Audible HR), will receive the $25K grant.

Q: Why is Audible offering this type of program?

A: The success of Audible’s impact efforts begins with employees who understand the significance of our move to Newark in 2007 and the positive economic impact we create by living, working, and playing in our headquarters city. The Global Center for Urban Innovation (GCUI) has intentionally invested in programs and initiatives that will bring about a significant and transformative impact in Newark.
 

The ADPA program is part of Audible’s investment in both our employees and in Newark. As we continue to innovate on ways to make a tangible impact in our headquarters city, the program aims to improve significantly low homeownership rates among Newark residents compared to state and national averages. Homeownership is a meaningful tool to build financial stability, and yet many people face barriers to owning a home. Ultimately, this program may help create a scalable model for advancing legislative policy or other measures for scaled access to incentives that drive large scale homeownership in Newark.

Q: Why is Audible offering this now?

A:  Studies have shown that homeownership can help households achieve greater financial stability and prosperity, and is the basis for a number of positive social, economic, family and civic outcomes.   We hope that by launching this program, we can help eligible employees address the high costs of housing in an inflationary market, as well as take steps to build generational wealth through homeownership in a city that is actively seeking to stabilize its housing stock.

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In Newark specifically, almost half of all real estate sales were by institutional buyers and investors as of 2020, consistent with a national trend of investors buying homes in predominantly Black neighborhoods.   The result of this is significant, leading to rapidly rising rents, decreased homeownership, higher barriers to affordable housing, and less stable communities. There is an urgency to help reverse this trend.

 

By offering a down payment assistance program and giving opportunities for employees to pursue home ownership in Newark, we are addressing these economic and social threats while offering a significant benefit to our employees.

Q: How did Audible determine this maximum income level for eligibility?

A:  GCUI used a combination of Newark’s area median income (AMI) and Audible salary ranges as a guideline to determine the income level for eligibility.  Employees may also be eligible for additional grant programs, including through either the City of Newark or from one of the CRA (Community Reinvestment Act) mortgage providers, potentially increasing the support they may receive for their home purchase in Newark. Other mortgage assistance programs use 80% / 100% / 120% of the AMI; using the maximum of this will allow us to reach a range of employees who will qualify for additional programs that can make homeownership a reality.

Q: What constitutes “good standing” at Audible?    
A:   An employee is in “good standing” if they meet all of the following criteria: 
1.    They received a “valued” or “outstanding” performance rating on at least one full year of past performance reviews.
2.    They are not on a performance improvement plan (PIP). 
3.    They are not on a final written warning.

 

Q: I’m hesitant to disclose the level of personal, financial information associated with purchasing a home to Audible. 
A: By working with the HCDNNJ, Audible will not be privy to any applicant’s information beyond the recipient’s name when the grant is awarded. HCDNNJ will manage the program logistics by vetting all eligible and interested employees and working with participants to prepare them for their home purchase, including the housing counseling process.

Q: Why is housing counseling required to receive this assistance?

A: To help applicants prepare for home purchasing, understand their financial liabilities, develop sustainable budgets and avoid foreclosure, Audible requires all selected participants to complete counseling to ensure that they successfully purchase and remain in their homes. The housing counseling process could take anywhere from a few weeks to a few months, depending on where you are in your home buying stage, and counselors will remain available to participants for the length of their mortgage.

Q: Does the home have to be purchased in a specific part of Newark?
A: No, employees who meet the criteria are eligible for this grant as long as the home purchase is within the City of Newark and is a first home for the employee (defined as not having owned a home for at least three years, if employee was a previous home owner). 

Q: May I apply for this grant if I am currently part of Newark Now! 500 program? 
A: Yes, you may apply for and be eligible to receive down payment assistance even if you already receive a monthly stipend as a Newark resident. You can continue to receive Newark Now! 500 assistance towards your mortgage payments once you purchase a home. 

Q: If I leave Audible after receiving this assistance, will I need to pay this back?

A: Audible reserves the right to receive back 100% of the funds only in a case in which resignation occurs less than six months from when the payment was made. If the resignation occurs less than one year from when the payment was made, Audible reserves the right to receive 50% of the total assistance.

Q: Didn’t Audible launch this program in 2023? 
A: The ADPA started as a pilot program in 2023, with the intention of iterating from the learnings and expanding the program to more employees.

Q: Is this down payment assistance taxable?
A: Yes, as this is considered a wage, Audible will report the assistance amount you receive on your W2 and pay the gross amount to cover your taxes on this benefit.

 

1 Lawrence Yun, Ph.D. and Nadia Evangelou (2016), SOCIAL BENEFITS OF HOMEOWNERSHIP AND STABLE HOUSING. NATIONAL ASSOCIATION OF REALTORS® 
2 David D. Troutt and Katharine Nelson (2022), Who Owns Newark?
 

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