Norfolk Southern announces details of plan to pay for lost home values because of Ohio derailment
- Norfolk Southern Corporation has announced an interim Value Assurance Program (VAP) to compensate for the reduction in value of eligible residential properties in East Palestine, Ohio, and surrounding communities after a derailment incident in February. The program aims to fulfill the company's promise to make it right and protect the home values of the community.
- The program will compensate residents in the defined program area who have sold their homes, currently have their homes on the market, or plan to put their homes on the market. Independent appraisers will assess the value of their homes, and homeowners can recoup any difference through the Norfolk Southern Family Assistance Center after the sale. However, accepting compensation through the program means homeowners will have to forego property damage claims from lawsuits against the railroad.
- While the program provides benefits to homeowners, some critics believe Norfolk Southern should prioritize addressing health concerns in the area. The long-term fund negotiations for compensation and cleanup costs are still ongoing, and the total cost is estimated to be over $800 million.
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