Plan compensates any lost home value as long-term program is developed
EAST PALESTINE, Ohio, Sept. 18, 2023 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Monday an interim Value Assurance Program (VAP). The VAP will compensate any reduction in value of eligible residential properties located in East Palestine, Ohio and some surrounding communities following the February derailment.
This announcement comes as Norfolk Southern is working toward a long-term program as part of broader commitments the company made in March 2023.
"This is another step in fulfilling our promise to East Palestine to make it right. Norfolk Southern is steadfast in keeping our commitments, including protecting the home values of the community," said Alan H. Shaw, President and CEO of Norfolk Southern. "This program aims to give homeowners the reassurance they need."
Through the interim VAP, those residents in the defined program area (map below) who have sold their homes since February 3, currently have their homes on the market, or will put their homes on the market, are eligible to be compensated for any difference between their home's market value and its sale price.
The interim VAP will also be available for future sales as Norfolk Southern develops the full long-term program in concert with stakeholders involved in that legal process. At the time of the long-term VAP announcement, the interim plan will end, and the long-term VAP requirements will apply.
The interim VAP, and any monetary benefits received by those participating in the interim VAP, is available to eligible property owners. Eligible property owners will work with independent appraisers to assess the value of their home, and with the Norfolk Southern Family Assistance Center (FAC) after the sale to recoup any difference.
Residents can learn more about the interim program geography, all eligibility requirements, and the specific steps required for program participation on the VAP website, materials available at the FAC, or by contacting the VAP Administrator via PropertyAdministrator@alvarezandmarsal.com or (877) 270-6970.
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
SOURCE Norfolk Southern Corporation