EAST PALESTINE — Norfolk Southern clarified part of its interim Value Assurance Program — a program meant to help homeowners wishing to leave the village in the wake of the Feb. 3 train derailment and protect property values.

It has been reported that there are no remedies for homeowners if their house fails to sell. Although there is no formal provision that directly addresses that particular conundrum, Norfolk Southern spokesman Bryan Long explained on Friday that the price of the home would be reduced until a buyer is found and Norfolk Southern would compensate the owner for the difference between the selling price and fair market value.

Norfolk Southern announced the VAP in September to “compensate for any reduction in value of eligible residential properties located in East Palestine and some surrounding communities following the February derailment.” The railroad explained that, through the interim VAP, residents in the area who have sold their homes since Feb. 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 also will be available for future sales.

Eligible properties must be located inside the designated area, which extends to New Waterford to the west, New Galilee to the east, South Beaver Township to the south and New Springfield to the north. Eligible property owners must not be in bankruptcy at the time of sale or at the time the VAP claim is made, must satisfy all outstanding liens against the property at or prior to closing and must follow the procedures detailed in the interim VAP booklet, including timely submitting all required forms and documentation to the VAP Administrator.

In addition, to be eligible and receive compensation under the interim or long-term plan, homeowners must submit a release of property damage claims. VAP compensation is based on a comparison of sale price and market value and not a loan amount or what is owed on an existing mortgage.

Full details of the program can be viewed at nsmakingitright.com.