80 Acres Opens New Kentucky Facility, Driving Job Growth

In March 2025, 80 Acres Farms successfully closed on a New Markets Tax Credit (NMTC) financing package to support a major expansion of its vertical farming operations in Florence, Kentucky. The NMTC financing assists 80 Acres to meet surging demand from national retailers while creating high-quality, accessible jobs in a severely distressed census tract.

With support from Affordable Equity Fund and Truist Community Capital—who also served as the NMTC investor—the project reflects how mission-aligned capital can drive both innovation and equity. Impact Marketplace served as the NMTC advisor, helping coordinate stakeholders and structure financing to maximize long-term community benefit.

 

 

 “We’re proud to support a project that not only delivers cutting-edge food production, but also deeply invests in workforce development and sustainability,” said Cyle Reissig, Managing Director,  Affordable Equity Fund.

The facility expansion is expected to create 143 full-time jobs and over 100 construction roles, with a strong focus on inclusive employment. These positions offer an average wage 44% above the local living wage, and 87% are accessible to individuals without a four-year degree. All full-time roles will be classified as quality jobs—providing comprehensive benefits and on-the-job training.

Additionally, 100% of FTEs will receive full benefits and on-the-job training, with partnerships underway with Gateway Community College to support career advancement in areas like Lean/Six Sigma and frontline leadership.  100% of the jobs will be quality jobs paying about the area living wage.

80 Acres is also partnering with Gateway Community College to offer professional development opportunities in areas like Lean/Six Sigma and frontline leadership, helping employees build long-term career pathways.

“This project reflects exactly what Truist stands for: using purpose-led investment to inspire and build better lives and communities,” said Meg Wentzel, SVP, Truist Community Capital. “We’re proud to partner with 80 Acres on an effort that brings high-quality jobs and real opportunities to an underinvested community.”

The 80 Acres model represents a leap forward in how communities grow, access, and benefit from fresh food. Using 95% less water and zero pesticides, their facilities produce up to 300 times more food per square foot than traditional farms.  Local delivery within 48 hours reduces transportation emissions and food waste, while onsite operations streamline the entire growing, packaging, and distribution process.

The Kentucky facility is expected to:

• Save 44+ million gallons of water annually

• Avoid 406,000+ pounds of food waste

• Eliminate 448,000+ miles in trucking emissions

As part of its sustainability roadmap, 80 Acres has committed to the Science Based Targets initiative (SBTi) and is on track to reduce GHG emissions by 42% by 2030.

Situated in a Severely Distressed census tract, the facility channels significant private investment into a community with elevated poverty and unemployment rates. The project directly responds to local needs while reinforcing Kentucky’s role in the future of food technology.

Through partnerships with schools, museums, and community organizations, 80 Acres also invests in public education around nutrition, sustainability, and careers in green technology. The facility will continue supporting local food access through donations and outreach.

The project’s  capital stack was built with layers of equity, USDA financing, and NMTC financing, expertly guided by Impact Marketplace. The coordinated effort among CDEs, investors, and community stakeholders ensures that the benefits of the project reach far beyond its walls.

“This project showcases the future of place based, technology-driven development,” said Matt Drinen, Co-Founder of Impact Marketplace. “It’s about more than farming—it’s about investing in people, place, and long-term possibility.”

The successful closing of the 80 Acres Farms expansion represents more than just a financial milestone—it’s a blueprint for how targeted investment, smart technology, and community-centered values can work in unison to reshape local economies.

By aligning mission-driven capital with one of the country’s most forward-thinking food producers, this project exemplifies how the New Markets Tax Credit program can support job creation, sustainability, and long-term resilience in underserved communities.

As Impact Marketplace continues to champion transparency and equitable access within the NMTC ecosystem, projects like 80 Acres serve as a powerful reminder: when capital meets intention, communities thrive.

80 Acres Farms
NMTC Program – CDFI Fund
Truist Community Development
Affordable Equity Fund 
Other Impact Marketplace Projects