In the narrative of Detroit’s rebirth, one name quietly echoes through the corridors of its most beautiful, once-forgotten buildings: Kathy Makino-Leipsitz. As President and Managing Partner of Shelborne Development, Kathy has spent more than three decades transforming the cityscape, not through headlines or flashy developments, but through deeply intentional, people-first projects that blend historic preservation with affordable housing innovation. 

Since its founding, Shelborne Development has helped to build and rehabilitate more than 2,000 housing units across Southeast Michigan, with a special focus on reviving over 30 vacant historic properties in Detroit alone. But for Kathy, it all started with a student’s curiosity and a duplex in Westland, purchased while attending the University of Michigan. That early interest soon matured into a lifelong mission—to restore dignity and opportunity through real estate. 

“At the heart of everything I do is the belief that affordable housing doesn’t have to mean substandard housing,” Kathy shares. Leveraging the Low-Income Housing Tax Credit (LIHTC) program, Shelborne’s work has helped rewrite the story of “low-income housing” in Michigan. Kathy has consistently delivered developments that offer granite countertops, stainless steel appliances, and modern amenities—all at rents tied to 30% of residents’ income, serving families between 20%–60% AMI, now extended up to 80% AMI. 

But Kathy’s passion is more than professional—it’s personal. Having grown up in a household rocked by her father’s sudden disability, she understands firsthand the emotional and financial impact of income insecurity. That formative experience shaped her life’s mission: to create housing that uplifts, where families feel empowered, not diminished. 

“Everyone, especially children, can become victims of financial circumstances that are entirely outside of their control,” she says. “When you give people housing they can be proud of, you give them a foundation to rise again.” 

Today, Kathy continues to reshape Detroit’s neighborhoods with dignity, beauty, and equity, proving that the future of urban development lies not just in steel and concrete—but in compassion, purpose, and legacy. 

Improving Blighted Neighborhoods 

One of the greatest challenges in revitalizing blighted neighborhoods, according to Kathy, is helping the public truly grasp the complexity and time-consuming nature of these efforts—particularly when it comes to assembling the intricate capital stack required to bring vacant buildings back to life. 

“People often underestimate how difficult it is to finance the rehabilitation of historic structures,” she explains. “It’s not just about vision—it’s about aligning public and private funding, navigating regulatory frameworks, and managing construction hurdles that are unique to older buildings.” 

Despite these obstacles, Kathy remains a steadfast advocate for preservation over demolition. She points to growing bodies of research that confirm the economic, environmental, and cultural benefits of restoring existing structures. “More often than not, we are far better off rehabilitating vacant historic buildings rather than opting for new construction,” she notes. “These buildings have stories, character, and a lasting value that new developments often struggle to replicate.” 

The reward, she says, lies not only in the bricks and mortar but in the transformation of entire communities—turning once-forgotten spaces into vibrant, thriving centers of life, commerce, and connection. 

Power of Pairing Historic Rehab with Clean Energy Innovation 

Over the years, Kathy has come to see that the sweet spot in sustainable development lies in the intersection of historic preservation and cutting-edge energy upgrades. “It’s a double win,” she says. “When we combine historic rehabilitation with state-of-the-art energy solutions, we not only preserve the cultural and architectural value of our buildings—we also dramatically reduce energy costs, which can help keep rents more affordable. And just as important, we see an immediate and measurable impact on climate change.” 

Historically, the greatest challenge has been financial. High-impact energy systems like geothermal, solar, co-generation, and wind were often too costly to justify in redevelopment budgets. “It simply didn’t pencil out,” she admits. But that’s finally changing. 

With the passage of the Inflation Reduction Act, Kathy believes we’re entering a new era. “This legislation includes more than two dozen tax provisions specifically designed to incentivize clean, energy-efficient buildings,” she explains. “They’ve increased the available tax credits for major energy upgrades and even introduced bonus credits for developments in low-income or designated energy communities.” 

These new tools are a game-changer, empowering developers to prioritize sustainability without sacrificing affordability. “For the first time, we can truly design projects that both reduce our carbon footprint and support economic inclusion,” Kathy says. “It’s no longer a question of if—it’s a question of how fast we can scale this momentum.” 

Restoring Dignity, Stability, and Hope 

To Kathy, success in affordable housing goes far beyond bricks and mortar. “It’s not just about building units—it’s about building dignity, stability, and opportunity,” she says. “True success is giving a family a home where they can pay less than 30% of their income on rent and feel proud of where they live.”

For her, it’s the ripple effect that matters most. “When families have access to high-quality, affordable housing, it transforms everything—from health to education to economic mobility. But the biggest impact is on the children. A safe, stable home lays the foundation for future generations to thrive.”

Kathy is passionate about challenging the stigma often associated with poverty. “Affordable housing shouldn’t mean less. It should mean equity. It should mean hope,” she says. “I want to help create a world where no child has to carry the weight of poverty—and where everyone, regardless of income, has the chance to grow up in a place they’re proud to call home.”

Where Quality Meets Purpose

As President and Managing Partner of Shelborne Development, Kathy emphasizes that the company’s mission goes far beyond simply building affordable, energy-efficient housing. “At Shelborne, we believe in creating communities, not just buildings,” she shares. “Our goal is to develop housing that connects with and revitalizes the neighborhoods we serve—strengthening their stability, infrastructure, and sense of identity.”

Shelborne places a strong focus on community engagement, actively participating in local safety and beautification initiatives, and maintaining a deep commitment to Section 3 requirements that promote local hiring and workforce development. “It’s about fostering a vitality that reaches beyond bricks and into the heart and soul of the neighborhood,” Kathy says. 

The firm is known for investing in the people behind the properties—providing employment opportunities, promoting safety, and creating a genuine sense of community. “Our work doesn’t end at our property lines,” she explains. “We strive to ignite momentum that uplifts the entire area, regardless of Shelborne’s direct financial benefit.”

Perhaps most defining is Shelborne’s unwavering commitment to quality over profitability. “We’re known for taking on projects others won’t touch—ones that are incredibly complex but desperately needed,” Kathy says. “By delivering housing that often exceeds the quality of anything else in the neighborhood, we help restore pride of place and inspire transformation that spreads far beyond our developments.”

For Shelborne, true revitalization is not just about what gets built—it’s about who gets empowered, and the long-term health of the community that’s left standing.

Recognized for Transforming Communities 

Over the years, Kathy has been fortunate to receive numerous awards and accolades that reflect the transformative work she has led in Detroit’s neighborhoods. These recognitions, both local and national, are not just personal honors—they underscore the lasting impact of Shelborne Development’s commitment to affordable housing, historic preservation, and innovative energy efficiency. 

“I’m proud that the projects we’ve completed in Detroit have not only brought housing and revitalization to underserved communities, but have also been acknowledged as models of excellence,” Kathy shares. “From overcoming major development challenges to pushing the envelope in energy efficiency, I hope these recognitions reflect the depth and heart we put into our work.” 

Selected Awards & Honors: 

• Novogradac Journal of Tax Credits
  • Developments of Distinction Award – LIHTC Project That Best Exemplifies Major Community Impact
  • Developments of Distinction Award – LIHTC Project That Best Reflects Market Success in Overcoming Significant Obstacles
•  Historic Rehabilitation Award – For Financial Innovation 

• Multifamily Executive Magazine – Grand Award – Apartment Renovation Project of the Year 

• National Housing and Real Estate Association – Timothy Anderson Award – Excellence in Historic Rehabilitation

• University of Michigan / ULI Real Estate Forum – Real Estate Excellence Award 

• Detroit Community Development Awards – Excellence in Real Estate Development 

• Midwest Real Estate News – Real Estate Hall of Fame Inductee 

• DBusiness Magazine – Commercial Real Estate Community Impact Award
  Detroit Powered by Women Award 

• Michigan State Representative – Strong Women Lead Award 

• State of Michigan – Battle of the Buildings – 1st Place in Energy Savings – Multifamily 

• City of Detroit – Detroit Energy Challenge – 1st Place in Energy Efficiency – Multifamily Category 

“These honors serve as reminders that when we prioritize quality, equity, and sustainability, the results can be powerful and far-reaching. I’m grateful to be recognized, but more grateful to have played a part in helping Detroit communities thrive.” 

Future of Affordable Housing Finance 

Kathy believes that the Low-Income Housing Tax Credit (LIHTC) remains the most powerful and effective tool available today for creating high-quality, affordable housing. 

“I truly believe the LIHTC is probably the most important tool we have today for developing the kind of housing our communities need,” Kathy says. “Looking ahead, the future of housing development will be shaped by how we combine this tool with the expansion of federal energy credits and the creation of state-level credits—both for affordable housing and historic rehabilitation.” 

She envisions a comprehensive funding toolkit that empowers developers to build housing where rents stay below 30% of a tenant’s income—ensuring affordability while giving residents more disposable income and a better quality of life, without relying solely on subsidies like Section 8. 

“That’s an entire conversation on its own,” Kathy notes, “but the bottom line is this: If we thoughtfully align these tools, we can stop just managing poverty and start breaking its cycle—through housing that is stable, sustainable, and dignified.” 

A Decade-Long Mission to Serve Veterans 

Kathy was honored when a non-profit organization approached her with a bold vision: to develop a community that directly addressed the unique needs of veterans in Palm Beach County. What followed was a ten-year journey of strategic planning, coordination, and deep commitment. Now, in 2025, that vision is becoming a reality as the Village of Valor breaks ground. 

“Being part of this project has been one of the most meaningful chapters in my career,” Kathy shares. “It’s taken a decade of dedication—navigating development agreements, securing resources, and staying the course—but we’re finally here.” 

The Village of Valor is designed not only to house veterans, but to empower them. The development includes on-site support services such as job training, financial literacy programs, medical transportation, and wraparound aid to help those who served our country rebuild and thrive. 

“I’m incredibly grateful to have been asked to contribute to something so vital in a community I’ve come to care deeply about,” she says. “It’s a privilege to bring my decades of development experience to a place where it can truly make a lasting difference.” 

Choosing “Fringe Neighborhoods” and the Soul of Detroit 

Throughout her career, Kathy has intentionally chosen to focus on what she calls “fringe neighborhoods”—areas that have long struggled with disinvestment, deteriorating infrastructure, and buildings left blighted from decades of neglect. Her work is not just about development; it’s about restoration, revitalization, and respecting the history and humanity embedded in these places. 

“Detroit is unlike any other city,” Kathy reflects. “In the last 80 years, the population has dropped from over 2 million to less than 700,000, yet the city still spans approximately 140 square miles. That drastic population loss has left countless buildings vacant and created immense pressure on the residents who remained—those who’ve carried the weight of maintaining a city designed for a much larger population.” 

Detroit’s landscape offers a rare opportunity—and challenge—for developers. Kathy sees not just empty structures, but potential: “So many of these buildings have incredible bones—beautiful architecture that simply needs someone to believe in it again. And more importantly, the people in these neighborhoods deserve that investment just as much as the buildings do.” 

She’s drawn especially to historic structures in clusters of neighborhoods where residents never left. “I tend to fall in love with the buildings—and the people. These are communities that have often been overlooked when it comes to the broader master plan of a city. My work has always been about going where the people stayed and building alongside them, not over them.” 

A Message for Future Builders 

Reflecting on her journey, Kathy remembers her very first interview about her work in Detroit. At the end of that conversation, she said something that has guided her vision ever since: 

“I want to create thriving neighborhoods—places where people can say, ‘Living there was the best time of my life.’” 

That aspiration remains her true north. If her developments provide not only affordability and energy efficiency, but also joy, dignity, and a deep sense of home, then she considers her work a success. 

Beyond bricks and mortar, Kathy also hopes her journey will inspire and support the next generation—especially young women and emerging developers passionate about affordable housing, sustainability, and climate-conscious development. 

To those dreaming of making their mark in real estate development, she offers this advice: 

“Never give up. Dream big. Take risks. Always be kind. And remember—while children don’t get to choose where they’re born, we have the power to shape their environment. Through thoughtful planning and a deep sense of purpose, we can build homes—and lives—that reflect hope, possibility, and pride.”