A stable, safe, and affordable home is something every family deserves—but for many, it’s still out of reach. As housing costs rise and once beautiful buildings are left to decay, families often end up in unsafe or inadequate conditions, and entire neighborhoods can eventually lose their spirit and their hope. This lack of quality housing doesn’t just affect where people live—it shapes how they live.
That’s where purpose-driven leaders in real estate have the ability to step in and make a real difference. Instead of tearing down and building new, we can restore what already exists—giving old, abandoned buildings a second chance as affordable, energy-efficient housing. By combining smart financing tools like tax credits with a strong commitment to community, these leaders help create lasting change. They don’t just build housing—they rebuild pride, stability, hope, and opportunity for communities to thrive.
Kathy Makino-Leipsitz, Founder and Managing Partner of Shelborne Development, is one such leader. For more than 40 years, she has been transforming empty historic buildings into high-quality homes for families in need. Her mission is simple but powerful: bring dignity and beauty back to communities by making housing affordable and sustainable. She uses programs like Low-Income Housing Tax Credits to lower costs for residents—without relying on government rent subsidies—and includes energy-saving features like solar power and geothermal systems to reduce utility bills.
Kathy is deeply involved in every part of the company’s work, from development to mentoring and community outreach. Under her leadership, Shelborne Development hasreceived national recognition, including awards for its landmark Palmer Park Square project, which turned six blighted buildings into over 200 restored homes. Through her work, Kathy continues to prove that with vision, care, and determination, it’s possible to turn neglected spaces into places families are proud to call home.
From Hardship to Hope
Kathy’s dedication to affordable housing and historic rehabilitation is rooted in personal experience. As a child, she witnessed the emotional and financial toll her family endured after her father became permanently disabled. That early hardship instilled in her a deep understanding of the importance of stable, dignified housing—and how it can serve as a foundation for resilience and opportunity.
Motivated by this belief, Kathy Makino Leipsitz began her real estate journey in the 1980s with a clear focus: to transform long-vacant, historic buildings in underserved neighborhoods into beautiful, affordable homes. Her approach is grounded in the use of Low-Income Housing Tax Credits (LIHTC), allowing her to develop high-quality housing for families earning between 20% and 80% of the area median income. These homes go beyond basic shelter—they are thoughtfully designed, energy-efficient, and built with care.
A Mission Built on Dignity and Sustainability
At the core of Shelborne Development lies a deep belief: every family deserves to live in a space that brings them dignity, security, and pride. This guiding principle has shaped Kathy Makino Leipsitz’s work for over four decades as she’s led the transformation of long-neglected properties into vibrant, thriving communities. For Kathy, the mission has never been about quick fixes—it’s about restoring the soul of neighborhoods through thoughtful, lasting solutions that truly serve the people who live there.
Each Shelborne Development project is a careful balance between honoring the past and embracing the future. By blending historic preservation with forward-thinking design, the company creates affordable housing that’s beautiful and built to last. Energy-efficient materials and geothermal systems are integrated to reduce environmental impact and to ease the financial burden on families by lowering utility costs. These features ensure that the homes are sustainable and supportive of long-term stability and well-being.
By combining thoughtful design with genuine community care, Shelborne Development creates more than just housing—it sparks pride, reduces blight, and strengthens entire neighborhoods. Kathy Makino Leipsitz and her team believe that affordability should never come at the expense of quality. For them, success means providing families with safe, dignified homes where they can thrive while spending less than 30% of their income on rent and utilities. It’s about building a foundation of pride and opportunity, especially for the children growing up in these renewed communities.
Time-Intensive Path with Long-Term Value
Redeveloping distressed neighborhoods through historic rehabilitation is capital-intensive and time-consuming. One of the biggest ongoing challenges is assembling a complete capital stack to fund these complex projects. Many people underestimate the effort and strategy required to make the numbers work—especially when the goal is to preserve historic buildings rather than tear them down for new construction. Kathy firmly believes that preservation, when feasible, brings long-term community value by restoring cultural identity, strengthening neighborhood pride, and promoting sustainability.
These challenges were even more pronounced early in her career. Starting out at a young age and without the backing of a corporate background, Kathy Makino Leipsitz faced significant hurdles in gaining her footing —particularly in the male-dominated real estate industry. Being self-employed from the beginning meant financial instability was a constant reality. Securing funding for projects that often took years to complete required a strong business case and unwavering determination and commitment..
Still, Kathy’s passion for community revitalization and her clear vision helped her push forward. Over time, her work began to speak for itself, proving that thoughtful rehabilitation can create lasting impact. Her early obstacles became stepping stones, shaping her resilience and her reputation as a leader committed to purpose-driven development.
Strategic Site Selection
Kathy’s approach begins with a deep respect for architectural heritage and a clear understanding of the communities she serves. When selecting buildings to rehabilitate, she prioritizes those with strong historic value and the potential to positively transform not just the property itself, but the surrounding neighborhood. Her decisions are guided by a desire to meet real community needs—choosing sites that can enhance beauty, improve safety, and boost overall livability.
Once a site is selected, she blends preservation with innovation by integrating modern energy systems like solar, co-generation, and geothermal technologies. For many years, these upgrades were financially out of reach. However, recent legislation—especially the Inflation Reduction Act—has introduced tax incentives that now make it possible to implement these sustainable features affordably. This allows Kathy Makino Leipsitz to create developments that are environmentally responsible, historically significant, and genuinely affordable for working families—projects that respect the past while building a better future.
Building Safer, Stronger Neighborhoods
Shelborne Development doesn’t just build housing—it builds neighborhoods.
The company engages deeply in holistic community development:
- Adhering to Section 3 guidelines to ensure economic opportunity for local residents
- Partnering with nonprofits, block clubs, and community groups
- Supporting beautification and public safety initiatives
- Creating job opportunities and increasing resident engagement
- Taking on high-risk, high-impact projects that others often avoid
Even when financial margins are slim, the social returns—measured in safety, pride, and quality of life—are always worth the effort.
Nationally Recognized for Excellence
Kathy Makino Leipsitz’s work has created lasting change across Detroit—revitalizing communities, uplifting families, and transforming once-neglected neighborhoods into vibrant places people are proud to call home. Her vision extends beyond brick and mortar; she measures success in restored buildings and in restored hope in her residents.
One of her most impactful projects, Palmer Park Square, turned six long-abandoned buildings into 202 modern, affordable homes using a $36 million capital stack supported by seven different funding sources. Despite setbacks—such as the loss of over $2.6 million in historic tax credits due to a minor kitchen wall relocation—the project stands as a powerful symbol of perseverance, innovation, and dedication to community-focused development.
Over the years, Kathy Makino Leipsitz’s contributions have been widely recognized through numerous local and national honors, including:
- Novogradac Journal of Tax Credits: Developments of Distinction Awards (Community Impact & Overcoming Obstacles)
- Historic Rehabilitation Award: Novogradac
- Grand Award for Apartment Renovation: Multifamily Executive Magazine
- J. Timothy Anderson Award for Excellence in Historic Rehabilitation: National Housing and Real Estate Association
- Real Estate Excellence Award: University of Michigan / ULI Real Estate Forum
- Detroit Community Development Award: Excellence in Real Estate Development
- Community Impact Award: DBusiness Commercial Real Estate
- Strong Women Lead Award: Michigan State Representative
- Detroit Powered by Women: DBusiness Magazine
- 1st Place in Energy Savings (Multifamily): Michigan’s Battle of the Buildings
- 1st Place in the Detroit Energy Challenge: City of Detroit
- Induction into the Midwest Real Estate News Hall of Fame
Yet beyond awards, Kathy’s deepest goal is personal and enduring: she hopes that years from now, former residents will say, “Living there was the best time of my life.”Her legacy lies in building more than affordable homes—it’s about creating a foundation for stability, pride, and hope.
Equally passionate about empowering others, Kathy Makino Leipsitz mentors the next generation of developers—particularly women—encouraging them to lead with courage, compassion, and purpose.
Her message is simple but powerful:
Never give up, dream big, take risks, and lead with kindness.
Smart Financing Over Subsidies
Kathy strongly supports the LIHTC program and believes combining it with energy and state-level tax credits is key to building sustainable, affordable housing. She cautions against overreliance on project-based subsidies like Section 8, which can sometimes limit upward mobility. Instead, she champions a model where affordability is achieved through smart financing and long-term planning.
Leadership Rooted in Humility and Compassion
Kathy Makino Leipsitz leads with empathy, integrity, and kindness.
She believes the most effective leaders:
- Are hands-on, approachable, and values-driven
- Never ask team members to do something they wouldn’t do themselves
- Lead with compassion, optimism, and humility
At Shelborne Development, she mentors her staff and inspires her children and Grandchildren with the same principles. It’s leadership by example, grounded in service and purpose.
A Bold Step at 25
Kathy Makino Leipsitz emphasizes that problem-solving and resilience are essential qualities—especially for women navigating professional and personal challenges. Among the most pressing barriers working women face is access to reliable childcare, which often hinders their ability to pursue careers or start businesses. At just 25, following the deeply personal loss of two miscarriages and a stillborn son, Kathy made the courageous decision to open a daycare center.
She had no prior experience in early childhood education or business management, but her determination to heal and help other working mothers drove her forward. This endeavor not only provided a safe, nurturing space for children in her community but also empowered other women to return to work with peace of mind. The experience reinforced her belief in the strength and resilience of women and the concept of “It takes a Village.”
To this day, one of her guiding quotes remains:
“There is no force more powerful than a woman determined to rise.”
