This brief examines the GSEs’ historical and current role in financing multifamily housing and finds that their post-crisis role has declined to more normalized levels. It also finds that even as the GSEs have continued to meet or exceed their multifamily housing goals in recent years, financing for certain underserved segments of the market has fallen steeply. Given these declines, policymakers and regulators should consider maintaining or increasing the GSEs’ footprint in the multifamily market, especially in underserved segments. Though the recent tools employed by the Federal Housing Finance Agency (FHFA) to slow the declines in GSE volume have been somewhat effective, they alone likely won’t prevent the GSEs’ role from shrinking further.