Abstract: Conventional building materials such as plywood and wallboard are both widely used in residential and commercial interior construction and highly susceptible to mold and fungal growth when utilized in a moist environment or periodically subjected to wetting. Mold growth has been associated with certain health risks attributed to toxic airborne mold spores, unpleasant smells and, at best, is considered unsightly. The invention provides a two-part antifungal formulation prepared from at least a binder admixture and a preservative admixture that can be applied to surfaces and/or incorporated within materials that are susceptible to mold growth. The antifungal formulation forms an antifungal coating on, and in some instances at least partially through, the substrate that will both inhibit mold and fungal growth while improving the persistence of the antifungal effects and/or reducing the concentration of antifungal agents necessary to achieve a desired level of antifungal activity.