The State University Construction Fund is a public benefit corporation established by Chapter 251 of the Laws of 1962. The Fund is administered by a Board of Trustees consisting of three members appointed by the Governor, one of whom must be a State University Trustee. Members other than the State University Trustee are also confirmed by the Senate.

As defined by statute in 1962, the purposes of the Fund are: "... to provide academic buildings, dormitories and other facilities for the State-operated institutions and contract and statutory colleges under jurisdiction of the State University, to reduce the time lag between determination of need for such facilities and actual occupancy thereof, to expedite the construction, acquisition, reconstruction and rehabilitation or improvement of such facilities and to assure that the same are ready for the purposes intended when needed and when scheduled under the approved master plan of State University."