The school building authority within the department shall oversee and manage two distinct funding mechanisms for school facilities: the foundation program for school housing, as set forth in § 16-7-35 to § 16-7-47, and the school building authority capital fund, as set forth in chapter 38.2 of Title 45. The school building authority shall determine the necessity of school construction; establish standards for design and construction of school buildings; ensure that districts have adequate asset protection plans in place to maintain their school facilities; make recommendations to the council on elementary and secondary education for approval of projects for school housing aid reimbursement; and establish a project priority list for projects funded by the school building authority capital fund and school housing aid set forth in § 16-7-35 to § 16-7-47 that shall apply to any projects submitted or reviewed on or after May 1, 2015.