The commission shall formulate such rules and regulations as are necessary for the administration of this act, in accordance with the provisions of Act No. 88 of the Public Acts of 1943, as amended, being section 24.71 to 24.82 of the Compiled Laws of 1948, and subject to the provisions of Act No. 197 of the Public Acts of 1952, as amended, being section 24.101 to 24.110 of the Compiled Laws of 1948, including the filing of applications by public and private institutions of higher education within the state, for approval of eligible projects for the construction of academic facilities, the determination of relative priorities for eligible projects submitted by public and private institutions of higher education within the state, and for determination of the federal share of the development cost of each such project to be recommended to the commissioner of education. The rules and regulations shall be adopted by the commission only after a public hearing with due notice to interested persons and after interested persons have had a reasonable opportunity to request and obtain copies of proposed rules and regulations prior to the public hearing.