That IC is used on Freescale Tower Serial board as well:
http://cache.freescale.com/files/microcontrollers/hardware_tools/schematics/TWR-SER-SCH.pdf
Basically you'll need I2C to query the IC for status of the ID pin, so you can load the proper SW stack (host or device). On that schematics, there's a power switch (U8) that you can use to enable/disable VBUS when needed. The ENA pin can be connected to a K22 GPIO and once your SW decides if the USB Host stack is to be loaded, then enable the power supply, disable it if your K22 is acting as USB device.
All this circuitry is to enable OTG + switching on/ff the 5V for Vbus. To generate those 5V from your 3.3v you'll need a step-up/boost DC-DC converter which there are a few options on this thread, I did a quick search and also found MAX1675 as a possible fit to the application.