SAN FRANCISCO (CBS SF) – Officials with UCSF and the City of San Francisco announced Monday a proposed community benefits package, which includes new housing, as it seeks to rebuild the aging hospital on its Parnassus Heights campus.

According to a statement from Mayor London Breed’s office, the university is agreeing to more than 1,200 housing units for its workforce, along with designating 40% of all new and existing UCSF housing as affordable units. The school also plans $20 million in transportation improvements and a 30% target for local hires in construction and permanent entry level jobs.

“As we look ahead to our economic recovery, this is an opportunity for us to make significant investments in housing, transportation, jobs, and the long-term health care needs of our City,” the mayor said Monday.

“This proposed agreement will benefit San Francisco and our residents for years to come, and we are committed to continuing to work collaboratively with UCSF on this project as it moves forward,” Breed went on to say.

The university is seeking to rebuild the 70-year-old hospital, due to limited bed capacity at the facility and to comply with the state’s seismic code. Once the hospital is completed, which is projected to be in 2030, the Medical Center’s capacity would be increased by 42%, with 200 additional inpatient beds, officials said.

Regarding its housing plans, UCSF said it hopes to have 50 percent of the proposed units completed by the time the new hospital opens. For transportation, the university said it would work with the SFMTA to provide alternatives to car travel and expand transit capacity and service, particularly along the N-Judah line.

City officials will present additional details about the plan at a community meeting this week, along with hearings at the Planning Commission and at the Board of Supervisors. Meanwhile, the UC Board of Regents will vote on the plan later this month.