Hillsborough County's Affordable Housing Department is looking to help fund rental projects that can begin immediately.

It has begun a request for proposal process designed to distribute state and federal funds to organizations that construct or rehabilitate affordable multi-family rental housing in Hillsborough.

Nearly $5.2 million is anticipated to be available. An additional $790,000 available after Oct. 1 for future projects, a release said.

Successful applicants must be able to close on all necessary project-funding commitments no later than June 30 in order to receive this funding.

The county anticipates $2 million in federal HOME Investment Partnerships Program, $2.2 million in State SHIP funds and $946,195 in federal Community Development Block Grant-Recovery funds will be available for projects that are ready to proceed immediately.

An additional $790,000 in HOME funds will be available as two local government commitments of $395,000 each for the 2010 State of Florida Universal Cycle or other competitive funding cycles, such as the HFA Initiative/New Issue Bond Program.

The proposed developments should provide long-term, affordable housing to a mix of eligible households, including low- and very low-income. The funds can be used for eligible projects within unincorporated Hillsborough, Temple Terrace and Plant City with preference given to projects located within CDBG Target Areas or Census Tracts with more than 50 percent of the population with incomes below 80 percent of the area median income. CDBG Target Areas are listed on the department's Web site.

The deadline to submit an application is 4 p.m. March 5 to the Affordable Housing Department. The RFP application is available on AHD's Web site.