It’s a bit late in the month to be posting this, but I just found it myself. The RPM (“Record Production Month”) Challenge isn’t a competiton, but “[the] point is they get busy and stop waiting around for the muse to appear. Get the gears moving. Do something.”
There are a few restrictions: the album has to be completely recorded in February (of this year), there’s a minimum of 35 minutes or 10 tracks, and entries must be put on CD and mailed in (postmarked by March 1st). You can read the full details here.