1. Short title This Act may be cited as the Rural Broadband Financial Flexibility Act . 2. Private activity bonds for qualified broadband projects (a) In general Section 142(a) of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting , or , and by adding at the end the following new paragraph: (16) qualified broadband projects. . (b) Qualified broadband projects Section 142 of such Code is amended by adding at the end the following new subsection: (n) Qualified broadband project (1) In general For purposes of subsection (a)(16), the term qualified broadband project means any project which— (A) is designed solely to provide broadband service to 1 or more areas— (i) which are rural areas (as defined in section 343(a)(13) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991(a)(13) without regard to subparagraph (B) or (C) thereof), and (ii) in which more than 50 percent of residential households do not have access to fixed, terrestrial broadband service which delivers at least 10 megabits per second downstream and at least 1 megabit service upstream, and (B) results in gigabit capable Internet access to residential or commercial locations but only if at least 90 percent of the residential or commercial locations provided such access under the project are locations where, before the project, a broadband service provider— (i) did not provide service, or (ii) did not provide service which meets the minimum speed requirements described in subparagraph (A)(ii). (2) Notice to broadband providers A project shall not be treated as a qualified broadband project unless, before the issue date of any issue the proceeds of which are to be used to fund the project, the issuer— (A) notifies each broadband service provider providing broadband service in the area within which broadband services are to be provided under the project of the project and its intended scope, (B) includes in such notice a request for