Rural Broadband Access Enhancement Act

Rural Broadband Access Enhancement Act - Amends the Rural Electrification Act of 1936 to redefine "eligible rural community."

Permits a loan or loan guarantee applicant in an area where 40% of the residents are without broadband access to qualify with a 10% loan equity position.

Provides for: (1) paperwork reduction; and (2) program outreach to underserved areas.

Prohibits loan or loan guarantees for new broadband service in communities with three or more service providers.

Provides that for each fiscal year: (1) not more than 10% of program funds shall be available to providers with more than 10% of national subscriber lines; and (2) 40% of program funds shall be available to providers with between 2%-10% of national subscriber lines.

Revises the amortization period from the life of the asset to 35 years.

Requires an annual broadband program report to Congress.