High Risk Protection Act of 2007 - Requires amounts appropriated to the Department of Homeland Security (DHS) for the Urban Area Security Initiative Grant Program to be allocated based solely on risk (which shall include an evaluation of threats, vulnerabilities, and consequences and consideration of any previous terrorist attacks).
Directs the Secretary of Homeland Security: (1) in determining which areas qualify as high-threat areas, to consider whether the area contains critical infrastructure and is located on an international border or coastline and the area's population, population density, law enforcement investigative and enforcement activity, and tourism; and (2) in allocating amounts among high-threat areas, to evaluate all threats (including threats to national monuments and icons) and critical infrastructure vulnerabilities.
Provides that the Program shall not be subject to the DHS peer review process. Allows funds made available under the Program to be used for overtime and other employment costs directly relating to the prevention of terrorist activities.
Requires the Secretary to submit reports to each Member of Congress who represents a high-threat area regarding the proposed allocation of funds and to specified congressional committees on the determinations made.