HOPE VI Improvement and Reauthorization Act of 2007 - Amends the United States Housing Act of 1937 to make promoting housing choice among low- and very low-income families one of the purposes of the HOPE VI grant program for revitalization of severely distressed public housing.
Authorizes the Secretary of Housing and Urban Development to waive the matching contribution requirement in cases of extreme distress or emergency.
Prohibits the award of demolition-only grants.
Repeals authority for grants for assisting affordable housing developed through main street projects in smaller communities.
Makes eligible for the use of HOPE VI grants: (1) necessary costs of ensuring the effective temporary and permanent relocation of residents displaced as a result of project revitalization; and (2) certain activities undertaken to comply with requirements for green developments and replacement housing for hard-to-house families.
Revises criteria for selection of proposals for grants, divided into mandatory core components and mandatory graded components.
Specifies requirements for mandatory core components of revitalization plans, including among others: (1) involvement of public housing residents in planning and implementation; (2) a temporary relocation program; (3) a right for resident households to expanded housing opportunities; (4) one-for-one replacement of demolished dwelling units; (5) monitoring of displaced households; and (6) green developments.
Extends the HOPE VI program through FY2015.