Native American Challenge Demonstration Project Act of 2007 - Directs the Secretary of Commerce to establish and implement the Native American Challenge Demonstration Project through which federal economic development assistance may be provided for certain Native American communities. Authorizes the Secretary to provide such assistance to eligible entities that enter into Native American Challenge Compacts with the United States pursuant to this Act.
Requires that Compacts establish a multi-year plan for achieving development objectives in furthering the purposes of this Act, including to adapt the lessons of foreign aid to underdeveloped economies to the provision of federal economic development assistance to similarly situated remote Native American communities.