Historically Black Colleges and Universities Katrina and Rita Relief Act of 2007 - Directs the Secretary of Education to waive or modify the application of any statutory or regulatory provision related to the Strengthening Institutions program, under part B of title III of the Higher Education Act of 1965, to historically Black colleges and universities that suffered certain adverse effects from Hurricane Katrina or Rita if the application of such provision would result in such institutions receiving less program funding for FY2009-FY2012 than they received in FY2006.