Investing for Tomorrow's Schools Act of 2007 - Authorizes the Secretary of Education to enter into cooperative agreements with states under which: (1) they establish state and multistate infrastructure banks for education; and (2) the Secretary awards grants to states for initial capital to make loans through such banks to local educational agencies and public libraries for construction, reconstruction, or renovation of public elementary or secondary schools and public library facilities.
Grants congressional consent to states for interstate compacts to establish multistate infrastructure banks.
Requires states to contribute from nonfederal sources at least 25% of the amount of each federal grant for an infrastructure bank.
Lists types of projects eligible for such bank loans.
Directs the Secretary to establish Healthy, High Performance School Guidelines for the construction and renovation of schools, educational facilities, and libraries relating to energy efficiency, renewable energy, water use, building materials, indoor environmental quality, and other appropriate matters.
Requires any local educational agency or public library using a loan under this Act to fund a new construction or renovation project to ensure that the project conforms, to the maximum extent practicable, to such Healthy, High Performance School Guidelines.