Homeowner's Flood Insurance Protection Act of 2007 - Amends the National Flood Insurance Act of 1968 with respect to any area that: (1) previously was not designated as a special flood hazard area because it was protected by a flood protection system; and (2) becomes so designated as a result of the decertification of that flood protection system pursuant to any updating, reviewing, or remapping of flood insurance program rate maps.
Sets the chargeable flood insurance premium rate for any property that, before enactment of this Act, was located within such an area at 50% of the chargeable risk premium rate otherwise applicable. Terminates such discount rate five years after the area's initial designation as a special flood hazard area.