National Affordable Housing Trust Fund Act of 2007 - Amends the Cranston-Gonzalez National Affordable Housing Act to establish in the Treasury a National Affordable Housing Trust Fund available to the Secretary of Housing and Urban Development to provide assistance to states, Indian tribes, insular areas, and participating local jurisdictions to increase the supply of decent quality affordable housing, especially for low-income, extremely low-income, and very poor families.
Prohibits the use of appropriations to the Fund for a fiscal year unless the amount equal to the net increase in the negative credit subsidy for specified mortgage insurance programs is first made available for: (1) single family housing mortgage insurance; (2) housing counseling; and (3) mortgage insurance technology, procedures, processes, program performance, and salaries.
Limits Federal Housing Administration (FHA) mortgage insurance premium increases.
Specifies affordable housing eligibility criteria for a rental dwelling unit and one- to four-family owner-occupied housing, including a priority to families on section 8 rental assistance or public housing waiting lists.
Requires the Secretary to establish a green housing clearinghouse for Fund grantees and recipients.
Declares that nothing in this Act allows any payments under it for any individual or head of household that is not a legal U.S. resident.