HOPE VI Improvement and Reauthorization Act of 2007 - Amends the United States Housing Act of 1937 to extend and authorize appropriations for the HOPE VI revitalization program.
Includes educational and relocation aims among HOPE VI purposes. Requires each HOPE VI grant recipient to establish, in partnership with local schools, a comprehensive educational reform and achievement strategy for transforming the neighborhood schools into high-performing schools (including, in certain circumstances, an alternative strategy).
Revises grant selection criteria.
Authorizes the Secretary of Housing and Urban Development (HUD) to conduct funding-related site visits for HOPE VI applicants.
Requires: (1) public housing agencies to establish performance benchmarks for each of their HOPE VI projects; and (2) the Secretary to establish specified sanctions for failure to meet such benchmarks.
Cites conditions for extension of such benchmarks.