Military Housing Privatization Initiatives Projects Oversight and Accountability Act of 2007

Military Housing Privatization Initiatives Projects Oversight and Accountability Act of 2007 - Requires each military housing privatization initiative project to be carried out under a guaranteed maximum price contract (to be reviewed by an independent third party) and accompanied by a performance schedule. Requires each Secretary concerned to prescribe regulations for effective oversight and management of projects under the Secretary's jurisdiction.

Establishes requirements for: (1) combining projects in the event of termination of a lease or foreclosure on a project; (2) funding reserves; (3) sequestration and release of funds to be paid under a contract; (4) community meetings to convey project information; (5) certification of construction experience; (6) bonding levels; and (7) communication, review, and the effect of unsatisfactory performance or default (including the selection of a successor contractor).

Requires annual reports on lessons learned regarding the operation of military housing privatization initiative projects.