Risk-Based Homeland Security Grants Act of 2007

Risk-Based Homeland Security Grants Act of 2007 - Amends the Homeland Security Act of 2002 to set forth provisions governing Department of Homeland Security (DHS) grant funding for first responders pursuant to the State Homeland Security Grant Program, the Urban Area Security Initiative, the Law Enforcement Terrorism Prevention Program, and the Citizen Corps Program.

Makes eligible for a covered grant any state, region, or directly eligible tribe. Sets forth grant application requirements.

Requires the Secretary of Homeland Security to establish: (1) a Homeland Security Grants Board; (2) clearly defined essential capabilities for state and local government preparedness for terrorism (sets forth factors to address in establishing such capabilities and lists critical infrastructure sectors and types of threats to consider); and (3) a Task Force on Essential Capabilities.

Directs the Secretary to promulgate national voluntary consensus standards for first responder equipment and training.

Lists authorized and prohibited uses of grants. Requires each grant recipient to submit quarterly and annual reports on homeland security spending.

Establishes penalties for states that fail to pass through to local governments, first responders, and other local groups funds or resources within 45 days of receipt.

Expresses the sense of Congress regarding interoperable communications and Citizen Corps councils.

Requires the Secretary to ensure coordination of federal efforts to prevent, prepare for, and respond to emergencies.

Directs the Secretary to conduct studies regarding: (1) implementation of a nationwide emergency telephonic alert notification system; (2) modifying the definition of "National Capital Region" to expand the area under the jurisdiction of the Office of National Capital Region Coordination; (3) risk-based funds allocation for port security grants; and (4) funds allocation under the Assistance to Firefighter Grants Program.