Section 202 Supportive Housing for the Elderly Act of 2007

[AI summary unavailable — showing source text] Section 202 Supportive Housing for the Elderly Act of 2007 - Amends the Housing Act of 1959 regarding project rental assistance for supportive housing for the elderly. Changes from discretionary to mandatory the authority of the Secretary of Housing and Urban Development to adjust the annual amount of a contract for project rental assistance to provide for reasonable project costs. Directs the Secretary to delegate review and processing of selected capital advance projects to a state or local housing agency meeting specified criteria. States that owner deposits shall be used only to cover operating deficits during the first three years of operations and shall not be used to cover construction shortfalls or inadequate initial project rental assistance amounts. Allows a national private nonprofit organization that owns multiple housing projects assisted under such Act to satisfy the local governing board requirement by having a local advisory board to its national governing board. Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs; (2) use of unexpended am…