Regional Economic and Infrastructure Development Act of 2007 - (Sec. 3) Establishes the Delta Regional Commission, the Northern Great Plains Regional Commission, the Southeast Crescent Regional Commission, the Southwest Border Regional Commission, and the Northern Border Regional Commission.Directs each Commission, for its region, to: (1) assess needs and assets; (2) develop comprehensive and coordinated economic infrastructure development strategies to establish and approve grants for economic development; (3) establish priorities in an economic and infrastructure development plan; (4) enhance capacity of and provide support for local development districts; (5) encourage private investment in industrial, commercial, and other economic development projects; (6) cooperate with and assist state governments with the preparation of economic and infrastructure development plans and programs for participating states; (7) formulate and recommend to the governors and legislatures of participating states forms of interstate cooperation and, where appropriate, international cooperation; and (8) work with state and local agencies in developing appropriate model legislation to enhance local and regional economic development. Requires federal agencies to cooperate with and provide assistance to Commissions in carrying out this Act.Allows governments of Indian tribes in the region of the Northern Great Plains Regional Commission or the Southwest Border Regional Commission to participate in matters before those Commissions in the same manner and to the same extent as state agencies and instrumentalities participate.Requires each Commission to report annually to the President and Congress on its activities.Authorizes each Commission to make grants to states and local governments, Indian tribes, and public and nonprofit organizations for projects to: (1) develop transportation infrastructure, basic public infrastructure, and telecommunications infrastructure; (2) assist its region in obtaining job skills training, skills development and employment-related education, entrepreneurship, technology, and business development; (3) provide assistance to severely economically distressed and underdeveloped areas of its region that lack financial resources for improving basic health care and other public services; (4) promote resource conservation, tourism, recreation, and preservation of open space in a manner consistent with economic development goals; and (5) promote the development of renewable and alternative energy sources. Requires Commissions to allocate at least 40% of grant amounts in a fiscal year for infrastructure projects. Sets forth funding restrictions.Requires each member state of a Commission to submit a comprehensive economic and infrastructure development plan for its area of the region. Directs Commissions and applicable state and local development districts to encourage and assist public participation in the development, revision, and implementation of all plans and programs. Requires each Commission to develop guidelines for providing public participation.Sets forth provisions concerning the approval of applications for assistance for projects.Requires Commissions, in considering programs and projects to be provided assistance and in establishing a priority ranking of the requests for assistance, to consider: (1) the relationship of the project to overall regional development; (2) the per capita income and poverty, unemployment, and out-migration rates in an area; (3) the financial resources available to the applicants; (4) the importance of the project; (5) the prospects that the project will improve, on a continuing basis, the opportunities for employment, the average level of income, or the economic development of the area to be served; and (6) the extent to which the project provides for measurements by which projects can be evaluated.Authorizes Commissions to make grants to local development districts to assist in the payment of development planning and administrative expenses. Sets forth grant conditions.Requires local development districts to: (1) operate as lead organizations serving multi-county areas in regions at the local level; (2) assist Commissions in carrying out outreach activities for local governments, community development groups, the business community, and the public; (3) serve as liaisons between state and local governments, nonprofit organizations, the business community, and citizens; and (4) assist such individuals and entities in identifying, assessing, and facilitating projects and programs to promote the economic development.Sets forth requirements for supplemental funding for other federal grant programs that provide assistance in carrying out economic and community development activities.Declares that this Act does not require a state to engage in or accept a program under this Act.Requires each Commission to annually designate: (1) distressed counties that are most severely and persistently economically distressed; (2) transitional counties that are economically distressed and underdeveloped or have recently suffered high rates of poverty, unemployment, or out-migration; (3) attainment counties; and (4) isolated areas of distress in attainment counties that have high rates of poverty, unemployment, or out-migration. Sets forth funding restrictions.Prohibits a state's political subdivision from receiving assistance in a fiscal year from more than one Commission.Provides for the appointment of a single Inspector General for the Commissions, who shall audit the activities, transactions, and records of Commissions annually.Requires representatives of each Commission, the Appalachian Regional Commission, and the Denali Commission to meet biannually to discuss issues confronting regions suffering from chronic and contiguous distress and successful strategies for promoting regional development.Designates the states and political subdivisions of each Commission.Authorizes appropriations for FY2008-FY2012.(Sec. 5) Transfers all functions, assets, funds, personnel, records and property of: (1) the Delta Regional Authority to the Delta Regional Commission; and (2) the Northern Great Plains Regional Authority to the Northern Great Plains Regional Commission.

Date: 2007-07-31
Topic: Housing (Urban Development)
Subject: Economics and public finance