Public Housing Asset Management Improvement Act of 2007

Public Housing Asset Management Improvement Act of 2007 - Prohibits the Secretary of Housing and Urban Development from imposing restrictions or limitations on the amount of management and related fees for a public housing project which the public housing agency (PHA) determines reasonable, unless such restriction or limitation: (1) is determined pursuant to a negotiated rulemaking convened by the Secretary no earlier than April 1, 2009, with representatives from interested parties; and (2) is effective only on or after January 1, 2011.

Allows any PHA that owns or operates fewer than 500 public housing units under the United States Housing Act of 1937 to elect to be exempt from asset management requirements imposed by the Secretary.

Prohibits the Secretary from imposing any requirement, regulation, or guideline relating to asset management that restricts or limits in any way the use by PHAs of amounts for Capital Fund assistance for costs of any PHA central office.

Requires the Secretary to ensure that PHAs encourage the reasonable efforts of resident tenant organizations to represent their members and of tenants to organize.

Requires guidance issued by the Secretary to encourage participation by residents in the implementation of asset management and the development of local policies for such purposes.