Water Quality Investment Act of 2007

Water Quality Investment Act of 2007 - Amends the Federal Water Pollution Control Act to require projects receiving sewer overflow control grant assistance to be carried out subject to the requirements applicable to projects receiving assistance from state water pollution control revolving funds, except to the extent that the governor of the state in which the project is located determines that a revolving fund requirement is inconsistent with the purposes of the sewer overflow control grant program.

Authorizes appropriations for sewer overflow control grants through FY2012.

Modifies grant funding allocation provisions to reflect new dates of authorization and reauthorized amounts. Eliminates the set-aside for the Administrator of the Environmental Protection Agency (EPA) to make direct grants to municipalities and municipal entities during the second year of authorization.

Establishes a December 31, 2010, deadline for the Administrator's report to Congress on recommended funding levels for sewer overflow control grants.

Prohibits the funds authorized by this Act from being used to lobby governmental entities or officers or to pay for expenses related to memberships in organizations or associations.