Forest Restoration and Fire Risk Reduction Act - Directs the Secretary of Agriculture and the Secretary of the Interior, in their respective areas, to establish a cooperative community protection and forest restoration program under the National Fire Plan to make cost-share grants for hazardous fuels reduction projects. Sets forth a project selection process.States that such projects may be carried out entirely on, or involve any combination of, Federal lands, tribal lands, State or local government lands, or private forest lands. Prohibits such projects on the following Federal lands: (1) National Wilderness Preservation System components; (2) lands where the removal of vegetation is prohibited or restricted; (3) Wilderness Study Areas; and (4) Inventoried Roadless Areas. Provides for a special Department of Agriculture administrative appeals process for such projects.Directs the Secretaries to jointly establish a program of forest-related projects for: (1) erosion control and watershed restoration; (2) road and trail assessment; (3) wildlife and fish management; (4) restoration job training and small business development; (5) noxious and invasive species control; and (6) wildfire-threatened homeowner assistance.Directs the Secretary of Agriculture, through the Regional Foresters, to establish Forest Restoration and Value-Added Centers to improve implementation of collaborative, community-based projects in National Forest System and other lands. Requires that: (1) at least one Center be located in each Forest Service Region; and (2) each Center be located in a small rural community in proximity to National Forest System lands.Authorizes the Secretaries to give competitive service hiring preference to graduates of certified youth service or conservation corps.Directs the Secretary of Agriculture to establish a program of applied research (through the Forest Products Laboratory) in order to: (1) identify minimal impact restoration methods; and (2) test and develop value-added products created from restoration by-products.
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