Providing for Commonsense Rebuilding Act of 2007 - Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from prohibiting the use by Louisiana under its Road Home Program of amounts provided under FEMA's hazard mitigation grant program because of Hurricanes Katrina and Rita based upon the existence of a Program requirement that: (1) limits the amount made available to an eligible homeowner who does not agree to remain an owner and occupant of a home in Louisiana; or (2) waives the applicability of such limitation for homeowners who are elderly or senior citizens.
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