One Strike and You're Out! Act of 2007 - Amends the United States Housing Act of 1937 to exempt a tenant in public housing or housing assisted under the section 8 rental assistance program from the eviction for criminal or drug-related criminal activity provisions if such activity was engaged in by a member under the tenant's control and the tenant: (1) is elderly or disabled; (2) did not know and should not have known of the activity; or (3) the tenant or member of household was the victim of the criminal activity.
Requires public housing agencies to report annually on the number of such evictions.
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