“To establish the Unites States-Israel Homeland Security Foundation to make grants to joint business ventures between United States and Israeli private corporate entities to develop products and services with applications related to homeland security, and for other purposes.” Amends The Homeland Security Act of 2002 (Public Law 107-296) to include a section entitled United States-Israel Homeland Security Foundation and Grant Program. Seeks to either expand the Binational Industrial Research and Development Foundation (BIRD) jointly established by the U.S. and Israeli governments in 1977 and that had invested $180m in over 600 projects between 1977 and 2004 resulting in $7b in revenues or create a similar bi-national foundation from which homeland security grants could be made. An advisory board would be established composed of the Director of the Homeland Security Advanced Research Projects Agency and the Director of International Affairs of the Department of Homeland Security. Additionally, the Secretary of Homeland Security shall extend an invitation to the relevant Israeli government officials for their participation on the advisory board. Seeks to appropriate $25m from the Acceleration Fund for Research Development of Homeland Security Technologies, either for the new bi-national foundation established or for BIRD. Grant amounts may not exceed 50% of project budget and would be shared equally by both governments.