That rocks! I thought they'd never open up for applications again. When I heard about this in the `00s, I looked into it, but it's not really for individuals, it's for community radio, with a bigger staff and non profit sponsorship of the station. It might work if you had a group of friends on your side.
I'd want to open a LPFM in a storefront and people could hang out and chill to the tunes.