Sec.  73.855   Ownership limits.

   (a) No authorization for an LPFM station shall be granted to any party if
   the grant of that authorization will result in any such party holding an
   attributable interest in two LPFM stations separated by less than 12 km (7
   miles).

   (b) Except as provided in paragraph (b)(4) of this section, nationwide
   ownership limits will be phased in according to the following schedule:

   (1) For a period of two years from the date that the LPFM stations are first
   made available for application, a party may hold an attributable interest in
   no more than one LPFM station.

   (2)  For the period between two and three years from the date that the
   initial filing window opens for LPFM applications, a party may hold an
   attributable interest in no more than five LPFM stations.

   (3) After three years from the date that the initial filing window opens for
   LPFM stations, a party may hold an attributable interest in no more than ten
   stations.

   (4) Not-for-profit organizations and governmental entities with a public
   safety purpose may be granted multiple licenses only if:

   (i) One of the multiple applications is submitted as a priority application,
   and;

   (ii)  The  remaining  non-priority applications do not face a mutually
   exclusive challenge.

   [ 65 FR 7640 , Feb. 15, 2000, as amended at  65 FR 67303 , Nov. 9, 2000]