Absolutely correct. LPFM station cannot own translators. Can operate two under certain conditions about how signal is fed, etc. A few LPFMs have found a way to do more.
An interesting study in what one can do with a LPFM can be found in KDRP...translators, full power NCE, etc. I'm guessing they created separate entities, independent of one another to accomplish what they have. I have to admire what has become of what was a stand alone LPFM severely limited by a 100kw FM to just a very few miles. Now they show up in the Austin, Texas ratings.