It's pretty much the same answer every time you ask this question
AM facilities aren't subject to a table of allocations the way FM is, regardless of which side of the border you're on. Canada continues to "notify" the old CHOW facility internationally, protecting the frequency for future use in Canada.
It's unlikely (and that's optimistic) that 1470 will ever actually get reused in southern Ontario. I believe someone applied for it a few years back as a new ethnic channel in the Toronto area. But unlike the FCC's system, the CRTC looks at the existing finances in a market before authorizing new stations...and they decided at the time that there was already as much ethnic radio as the market could profitably sustain.
It would be very hard, verging on impossible, to make a coherent case to the CRTC that you could sustain another local station for Welland on 1470. Remember that the start-up costs would include rebuilding the multiple-tower (what was it, 7 towers?) directional array, which in turn sat on some fairly expensive land. If CHSC can't make a go of it serving the larger St. Catharines area, what chance would a revived 1470 have? Find a way to answer that question, and maybe the CRTC would grant you a license - if you were Canadian.
As for donating 1470 to a local school, that won't happen either, thanks to the way Canada regulates its stations. There is no "CHOW 1470" license to be donated. That AM license was moved to the FM dial and is now CIXL 91.7. Same license - and thus no separate AM license that could somehow be donated...not that the CRTC generally allows such donations, anyway. (The closest I've ever seen them come was a decade ago in Victoria, BC, when they allowed a commercial AM station, CJVI 900, to swap facilities with a college-run low-power FM station, CKMO 103.1.)
Bottom line: 1470 is dead, and there's no reason to expect it to come back.