Can anyone create a community?
Yes, community journals are as free a product as personal journals. Anyone with an existing LiveJournal account can create an additional journal for use as a community.
Isn't it the case that creating a community now requires you to either 1) pay for the community for at least the 2-month subscription or 2) have a free code?
The FAQ does say that the process is similar to normal account creation, so clued users will probably realize that a code is required, but I think it would be useful to emphasize that if that is the case.
Yes, anyone can create a community. However, just like the process of creating a new personal journal, the process of creating a new community requires a invitation code. For more information about codes, you can visit [probably either FAQ 131 or FAQ 104, or an invitation code FAQ, should we eventually have one].
To create a community...