Great Question
2 Chron 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.
Is that for Old testament Israel or does the call to "revival" hold for today? This actually showed up in a discussion between me (a Baptist), a 119 ministries person, and a "strong" dispensationalist.
The issue is how to discern whether something said to a biblical audience, either in the OT or in the NT, contains timeless principles that can be applied to people today.
And the body of Christ does not have a well understood mechanism for deriving principles. For example, did some of what Jesus said to His disciples, apply only to them, or can we claim those promises? Cessationalists like myself say the sign and wonder gifts were for the authentication of the New Testament, and thus were part of the foundation that was laid. Therefore those gifts are not in evidence today, they ceased with the death of the NT authors. Naturally others claim all that stuff applies to them, and they speak in tongues and have healing powers.
Returning to your question, we first must deal with the fact that the Old Covenant was in play, and thus many things about the Old Covenant are not applicable under the New Covenant.
Who are "my people?" Clearly these would be the believing Jews and proselytes, under the Old Covenant. So if we say something of this can be applied to us today, we must see if we can find it endorsed in the New Covenant. For example James 4:6 indicates God gives grace to the humble, and 4:10 seems to present the same principle as found in 2 Chron. 7:14.