Plans have surfaced for a DVC resort at the contemporary, but this has not been announced yet, so I'd expect more like next year. You can use your points via the Disney Collection for the Contemporary (and always could), but it's pricey, and those points then cannot be used for DVC should you happen to cancel.
The rooms at CR did get a rehab, but they're not villas, just regular hotel rooms.
There have been rumors for some time that DVC would build villas at CR, but Disney has never said anything at all about it. Someone did find an artist's rendering of a second tower on a architectural firm's web site, and there have been a few construction documents filled with the local governmental agencies, but that's it.
Since they just demolished the North Wing, I'm more hopeful, but there have also been rumors that the other tower will not be DVC, but suites. Who knows - there's no way to tell until Disney makes the announcement.
Since you're a member, you'll definitely get a mailing from DVC if they do build villas at CR.