Is it 24 points per member or by contract?
Per member. Doesn't matter how many contracts you own--you can only buy 24 per year in a single transaction.
Also I am reading it correctly that it is only for members who have finished paying for their contracts? TIA
No. It is only available to members who have CLOSED on their contract. Closing is the legal process in which ownership of the points is transferred from DVD to the member.
You couldn't sign your DVC paperwork today and use this one-time-use option tomorrow. The contract takes several weeks to close. But after the closing has occurred, this option is available even if you are still making mortgage payments.