I received an email response from Teresa about the CFI program. She stated that it was only a contract for CFI now. They would review your contract upon completion and possibly offer the CFII/MEI contract later. She said last week that we'd have a phone interview but I have not heard back from her. I'm wondering if just the CFI contract is still 700 hours? That would seem a bit much to me.
The housing thing was another important part for me. If they offer housing for the 28 days, a guy could live reasonably cheap while in training. Once the CFI is completed you could then afford to rent. As soon as I hear back from her I will update you with any details I gather.