Looks like after much time, they are going to start filming this soon.

Jack & Diane, the lesbian werewolf film that has been in the works for four years, has now settled on a star. Originally, the role was going to Ellen Page (Juno), and then Alison Pill (Milk), but now it appears Juno Temple (Year One) will star, Bloody Disgusting is reporting (via /Film).
Temple will star opposite Olivia Thirlby in the film that centers around teenage lesbians who evidently turn into werewolves upon arousal.
The film, written and directed by Bradley Rust Gray (Hitch) will begin shooting in May, after the funding obstacle course it has been running since 2007.