Yes, you are correct -- the Consortium is a group of around 12 or 13 schools whose goal is to promote diversity in the workplace. I think the schools that belong to the Consortium may change every year, but I know last year they included Stern, Ross, Tepper, UNC, USC, U. of Texas, and Tuck among others.
The application is not available yet, but you can contact email@example.com
for specific questions. I applied to three schools through the Consortium last year and was awarded a full scholarship to attend U. of Michigan (which I nervously turned down to attend Kellogg). It is a fantastic network -- aside from providing scholarships, they have an excellent network of Consortium members and alumni, and have a conference before you start school where many, many excellent companies come and speak to you. Many people lock down internships from this conference before school even starts!
Essentially you'll need to be able to prove that you are an underrepresented minority and have given back to this community (that you yourself have contributed to diversification in the workplace or elsewhere).