This is a new initiative of the Ma administration to try to cultivate an interest in Taiwan among young Americans headed for careers in policy or politics. The first group of fellows visited Taiwan in June and July 2014.
Note that there currently does not appear to be information about the application process on the program website. The application materials have instead been circulated via email; they are posted below, along with the official description of the program. The deadline to apply is February 21, 2015, via email to email@example.com.