The 46-year-old rap mogul said it is a "dream come true" to be founding Capital Preparatory Harlem Charter School after working in partnership with Capital Preparatory Schools for five years on plans for the establishment, which will open its doors for the first time in September, reported Female First.
He said of the venture, "I want to impact the lives of young people in my community, and build future leaders. The first step is offering access to a quality education.
"Every young person should have the tools they need to succeed. All our children should be able to pursue their dreams. That is something I can impact with this school."
Admission is currently open to all New York state residents, and applications will be accepted until April 1.
The school will initially take 170 sixth and seventh graders, and enrollment will gradually expand up to a capacity of 700 students.
The founder of Capital Preparatory Magnet School in Hartford, Connecticut, Steve Perry, will oversee the school, while Orlando-based educator Danita Jones will be its principal.
Diddy, whose real name is Sean Combs, and Perry have been privately meeting with community leaders and education experts to establish the curriculum for the new classes.
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