Sean 'Diddy' Combs Launches Harlem Charter School : This Is “A Dream Come True"

Rapper and mogul's latest venture has been in works for five years

Rap mogul Sean “Diddy” Combs is the latest celebrity wading into the K-12 education space, announcing Monday plans to open a charter school this fall in New York City’s Harlem neighborhood.

For Combs, the move brings him back to the New York borough of his childhood.

Combs began working towards the launch of a school in 2011, having spent years searching for the best education model before discovering Perry's Capital Prep program. Combs and Perry have been privately meeting with community leaders and education experts to establish the program. The school's board includes Dr. Iyanla Vanzant, the author and spiritual life coach who has worked frequently with Oprah Winfrey, and Reverend Georgiette Morgan-Thomas.

Capital Preparatory Harlem Charter School, as it is named, will be a replication of Capital Preparatory Magnet, a Hartford, Connecticut, charter school founded in 2005 that for the last 10 years has boasted a 100 percent college acceptance rate.

In some cases, for well-intentioned celebrities seeking to improve the educational outcomes of students in impoverished neighborhoods, "mo money" has meant "mo problems," to borrow a phrase from one of Combs’ most famous songs.

Here’s what we know about plans for the school:

According the school's official site, Capital Prep Harlem is a free, public school for grades 6-12. It will provide a "year-round, college preparatory education" and make college courses available to students once in high school. For its first year, 160 students will be enrolled in 6th and 7th grades. The deadline to apply for the upcoming school year is April 1st. Its board recently announced the location of the school, located on the museum mile stretch in East Harlem in the same building as El Museo Del Barrio and Museum of the City of New York.

The building itself has a cafeteria, gymnasium, indoor swimming pool, theater and dance studio, and through a partnership with the Boys and Girls Harbor will offer students an on-site after school program that includes swimming, dance and arts, athletics and academic support.