Diddy is one of today's major moguls. And while he's not afraid to show off his baller status, the Bad Boy founder is helping kids build their futures by opening a new school in Harlem.

For the past five years, Diddy has been meeting education experts and local community leaders to build an environment that will not only give young people the chance to get the best education possible but one that will provide opportunities for them to take on the future.

"Creating this school is a dream come true for me. 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,” he said in a statement. “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."

Set to open this fall, Capital Preparatory Harlem Charter School, which is located on 1 East 104th Street, New York, N.Y. will be overseen by Capital Preparatory Schools founder, Dr. Steve Perry. Danita Jones, FAMU graduate and formerly of the Pearson Foundation and Eli Lilly and Company, will serve as principal of the school.

“I’m inspired by Sean Combs’ belief that educating our young people is the key to opening up a world of opportunity for them,” said Dr. Perry. “Sean and I have spent many long hours over the last five years talking about education and how best to meet the needs of the young people of Harlem, and I couldn’t be more pleased to continue this journey through the opening of the school.”

The school is currently accepting applications for 6th and 7th grade. While it's only two grade levels at the moment, the school plans to expand a grade until it reaches 700 enrolled students in grades 6 to 12. For more information about the school and how to apply for enrollment, visit capitalprepharlem.org.