For the answer to this and other frequently asked questions, the Brooklyn Prospect School website has all the answers. But not all of them, like:

Where will this school be located?

What is the curriculum? Specifics, please.

While we don’t know the answer to the above questions yet, here’s a definition of a charter school and how it’s funded. 

1. What is a charter school? A charter school
is a public school that is freed from some of the bureaucratic
regulations of the public school system in exchange for accepting
higher degrees of accountability. Catering specifically to its student
body, a charter school has greater flexibility in scheduling,
curriculum design, teacher development and retention, and
administrative procedures. Students are selected from Community School
District 15 by a lottery. Brooklyn Prospect is in the approval process
for a charter through the State University of New York Charter School
Institute.

2. How are charter schools funded? Because they are
public schools, charter schools are funded by the New York State
Department of Education based on student enrollment. Funding from the
state follows children as they choose their middle school. Brooklyn
Prospect will receive approximately $12,000 per every student (more for
low income students and students with special needs), yet additional
funds must be raised because this per student stipend is less than that
expended for a student enrolled in non-chartered public school.
Additional fundraising will support Brooklyn Prospect’s facility needs
and the expanded academic programs that will allow Brooklyn Prospect to
best serve Community School District 15.

Keep checking the website and OTBKB for updates.