The Cosbys donated $2 million in 2005 to St. Frances Academy, which serves 162 mostly low-income students, The Baltimore Sun reported Friday.
Camille Cosby has personal ties to the school. She attended St. Cyprian Elementary-Middle School, which was founded by the same order of nuns as St. Frances.
"I can still hear their voices when I'm writing something, when I'm giving a speech," she said. "They just wanted us to go into the world prepared with knowledge -- knowledge about ourselves and the different disciplines."
St. Frances gives a free or reduced-price lunch to 75 percent of its students and it boasts a 98 percent college-acceptance rate.
"I do know that in Baltimore, there is a place that is taking care of business the way it ought to be taken care of. And for that, I honor them," Bill Cosby said.
The renaming of the community center will take place at a special ceremony April 20, the Sun said.