The Brooklyn-bred entrepreneur becomes the first rapper to make it into the prestigious group.
Jay Z is making history by becoming the first rapper to join the Songwriters Hall of Fame.
The honor was announced on Wednesday, ahead of their 48th annual ceremony.
"The combination of contemporary sounds and timeless hits of the past is certain to make for an unforgettable evening," said Hall co-chairs Kenneth Gamble and Leon Huff and President Linda Moran in a statement.
In addition to the "Brooklyn's Finest" rapper, Kenneth “Babyface” Edmonds, Jimmy Jam & Terry Lewis, Chicago’s Robert Lamm, James Pankow and ex-band member Peter Cetera and Max Martin will be inducted in the June 15 ceremony.
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”The songwriters we honor cross genre, regional and even national boundaries - R&B, Rap, Pop and Rock & Roll from both coasts, the American heartland and Sweden. We are thrilled to once more have the opportunity to preside over an event that recognizes the convergence of song craft and musical performance at the very highest level."
Motown founder Berry Gordy, who was a member of the class of 2016, will also be inducted since he was unable to attend last year’s celebration.
In response to the honor Jay Z tweeted, "By the way, this is a win for US. I remember when rap was said to be a fad. We are now alongside some of the greatest writers in history."