I just want to make sure I would be able to sit the bar after three years, especially since a scholarship is involved.
Most states require a degree from an ABA approved law school in order to sit for the bar.
Check out the ABA website, you can read about the process and requirements involved with obtaining accreditation. Obtaining full approval is a long and expensive process, with many intermediate steps.
IIRC, a law school must operate for one academic year before they can apply for accreditation. The school can then apply for Provisional Accreditation, which means that the school is found to be in "substantial compliance" with ABA standards. The school must then maintain provisional accreditation for a while (three years?) before it can apply for full accreditation. The ABA looks at everything from financial resources to faculty qualifications to admissions processes. It's a very in depth process.
Here in California, the new UC-Irvine law school opened in 2009 with Erwin Chemerinsky (a huge name in Constitutional law) as dean, a $20 million gift from a local tycoon, and the full backing of the highly regarded UC system. Even so, they operated as unaccredited for the first year and then acheived provisional status. I believe they are still in the process of obtaining full approval. That's an example of the best case scenario.
Lincoln Memorial University in Tennessee, OTOH, opened a new law school and failed to obtain provisional approval recently. There is a good NY Times article on the topic which I'd encourage you to read. It explains how a school can fail to obtain accreditation. Look closely at the resources of the parent institution.
Thus, it is likely that in the best case scenario you would graduate from a provisionally accredited school. The ABA says that graduates of provisionally accredited schools should be accorded all the rights of graduates of fully approved schools. I have heard of some states giving applicants a hard time about provisional status, however.
Make sure to check with the state bar in the state in which you intend to practice, and get a clear answer as to their policy regarding provisionally accredited law schools. Also be sure to check out the ABA's rules, and ask the new school specific questions about their plans to acheive accreditation.