Frank, who is retiring, became the first member of Congress to voluntarily reveal he was gay during an interview in 1987, The Hill reported.
In January, he announced that he will marry long-time partner Jim Ready.
House Minority Leader Nancy Pelosi and Chairman Steve Israel of the Democratic Congressional Campaign Committee will join Frank at a May 30th reception at a popular Mexican restaurant in Northwest Washington.
Tickets for the event range from $100 for an individual to $5,000 for political action committees or those who want to co-host the event.
"Barney is an inspiration to all of us as one of the first openly gay congressmen to serve in the House," said Rep. Jared Polis, D-Colo.