The daylong event will take place at the Circle in the Square Theatre.
The Tony-winning songwriters are set to receive the Oscar Hammerstein Award for Lifetime Achievement.
The airing will mark the first such event in Broadway history.
Howard recently appeared in Roundabout Theatre Company's Violet as well as in the original Broadway cast of Matilda.
The Tony Awards committee held its first meeting of the 2014-15 season.
This comedy is based on the actual 1940s Christmas Eve live radio broadcast of the Crawford family.
This new version of the classic drama will be directed by Valentina Fratti.
Oscar winner Anne Hathaway is among Paper Mill's illustrious roster of past Rising Star Award nominees.
Furstenberg replaces original cast member Gayle Rankin.