"Nashville Rising: A Benefit Concert For Flood Recovery," will be held at Nashville's Bridgestone Arena. The lineup so far includes the husband-and-wife hosts, along with Carrie Underwood, Taylor Swift, Miley Cyrus, Brooks & Dunn, Miranda Lambert, Martina McBride, LeAnn Rimes and others.
"The damage that we've seen to people's homes and the effect that the flooding has had on their lives is unimaginable. But we've seen the spirit of our community firsthand, as volunteers, church groups and our local business leaders rally to help," McGraw and Hill said in a statement.
"We all need to continue to support those in need in any way that we can, and for that reason we could not be more appreciative to all of the artists, the companies and the people behind the scenes who collectively will make June 22 a truly special night."
Severe storms and extensive flooding on the weekend of May 1 left almost two dozen people dead in Tennessee. In Nashville itself, the Grand Ole Opry was inundated, and many country-music artists had precious equipment damaged or lost.
A star-studded benefit telethon last Thursday raised some $1.7 million for flood relief, in addition to Taylor Swift donating $500,000.
"Nashville Rising" will benefit the Community Foundation, which provides philanthropic services in Middle Tennessee. Tickets go on sale this Friday, May 14. More information is available at NashvilleRising.org.
Plus, the CMT nominees will be announced exclusively on PEOPLE.com Tuesday May 11 at 9 a.m. EST