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The Charles and Lucille King Family Foundation's grant will support Stage Directors and Choreographers Foundation's Lloyd Richards New Futures Residency Program.
Presented by Off-Broadway's Playwrights Horizons and South Coast Repertory, the commission recognizes established American playwrights.
Casting has been announced for the Met Gala-inspired farce at Chicago's Theatre Wit.
Written by Gregg Hammer and Louis Pardo, the work will be presented at Playwrights Horizons in a 29 hour reading.
The stage musical is based on a 2012 documentary about billionaire Jacqueline Siegel.