Hanks will be honoured with the Trailblazer Award in recognition of his Oscar-winning performance in 1993's "Philadelphia." Outfest noted that it was the first major studio film to sympathetically portray characters with HIV/AIDS.
Cholodenko is receiving the Visionary Award, which recognises artistic and creative contributions to LGBT media visibility, for a body of work that includes "The Kids Are All Right", reported Variety.
"More than two decades later, Tom Hanks' performance as a gay man with AIDS in 'Philadelphia' stands as a landmark example of a risk well taken," says Outfest Board Co-President and Legacy Awards Event Co-Chair Ari Karpel.
"When Lisa Cholodenko burst onto the independent film scene with 'High Art', we were thrilled by her commitment to depicting a lesbian relationship with such unwavering veracity," says Christopher Racster, interim executive director of Outfest.
"However, it was 'The Kids Are All Right' that has made the biggest impact, showing the world that LGBT parenting is just as joyful, complicated and challenging as straight parenting."
Previous Legacy Award winners include Armistead Maupin ("Tales of the City"), Hilary Swank ("Boys Don't Cry"), Lee Daniels ("Empire"), Craig Zadan and Neil Meron ("Chicago"), Adam Shankman ("Rock of Ages"), Roland Emmerich ("Stonewall"), Alan Poul ("The Newsroom"), Bruce Cohen ("Silver Linings Playbook") and Paris Barclay ("Glee").
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