Carter took part in one of the deadliest battles ever waged by U.S. forces In October 2009 when hundreds of insurgents attacked a combat outpost in eastern Afghanistan. The Army says Carter killed enemy troops, resupplied ammunition to American fighters, rendered first aid and risked his own life to save an injured soldier pinned down by a barrage of enemy fire.
"This is some bragging rights," Carter's father Mark told ABC7 News. "As a dad, yeah, you don't get that very often. One of the kickers though, is that Ty has a sister and step-sister who are both nurses and we must have done something right as parents, don't know if it was on our own or if they did it on their own or what the deal is, but can't be much prouder."
Carter's mother, Barbara, added, "I don't know anybody that could have done what he did, I really don't."
Carter will receive the award on August 26 with his family in attendance. He will be the fifth living recipient to be awarded the Medal of Honor for actions in Iraq or Afghanistan.
In February, Obama bestowed the Medal of Honor on another survivor of that firefight, former Staff Sgt. Clinton Romesha.
The Medal of Honor is awarded to members of the military who distinguish themselves by gallantry above and beyond the call of duty.
The Associated Press contributed to this report.