Supervisor David Campos, who represents the Mission District, is joining Mayor Ed Lee and community partners to organize the event, scheduled from 6-8 p.m. in the U.S. Bank parking lot at 22nd and Capp streets, according to the supervisor's office.
Guns in working condition can be turned in for $100 with no questions asked, while assault rifles can be exchanged for $200.
Money for the event comes from a discretionary fund allotted to Campos as supervisor, while more than 150 community members have also donated more than $10,000 for the event via Gunbygun.org, a nonprofit aimed at reducing the number of firearms on the streets.
The Central American Resource Center (CARECEN), the Police Department's Mission Station, U.S. Bank, the University of California and local community members are also partnering with city officials on the program.
"Gun buybacks are a proven way to reduce the number of guns in a community. The community has asked for this program and we are hopeful that our anti-violence partners will be able to reach gun owners who have not been reached before," Campos said in a statement.