Madikizela-Mandela offered her assistance after reading in the press that the family of Johan Meyer were too poor to travel to Cape Town from Johannesburg to fetch their son's body.
She had since been in touch with Meyer's friends, who have established a relief fund.
Meyer was one of nine victims of the attack on Sizzlers massage parlour, in a house in Graham Road, Sea Point.
Ten men were shot in the head and most of them had their throats slit when they were attacked early on January 20.
One man in his early 20s survived the ordeal and is being treated in Groote Schuur Hospital.
ANC Sea Point branch spokesman Clayton Wakeford praised Madikizela-Mandela for her compassion.
"Times of tragedy and reflection such as caused by the murder of the Graham Road nine need selfless and sincere actions. May the lives of these young, poor, white, gay men not be in vain, but teach us all to care no matter what our differences," Wakeford said in a statement.
The three organisations announced today that the fund will be to help survivors of South Africa's worst ever gay massacre.
The Triangle Project and OUT are organisations that deal with issues such as coming out, health and wellbeing. The Lesbian and Gay Equality Project is an advocacy and legal aid group.
The fund is to be managed by the Triangle Project in Cape Town says Evert Knoesen from the Equality Project.
As gay and lesbian South Africans are still reeling from the shock of the gruesome murders police has said that they have identified a number of leads in tracking down the killers.
The three organisations have called on the public at large to make a contribution towards the fund.