And on M. Ted's cheery note, may I add the following advice:

Develop a long range plan & budget: after all in addition to buying the space you're going to have to pay for heat, light, property taxes, maintenance, insurance (property and liability -- the real killer) etc.

Grants are available, and there are all sorts of wonderful directories available at your public library or at the local resource center for the Foundation Center (they're on-line). HOwever, without a well-thought out plan and budget your proposal will fall flat (I know, I get to read other people's proposals for the New Jersey Historical Commission). The Smithsonian is a good resource, especially the Anacostia Museum which deals with African American culture, also the National Trust, which has a lot of good info on using culture as a tool in neighborhood redevelopment. Partnerships with local Chambers of Commerce and Economic Development offices can be very fruitful as well. The trick in fund raising is to position yourself as a neigborhood asset, and invite others in the community to help you improve and develop said asset for the benefit of all. Think "come to our party", not "brother can you spare a dime."

Rent parties and the like can be good -- especially given that they are historically appropriate, since they can show the big money that your project has community support.

One good source of ideas and advice is a book by P. Burke Keegan called "Fundraising for Non-Profits: How to build a community parternship." There are others out there -- check your library.

And good luck!!!!