The Dutch Gable House - which was taken over by the Inverclyde Community Development Trust last year - received £30,000 from the Inverclyde Council's community facilities fund.
The money will be used not only to refurbish the middle and top floors of the historic building in William Street but will turn it into a community space for heritage, arts and enterprise activity.
Paul Bristow, operations manager at the trust, is excited about the building's future.
He told the Tele: "The Dutch Gable project is really all about the renovation of the building in the first instance - there is a main building at the front and at the back there is a tiny courtyard which leads to the oldest house in Greenock.
"Last year we refurbished the ground floor of the building so it looks like an old cobbled street and there is a wee shop which sells social enterprise goods and on the other side an exhibition space. We're not quite finished yet, there is still work to be done."
One of the projects lined up is Tile Tales, which will involve local school children designing tiles for four or five original stone fire places in the building.
Since taking over the premises last year, the trust has opened the building to the public on several occassions but from this month, it will be open more regularly.
For more information about the Dutch Gable House go to their Facebook page at www.facebook.com/TheDutchGableHouse