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You are saying that Obama is afraid to show up at the NAACP? Really? I think that would be a stretch for even Fox News to suggest.
As Moreluck said, Obama's attitude with the black community is "Where else are ya gonna go?". He's not going to gain any more with the black community by showing up at the event and can only lose some support if he says something stupid while there. So he sent Biden instead to pay his respects and any stupid comments can just be attributed to "Oh there goes Joe again".
Also, I am sure that there are many in the NAACP who feel that Obama has not done enough for the community as there are many who are not too thrilled with his sudden epiphany on gay rights. Why have that unpleasantness raise its head ? Better to blow off the event.