I started thinking that this might be the perfect example of a "deepity," (defined by D. Dennett as "a proposition that seems to be profound because it is actually logically ill-formed. It has (at least) two readings and balances precariously between them. On one reading it is true but trivial. And on another reading it is false, but would be earth-shattering if true. ""Now faith is the substance of things hoped for, the evidence of things not seen."
But it is not even that. It is, as @Valjean said, "poetic gibberish," meant to inspire but lacking any real meaning. That which is merely hoped for has no substance at all, until the hope is realized. And that which is not seen means, in this reading, "unevidenced." Thus, the verse is simply a contradiction trying to sound profound.