THE WAY OUT
Many local and national organizations are doing their best to respond to the overall problem of homelessness by providing affordable or subsidized housing, but this strategy is, at best, a short term and partial solution.
THOR believes the way—or more permanent solution—out of the homeless crisis and into long-term, sustainable success rests in a strategy that incorporates a financial solution helpful in reducing the housing cost burden. Life presents a brand new set of opportunities when the housing cost burden drops from an average of 40 to 50 percent down to 12 (i.e. leaves more discretionary income available for other living needs such as food, savings, education, child support, etc.). But to effect a change of this magnitude, the profit-margin element must be minimized, or become the lesser ambition. As a non-profit, THOR’s focus is on replication and sustainability.
Our strategy works by using cash and avoiding loans to construct, or reconstruct, homes so that by completion the residence is paid for, relieving both builder and resident from bondage to a lender. However, to construct a debt-free residence requires upfront, loan-free money, which is why our current construction on The House of Redemption did not commence until sufficient capital was raised to cover greater than the proposed construction costs and contingency funds. Unfortunately, the price proposals provided by our (former) project manager proved to be grossly miscalculated, which put an unnecessary and additional burden on our budget.
In late fall of 2020, the shipping containers we are repurposing into a home were finally set on their foundations (see photo gallery), but we recently were informed by our contractor that the subcontracting company which was to have completed the next step—the fabrication work—was forced to close their doors because of the pandemic. This means a new bid will need to be secured, and we anticipate it may exceed the $22,000 previously set aside for that work. In addition, THOR experienced a set-back in early 2020 when we were forced to cancel our May 16th, Inaugural Fundraising Gala due to the COVID-19 pandemic. The losses people and businesses have experienced has been profound, which is why THOR made an earlier decision to delay asking for donations.
Financially, THOR is operating on fumes, to speak plainly. Beyond the fabrication work is roughly $50,000 more work to be done. $35,000 of that amount still needs to be raised, but we can’t do it without your help.