Exhibit 23.2













                         CONSENT OF INDEPENDENT AUDITORS

We hereby  consent to the inclusion of our report dated February 24, 2004 on the
financial statements of American Church Mortgage Company as of December 31, 2003
and  2002  and for the  years  ended  December  31,  2003,  2002 and 2001 in the
Amendment No 1 to Form S-11  Registration  Statement of American Church Mortgage
Company  dated on or about  September  24, 2004 and to the reference to our Firm
under the caption "Experts" in the Prospectus included therein.


                                   /s/ Boulay, Heutmaker, Zibell & Co. P.L.L.P.
                                         Certified Public Accountants

Minneapolis, Minnesota
September 24, 2004