As filed with the Securities and Exchange Commission on October 31, 2001
                                                      Registration No. 333-81819


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                         POST-EFFECTIVE AMENDMENT NO. 1
                                    FORM S-11

                        REGISTRATION STATEMENT UNDER THE
                             SECURITIES ACT OF 1933

                        AMERICAN CHURCH MORTGAGE COMPANY
             (Exact name of registrant as specified in its charter)

      MINNESOTA                                       41-1793975
 (State of Incorporation)                 (I.R.S. Employer Identification No.)

             10237 Yellow Circle Drive, Minnetonka, Minnesota 55343
                    (Address of principal executive offices)

                           Philip J. Myers, President
                        American Church Mortgage Company
                            10237 Yellow Circle Drive
                              Minnetonka, MN 55343
                                 (952) 945-9455

                                 With Copies To:

                            Albert A. Woodward, Esq.
                             Mark A. Petersen, Esq.
              Leonard, Street and Deinard Professional Association
                             150 South Fifth Street
                                   Suite 2300
                              Minneapolis, MN 55402
                                 (612) 335-1500

(Name, address,  including zip code, and telephone number,  including area code,
of agent for service)


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                          DEREGISTRATION OF SECURITIES

     American Church Mortgage Company originally  registered 1,500,000 shares of
its common stock,  par value $0.01, for sale to the public (the "Public Shares")
and 150,000  shares of its common  stock,  par value  $0.01,  for sale under its
dividend reinvestment plan ("DRP Shares"),  on a Registration  Statement on Form
S-11 (File No. 333-81819) (the "Registration  Statement").  We have sold 566,857
of the  Public  Shares  and  35,484  of the  DRP  Shares  registered  under  the
Registration   Statement.   The  offering  terminated  on  September  27,  2001.
Accordingly,  we hereby  amend  the  Registration  Statement  to  withdraw  from
registration  the  1,047,659  shares that remain  unsold under the  Registration
Statement.

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                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, as amended, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of  the  requirements  for  filing  on  Form  S-11  and  has  duly  caused  this
Registration Statement to be signed on its behalf by the undersigned,  thereunto
duly authorized, in the City of Minneapolis,  State of Minnesota, on October 31,
2001.
                                                AMERICAN CHURCH MORTGAGE COMPANY

                                       BY           /s/ PHILIP J. MYERS
                                                        Philip J. Myers
                                              President, Treasurer and Secretary

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
registration  statement  has  been  signed  by  the  following  persons  in  the
capacities and on the dates indicated.

/s/ Kirbyjon H. Caldwell*         Director                      October 31, 2001
Kirbyjon H. Caldwell

John M. Clarey*                   Director                      October 31, 2001
John M. Clarey

Deniss J. Doyle*                  Director                      October 31, 2001
Dennis J. Doyle

Philip J. Myers             Director, President,
                           Secretary and Treasurer              October 31, 2001
Philip J. Myers

Robert O. Naegele, Jr.*           Director                      October 31, 2001
Robert O. Naegele, Jr.

David G. Reinhart                 Director                      October 31, 2001
David G. Reinhart

* By David G. Reinhart pursuant to power of attorney.


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