Comstock Homebuilding Companies, Inc. Receives Notice From NASDAQ

RESTON, VA, Jan 15 (MARKET WIRE) --
Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or the
"Company") today announced that it received notice from The NASDAQ Stock Market
("NASDAQ") stating that for 30 consecutive business days the Company's common
stock
has closed below the minimum $1.00 per share requirement for continued
inclusion under Marketplace Rule 4450(a)(5). The notice has no effect on the
listing of the Company's securities at this time, and its common stock will
continue to trade on the NASDAQ Global Market under the symbol "CHCI."

In accordance with Marketplace Rule 4450(e)(2), the Company has 180 calendar
days, or until July 7, 2008, to regain compliance. The notice states that if, at
any time before July 7, 2008, the bid price of the Company's common stock
closes at $1.00 per share or more for a minimum of 10 consecutive business
days, NASDAQ staff will provide written notification that the Company has
achieved compliance with the minimum bid price requirement. No assurance can
be given that the Company will regain compliance during that period.

If the Company does not regain compliance with the minimum bid price
requirement by July 7, 2008, NASDAQ staff will provide the Company with
written notification that its securities will be delisted. At that time, the
Company may appeal the delisting determination to a Listings Qualifications
Panel.
Alternatively, the Company may apply to transfer its securities to the NASDAQ
Capital Market if it satisfies the requirements for initial inclusion set forth
in
Marketplace Rule 4310(c), other than the minimum bid price requirement of
Marketplace Rule 4310(c)(4). In the event of such a transfer, the Company will
be afforded an additional 180 calendar days to comply with the minimum bid price
requirement while listed on the NASDAQ Capital Market. No assurance can be
given that the Company will be eligible for the additional 180-day
compliance period, or, if applicable, that it will regain compliance during any
additional compliance period.

The Company has not determined what action, if any, it will take in response
to this notice, although the Company intends to monitor the closing bid price
of its common stock between now and July 7, 2008, and to consider available
options if its common stock does not trade at a level likely to result in the
Company regaining compliance with the NASDAQ minimum closing bid price
requirement.

About Comstock Homebuilding Companies, Inc.

Established in 1985, Comstock Homebuilding Companies, Inc. is a publically
traded,
diversified real estate development firm with a focus on affordably priced
for-sale
residential products. Comstock builds and markets single-family homes,
townhouses, mid-rise condominiums, high-rise condominiums, mixed-use urban
communities and active adult communities. The company currently markets its
products under the Comstock Homes brand in the Washington, D.C.; Raleigh,
North Carolina; and Atlanta, Georgia metropolitan areas. Comstock Homebuilding
Companies Inc. trades on Nasdaq under the symbol CHCI. For more information on
the Company or it projects please visit www.comstockhomebuilding.com.

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made pursuant to
the
Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Statements that are predictive in nature, that depend upon or refer to
future events or conditions, or that include words such as "may," "will,"
"expects," "projects," "anticipates," "estimates," "believes," "intends,"
"plans,"
"should," "seeks," and similar expressions, including statements related to
Comstock's expected future financial results and anticipated growth in the
Washington, D.C. housing market, are forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause actual future results to differ materially from those
projected or contemplated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, economic, market and
competitive conditions affecting Comstock and its operations and products, risks
and uncertainties relating to the market for real estate generally and in the
areas where Comstock has projects, the availability and price of land
suitable for development, materials prices, labor costs, interest rates,
Comstock's
ability to service its significant debt obligations, fluctuations in
operatingresults, anticipated growth strategies, continuing relationships with
affiliates, environmental factors, government regulations, the impact of
adverse weather conditions or natural disasters and acts of war or
terrorism. Additional information concerning these and other important risks
and
uncertainties can be found under the heading "Risk Factors" in the Company's
most recent form 10-K, as filed with the Securities and Exchange Commission
on March 16, 2007. Comstock specifically disclaims any obligation to update
or revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.

Contact:
Bruce Labovitz
Email Contact
703.230.1131

Copyright 2008, Market Wire, All rights reserved.

-0-