On October 24, 2008, Comstock Homebuilding Companies, Inc. (the "Company") received a notice from The Nasdaq Stock Market ("NASDAQ") indicating that the NASDAQ Listing Qualifications Panel to which the Company presented on September 4, 2008 had granted the Company's request for continued listing. The notice from NASDAQ indicated that continued listing was subject to (i) the Company evidencing a closing bid price of $1.00 or more for a minimum of ten consecutive trading days on or before April 13, 2009, and (ii) the Company evidencing a minimum market value of publicly held shares of $5,000,000 on or before May 8, 2009.

On October 28, 2008, the Company issued a press release regarding the notice from NASDAQ, a copy of which is attached hereto as Exhibit 99.1.

(d) Exhibits

Exhibit
Number     Description
99.1       Press Release by Comstock Homebuilding Companies, Inc., dated October
           28, 2008