RESTON, VA — (Marketwire) — 05/13/09 — Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) (”Comstock” or the “Company”) today released results for the three months ended March 31, 2009. In connection therewith, the Company filed a Form 10-Q with the Securities and Exchange Commission. The Company’s 1Q 2009 results are highlighted as follows:

The Company reported that management and the Company’s board of directors are continuing to work on strategic plans aimed at generating unrestricted cash flow to help secure its ability to continue operating as a going concern.

“While it’s certainly not a trend yet, we have seen a pick up in traffic and sales at certain Washington, DC area projects over the past few weeks,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “We are hopeful that it is a sign of better times ahead for the homebuilding and real estate industries. We continue to work on developing solutions with our lenders that would secure our ability to survive the economic downturn that is affecting the homebuilding industry.”

About Comstock Homebuilding Companies, Inc.

Comstock Homebuilding Companies, Inc. is a publicly traded real estate enterprise with a focus on a variety of affordably priced, for-sale residential products. The company currently operates as Comstock Homes in the Washington, D.C.; Raleigh, NC; and Atlanta, GA markets. Comstock trades on Nasdaq as CHCI. For more information please visit www.comstockhomebuilding.com.

Cautionary Statement

This release may contain “forward-looking” statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Additional information concerning these and other important risks and uncertainties can be found under the heading “Risk Factors” in the Company’s Form 10-K as filed with the Securities and Exchange Commission on March 31, 2009. 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