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// Get a list of terms for this post's custom taxonomy.

$project_cats = get_the_terms($post->ID, 'TAXONOMY_NAME');

// Renumber array.

$project_cats = array_values($project_cats);

for($cat_count=0; $cat_count<count($project_cats); $cat_count++) {

    // Each array item is an object. Display its 'name' value.

    echo $project_cats[$cat_count]->name;

    // If there is more than one term, comma separate them.

    if ($cat_count<count($project_cats)-1){

        echo ', ';

    }

}