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                                   EXHIBIT 21


                         SUBSIDIARIES OF THE REGISTRANT

<TABLE>
<CAPTION>
                                                                                       JURISDICTION
NAME                                                                                 OF INCORPORATION
----                                                                                 ----------------
<S>                                                                                  <C>
The Town and Country Holding Corporation                                                Delaware
The Town and Country Oriole Corporation                                                 Delaware
The Town and Country Holding Corporation II                                             Delaware
</TABLE>

                PARTNERSHIPS OF WHICH THE REGISTRANT, DIRECTLY OR
                        INDIRECTLY, IS A GENERAL PARTNER

<TABLE>
<CAPTION>
                                                                                       JURISDICTION
NAME                                                                                 OF ORGANIZATION
----                                                                                 ----------------
<S>                                                                                  <C>
The TC Operating Limited Partnership                                                    Maryland
The TC Property Company                                                                 Maryland
The TC Property Company II                                                              Maryland
The TC-Hallfield Company                                                                Maryland
The TC-Ridgeview Company                                                                Maryland
The TC-East Company                                                                     Maryland
The TC-Harford Company                                                                  Maryland
The TC-North Company                                                                    Maryland
The TC-Northeast Company                                                                Maryland
The TC-Versailles Company                                                               Maryland
The TC-Charlesmont Company                                                              Maryland
The TC-Hollows Company                                                                  Maryland
The TC-Laurel Company                                                                   Maryland
The TC-Montgomery Company                                                               Maryland
The TC-Montpelier Company                                                               Maryland
The TC-South Company                                                                    Maryland
The TC-Foxhaven Company                                                                 Maryland
The TC-Gardenwood Company                                                               Maryland
The TC-West/Greensview Company                                                          Maryland
The TC-Rolling Road Company                                                             Maryland
The TC-Woodmoor Company                                                                 Maryland
The TC-Allentown Company                                                                Maryland
The TC-Harrisburg East Company                                                          Maryland
The TC-Emmaus Company                                                                   Maryland
The TC-Hanover Company                                                                  Maryland
The TC-Harrisburg Company                                                               Maryland
The TC-Lancaster East Company                                                           Maryland
The TC-Lancaster West Company                                                           Maryland
The TC-York Company                                                                     Maryland


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<CAPTION>
                                                                                       JURISDICTION
NAME                                                                                 OF ORGANIZATION
----                                                                                 ----------------
<S>                                                                                  <C>
The TC-University Heights Company                                                       Maryland
The TC-Barton's Crossing Company                                                        Maryland
The TC-Glen Company                                                                     Maryland
The TC-Fox Run Company                                                                  Maryland
The TC-McNair Farms Company                                                             Maryland
The TC-Rolling Hills Company                                                            Maryland
The TC-Stonegate Company                                                                Maryland
The TC-Christina Mill Company                                                           Maryland
The TC-Carlyle Station Company                                                          Maryland
The TC-Forest Ridge Company                                                             Maryland
The TC-Fairington Company                                                               Maryland
The TC-Windermere Lakes Company                                                         Maryland
The TC-Twelve Oaks Company                                                              Maryland
The TC-Kirkman Company                                                                  Maryland
The TC-McIntosh Company                                                                 Maryland
The TC-Perico Company                                                                   Maryland
</TABLE>