<PAGE>

                                   Exhibit 21
                                   ----------

                         Subsidiaries of the Registrant
<PAGE>

                                   EXHIBIT 21
                                   ----------

                         SUBSIDIARIES OF THE REGISTRANT

                                                                  Jurisdiction
Name                                                            of Incorporation
----                                                            ----------------

The Town and Country Holding Corporation                           Delaware
The Town and Country Oriole Corporation                            Delaware
The Town and Country Holding Corporation II                        Delaware

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

                                                                  Jurisdiction
Name                                                            of Organization
----                                                            ---------------

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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                                                                  Jurisdiction
Name                                                            of Organization
----                                                            ---------------

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