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                                   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
The TC-University Heights Company                               Maryland
The TC-Barton's Crossing Company                                Maryland
The TC-Glen Company                                             Maryland


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                                                                JURISDICTION
NAME                                                            OF ORGANIZATION
----                                                            ---------------

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


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