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                                                                      Exhibit 21



                         Subsidiaries of the Registrant

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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
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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