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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 INCORPORATION
-------------------------------------------       ----------------
<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-West/Greensview 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
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                    JURISDICTION
                  NAME                            OF INCORPORATION
-------------------------------------------       ----------------
<S>                                               <C>
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
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>

        LIMITED LIABILITY COMPANIES OF WHICH THE REGISTRANT, DIRECTLY OR
                             INDIRECTLY, IS A MEMBER

<TABLE>
<CAPTION>
                                                    JURISDICTION
                 NAME                             OF INCORPORATION
-------------------------------------------       ----------------
<S>                                               <C>
The Town and Country Holding Company, LLC             Delaware
The Town and Country Holding Company II,LLC           Delaware
The TC-Avalon Company, LLC                            Delaware
The TC-Courts Company, LLC                            Delaware
The TC-Excalibur Company, LLC                         Delaware
The TC-Lionsgate Company, LLC                         Delaware
</TABLE>