EXHIBIT 21 SUBSIDIARIES OF M.D.C. HOLDINGS, INC. ASFC-W, INC. ASFC-38, INC. ASSET INVESTORS EQUITY, INC. ASW FINANCE COMPANY DESIGNER DOOR & MILLWORK OF CALIFORNIA, INC. ECM HOLDINGS ENERWEST, INC. FICUS CORPORATION FINANCIAL ASSET MANAGEMENT CORPORATION FINANCIAL ASSET MANAGEMENT LLC FLOYD R. "BOB" WOOD ENDOWMENT FUND, INC. F.V.S. ENTITY, INC. GREENWAY FARMS DEVELOPMENT CORPORATION HOMEAMERICAN MORTGAGE CORPORATION MDC/WOOD, INC. MDC DEVELOPMENT AND PIPELINE COMPANY (f/k/a/ RAH/CO) M.D.C. ACCEPTANCE CORPORATION M.D.C. CONSTRUCTION CO. M.D.C. EQUITIES, INC. M.D.C. FINANCIAL CORPORATION M.D.C. HOLDINGS, INC. M.D.C. HOME FINANCE CORPORATION M.D.C. HOME FINANCE MORTGAGE CORPORATION M.D.C. INSTITUTIONAL RESIDUALS, INC. M.D.C. LAND CORPORATION M.D.C. MORTGAGE FINANCE, INC. M.D.C. MORTGAGE FUNDING CORPORATION II M.D.C. RESIDUAL HOLDINGS, INC. PETRO RESOURCES, INC. RICHMOND AMERICAN CONSTRUCTION, INC. RICHMOND AMERICAN HOMES OF ARIZONA DBA R.H. HOMES CORP. RICHMOND AMERICAN HOMES OF CALIFORNIA, INC. RICHMOND AMERICAN HOMES OF MARYLAND, INC. RICHMOND AMERICAN HOMES OF NEVADA, INC. RICHMOND AMERICAN HOMES OF POTOMAC KNOLLS NO. 1, INC. RICHMOND AMERICAN HOMES OF POTOMAC KNOLLS NO. 2, INC. RICHMOND AMERCIAN HOMES OF POTOMAC KNOLLS NO. 3, INC. RICHMOND AMERICAN HOMES OF POTOMAC KNOLLS NO. 4, INC. RICHMOND AMERICAN HOMES OF POTOMAC KNOLLS NO. 5, INC. RICHMOND AMERICAN HOMES OF POTOMAC KNOLLS NO. 6, INC. RICHMOND AMERICAN HOMES OF TEXAS, INC. RICHMOND AMERICAN HOMES OF VIRGINIA, INC. RICHMOND AMERICAN HOMES, INC. (a Delaware corporation) RICHMOND AMERICAN HOMES, INC. (a Florida corporation) RICHMOND HOMES, INC. I RICHMOND HOMES, INC. II RICHMOND HOMES LIMITED RICHMOND SHELF, INC. T.C.V., INC. THE YEONAS COMPANY VAN SCHAACK REFERRAL SERVICES YOSEMITE AMERICAN MORTGAGE CORPORATION YOSEMITE FINANCIAL, INC. 995 CORPORATION