EXHIBIT 21 SUBSIDIARIES OF M.D.C. HOLDINGS, INC. ASFC-38, Inc. ASFC-W, Inc. ASW Finance Company Asset Investors Equity, Inc. Designer Door & Millwork of California, Inc. ECM Holdings, Inc. Enerwest, Inc. FICUS Corporation Financial Asset Management Corporation Greenway Farms Development Corporation HomeAmerican Mortgage Corporation M.D.C./Wood, Inc. M.D.C. Development and Pipeline Company M.D.C. Acceptance Corporation M.D.C. Construction Co. M.D.C. Equities, Inc. M.D.C. Financial Corporation M.D.C. Home Finance Corporation M.D.C. Home Mortgage Finance Corporation M.D.C. Institutional Residuals, Inc. M.D.C. Land Corporation MDC Mortgage Finance, Inc. M.D.C. Mortgage Funding Corporation II M.D.C. Residual Holdings, Inc. NNR/Stone Investment Co. Petro Resources, Inc. Richmond American Construction, Inc. Richmond American Homes, Inc. -- a Florida corporation Richmond American Homes, Inc. -- a Delaware corporation Richmond American Homes of Arizona, Inc. Richmond American Homes of California, Inc. Richmond American Homes of Maryland, Inc. Richmond American Homes of Nevada, Inc. Richmond American of Potomac Knolls No. 1, Inc. Richmond American of Potomac Knolls No. 2, Inc. Richmond American of Potomac Knolls No. 3, Inc. Richmond American of Potomac Knolls No. 4, Inc. Richmond American of Potomac Knolls No. 5, Inc. Richmond American of Potomac Knolls No. 6, Inc. Richmond American Homes of Texas, Inc. Richmond American Homes of Virginia, Inc. Richmond Homes, Inc. I Richmond Homes, Inc. II Richmond Homes Limited Richmond Realty, Inc. Richmond Shelf, Inc. T.C.V., Inc. Van Schaack & Company Van Schaack Referral Services, Inc. Yosemite American Mortgage Corporation Yosemite Financial, Inc. 995 Corporation