EXHIBIT 21 SUBSIDIARIES OF M.D.C. HOLDINGS, INC. AMERICAN HOME TITLE AND ESCROW COMPANY ASFC-W, INC. ASFC-38, INC. ASSET INVESTORS EQUITY, INC. ASW FINANCE COMPANY COPPER RIDGE CORPORATION DESIGNER DOOR & MILLWORK OF CALIFORNIA, INC. ECM HOLDINGS ENERWEST, INC. FINANCIAL ASSET MANAGEMENT CORPORATION F.V.S. ENTITY, INC. GREENWAY FARMS DEVELOPMENT CORPORATION HOMEAMERICAN MORTGAGE CORPORATION LION INSURANCE COMPANY LION WARRANTY 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. HOME FINANCE CORPORATION M.D.C. HOME MORTGAGE FINANCE 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, INC. RICHMOND AMERICAN HOMES OF CALIFORNIA, INC. RICHMOND AMERICAN HOMES OF COLORADO, 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 AMERICAN 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 Florida corporation) RICHMOND HOMES LIMITED RICHMOND SHELF, INC. T.C.V., INC. THE YEONAS COMPANY YOSEMITE AMERICAN MORTGAGE CORPORATION YOSEMITE FINANCIAL, INC. 995 CORPORATION