Pronunciation: (hōm'sted"ing), [key]
1. an act or instance of establishing a homestead.
2. a federal program to improve deteriorating urban areas by offering abandoned or foreclosed houses to persons who agree to repair them and live in them for a specified number of years. Also called home'steading pro"gram, urban homesteading.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.