What is Homestead Corporation?

Legal Definition
Corporations organized for the purpose of acquiring lands in large tracts, paying off incumbrances thereon, improving and subdividing them into homestead lots or parcels, and distributing them among the shareholders, and for the accumulation of a fund for such purposes. Civ. Code Cal. § 557.
-- Black's Law Dictionary
Legal Definition
This term applies to a corporation that buys a large plot of land and improves it for houses.