President Abraham Lincoln signed the Homestead Act on May 20, 1862. The Homestead Act of 1862 was a revolutionary concept for distributing public land in American history.Read the Homestead Act of 1862. 37th Congress Session II 1862 Chapter LXXV. The Homestead Act sought to economically develop the resources of the American frontier while encouraging personal development. Homestead Act of 1862, in U.S. history, significant legislative action that promoted the settlement and development of the American West. The Homestead Act of 1862 provided settlers with 160 acres of undeveloped land to encourage western migration. The Homestead Act of 1862 provided settlers with 160 acres of undeveloped land to encourage western migration. The Homestead Act of 1862 opened up millions of acres. Any adult who had never taken up arms against the federal government of the United States could apply.